Best homeowners insurance companies in Maine for 2024

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:

The top 5 home insurance companies in Maine

Additional Maine home insurance companies to consider

Chubb

Vermont Mutual

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.

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 47 percent less than the national annual average cost of $2,304.

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.

*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.

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

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.