The Best Homeowners Insurance Companies in Maine (2022)
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. 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.
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.
Chubb is the best provider overall, but it is also the best in terms of cost and customer service. However, if you have an expensive home or want to bundle policies, State Farm may be your best bet.
If you’re more concerned with savings than service quality, MoneyGeek also analyzed the cheapest home insurance companies in Maine.
The Best Homeowners Insurance in Maine
The Best Overall Homeowners Insurance Companies in Maine
Maine's law doesn't require homeowners insurance, but it is nevertheless a smart idea to have the policy to protect your investment. According to MoneyGeek’s methodology, Maine's home insurance companies were ranked based on their customer satisfaction, claims reputation, affordability and financial stability.
The insurance companies that provide the best home insurance in Maine are:
- Chubb: MoneyGeek score of 84 out of 100
- State Farm: MoneyGeek score of 83 out of 100
Note that this rating does not include USAA, which is solely available to military members and their families. With an 88 out of 100 rating, USAA offers Maine’s best home insurance for those who qualify.
MoneyGeek explored the coverages and discounts provided by the state's two best insurance companies — Chubb and State Farm — to assess how they stack up against the competition.
The Top Home Insurance Companies in Maine
Chubb received a five-star rating for financial stability and ranks first in Maine for affordability. However, it came in fifth in customer satisfaction. Chubb's average annual home insurance policy costs around $691 in Maine. It offers uncommon add-on coverages like cash settlement.
If your house is totaled, you may earn cash compensation up to your policy maximum with Chubb's cash settlement coverage if you decide not to rebuild your home. Its risk consulting coverage is unique in that Chubb's highly experienced consultants conduct a home appraisal to examine your house's systems and provide security and fire protection recommendations to ensure complete protection. However, Chubb does not offer scheduled personal property coverage.
State Farm earned a five-star rating for financial stability and secured second place for customer satisfaction and third place for affordability. Maine's average annual home insurance premium from State Farm is about $1,072. It offers rare add-on coverages like energy-efficient upgrades.
If your home's heating, air conditioning or water heater system is damaged due to a covered loss, State Farm's energy-efficient upgrade coverage pays up to 150% of the loss to replace them with efficient products. Home rental coverage is another uncommon feature, covering the cost of renting a temporary home for more than 30 nights in a 12-month period. However, State Farm does not offer extended reimbursement or contents replacement cost coverages.
MoneyGeek compiled estimates from insurers nationwide and compared them to J.D. Power's property claims rating and customer satisfaction rankings. The evaluations were used to find the nation’s best home insurance as well as the state’s.
Your specific situation may impact the quotes you receive and your customer experience. See MoneyGeek's methodology for more details.
The Best Homeowners Companies in Maine for Service Quality
Some homeowners place more importance than others on great customer service and a seamless insurance claim process. With these homeowners in mind, MoneyGeek compiled a list of the top Maine insurance providers based mostly on customer satisfaction and claims ratings.
The following are the best-rated home insurance companies in Maine based on service quality:
- Chubb: MoneyGeek score of 82 out of 100
- Nationwide: MoneyGeek score of 81 out of 100
With a MoneyGeek score of 100, USAA was the top-scoring Maine home insurance company. However, because it is only available to military families, we did not include it in our list.
Additionally, MoneyGeek investigated why Chubb and Nationwide received the highest ratings from homeowners seeking the best service experience regardless of pricing.
The Top Home Insurance Companies in Maine for Quality Service
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.
Chubb includes several coverages that most competitors only offer as add-ons. For instance, you can get extended reimbursement coverage that pays to have your home rebuilt to its original specifications, even if the cost exceeds your limits. The company also includes backup of sewer or drain coverage.
Nationwide was MoneyGeek’s runner-up for this category. This company is well-known for its ability to settle claims quickly and fairly. That said, its customer satisfaction reputation lags a bit behind some competitors.
Nationwide offers some unique add-on coverages, like its better roof replacement plan that repairs your roof with better materials. The company also offers extended reimbursement coverage that adds up to 20% on top of your property coverage limit to rebuild your home.
