Natural disasters, theft and unforeseen financial hardships are some of the reasons why homeownership insurance is a smart investment. MoneyGeek has developed a ranking system based on three unique factors to help you find Maine's best insurance coverage options. With MoneyGeek’s ranking, you can compare your state’s average premium with the national average and choose the best and most affordable policy for your needs.
The Best Homeowners Insurance Companies and Cheapest Quotes in Maine for 2022
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.
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
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
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
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
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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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.
Home Insurance Calculator
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
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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
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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
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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
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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.
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.
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.
About the Author
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- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed July 10, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed July 10, 2020.