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Best homeowners insurance in Maine for 2023

Based on our research, Bankrate found that Allstate, Travelers and Nationwide are some of the best Maine homeowners insurance companies.

Updated Sep 01, 2023
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
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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 $947 per year for $250,000 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:

Allstate
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Info
AM Best
A+
J.D. Power score
815
/1,000
Average monthly premium
$62
Average annual premium
$745
Get a quote
Travelers
Rating: 3.3 stars out of 5
3.3
Bankrate Score
Info
AM Best
A++
J.D. Power score
794
/1,000
Average monthly premium
$61
Average annual premium
$735
Get a quote
Nationwide
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A+
J.D. Power score
816
/1,000
Average monthly premium
$77
Average annual premium
$928
Get a quote
State Farm
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A++
J.D. Power score
829
/1,000
Average monthly premium
$77
Average annual premium
$929
Read review
The Hanover
Rating: 3.1 stars out of 5
3.1
Bankrate Score
Info
AM Best
A
J.D. Power score
Not rated
Average monthly premium
$109
Average annual premium
$1,313
Get a quote
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

*Not officially ranked with J.D. Power due to eligibility restrictions

The top 5 home insurance companies in Maine

Allstate

Best for coverage options

Rating: 3.5 stars out of 5
3.5 Bankrate Score
JD Power: 815/1,000 AM Best: A+

Average annual premium

$ 745 for $250k dwelling coverage
Allstate Review Get a personalized quote

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.

Travelers

Best for discounts

Rating: 3.3 stars out of 5
3.3 Bankrate Score
JD Power: 794/1,000 AM Best: A++

Average annual premium

$ 735 for $250k dwelling coverage
Travelers Review Get a personalized quote

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.

Nationwide

Best for unique coverage

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 816/1,000 AM Best: A+

Average annual premium

$ 928 for $250k dwelling coverage
Nationwide Review Get a personalized quote

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.

State Farm

Best for local agencies

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 829/1,000 AM Best: A++

Average annual premium

$ 929 for $250k dwelling coverage
State Farm Review Get a personalized quote

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.

The Hanover

Best for high-value homes

Rating: 3.1 stars out of 5
3.1 Bankrate Score
JD Power: Not rated AM Best: A

Average annual premium

$ 1,313 for $250k dwelling coverage
The Hanover Review Get a personalized quote

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 2022 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 0.16, indicating that the National Association of Insurance Commissioners (NAIC) received fewer complaints about The Hanover than average. 

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.

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.

Clock Wait
46
years of industry expertise
Search
122
carriers reviewed
Location
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

How much is homeowners insurance in Maine?

The average cost of Maine homeowners insurance is $947 per year for $250,000 dwelling coverage according to the rate data from Quadrant Information Services, which is 34 percent less than the national annual average cost of $1,428.

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 $736 per year, and homeowners in Vermont pay an average of $658 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.

$150K
$560
$250K
$745
$350K
$987
$450K
$1,223
$750K
$1,863
$150K
$498
$250K
$735
$350K
$969
$450K
$1,236
$750K
$2,000
$150K
$619
$250K
$928
$350K
$1,347
$450K
$1,709
$750K
$3,139
$150K
$659
$250K
$929
$350K
$1,133
$450K
$1,401
$750K
$2,190
$150K
$901
$250K
$1,313
$350K
$1,746
$450K
$2,119
$750K
$3,461
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Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

Home insurance rates vary by state, but did you know they also vary by city? In areas where claims are less likely, less expensive or both, rates tend to be lower. Based on our research, these are the cheapest average cities for home insurance in Maine:

  • Hallowell: $894 — 6 percent below the state average
  • Augusta: $897 — 5 percent below the state average
  • Camden: $898 — 5 percent below the state average
  • Farmingdale: $899 — 5 percent below the state average
  • Bangor: $901 — 5 percent below the state average

Maine is a relatively cheap state for home insurance, but not every city enjoys low average rates. These five cities are the most expensive in the state, according to our data, and their rates are above the state average:

  • Shirley Mills: $1,047 — 11 percent above the state average
  • North Waterford: $1,047 — 11 percent above the state average
  • East Dixfield: $1,036 — 9 percent above the state average
  • Brownville Junction: $1,031 — 9 percent above the state average
  • Hinckley: $1,029 — 9 percent above the state average

How to find the best cheap home insurance in Maine

If you’re looking for the best homeowners insurance in Maine, you'll likely have some coverage and customer service priorities beyond simply finding the lowest price. These strategies may help you find a home insurance company that meets your expectations:

  1. 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.
  2. Shop around: Experts often recommend pulling free quotes from several insurance companies for comparison. This method can help you to find the best 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.
  3. Utilize discounts: Most insurers offer at least a few home insurance discounts to help you lower your premium. You may save money by bundling multiple insurance products with one company, having a home alarm system or being claims-free.
  4. 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.

Common 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:

Home insurance coverage options 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.

Frequently asked questions

Written by
Cate Deventer
Former Writer & Editor, Insurance
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute