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The 5 Best Homeowners Insurance Companies in Maine

Price is not the only factor you should consider to get the best homeowners insurance in Maine. You can also analyze each carrier’s coverage features, ability to pay claims, customer service quality and other aspects to get a proper home insurance policy for your property.

To help you get cheap home insurance in Maine, MoneyGeek ranked the leading five providers based on their ability to pay claims according to AM Best’s financial stability rating, J.D. Power customer satisfaction score and coverage cost in the state.


1

MetLifeScore: 92

5/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability


MetLife offers customizable coverage to protect your home from vandalism, theft, fire, hail, tornadoes and more. Its policies can replace your home's contents, without depreciation deduction, if you face a loss. MetLife's liability coverage pays for your legal fees if you're sued for an accident in your home. Each policy includes identity protection services. This provider presents flexible payment plans and 24/7 claims.

Read MoneyGeek's MetLife Home Insurance Review

2

TravelersScore: 90

4.7/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability


Apart from standard coverage, Travelers offers additional coverage options such as identity fraud, water backup, green home, replacement and additional replacement cost, special coverage for contents and personal articles floater. Travelers facilitates online claim application and bill payment, and provides a mobile app and rate calculator.

Read MoneyGeek's Travelers Home Insurance Review

3

State FarmScore: 86

4.1/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm's coverage includes guest medical payments and medical payments (up to $5,000 each), other structures, liability protection, personal property, dwelling and replacement value. Additional coverage options in Maine include energy efficiency upgrades and water backup. State Farm also presents a website and mobile app for claim application and an online quoting platform.

Read MoneyGeek's State Farm Home Insurance Review

4

NationwideScore: 85

4/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability


Nationwide offers standard coverage and additional coverage options such as roof replacement, earthquake, backup of sump pump, drain or sewer, fraud or identity theft, equipment breakdown and replacement cost plus. You can be eligible to get discounts on select policies.

Read MoneyGeek's Nationwide Home Insurance Review

5

USAAScore: 80

3/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability


USAA stands out for its top-notch customer service and affordable rates. You can use its mobile app to perform most transactions and save money by bundling policies.

What Is the Average Cost of Homeowners Insurance in Maine?

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home insurance is 0.0% more than the average.

Maine homeowners insurance rates are an average of $1,046 per year for a dwelling coverage baseline amount of $250,000. This average annual price is 50.3% less than the nationwide average of $2,103. Carriers estimate homeowners insurance in Maine based on risk factors such as natural disasters and adverse weather conditions, crime rate and home value.

Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Maine

To determine the price of homeowners insurance in Maine, carriers will typically assess several elements, including your property’s age, location, dwelling value, roof quality and frequency of claims, among others. Homes in hazardous regions can be more susceptible to risks and therefore, may be more expensive to cover.

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Home Insurance Calculator

State

Maine

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$150,000

Credit Score

Excellent
moneygeek-logo

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Cheapest Homeowners Insurance Quotes in Maine

MetLife is one of the best homeowners insurance options in Maine. Its average annual premium is $593 for a dwelling coverage baseline amount of $250,000. This average yearly rate is about $453, or 43.3%, less than the state average. The $250,000 dwelling coverage could pay for repair costs if your home’s damage is from incidents like falling objects, theft, fire and smoke, vandalism or explosions. It’s a smart idea to compare homeowners insurance quotes to get the best coverage for your property needs.

Cheapest Homeowners Insurance by Dwelling Coverage

Dwelling Coverage:

$250,000
Company
Amountper year
1. MetLife
In 2020, MetLife ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Maine.
$593
2. Chubb
In 2020, Chubb ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Maine.
$691
3. Travelers
In 2020, Travelers ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Maine.
$755
4. State Farm
In 2020, State Farm ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Maine.
$1,072
5. Nationwide
In 2020, Nationwide ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in Maine.
$1,105

Best Cheap Homeowners Insurance Companies for Expensive Homes

For an expensive property of $2 million, Chubb is the best option for cheap home insurance in Maine. Its average annual premium is $4,855, which is less than half the price of the state’s costliest provider, Nationwide’s average annual coverage of $10,844.

Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 in Maine for the cheapest homeowners insurance for high-value homes.
$4,855
2. MetLife
In 2020, MetLife ranked #2 in Maine for the cheapest homeowners insurance for high-value homes.
$5,648
3. Travelers
In 2020, Travelers ranked #3 in Maine for the cheapest homeowners insurance for high-value homes.
$6,009
4. State Farm
In 2020, State Farm ranked #4 in Maine for the cheapest homeowners insurance for high-value homes.
$6,310
5. Allstate
In 2020, Allstate ranked #5 in Maine for the cheapest homeowners insurance for high-value homes.
$9,126

Best Homeowners Insurance Companies if You Have a Pool

Many people like to have a pool on their property so they can relax and have fun. But this add-on requires a lot of maintenance, and it can increase your home insurance premium. Chubb offers affordable homeowners insurance in Maine for pool homes. Its average annual price is $691 for an average dwelling cost of $250,000.

Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 in Maine for the cheapest homeowners insurance for homes with a pool.
$691
2. Travelers
In 2020, Travelers ranked #2 in Maine for the cheapest homeowners insurance for homes with a pool.
$790
3. State Farm
In 2020, State Farm ranked #3 in Maine for the cheapest homeowners insurance for homes with a pool.
$1,080
4. Nationwide
In 2020, Nationwide ranked #4 in Maine for the cheapest homeowners insurance for homes with a pool.
$1,105
5. Allstate
In 2020, Allstate ranked #5 in Maine for the cheapest homeowners insurance for homes with a pool.
$1,431

Cheapest Home Insurance in Maine if You Have Poor Credit

Insurance companies also consider your credit score when computing your home insurance prices. You can boost your credit score by keeping your credit usage rate below 30% and your credit card debt to a minimum. Chubb offers the best homeowners insurance in Maine for people with poor credit with an average annual premium of $1,198 for $250,000 in dwelling coverage.

Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. Chubb
In 2020, Chubb ranked #1 for the cheapest homeowners insurance for owners with poor credit in Maine.
$1,198
2. MetLife
In 2020, MetLife ranked #2 for the cheapest homeowners insurance for owners with poor credit in Maine.
$1,435
3. Travelers
In 2020, Travelers ranked #3 for the cheapest homeowners insurance for owners with poor credit in Maine.
$1,604
4. Nationwide
In 2020, Nationwide ranked #4 for the cheapest homeowners insurance for owners with poor credit in Maine.
$1,835
5. State Farm
In 2020, State Farm ranked #5 for the cheapest homeowners insurance for owners with poor credit in Maine.
$2,413

How to Get Homeowners Insurance Quotes in Maine

You’ll need to provide your basic details like your name, address, phone number and Social Security number to the provider when you ask for home insurance quotes in Maine. Be aware of your home’s worth, your belongings inside and any add-ons such as a pool. The carrier will offer you a tailored quote based on your responses to their queries.

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Other Considerations for Homeowners Insurance in Maine

To determine your annual premium, insurance providers may analyze the average home value, crime statistics and weather risks in your area, among other factors. Maine is a relatively safe state and ranks 48th in the U.S. for the number of crimes. FBI statistics show that there were 1,501 violent crimes and 18,173 property crimes in the state in 2018.

Maine ranks 26th for home value, with an average property price of $242,316. Your home can be vulnerable to hazardous weather conditions if you live in an area that faces the risk of natural calamities. Keep yourself updated on the frequency of natural disasters in your region and prepare emergencies beforehand by obtaining the necessary coverage.


Do You Need Flood Insurance in Maine?This is an icon

About 55,700 or roughly 8.4% of Maine homes face the risk of flood damage. If your provider does not offer flood insurance, you can consider getting coverage from the government-run National Flood Insurance Program (NFIP). In addition, it’s wise to increase your coverage amounts by buying a supplemental private policy.

Do You Need Hurricane Insurance in Maine?This is an icon

Maine ranks 18th for the risk of experiencing hurricanes in the U.S. Reconstruction cost for repairing damage from a category 3 hurricane in this state can be $2,950 on average.

Do You Need Hail Insurance in Maine?This is an icon

Maine ranks 32nd for the number of hail events. Therefore, homeowners in Maine should consider getting coverage for potential hail damage to stay safe.

Methodology

MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Maine that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Maine. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.

Sources