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Travelers has the lowest average annual premium on our list, potentially due to the company’s long list of discounts. There is honestly no need to wait around if you need insurance for your home. You can find the best homeowners insurance company in Maine and purchase coverage through our site immediately by clicking here.
According to Neptune Flood, the average cost of flood insurance is about $700 per year or $58.00 per month. Still, the price varies depending on several factors, including your geographical area and how much coverage you are looking for. Floods from a high-risk area may even exceed the entire value of your home. Replacement Cost Coverage - Your home is fully covered with replacement cost homeowners insurance and only partially covered under Actual Cash Value.
Find average home insurance rates in your state
I did a lot of searching for a homeowner's insurance and I went with Trusted Choice because it provided the best rates and coverage. Location is one of the biggest factors in your home insurance rates. At $400,000 in coverage the highest annual average rate is $6,387 in Oklahoma and the lowest annual average rate is $749 in Hawaii. Oklahoma, Kansas, Nebraska, Arkansas, Texas and South Dakota are the most expensive states for home insurance among common coverage levels analyzed by Insurance.com. Among the least expensive states for home insurance are Hawaii and California. Oklahoma has the highest home insurance rates in the country at $5,317 a year.
When Ashlee isn’t writing and editing, she enjoys spending time with her partner, dog and chickens on their farm in Kentucky. In general, having a low credit score may increase the cost of your home insurance premium, while a high credit score will do the opposite. If you pay a higher annual premium, you can typically lower the cost of your deductible. Dwelling coverage covers the cost of repairing your property and attached areas after a covered event has damaged it.
Cheapest for older homes
If you want to buy the minimum dwelling coverage, which is $100,000, then you could pay around $538 per year, while $3 million in dwelling coverage could cost around $11,203 per year. Many home insurance companies offer add-on coverages that cover issues your primary policy does not. For instance, you can buy coverage for water and sewer backups or add an endorsement that provides higher limits for landscaping if you have a lot of trees and shrubs. To have coverage for earthquake damage, you need to buy a separate earthquake insurance policy. Your standard home insurance policy doesn’t cover earthquakes. You may also be asked how old your roof is, if you have a dog and if you have filed homeowners claims with your prior insurance company.
Other common causes of loss that Maine homeowners may want insurance coverage for are theft, vandalism and personal liability. Blizzards and inclement weather can have a major impact on structures, all of which is considered when homeowners insurance providers assess the risk for the area. Maine is becoming increasingly at risk for wildfires, as are other New England states, which can cause severe damage or destroy your home. Homeowners insurance in Maine is not legally required, but with the potential perils, it could help provide critical financial protection for your investment. Additionally, if you have a lender, homeowners insurance will likely be required. Home insurance in Maine is nearly 72% less than the national average annual rate of $1,383.
Who has the cheapest homeowners insurance in Maine?
Our quotes are sourced for a $190,400 property built in 1975, based on the average home age and value in Maine. Farmers has the best mobile or manufactured home insurance in Maine. The company offers more coverage than most other companies in the state, offering full protection even if you don’t live there full time and while moving. Other companies may offer snow or ice damage coverage, but only if it's your primary residence.
In turn, this means that the homeowner is a higher risk to insure. It is always wise to shop around and compare quotes from different insurance companies when buying insurance for expensive homes in Maine. Ask your insurance agent or use an online calculator to estimate what the cost would be to rebuild your home, taking into account equitable materials and local labor costs. Your dwelling coverage should be at least equal to this amount. Your belongings are protected for specific “perils” in the average home insurance policy.
Compare the Best Home Insurance Companies in Maine
Does your home have unique features that need additional coverage? Once you know your needs, do some research to find a handful of companies that could meet them. You can gather quotes and compare prices, discounts, coverages, features, and third-party scores to find the right company for you.
State Farm also offers unique discounts like the continuously insured discount, which offers lower premiums based on the length of your existing insurance policy. Some homeowners may be more concerned about the cost of their insurance than others. MoneyGeek chose the best companies for individuals who are primarily focused on saving money on their monthly insurance rates.
Customer Experience — The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the National Association of Insurance Companies National Complaint Index. Update Information Click at least 2-3 companies to find the very best rate. If you ever feel the need to know what commission we'd earn on any of our insurance products, just ask us.
Her work has been featured on Reviews.com and Bankrate.com, and she’s passionate about helping people take charge of their finances. In her free time, she likes to read thrillers and sci-fi novels, garden, and toss tennis balls for her dog. With a low average premium and plenty of options for customization, Nationwide could appeal to those looking for affordable, personalized home insurance. These four companies are among the best in the state based on our research methodology. However, you may find that another company best fits your needs, depending on your unique circumstances.
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