Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Best homeowners insurance companies in Maine for 2024
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare the best homeowners insurance companies in Maine
Our research revealed that Allstate, Travelers and Nationwide are some of the best Maine homeowners insurance companies. To determine this, we used average annual quoted premiums from Quadrant Information Services and third-party scores and ratings from J.D. Power and AM Best, as well as a thorough review of each company's coverage offerings, discounts, digital tools and accessibility. We combined these metrics into a Bankrate Score on a scale from 0.0 to 5.0. The higher the Bankrate Score, the more highly a company ranked in the underlying categories.
While the average cost of home insurance in Maine is $1,227 per year for $300,000 in dwelling coverage, four of the five companies we chose have average premiums lower than this amount. However, our team knows that price is only one factor to consider when looking for the best homeowners insurance in Maine, which is why we evaluated several other metrics as well. If you are searching for the best Maine homeowners insurance, you might want to get quotes from these companies:
|
|
|
|
|
---|---|---|---|---|
812
/1,000 |
N/A
|
N/A
|
||
809
/1,000 |
$78
|
$935
|
||
829
/1,000 |
$64
|
$772
|
||
790
/1,000 |
N/A
|
N/A
|
||
Not rated |
$160
|
$1,919
|
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Bankrate's trusted insurance industry expertise
Read our full methodologyThe home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The top 5 home insurance companies in Maine
Best for unique coverage
4.3
4.3
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
812/1,000
-
Why Nationwide made our list: Nationwide offers standard homeowners coverage, but you may be able to personalize your policy to better fit your exact needs with additional protections such as Better Roof Replacement coverage, which replaces your roof with improved shingles and materials if it is damaged from a covered loss. Although it is not the least expensive option on our list, Nationwide offers a range of discounts, including home renovation savings and a gated community discount.
Who Nationwide may be good for: If you’re a Maine homeowner looking for a company that offers unique coverage offerings, Nationwide may be worth a quote.
Best for coverage options
4.2
4.2
Avg. premium for $300K dwelling
$78/mo
Avg. premium for $300K dwelling
$935/yr
Customer satisfaction
809/1,000
-
Why Allstate made our list: With a lower average premium and plenty of coverage options to choose from, Allstate stands out as an impressive homeowners insurance company in Maine. The carrier offers several home insurance endorsements, including HostAdvantage, which provides coverage while home-sharing. While Allstate does have below-average J.D. Power customer and claims satisfaction scores, it does offer local agencies, which some shoppers may find appealing.
Who Allstate may be good for: Allstate’s low average premium and variety of coverage options might make it a good fit for homeowners looking for personalized coverage on a budget.
Best for local agencies
4.2
4.2
Avg. premium for $300K dwelling
$64/mo
Avg. premium for $300K dwelling
$772/yr
Customer satisfaction
829/1,000
-
Why State Farm made our list: State Farm is the largest homeowners insurance carrier in the U.S. by market share. State Farm offers its customers a substantial home and auto bundling discount, as well as banking products, so if you want to keep all your financial products in one place, State Farm could be a good option.
Who State Farm may be good for: Considering the company’s extensive local agent network, State Farm may be particularly appealing if you like to handle your insurance in person.
Best for discounts
4.1
4.1
Avg. premium for $300K dwelling
Not available
Avg. premium for $300K dwelling
Not available
Customer satisfaction
790/1,000
-
Why Travelers made our list: Travelers has the highest financial strength rating available from AM Best, A++ (Superior), signaling a strong historical ability to pay claims. Additionally, Travelers’ low average rate, long list of coverage options and extensive discounts make it a particularly appealing carrier. However, the company does have the lowest J.D. Power customer satisfaction score on our list.
Who Travelers may be good for: Travelers might be a good fit for many Maine home insurance shoppers, but those looking for budget coverage may particularly benefit from Travelers' discounts, including savings for new homebuyers and green homes.
Best for high-value homes
3.6
3.6
Avg. premium for $300K dwelling
$160/mo
Avg. premium for $300K dwelling
$1,919/yr
Customer satisfaction
Not rated
-
Why The Hanover made our list: The Hanover is a New England-based insurer that offers policyholders several options to personalize their coverage, with options like high-value home coverage, water backup coverage and service line coverage. Although it was not rated in the 2023 J.D. Power U.S. Home Insurance Study, likely because it is a regional carrier and not available nationwide, The Hanover has a below-industry-baseline homeowners complaint index of 0.53 with the National Association of Insurance Commissioners (NAIC). This means the organization received fewer complaints about The Hanover than expected for its home insurance product.
Who The Hanover may be good for: If you own a high-value home, The Hanover Prestige option may meet your needs. The Prestige home insurance product offers coverage options specially geared toward high-value dwellings.
