UPDATED: JUNE 01, 2023 | 1 MIN READ
Maine homeowners insurance could cost as little as $80 a month and $961 a year which is below the national average. It’s always good practice to check prices with multiple companies to get the best deal. There usually are differences between home insurance rates depending on the state.
Best Maine Home Insurance Companies
We have scoured the best insurance companies in Maine to help you choose the best option. Depending on what you’re looking for, whether it’s the best value, the cheapest insurance, or excellent customer service, we have what you’re looking for. Below are the best options for home and renters insurance in Maine.
Overall Best Maine Home Insurance Company
The best homeowners insurance in Maine is Concord Group Insurance. The average coverage price is $551, which is a third cheaper than the rest of the state. There are various opportunities with the company that gives you discounts, including bundling.
Best Value Maine Home Insurance Company
MetLife offers the most value and affordability for homeowners insurance in Maine. The average annual cost is $488 per year, which is 40% cheaper than the moderate coverage in Maine.
It has coverage that meets the needs of most property owners, but it’s also cheaper enough that you could add extra protection if needed.
Maine Homeowners Insurance Company With the Best Customer Service
If customer service is essential to you, we have the best companies offering excellent customer service. Customers were most satisfied with Maine home insurance with the following companies: State Farm, USAA, and Chubb. Patrons Oxford also scored perfect on the complaint index, but the small market share makes it challenging to reflect the quality of service.
Maine Home Insurance Company Best For Bundling
Concord Group Insurance offers the best homeowners insurance in Maine for bundling. You qualify for discounts if you bundle your homeowners insurance with your auto insurance. You can save money with Concord by:
- Owning a home that’s less than 15 years old
- Request a quote before the start of your policy
- Have a good driving history
- Have a water shut-off system that detects leaks
- Opt to receive electronic delivery of your policy
- Install locks, sprinklers, and alarms in your house
Maine Homeowners Insurance Company With the Best Coverage Options
Allstate is an excellent option if you’re looking for different coverage options. It’s a major national brand with standard personal property coverage, dwelling coverage, and liability coverage. In addition, Allstate offers unique options you add on, like electronic data recovery coverage and yard and garden coverage. The premium is higher, but many discounts are available to help with the costs.
Local and Regional Options For Home Insurance In Maine
MMG Insurance
An award-winning provider, MMG offers home insurance products in Maine. They tailor coverages to your property’s features and needs, plus two other specialized packages, the Home Advantage and Home Advantage Ultra.
You’ll find all the coverage you need for optimum home protection in Maine with MMG. MMG offers Dwelling Fire coverage, a policy for above-average seasonal second homes, such as cabins and cottages.
Premium saving credits from MMG include auto insurance discounts and protective device credits.
Patriot Insurance
Patriot Insurance began as a small subsidiary of Blue Cross in Maine. Today, it offers home insurance products throughout Pine Tree State. The carrier’s home protection coverages come in two packages: Value Package Plus and Ultra Home Guardian.
Each features coverages for your Dwelling, Personal Property, and Liability. Patriot Insurance offers ways to expand your coverage, including special limits for valuables based on your individual needs and property. Discounts may be available depending on your home’s features.
Demographics
Maine’s current population is 43.1 people per square mile, with an area of 35,380 square miles. One million three hundred twenty-eight thousand three hundred sixty-one people live in Maine, which has decreased slightly since last year. Many things come into play that determines the rate of your car insurance.
- Average Home Value: Maine has a typical home value of $359,761.
- Crime Rates: Maine has the lowest violent crime rate in the nation at 1.1. In addition, Maine has a property crime rate of 11.6, which is lower than the natural rate.
- Average Household Income: The median household income is $59,489, and the average household income is $78,301.
- Median Age Range: The median age range increased from 42.8 years to 44.9 years from 2010 to 2018.
- Education: 32.5% of Maine residents have a Bachelor’s degree or higher.
Is Maine Home Insurance Required?
Maine homeowners insurance is not required, but some mortgage companies may insist on it. It’s always best to protect your home in case something terrible happens.
What Does Maine Home Insurance Cover?
Maine doesn’t experience many hurricanes as the most prevalent homeowners insurance peril for residents is living with cold winters and heavy snowfalls. However, these winter storms can move much the same as hurricanes. Primary home insurance covers damage from snowfall and injuries caused by the weight of snow. It also covers “falling objects” if a tree falls through your roof during a storm.
Common Home Risk Factors In Maine
The risk factors in Maine are blizzards, rain, high winds, and wildfires. The most common homeowners claim by residents are:
- Wind Damage: Strong winds caused by snowstorms
- Flood Damage: Flooding is a common cause of loss in Maine
- Water Back-Up: Heavy rain and snow can cause a water backup to occur in your home
- Wildfires: Wildfires are happening more often in Maine, which is a risk to your home and property
Recommended Homeowners Insurance Coverage
You want to protect your home from specific risk factors in Maine. There are also coverages that you may need to add to your standard range to get extra protection.
Flood Damage Coverage
Maine homeowners insurance doesn’t typically cover flood damage. However, considering Maine is a place that experiences flooding, then it’s a coverage worth considering. Many home insurance companies in Maine offer flood endorsements to your standard home policy.
Water Backup Coverage
Maine suffers from heavy rainfall and snow, which can cause a water backup because your sump pump can’t keep up. You will have to add this coverage to your standard home policy.
Wildfire Coverage
Wildfires are becoming more common in Maine. It’s essential to check your home insurance policy to ensure you’re covered for this. If not, you have to consider if you need additional coverage.
How Much Does Home Insurance In Maine Cost?
Around 71% of Mainers own a home, and the cost of home insurance in Maine is low. The average annual premium for homeowners insurance in Maine is $956 for a dwelling coverage of $250,000. It’s much lower than the national average of $1,312.
Cost of Homeowners Insurance In Maine By City
| City | Average Maine Home Insurance Cost | Difference From Maine Average |
|---|---|---|
| Portland | $844 | 1% |
| Lewiston | $843 | 1% |
| Bangor | $847 | 0% |
| South Portland | $843 | 1% |
| Auburn | $843 | 1% |
FAQs
How much is the average homeowners insurance in Maine?
The best homeowners insurance in Maine varies by company. The best start is to determine what you want and what matters most. From there, you obtain quotes from different companies and compare them.
How much is homeowners insurance a month in Maine?
The average homeowners insurance premium in Maine is $933 per year, or about $78 per month. However, premiums can vary significantly based on several factors, including the home’s value, the home’s age and condition, the amount of coverage you need, and the deductible you choose.
Is home insurance required in Maine?
Home insurance is not required by law in Maine, but your mortgage lender will likely require you to have it. Home insurance is a type of property insurance that covers your home and belongings in the event of damage or theft. It can also provide liability coverage if someone is injured on your property.
Is homeowner’s insurance expensive in Maine?
Homeowners insurance rates vary widely from state to state, and Maine is no exception. However, Maine has one of the lowest home insurance rates in the nation.
How To Purchase Maine Homeowners Insurance
Maine homeowners insurance rates are below the national average, so it’s always a good idea to compare prices with multiple companies. Rates can vary depending on your state, so complete our rate comparison form to get started.
