Home/Renters/Condo Insurance:

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Home insurance policies can be written to cover your dwelling, detached structures, personal property, loss of use, and personal liability. All deeded owners of the property should be listed as named insureds on the policy. Most insurance carriers offer a variety of broadening endorsements, which can provide coverage for certain exposures that are usually limited or excluded. Please remember that you must purchase a separate policy for each property you own, as well as separate policies for boats, motorcycles, snowmobiles, ATVs, RVs and other similar types of motorized vehicles.

GHM strongly recommends you thoroughly review all your insurance policies and call us if you have any questions or do not understand any of the coverages, conditions, limitations or exclusions within your policies.

Home Coverage Recommendations

Your Home
We recommend that you insure your home to 100% of the cost to re-build its replacement cost if it were totally destroyed by a covered loss. We can run a free construction cost estimator to help you estimate the replacement cost of your home.

Personal Property & Replacement Cost Coverage
We also urge you to insure your personal property at replacement cost. In the event of a covered loss to your personal property, Replacement Cost Contents (RCC) eliminates depreciation. Without RCC your claim would be settled based on the actual cash value of your property at the time of the loss. Please contact us if you would like to discuss RCC in more detail.

Liability
Home liability protects you if you are negligent in causing an injury to a non-resident of your household. Most insurance carriers offer up to $500,000 of liability coverage on homeowner policies. 
 
Business Pursuits
There is an exclusion within the homeowner policy for business pursuits. This could include activities such as babysitting, mowing the neighbor’s lawn, or baking goods for the local store. Call us today for options on how to insure your business activities.

Umbrella Liability
A Personal Umbrella Liability policy provides you with a limit of liability over and above your base coverages. Some umbrella policies offer uninsured/underinsured motorist coverage. Limits start at $1,000,000 and can be increased to $10 million or more. Premiums start at as low as $180 per year.

Special Types of Property
All home policies have coverage limitations applicable to jewelry, furs, firearms, collectibles, money, antiques, silverware, crystal and other similar types of valuable property. Broader coverage and higher limits can be added to insure your prized possessions. Call and ask us about scheduled personal property.

Water & Sewer Back-up
Although Homeowner insurance excludes loss from water back-up of sewers or drains, you can purchase coverage for back-up of sewers or drains including sump pumps. Please contact us for more information.

Earthquake
Many people do not realize that an earthquake fault runs through Maine. Homeowner insurance excludes loss caused by earthquake. Earthquake coverage is available as an endorsement to your homeowner policy. 

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