South Portland Home Insurance

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Beautiful and Historic South Portland

First colonized in 1630, South Portland sits on the Portland Harbor and offers views of the Portland skyline and the Casco Bay islands. More than 26,000 people call the area home and enjoy visiting such attractions as Bug Light Park.

The cost of living in South Portland is 12.5% higher than the national average, with the median value of a home being $434,500, nearly $100,000 more than the national average of $338,100. Homes are rising in value, too, with a one-year appreciation rate of 17.36% compared to the national average of 8.27%.

Protecting Your Home

Purchasing South Portland home insurance is essential for protecting your home and yourself. The average annual insurance cost in the area is $928, well below the national average of $1,428. Of course, your risk factors, your deductible and the policies you choose all determine your exact costs.

Home insurance protects you in many ways. Naturally, it covers your home and attached structures if damaged or destroyed in a covered disaster. Depending on the policy you choose, you'll receive its value before depreciation, its value after depreciation or its value plus 20-25% above your policy limit to account for rising construction costs.

If your home needs to be repaired or rebuilt, you may find yourself staying in a hotel for the duration of the construction. You need to pay for these things out of pocket, but if you keep a record of it and contact your provider, you'll receive reimbursement up to a specified dollar amount.

A homeowner's policy also protects your possessions. Disasters often damage or destroy belongings, but your coverage will pay to replace furniture, clothing and appliances. Coverage is typically 50-70% of your policy limit.

Finally, your policy protects you from needing to pay for medical bills or lawsuit settlements should someone be injured on your property. Liability coverage also protects you if you accidentally damage someone's belongings in their home.

Understanding Risk Factors

Risk factors may affect how much you pay for home insurance. For example, insurers look at crime in your neighborhood to determine if your home is more at risk of a break-in. South Portland's property crime rate is 39.7. slightly higher than the national average of 35.4, so you may pay slightly more for insurance.

Insurers also consider climate and how likely you are to experience a natural disaster. Maine doesn't have the same risks as people in other states, but it does get a lot of precipitation. South Portland averages 49 inches of rain compared to the national average of 38 inches. It also gets about 56 inches of snow each year. If you worry your home could flood, purchase additional coverage, as standard homeowner's policies don't include flooding.

You and your home are potential risk factors as well. If your credit score is good and you've never filed insurance claims, you will likely get a better quote than someone who has filed claims or has poor credit. You'll also pay less if you own a new home or a home that has updated HVAC, plumbing and electrical systems. On the other hand, you'll pay more if your home isn't well-maintained or has attractive nuisances such as a pool.

Your South Portland home insurance policy needs to be as unique as you and your home. Check out several policies at one time to find affordable and reliable insurance providers when you use VIU by HUB's quote comparison tool. It's fast and easy and takes the guesswork out of buying insurance.

This information is intended for general informational purposes only and is not intended to constitute legal advice.


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City of South Portland


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