besthome insurancePortlandThe Best Cheap Homeowners Insurance in Portland, Maine for 2024: Quotes and Reviews
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besthome insurancePortlandThe Cheapest and Best Homeowners Insurance in Portland
Best homeowners insurance in Portland - MetLife
The Cheapest Home Insurance Companies in Portland
Most insurers offer similar core coverages for home insurance. That’s why the cost is one of the biggest factors to consider when choosing a homeowners insurance policy in Portland.
MoneyGeek’s research shows that the cheapest home insurance companies in Portland for homes with $250,000 in dwelling coverage are:
- MetLife: $593 per year on average
- Chubb: $691 per year on average
Meanwhile, the most affordable companies for homes with $2 million in dwelling coverage are, on average:
- Chubb: $4,855 per year
- MetLife: $5,648 per year
Using the table below, you can see how prices change depending on your dwelling coverage limits.
The Cheapest Home Insurance in Portland, Ranked
Dwelling Coverage:
$250,000
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The initial baseline dwelling coverage of MoneyGeek’s Portland home insurance policy is $250,000, with a personal property limit of $100,000. The $2 million dwelling coverage limit policy has a personal property limit of $800,000. All policies have $100,000 in liability coverage.
If you live outside of Portland but want to check rates in the state, MoneyGeek found the best home insurance in Maine.
The Average Cost of Homeowners Insurance in Portland for 2022
Portland$1,046
Maine$1,046
U.S.$2,103
The average homeowner in Portland pays around $1,046 per year for insurance, the same as the state of Maine’s average. But, Maine’s average cost of home insurance is noticeably cheaper than the national average of $2,103 — homeowners in Portland pay around $1,057 less per year.
Calculate the Cost of Home Insurance in Portland
The location of your home, dwelling coverage, personal property limit and your credit standing all have an influence on home insurance quotes in Portland. You can use MoneyGeek’s home insurance calculator to compare quotes in Maine.
Home Insurance Calculator
State
Maine
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Portland
When considering a home insurance company in Portland, the cost of a policy isn’t the only important factor. Look at a provider’s customer service reputation and financial stability as well. The best insurers process your claims efficiently and fairly, which is important during a stressful life event like home damage.
After examining various companies in the city, MoneyGeek found the best home insurance companies in Portland are:
- Best Overall: MetLife
- Runner-up: Chubb
Affordability, user satisfaction and financial stability are the three factors MoneyGeek assessed to rank home insurance companies in Portland.
1
MetLife
Score:92
MetLife is MoneyGeek’s top pick for home insurance in Portland, garnering a perfect score for affordability and one of the highest scores for customer service. Unlike other providers that only have identity protection services as an option, MetLife includes it in your policy at no charge.
More About MetLife
With MetLife, you can opt for backup of sewer, drain and sump pump coverage, which means that your policy covers repair expenses. For extra protection, you can also get coverage for a personal computer, with a $5,000 limit. If you purchase a more premium package level, there’s no limit.
2
Chubb
Score:91
Chubb is MoneyGeek’s runner-up for home insurance in Portland, ranking high for affordability. Chubb offers a cash settlement if your home is completely destroyed. So instead of rebuilding your home, you receive money for it.
More About Chubb
One of Chubb’s policy offerings is a free risk consultation that examines your home to ensure protection from possible risks. Additionally, it’s expected that your belongings will depreciate over time. But if your personal items are destroyed in a covered event, Chubb replaces them without considering depreciation.
Cheapest Home Insurance Companies in Portland for Newly Constructed Homes
When it comes to homeowners insurance, the build year of your house matters. It’s more affordable to insure newer homes since they usually have materials that are more resistant to damage, so you're less likely to file a claim and are easier to replace. Insurance for a new home in Portland costs an average of $769 annually. But, insuring a home built in 2000 costs an average of $1,046 per year.
For a newly constructed home with $250,000 dwelling coverage, the most affordable companies for homeowners insurance in Portland, on average, are:
- MetLife: $436 per year
- Travelers: $562 per year
The Cheapest Home Insurance in Portland for New Homes, Ranked
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Cheapest Home Insurance Companies in Portland if You Have a Lot of Personal Property
Home insurance also covers damage to personal property within your home. If you choose a high personal property limit, you pay more for home insurance. In Portland, a policy with a personal property limit of $250,000 costs an average of $1,130 per year. That is slightly more expensive than the $100,000 personal property coverage limit, which costs an average of $1,046 annually.
On average, the cheapest home insurance companies in Portland for a $250,000 personal property limit are:
- MetLife: $640 per year
- Travelers: $827 per year
Cheap Companies in Portland for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Portland for High Deductibles
The deductible can significantly affect the cost of homeowners insurance in Portland. A lower deductible is more expensive because you pay less out-of-pocket when filing a claim. If you select a homeowners insurance policy in Portland with a $2,000 deductible, it costs roughly $907 a year, while a policy with a $1,000 deductible costs around $1,046 annually.
The cheapest insurance companies in Portland, on average, for homeowners with a $2,000 deductible are:
- MetLife: $514 per year
- Chubb: $582 per year
The Cheapest Companies in Portland for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Portland if You Have Poor Credit
When calculating home insurance quotes in Portland, companies look at your credit score. With a poor credit score, your annual premium is likely to be higher than someone with good credit. Based on MoneyGeek’s analysis, homeowners with poor credit pay an average of $2,087 per year compared to an average of $1,046 for homeowners with good credit.
In Portland, the companies averaging the cheapest insurance for homeowners with poor credit are:
- Chubb: $1,198 per year
- MetLife: $1,435 per year
The Cheapest Companies in Portland for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Portland
You can go online to research and compare home insurance quotes in Portland. Before you begin, make sure you have the following information.
- Home replacement cost: Your dwelling coverage limit accounts for how much it costs to rebuild your home. MoneyGeek suggests hiring a contractor or construction professional to get an accurate estimate.
- Personal property value: Create an estimate of how much your personal belongings cost so you know what personal property coverage limit you need.
- Personal details: Insurers always ask for your address, how many people live in your home and your insurance history.
- Home details: Insurance providers need to know about home safety devices, how old your home is and its size.
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Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Homeowners Insurance in Portland Analysis: Methodology
In partnership with Quadrant, MoneyGeek analyzed home insurance policies from seven different companies in Portland.
Our sample homeowner has a 2,500-square-foot home built in 2000, dwelling coverage of $250,000, personal property coverage of $100,000, and liability coverage of $100,000, with a deductible of $1,000.
To cater to various profiles, MoneyGeek also gathered estimates for homeowners with higher deductibles, increased dwelling or personal property coverage, newly constructed homes and poor credit scores.
The best homeowners insurance in Portland was determined using J.D. Power customer satisfaction scores and AM Best financial stability surveys. For affordability, we computed policy quotes with different coverage levels.
About Mark Fitzpatrick
