Bangor, ME Home Insurance
Spend less time looking for Bangor home insurance and more time with your family when you compare quotes on VIU by HUB.
Known as the gateway to "North Country," Bangor, ME, is centrally located and close to many amenities. The city's 32,000 residents have access to gorgeous sites like Penobscot Tower and plenty of theater and fine dining options.
The area is close to Penobscot River and is prosperous in the paper, shipping, and lumber industries. It is also about 30 miles from the shore, 10 miles from the University of Maine and 40 miles to the island of Acadia National Park.
The cost of living in Bangor is 14.3% lower than the national average. Food, healthcare, taxes, transportation and childcare are all more affordable. Housing is also more affordable. A home in Bangor has a median value of $237,200, much lower than the national median of $338,100. Appreciation is on the rise, too. In the last year, the city's homes had an appreciation rate of 15.28% compared to the national average of 8.27%.
Bangor home insurance is essential for protecting your home, possessions and family. The average cost of homeowner's insurance in the area is $1,064 per year and is more affordable than the national average of $1,428. Your insurance policy protects you in several ways.
Additionally, homeowner's insurance provides reimbursement if you are displaced due to a disaster. If you pay for hotels or meals out of pocket, save the receipts to file a claim and receive compensation.
The exact cost of your home insurance depends on your risk factor. Insurers look at you, your home and your neighborhood to determine how much to charge you. If you have poor credit or have filed insurance claims in the past, you may pay more.
Your home itself is another determining factor. Insurers determine how much it would cost to rebuild your home based on its age, how large it is, how many rooms it has, its architectural style and local rebuilding costs. They also consider how old your roof is, whether your electrical and fire systems are up-to-date, whether you have a security system and whether you have "attractive nuisances" such as pools or trampolines.
Finally, insurance companies consider local crime and weather patterns. The United States rates crime on a 1-100 scale. Property crime in Bangor is rated at 63.3, well above the national average of 35.4, which means you may pay more for insurance.
Climate is another factor. Bangor gets an average of 69 inches of snow annually, which could lead to flooding if your home is in a low-lying area. Standard policies don't cover flooding, so be sure to purchase additional coverage if you need it.
Every home and family is different, and there is no one-size-fits-all Bangor home insurance policy. Take the guesswork out of finding the coverage you need using VIU by HUB's quote comparison tool to find the right insurer. You can also speak to a trusted insurance advisor if you have trouble choosing a policy.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