Additional Maine home insurance companies to consider
Chubb
Homeowners of high-value properties
Chubb caters its home insurance product primarily to owners of high-value homes. Its coverage packages reflect this, with extended replacement cost coverage and a cash settlement option automatically included in standard home policies. Endorsements include identity theft coverage and home appliance coverage, plus the carrier has dedicated consultants to help you choose a policy that aligns with your assets and coverage needs. For a more in-depth look into Chubb, read Bankrate’s review.
Vermont Mutual
Homeowners who want to work agents who specialize in Northeastern coverage needs
Vermont Mutual, one of America’s oldest insurance providers founded in 1828, offers home insurance coverage in Vermont, Connecticut, Maine, New Hampshire, Rhode Island, Massachusetts and parts of New York. It is known for its competitive pricing with an average rate of $549 a year in Maine. Vermont Mutual's homeowners insurance coverage is relatively basic, but it does offer several add-ons, including home systems protection, service line coverage and specialty property coverage. For a more comprehensive look into Vermont Mutual, read Bankrate’s review.
How Bankrate chose the best home insurance companies in Maine
To find the best Maine homeowners insurance options, Bankrate reviewed several points of data, including third-party scores from J.D. Power and AM Best, as well as coverage offerings, discounts, coverage options, digital tools, corporate responsibility programs and company availability. This information was used to calculate a Bankrate Score for each homeowners insurance provider based on a five-point scale. The better a company scores across the different research categories, the higher its overall Bankrate Score. By using our researching and scoring model, homeowners in Maine may get a snapshot of how well an insurer could fit their needs.
Cheapest home insurance companies in Maine
In Maine, shopping around for home insurance is often the key to finding more affordable rates. Due to the diverse landscape and weather conditions in the state, homeowners insurance rates can vary significantly. By comparing quotes from different insurance companies, homeowners in Maine can potentially find coverage that suits their needs at a more manageable cost. It's generally recommended to consider factors like coverage limits, deductibles and specific policy features, as these can influence both the protection offered and the overall cost. Individual rates can vary depending on a variety of factors, including location, home value and the homeowner's claims history, however, here are the top five cheapest home insurance companies in Maine.
|
|
|
|
---|---|---|---|
$46
|
$549
|
- $678 |
|
Concord Group
|
$58
|
$694
|
- $533 |
Union Mutual
|
$60
|
$721
|
- $506 |
$64
|
$772
|
- $455 |
|
$78
|
$935
|
- $292 |
How to get cheap home insurance in Maine
Price is a primary factor for most homeowners shopping for the best coverage. These strategies may help you find cheap home insurance in Maine without sacrificing coverage quality:
- Understand your needs: Home insurance needs vary based on several factors, including the size of your home, its features, how you use the space and your level of risk tolerance. Understanding how much home insurance you need may help you find the right level of coverage so you aren’t over- or under-insuring your home.
- Shop around: Experts recommend requesting free quotes from several insurance companies to find the best cheap home insurance company for you. When applying for quotes, it's vital to specify the same details on each estimate, especially regarding the types and limits of coverage selected.
- Utilize discounts: Most insurers offer at least a few home insurance discounts to help you lower your premium. Common ways to save include bundling multiple insurance products with one company, having a home alarm system or being claims-free.
- Maintain your home: One of the best things you can do for your home insurance rates long term is to maintain your property. Proper home maintenance may prevent or reduce the impact of claims, which in turn helps keep your rate at a more reasonable level.
Best home insurance discounts in Maine
Discounts are one of the easiest ways to lower your home insurance premium. If you own a home in Maine, you might want to consider these home insurance discounts:
How to save on home insurance policy renewals in Maine
Renewing your home insurance policy can be a prime opportunity to save money. This period allows you to reassess your current policy and explore the market for more cost-effective options. If your policy is going to renew soon, the following checklist may give you a place to start in finding cheaper rates in Maine.
- Shop around: Although you can shop your home insurance policy at any time, renewal may be a great time to compare quotes and see if you could get a lower rate with another carrier.
- Assess relevant discounts: As your circumstances change, you may qualify for more home insurance discounts than when you first bought your policy. Renewal is a great opportunity to see if you qualify for any additional discounts.
- Consider how your coverage needs have changed: Over time, your insurance needs may evolve. Perhaps you've made improvements to your home or you've sold an attractive nuisance, like a trampoline. Informing your insurance company about these changes and assessing your coverage levels may help you maintain cheap rates.
How much is home insurance in Maine?
The average cost of Maine homeowners insurance is $1,227 per year for $300,000 dwelling coverage according to the rate data from Quadrant Information Services, which is 46 percent less than the national annual average cost of $2,285.
Although the average cost of Maine home insurance is well below the national average, Mainers do pay more on average than homeowners in surrounding states. Homeowners in New Hampshire, for example, pay an average annual premium of $980 per year, and homeowners in Vermont pay an average of $806 per year. This could be because much of Maine is forested and relatively remote, which may exacerbate home repairs due to the lengthened times to get materials and labor. Maine also incurs significant impacts from Atlantic Ocean weather events, such as tropical cyclones and nor’easters, as well as harsh winter storms.
