renters insurance costs an average of between $80 and $100 per year and covers virtually all of your personal property, including clothing, furniture, and electronic equipment. Maine renters insurance also provides liability protection in the event you injure someone in your rental home or damage that person’s property.

When you first sign your lease on an apartment, condo, or home, insurance probably isn’t your first thought. But purchasing renters insurance can pay huge dividends down the road if you find yourself in any financial or legal hot water. It never hurts to protect yourself.

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What is renters insurance?

If your property is destroyed, damaged, or stolen, a renters insurance policy gives you the financial protection you need, in addition to personal liability coverage.

A renters insurance policy usually includes the following elements:

Property coverage (Coverage C): This insurance covers the actual cash value (ACV) or replacement cost of your belongings if they’re totally destroyed by a covered peril.

Loss of use coverage (Coverage D): Additional living expenses (ALE) coverage pays for living expenses, like a hotel room or groceries, incurred as a result of damage to your property.

Personal liability (Coverage E): If another party is injured in your home, your personal liability insurance will cover any amount you’re legally required to pay, including court and attorney fees. You’re also covered if their property is damaged.

Medical payments (Coverage F): If someone is injured on your property, this coverage pays their medical expenses.

Landlords often establish liability coverage requirements between $300,000 and $500,000. You can figure out the appropriate amount of coverage for your specific needs by doing a full-scale inventory of everything you own.

What does renters insurance cover?

Renters insurance covers perils named in the policy, and only these perils. Perils may vary from policy to policy and location to location, but you can typically expect the average renters insurance policy to cover:

Fire

Frozen plumbing

Windstorm

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Vandalism

Theft

Be sure to check your policy so you understand what’s covered. For example, if you’re renting in a frigid climate like Maine, frozen plumbing may not be included in your renters insurance policy. You’ll need to purchase special insurance to protect yourself against winter storm damage.

What does renters insurance not cover?

There are limits to what your renters insurance will cover. Here are a few non-covered items:

Work-related items: Home offices are not always covered by renters insurance policies, so you will want to do your own due diligence on what your particular policy outlines. If you operate a business or work from home, you may need extra coverage for all property connected to your job, or your side hustle–like your work laptop, for instance.

Valuables: Your grandmother’s pearl necklace and your husband’s vintage baseball cards may not be covered by a standard renters insurance policy. High-end collectibles and jewelry typically require additional coverage.

Your car: Even if your Subaru Outback is sitting in your apartment complex’s snow-covered driveway right now, your car still isn’t covered by your renters policy, and it never will be. Cars are never covered by renters insurance. Maine requires separate

car insurance

that meets Maine’s coverage standards.

MORE:

Maine minimum car insurance laws

Key Takeaway: Renters insurance coverage varies from state to state and policy to policy—it’s important to examine your policy closely to see what you have covered.

Is renters insurance required in Maine?

Renters insurance is not required by law in Maine. However, your particular landlord may require you to purchase a renters’ insurance policy. Regardless of the mandate, renters insurance is a wise protection to put in place, since it covers not just your property but your legal liability in the event of an accident taking place on your property.

Luckily renters insurance in Maine is relatively inexpensive: although the cost varies, Maine renters insurance tends to be well under the national average of $173 per year. In Maine, you can expect to pay as little as $7 to $9 a month for a policy that could pay out thousands of dollars to cover an accident that occurred at your rental property.

Whether your concern is Maine’s sub-zero winter temperatures or a neighbor's rambunctious pet black bear, protecting your bottom line with a renters insurance policy will help you rest easy knowing that your belongings and your bank account are safe.

How to build a Maine renters insurance policy

Always perform a comprehensive personal asset inventory when creating a renters insurance policy–it never hurts to be thorough! Comb through every room in your apartment, condo, or home, and identify the following information for all of your belongings:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

It’s also a good idea to take pictures of your furniture, electronics, art, and appliances. A combination of data collection and documentation will set you up for success if you should ever need to submit a claim.

Your landlord may require a specific threshold of liability coverage, but it’s entirely possible that you’re able to select your own personal liability limit. Landlords often require somewhere between $300,000 to $500,000 in liability insurance, but renters in Maine have been known to go as low as $100,000.

Check to see if winter storm damage is covered in your area. November through February can be particularly brutal in Maine, given the extremely cold temperatures and relentless snowstorms. Mainers, and temporary Mainers, should seek comprehensive renters insurance policies that protect against winter’s most destructive elements.

Actual cash value vs. replacement cost

You’ll need to choose between a policy that covers the actual cash value (ACV) of your belongings at the time of loss or one that covers the replacement cost.

What’s the difference? Let’s say you commissioned a portrait of your favorite local lobsterman for $1,000. If your prized masterpiece was ruined in a named peril, and your renters policy covers ACV only, you’ll be able to claim whatever the painting was worth based on depreciation—which, let’s face it, is probably not going to be a lot.

If your policy covers replacement cost, however, you’ll be able to claim the full $1,000.

The coverage you get with replacement cost is more attractive on the surface—but, it will come as no surprise that a replacement cost policy is more expensive. Make the decision that works best for your individual risk profile.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

One of the keys to saving money on your monthly insurance bill is bundling your

renters insurance

with your auto policy. Companies often offer discounts as high as 25% on both policies when bundling renters and auto insurance.

And here’s a secret: renters is so cheap these days that if your car insurance payment exceeds $300 per month, it’s possible that you could find a bundle that pays you to have renters insurance!

The simplest way to find the best bundling deals is to download the

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car insurance

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Is renters insurance worth it?

Absolutely! Renters insurance is one of the least expensive types of insurance, and it gives you broad coverage for property damage and personal liability.

What is the average cost of renters insurance in Maine?

Renters insurance rates change from year to year, but Maine’s rates tend to be substantially under the national average of $173 per year. You can expect to pay around $88 a year for a Maine renters insurance policy.

You could save 15% or more on renters insurance by bundling

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