Best homeowners insurance in Maine for 2021
Just over 71% of Mainers own a home. For Maine homeowners, the cost of home insurance is relatively low. The average annual premium is $982 for $250,000 of dwelling coverage, which is significantly lower than the national average annual premium of $1,477.
Although homeowners insurance in Maine is generally less expensive than it is in many other states, quality insurance coverage is still a priority for many homeowners. Homeowners insurance can help protect you against financial devastation should your home be damaged and is an integral part of your financial planning. Finding a company that fits your needs is an important step to protecting your home and your financial security.
The best home insurance companies in Maine
To find the best homeowners insurance companies in Maine, Bankrate analyzed current quoted premiums from several different homeowners insurance carriers. We also reviewed the 2020 J.D. Power Home Insurance Study, which looks at how well a company interacts with its customers. These are the companies that excelled.
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
|The Hanover||$1,307||Not rated|
|MMG Insurance||$867||Not rated|
Allstate is a well-known insurance company that offers a range of products, including homeowners insurance, auto insurance and umbrella policies. Allstate’s homeowners insurance policies offer standard coverages like dwelling and liability coverage, along with more unique endorsements like yard and garden coverage and electronic data recovery coverage.
Allstate’s website offers you the ability to manage your policy online, but its network of agents can provide in-person support should you need it. Although its average annual premium is slightly higher than the state average annual premium, Allstate offers a range of discounts to policyholders to help them control their insurance costs.
The Hanover offers policyholders several options to customize their coverage, with options like high-value home coverage, water backup coverage and service line coverage. The Hanover also publishes articles on its website to assist policyholders with everything from buying a home to remodeling projects.
Although it was not rated in the 2020 J.D. Power U.S. Home Insurance Study, The Hanover does have a below-industry-average complaint index score from the National Association of Insurance Commissioners (NAIC). A score of 1.00 represents the industry average number of complaints. The Hanover’s overall score is 0.77, indicating that the NAIC received fewer complaints about The Hanover in 2020 than average.
MMG Insurance is a regional insurance carrier headquartered in Presque Isle, Maine that has been writing policies in the state for more than 120 years. The company sells its coverage through a network of independent agents.
Because MMG Insurance agents are local, they are likely to have hands-on experience with Maine’s weather conditions and common causes of loss. The company offers two homeowners insurance options: Home Advantage and Home Advantage Ultra, each of which may be able to be tailored to the needs of Maine homeowners.
State Farm is the largest homeowners insurance carrier in the United States with nearly 18% of the market share. State Farm offers numerous insurance products, including homeowners insurance, auto insurance, business insurance and more. The company claims that you can save up to $854 when you insure both your auto and home with State Farm.
State Farm’s homeowners insurance includes several optional coverages, like keepsakes coverage and coverage for sports or musical equipment. The company also received an above-industry-average score from J.D. Power, which indicates that customers are generally satisfied with its customer service.
USAA sells insurance to current and prior military members and certain family members. Although USAA is not eligible for official ranking with J.D. Power due to its eligibility restrictions, the company consistently receives high scores for customer satisfaction.
If you qualify for USAA’s coverage, your homeowners insurance policy may include coverages geared toward military members, such as coverage for uniforms. Discounts are relatively limited, but you may be able to save by installing security features like an alarm system or by insuring your auto insurance with USAA as well.
How much is homeowners insurance in Maine?
The average cost of Maine homeowners insurance is $982 per year for a policy with $250,000 in dwelling coverage. For comparison, the national annual average cost of homeowners insurance is $1,477.
Although the average cost of home insurance in Maine is lower than the national average, Mainers do pay more for insurance than homeowners in surrounding states. Homeowners in New Hampshire, for example, pay an average annual premium of $709 per year, and homeowners in Vermont pay just $681 per year. This could be because much of Maine is forested and relatively remote. According to a local headline, Maine is becoming increasingly at risk for wildfires, which can cause severe damage to homes.
Home insurance considerations in Maine
When shopping for homeowners insurance, it is important to consider your state’s climate, since many common homeowners insurance claims are related to weather. Maine’s climate is mostly known for high winds, rain and humidity.
Common causes of loss in Maine
Many parts of Maine may be at risk for rain, floods, high winds and wildfires. Homeowners in Maine may want to be aware of these common homeowners insurance claims:
- Wind damage: High winds can damage a home’s roof, siding, soffits and windows.
- Flood damage: Flooding is a common cause of loss in Maine, and floods can happen at any time of the year.
- Water backup: Due to the heavy rain and snow in Maine, it is not uncommon for water to back up into your home.
- Wildfires: Wildfire damage may be more associated with the West Coast than with New England, but wildfires are happening more often in Maine.
Other common causes of loss that Maine homeowners may want insurance coverage for are theft, vandalism and liability.
Home insurance coverages in Maine
Keeping in mind the specific common causes of loss that Maine homeowners face, you may want to consider purchasing the following coverages:
- Flood insurance: Homeowners insurance does not typically cover damage caused by flooding. If you want to purchase flood coverage, you will likely need a separate, dedicated flood insurance policy. Many insurers offer flood insurance. It is also available through the National Flood Insurance Program.
- Water backup coverage: Water backup typically happens when a sump pump can no longer keep up with heavy rainfall and the water backs up into a basement, but backup damage can result from water backing up in any drain or sewer line. This coverage is typically purchased by endorsement.
- Wildfire coverage: If you own a home in Maine, you may want to check if wildfire damage is covered on your policy. If not, you may need to purchase an endorsement or seperate policy.
- Identity theft restoration: Some insurers offer coverage for the cost of rebuilding your identity if it is stolen. Covered costs may include legal fees and lost wages.
If you are not sure what coverages you should consider adding to your homeowners insurance policy, talking to a licensed agent may help you to decide what options to choose.
Frequently asked questions
What is the best homeowners insurance in Maine?
Since every individual and every property is unique, the best homeowners insurance company will vary. To determine what company might best fit your needs, you may first want to decide what you are looking for in a homeowners insurance company. Once you know what factors matter most to you, you can obtain quotes from several different insurers and compare them.
How do I get homeowners insurance in Maine?
To purchase homeowners insurance, you will need to provide some information about you and your property, including your name, address, the year your home was built and information about any custom features you may have. You may also be asked how old your roof is, if you have a dog and if you have filed claims with your prior insurance company.
Do I have to have homeowners insurance in Maine?
The state of Maine does not require that you purchase homeowners insurance. However, if you have a mortgage on your home, your lender will likely require you to carry a homeowners insurance policy. If you do not have a mortgage, you may be able to forgo homeowners insurance coverage, but you may want to carefully consider if you can afford to pay for the cost of repairing or replacing your home if it is damaged or destroyed. The cost of a homeowners insurance policy is usually much lower than what it would cost to rebuild your home.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.