Table of Content
- Cheapest overall for Maine
- Helpful Home Insurance Articles & Guides
- Can A Mortgage Lender Require Home Insurance Coverage In Maine?
- What Should You Look For When Comparing The Best Home Insurance In Maine?
- Can I make changes to my home that will lower my insurance cost?
- The Average Cost of Homeowners Insurance in Maine
Homeowners in New Hampshire, for example, pay an average annual premium of $731 per year, and homeowners in Vermont pay an average of $668 per year. This could be because much of Maine is forested and relatively remote, while also incurring significant impacts from Atlantic Ocean weather events, such as tropical cyclones and nor’easters. You should also evaluate the financial strength ratings of the insurers. Regional insurance companies may offer lower premiums, but they might also have lower financial strength ratings.
Chubb received a five-star rating for financial stability and a high claims rating. However, it ranked in the bottom half of companies surveyed for customer satisfaction. Chubb's average annual home insurance package costs around $691 in Maine. Personal property coverage can cover you if personal items in your home are damaged, stolen, or destroyed, like furniture and clothes. However, this coverage will not protect your car or motorcycle; you will need to reach out to your auto insurance or car insurance company for that coverage. Based on our research, the average cost of homeowners insurance in Maine is $98 per month or $1,176 per yearbased on home-dwelling coverage limits between $200,000 and $250,000.
Cheapest overall for Maine
These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different. The average cost of home insurance in Maine is 41% cheaper than the overall national average of $1,516 per year. Location, including ZIP code, is just one aspect of home insurance costs. Filing multiple claims is one way to see much higher home insurance premiums.
We show average home rates for three other common coverage levels further down the page. The cost of homeowners insurance in Maine can vary depending on the city you live in, the age of your home and other factors. For a customized estimate, you can use MoneyGeek’s calculator and enter your credit score, desired coverage, chosen deductible and more.
Helpful Home Insurance Articles & Guides
MoneyGeek looked at the top insurance companies in the state and found that Chubb was the best overall provider. However, the best option for you may be determined by your specific circumstances. Progressive has the best standard homeowners insurance policy Maine. They have a range of options to choose from, and their rates are very competitive. Plus, they offer a discount if you have multiple policies with them. If you’re looking for the best homeowners insurance in Maine, Progressive is the way to go.
Bankrate.com does not include all companies or all available products. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most — price, customer service, policy features and savings opportunities — so you can feel confident about which provider is right for you.
Can A Mortgage Lender Require Home Insurance Coverage In Maine?
Ensure the company you're considering should be able to provide you with the type of coverages and discounts you're looking for in Maine. Some discounts and coverages are only available in a limited number of states. State Farm offers a number of unique home insurance add-on coverages, such as mold coverage. It covers your home from the losses caused by mold and fungus for up to $20,000. Meanwhile, Travelers’ home insurance plans average $755 per year in Maine. Note that this rating does not include USAA, which is solely available to military members and their families.
Here's a look at which companies offer the most affordable rates for several common scenarios. Many or all of the products here are from our partners that pay us a commission. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Maine law doesn’t require you to buy home insurance, but if you finance a property, your lender will probably require that you have a policy. Even if you own your home outright, home insurance is generally a good purchase.
For military families in Maine, MoneyGeek compared the state's major insurance providers to discover which policy would best suit their needs. USAA earned an 88 out of 100 MoneyGeek rating, making it the best home insurance company for veterans. The company scored a perfect five-star rating in customer satisfaction and financial stability. The best home insurance companies in Maine will have solid claims experience and financial stability, in addition to offering affordable rates and excellent customer service.
Below are the average annual home insurance rates for the dwelling coverage of $500,000 and $1,000 deductible. Buying homeowners policy can help you cover the cost of damage to your home. However, the cost of homeowners insurance can depend on various factors. MoneyGeek’s Maine homeowners insurance calculator can help you estimate the cost of your annual premium. MetLife offers the most affordable homeowners insurance in Maine for dwelling coverage of $250,000. For new homeowners, Travelers can be the best option, while Chubb is the cheapest for homeowners with expensive homes, pools and poor credit.
All of our content is written and reviewed by industry professionals and insurance experts. We maintain strict editorial independence from insurance companies to maintain our editorial integrity, so our recommendations are unbiased and are based on a comprehensive list of criteria. For homeowners insurance with $300,000 in dwelling coverage, Oklahoma has the highest rate at $5,317 and Hawaii has the lowest rate at $582 based on a 2022 analysis by Insurance.com.
However, by bundling your home and auto insurance policies, you will be eligible for a discount of around 28%. Because each homeowner's situation is unique, MoneyGeek’s scoring system assessed the best insurance companies in Maine for a wide range of homeowners. Among other things, the study looked at the coverage levels and discounts these companies offer. Maine homeowners who also plan to insure a vehicle may want to choose a single company to work with. Bundling home and auto insurance drops the average Maine home insurance premium to $682 per year.
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