Maine Superintendent of Insurance Alessandro A. Iuppa has announced a new resource to assist property owners who have had difficulty obtaining insurance for specific types of residential property insurance risks.
“It can sometimes be very frustrating for a homeowner to try to find an insurer that will provide them with needed insurance coverage. It is our hope that we can make a homeowner’s search less frustrating by providing information in a single place, from a number of insurers who may be able to meet their coverage needs,” stated Iuppa.
The bureau has compiled a list of the names of close to 40 property and casualty insurance companies and subsidiaries that have indicated a willingness to consider insuring certain types of risks in the Maine homeowner market. Examples of the types of risks included in the program are: coastal and island properties, log homes, mobile homes, day cares, homes older than 75 years, homes with property losses filed by a prior owner, or prior property losses under the current owner where the cause of the loss has been corrected.
Many of these difficult to insure risks were identified in the bureau’s report to the legislature titled, Market Conditions and Trends for Property and Casualty Insurance in Maine.
State officials contacted insurers who sell residential homeowner insurance in Maine to determine whether they would consider insuring some of the specific problematic risks. Approximately 39 insurers have responded that they might consider insuring these selected risks. The program however, is not a guarantee that insurance coverage will be granted as other risk factors associated with the particular property may have an added impact on the underwriting process.
Information regarding how a homeowner can apply for insurance, a list of the participating companies and the risks insurers may be willing to cover can be accessed on the bureau’s home page at www.state.me.us/pfr/ins/contact_list_homeowners.htm.
Consumers may also request a list by calling the Maine Bureau of Insurance at 1-800-300-500 or 1-207-624-8475.
Iuppa said the bureau will monitor how well the program is working by collecting monthly statistics from insurers participating in this program. The data requested will show not only how many homeowners apply for insurance coverage as a result of the web site information, but also whether the homeowners are ultimately successful in obtaining insurance through this voluntary program.
“Although we have seen some signs that the homeowners market may be improving, there is still concern regarding the availability of coverage for certain risks. This voluntary project allows insurers the opportunity to participate and show that a mandatory market assistance plan is not needed in Maine,” stated Iuppa.
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