Home Insurance in Auburn
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Enjoying Life in Auburn
Auburn is a picturesque community in south-central Maine and home to nearly 24,000 people. The city provides space for residents to participate in various activities, including public parks, golf courses and places to kayak. It also hosts two well-loved festivals, the Winter and Balloon festivals. The arts and culture are very popular among residents and visitors alike.
Buying a Home in Auburn
People living in Auburn enjoy a 9.2% lower cost of living than the national average. The median home value in the area is $252,300 compared to the national median value of $338,100. Homes are also becoming more valuable in the city, as the one-year home appreciation rate is 14.68%. When you combine the affordable housing prices with more affordable groceries, childcare and taxes, it's easy to see why people want to move to Auburn.
Whether you already live in the city or are considering moving there, you need reputable and comprehensive home insurance in Auburn. The average cost of a homeowner's policy in the area is $1,068, significantly more affordable than the national average of $1,428.
Standard Homeowner's Policies
A standard home insurance policy's first job is to pay for repairing or rebuilding your home after a covered disaster. There are three types to consider.
- Actual Cash Value: Pays the value of your home as it is now and factors in depreciation.
- Replacement Cost: Pays the value of your home when you purchased it and does not factor in depreciation.
- Guaranteed Cost: Pays the value of your home and provides an additional 20-25% above your policy limits to account for construction costs.
ACV policies are the most affordable and a good choice if you're on a budget or your home is not very old. Replacement costs are a bit more expensive but should be considered if your home is older. Guaranteed cost is the most expensive but prevents you from paying out of pocket if your reconstruction costs more than expected.
You can purchase add-on policies if your home or lifestyle warrants it. Some common ones include swimming pool coverage, appliance coverage, water backup coverage and scheduled property coverage.
What Homeowner's Insurance Covers
Standard homeowner's policies cover fire, lightning, wind, hail, explosions, smoke, vandalism and theft. Floods and sewer backup are not covered unless you purchase additional protection. In addition to repairing or rebuilding your home, your policy protects your belongings and typically provides 50-70% of your policy limit. You'll also have protection if someone is injured on your property or if you accidentally damage someone else's property. Finally, a standard policy offers reimbursement options if you're displaced during home construction and spend money on hotels and other incidentals.
Risk Factors
Risk factors are situations that affect the cost of your premium. Insurance providers offer lower premiums to people with good credit scores and those who have never filed claims. Unfortunately, if your property has had a claim filed on it in the past, it may cause you to pay more, even if you weren't the one who filed it. Insurers also consider whether your home is well-maintained, whether it has up-to-date plumbing and electrical wiring and whether it has attractive nuisances like a pool or trampoline.
The property crime rate in your neighborhood is also important. The property crime rate in Auburn is 51.3, much higher than the national average of 35.4. This may cause you to pay more on your insurance policy.
Choosing the right home insurance in Auburn doesn't require your entire day. VIU by HUB offers a quote comparison tool to quickly find reliable and affordable insurance providers in your area.
This information is intended for general informational purposes only and is not intended to constitute legal advice.