Do you own a home without homeowners insurance in Maine? The simple answer is "NO". Maine law does not require you to buy homeowners insurance, but only if you finance a property, then your lender will. Homeowners insurance policy is a legal contract and states your right and responsibilities and those of the insurance company. Most homeowner's insurance policies give a minimum of $100,000 in liability coverage. Liability is part of the insurance system of risk financing; you must purchase as much as possible. Buy at least $300,000—and $500,000 if you can. Other than the requirement, many things need to be considered according to Maine laws. It includes insurance cancellation rule, premium payment rule, the limit of coverage, etc. One such rule is when you buy a homeowner policy, during the first 90 days of your policy, you can decide to cancel a policy for any reason that is not prohibited by Maine law. For example, the law prohibits insurance refusal solely based on the applicant's age, credit information, and age of the dwelling. Cancelling received by the 90 or after 90 days is considered a mid-term cancellation.