Best homeowners insurance in Maine for 2023

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:

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

The top 5 home insurance companies in Maine

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.

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.

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