Maine homeowners insurance rates by city
Homeowners insurance rates in Maine can significantly vary by city, reflecting the different weather patterns, population densities, crime rates and elevations across the city. For instance, cities along the coast may experience higher rates due to the risk of storm surges. To give you an idea of what homeowners in different cities pay for coverage, we've compiled a list of the cheapest and most expensive cities for coverage, based on average premium data.
- Burlington: $1,099 per year — 10 percent below state average
- Charleston: $1,114 per year — 9 percent below state average
- Passadumkeag: $1,114 per year — 9 percent below state average
- Waterville: $1,124 per year — 8 percent below state average
- Lewiston: $1,125 per year — 8 percent below state average
- Baileyville: $1,350 per year — 10 percent above state average
- Pembroke: $1,347 per year — 10 percent above state average
- Princeton: $1,346 per year — 10 percent above state average
- Perry: $1,343 per year — 10 percent above state average
- Kittery Point: $1,340 per year — 9 percent above state average
*Rates are for $300,000 in dwelling coverage.
What does home insurance cover in Maine?
A standard HO-3 policy in Maine generally covers your home and personal belongings from a wide range of perils. The dwelling and other structures on your property are typically covered on an open perils basis, meaning they are financially protected against all perils unless specifically excluded. In contrast, personal property coverage is usually on a named perils basis, meaning your policy will have a set list of covered perils.
Here are a few of the most relevant perils covered by a standard homeowners insurance policy in Maine:
- Weight of snow, ice or sleet: Given Maine's cold winters and substantial snowfall, this coverage is particularly relevant.
- Hail or windstorms: In Maine, hail and windstorms are fairly common. Fortunately, standard home insurance policies include coverage for these threats.
- Fire: Many rural homes in Maine have fireplaces and woodstoves as primary sources of heat, increasing the risk of fire. While standard home insurance policies cover fire, you may pay a higher premium if you frequently burn wood in your home.
Additional home insurance coverage types in Maine
There are specific common causes of loss that Maine homeowners may face. Given these added risks, you may want to consider purchasing the following additional coverage types:
- Flood insurance: Standard homeowners insurance does not cover damage caused by flooding, but a large swath of Maine is at high- or moderate-risk of flooding. If you want to purchase flood coverage, you will likely need a separate, dedicated flood insurance policy, although a few carriers do offer a flood endorsement. Coverage may also be available through the National Flood Insurance Program (NFIP) and private insurers that offer their own flood insurance.
- Water backup coverage: Water backup typically happens when a sump pump can no longer keep up with heavy rainfall and water backs up into a basement, but backup damage can result from water backing up in any drain or sewer line. This coverage may be available as an endorsement to your home policy.
- Identity theft coverage: There were over 1,000 reports of identity theft filed in Maine in 2021. Some home insurers offer ID theft coverage that includes assistance with civil judgments, criminal charges, audits or hearings related to fraud perpetrated by the “impostor." Some endorsements may also include resolution services to reclaim your identity and restore credit.
- Replacement cost coverage: This option helps to ensure you are paid for the amount to replace your damaged or destroyed home or items, rather than for their depreciated value. Not all homeowners qualify and not all companies offer this coverage, but it may be worth the additional premium to have a much higher level of financial protection to replace your home, as well as your possessions such as furniture, electronics, clothing, jewelry and artwork.
If you are not sure what coverage or policy types you should consider adding to your homeowners insurance policy, consulting with a local licensed agent may help you decide what options to choose and which carriers may offer them.
Related content:
Common Maine home insurance problems
Homeowners in Maine face specific home insurance problems, but these may vary based on where you live in the state and your home's characteristics. Common issues include:
- Coast storm surges: Severe winter storms can cause damage to coastal homes including flooding, erosion and freezing conditions.
- Older homes: Older homes in Maine may have outdated plumbing and electrical systems. These homeowners may want to choose a carrier that offers ordinance or law coverage. These endorsements pay to bring a home up to code during repairs following a covered claim.
- Freezing conditions: Temperatures frequently dip below freezing in Maine in the winter. This can cause issues for plumbing systems, including frozen and burst pipes.
Working with a licensed insurance agent may help you identify home insurance problems specific to your home and ZIP code.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze October 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates for our base profile are based on the following characteristics and coverage levels:
Dwelling coverage
$300,000Other structures coverage
$30,000Personal property coverage
$150,000Loss of use coverage
$60,000Liability coverage
$500,000Medical payment coverage
$1,000The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Additional profiles:
- Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
- Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
Bankrate Scores
Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.
Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.
-
Cost & ratings 50%
-
Coverage & savings 30%
-
Support 20%
- Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, average quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best, Demotech and the NAIC, were analyzed.
- Tier 2 (Coverage & savings): We assessed companies’ coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company’s discount options listed on its website.
- Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody’s and factored a company’s corporate sustainability efforts.
Tier scores are unweighted to show the company's true score in each category out of a possible five points.