Maine Flood Insurance

Find the Best Flood Insurance Rates & Companies in Maine

While Maine is not a state typically known for flooding, extremely damaging floods strike from time to time. Residents who do not have flood insurance may face unmanageably expensive cleanup, repair, and replacement costs. However, the cost of flood insurance in Maine is $1,265 per year, which is quite a bit higher than the current national average of $899.

Fortunately, an independent insurance agent in Maine can help you find the most affordable flood insurance in your area. They'll shop and compare coverage and quotes from several local carriers to find you the best protection and rate. But first, here's an overview of Maine flood insurance.

The Best Flood Insurance Companies in Maine

Maine residents can purchase flood insurance in one of two ways: through the National Flood Insurance Program (NFIP), regulated and backed by the federal government but sold by traditional insurance companies, or through a private flood insurance company. The NFIP is a part of the Federal Emergency Management Agency (FEMA). Its limits for flood insurance are $250,000 for buildings coverage and $100,000 for personal property coverage. 

With private flood insurance, you can get much higher coverage limits for both of these, and benefits from other coverages beyond what the NFIP offers, such as loss of use coverage or replacement cost coverage. Here are some of the best private flood insurance companies in Maine:

• Hiscox - FloodPlus
• Chubb
• Berkshire Hathaway
• Aon Private Flood
• Zurich Insurance Group
• Private Market Flood
• FloodSimple Insurance Services

A Maine independent insurance agent can help you find private flood insurance from one of these local carriers.

What Does Flood Insurance Cover in Maine?

Maine flood insurance includes two types of coverage, one for the structure of the building and one for the contents kept within. You can purchase one or both, depending on your coverage needs. Most homeowners opt to buy both, while renters only need to purchase contents coverage. Here is a breakdown of each type of flood insurance coverage:

• Buildings coverage: This will compensate you for damage to the building's structure or dwelling and its foundation, as well as damage to its plumbing and electrical systems, furnaces and air conditioning units, built-in appliances, and any permanently installed elements, such as carpeting over unfinished floors. 
• Contents coverage: This will compensate you for losses or damage to property in your home or business, including furnishings, clothing, artwork, electronics, window air conditioners, portable appliances, and carpeting and flooring.

A Maine independent insurance agent can help ensure you get equipped with as much of each type of coverage as you need.

What Doesn't Flood Insurance Cover in Maine?

Damage caused by mold, mildew, or moisture that the homeowner could've prevented is specifically excluded by flood insurance in Maine. You also won't be able to cover specific types of property, like valuable papers, precious metals, and currency, with flood insurance. Certain types of belongings and property outside the home, like hot tubs and decks, are also excluded from coverage. So is landscaping, including trees and shrubs. Further, flood insurance excludes coverage for belongings stored in your home's basement.

Is Flood Insurance Required in Maine?

In some situations, it can be. Flood insurance is not required by Maine state law, but it may be mandatory for properties in high-risk flood areas. Mortgage agreements may also require coverage, especially if your property is located in a flood zone. Having flood insurance is typically a safe bet, though, because home insurance specifically excludes coverage for natural flooding events. 

Having protection against natural flood damage can save you from potentially thousands of dollars in damage to your home. Many people mistakenly assume that flood damage coverage is included in their home insurance, renters insurance, or business insurance policies. Unfortunately, it's not. If an overflow event destroys your property, you must cover the damage on your own unless you have flood insurance. If the flood disaster covers a large area and is severe, FEMA may step in to provide assistance, but this help comes only in the form of low-interest loans that you must repay to the government.

The following events can increase the risk of floods in Maine:

• Hurricanes or tropical storms work their way north, dropping lots of rainfall over an extended period
• Snowmelts in the spring when they coincide with heavy rains
• Nor’easters that work their way up the Eastern Seaboard

As little as one inch of floodwater in a home can cause thousands of dollars in damage. Talk to a local independent insurance agent about getting protection for your property with Maine flood insurance today.

How Much Does Flood Insurance Cost in Maine?

The average cost of flood insurance in Maine is $1,265 annually, or approximately $105 monthly. This rate is quite a bit higher than the current national average of $899 per year, or approximately $75 per month. Because Maine is a coastal state, the risk of flood damage can be considered much higher than in many other states, already contributing to the higher cost of flood insurance. 

Have you been wondering, "How much is flood insurance in Maine?" Premiums for flood insurance in Maine may be higher than in most of the nation due to the amount of coverage required to protect your home properly. The deductible amount you choose can also affect your policy cost, as can the age of your home and the construction materials of your property. 

Further, your home's flood zone designation can greatly impact your flood insurance rates in Maine. The local cost of flood insurance is determined by FEMA and the National Flood Insurance Program, based on the flood insurance rate map for Maine.

Maine Flood Zones

Maine flood zone maps are available and easy to access online. One of the best places to find Maine flood maps, including those for Augusta, Maine, is FEMA's official website. FEMA provides many comprehensive and user-friendly tools to help you assess your Maine flood risk. You can download Maine flood zone map PDFs, Maine flood plain maps, and other helpful information.

Maine cities with the highest flood risk

If you live in any of these cities, your property is at a higher risk of flooding than in other areas of Maine:

1. Portland
2. Bath 
3. Lewiston

If you have property in any of these areas, it's a good idea to speak with a local independent insurance agent about getting set up with Maine flood insurance ASAP. 

How to Apply for Flood Insurance in Maine

Applying for flood insurance in Maine can be done right through the National Flood Insurance Program (NFIP)'s website. An independent insurance agent can also help you get a Maine flood insurance policy quickly and easily. These agents have access to multiple private Maine flood insurance companies, and they can help you find the best rate and coverage for your specific home or business. 

The Best Flood Insurance Discounts in Maine 

Maine flood insurance discounts can be earned in a couple of different ways. FEMA provides discounts on flood insurance for some newly mapped properties and for owners of properties in communities participating in the Community Rating System. These discounts can range from 5% to 45%, depending on each property's classification. Your independent insurance agent can help you find more Maine flood insurance discounts.

How to File a Flood Insurance Claim in Maine

It doesn't have to be a complicated process when you file flood insurance claims in Maine. Follow these easy steps to expedite the flood insurance claims process:

1. Contact your insurance company or agent: Call your flood insurance company or independent insurance agent ASAP to report your flood claim. Have your policy number and other insurance information ready.
2. Prepare for an inspection: Wait until the property is officially declared safe for reentry before you evaluate the extent of the damage. Your flood insurance company will likely require a detailed written report of the disaster, and photo and video evidence of any property damage. 
3. Cooperate with your claims adjuster: Your insurance company will assign a claims adjuster to your case and schedule a visit for them to assess the damage in person. The adjuster might provide you with an estimate for reimbursement during their visit, depending on the extent of the damage and your policy terms. 
4. Receive payment: Finally, you'll receive either a direct deposit or a claims check in the mail from your insurance company once your claim has been processed. The amount of reimbursement you receive depends on your specific policy's coverage terms and the amount of covered damage. When you receive your reimbursement will depend on the specific insurer's claim processing timeframe. 

An independent insurance agent can file Maine flood insurance claims through your carrier and keep you updated through each step of the process, including when to expect reimbursement. 

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