The Best Homeowners Companies in Maine on a Budget
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.
According to MoneyGeek's research, the best home insurance companies in Maine for homeowners on a budget are:
- Chubb: MoneyGeek score of 90 out of 100
- Travelers: MoneyGeek score of 88 out of 100
Home insurance from Chubb costs an average of $691 per year. Meanwhile, Travelers’ home insurance plans average $755 per year in Maine.
MoneyGeek examined the factors that make Chubb the best insurance company for homeowners on a budget and which unique coverages and discounts it offers.
The Top Home Insurance Companies in Maine on a Budget
Affordable home insurance coverage averaging $691 per year
Offers all common discounts, including new home and home renovation
Customer satisfaction rating of 3.77 out of 5
In Maine, Chubb was rated as the best insurance company for those on a budget. The company earned a high affordability rating and offers the state's cheapest average insurance quote. Chubb policyholders are also eligible for a range of discounts. For instance, bundling your home and auto insurance policies can give you discounted rates. Additionally, Chubb offers a discount to homeowners who have recently built a house or renovated an existing one to add modern amenities. Homeowners who have burglar alarms, fire alarms, sprinkler systems or storm shutters installed in their homes could also receive discounts.
Homes in gated communities are eligible for a special discount from Chubb, which is a unique program.
The Best Homeowners Companies in Maine for Expensive Homes
Expensive homes typically necessitate higher levels of insurance coverage. For Maine's homeowners, MoneyGeek compiled a list of the best insurance companies for homes with a value of more than $2 million. Additionally, the companies' customer satisfaction was taken into consideration when ranking them.
Maine's top-rated companies for expensive homes include:
- State Farm: MoneyGeek score of 84 out of 100
- Allstate: MoneyGeek score of 80 out of 100
MoneyGeek examined State Farm's unique coverage options to see why the company ranked first among owners of expensive homes.
The Top Home Insurance Companies in Maine for High-Value Homes
MoneyGeek affordability rating of 4.5 out of 5
Customer satisfaction rating of 4.1 out of 5
No extended reimbursement or contents replacement cost coverages
Because of its high affordability, customer satisfaction and financial stability scores, State Farm was named the best insurance provider in Maine for expensive homes. State Farm also offers its policyholders a variety of unique coverages. Staying claim-free may make you eligible for higher discounts. You can also save a lot if your home is new or you have modified an existing one to incorporate modern amenities. Installing fire, smoke and burglary alarms in your house might also result in significant savings.
State Farm also offers unique discounts like the continuously insured discount, which offers lower premiums based on the length of your existing insurance policy.
Owners of expensive properties may benefit from some of State Farm's add-on coverages. Its Cyber Event / ID Theft coverage is a clear illustration. If your identity is used illegally to conduct crimes, unlawfully create credit accounts, secure loans or create contracts, Identity Restoration and Fraud Loss coverage offers case management services and covers the costs incurred. If you are the victim of a cyber attack, Cyber Attack coverage reimburses you for the expenses of data recovery and system restoration.
The Best Homeowners Companies in Maine for Veterans
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 average annual cost of a USAA plan in Maine is $1,676. Military members and their families can benefit from a wide range of services provided by USAA.
The Top Home Insurance Companies in Maine for Veterans
Policies are tailored to military families
Customer satisfaction score of 5 out of 5
MoneyGeek affordability score of 3 out of 5
Not accessible to civilians without a military background.
In terms of customer satisfaction and financial stability, USAA consistently surpasses the competition in Maine. However, because they primarily serve military personnel and their families, the opportunity to benefit from their great customer service is quite limited.
The company also provides great coverages that demonstrate their dedication to providing exceptional service to their clients. Its contents replacement cost coverage is included in all policies and reimburses you for your belongings without considering depreciation.
Veterans can save a lot of money by bundling their home and auto insurance policies with USAA. The company also offers savings possibilities for homes that have protective devices installed.
The Best Homeowners Companies in Maine for Bundling
Usually, combining your home and auto insurance policies results in reduced costs. If you're looking for the best car insurance in Maine bundled with home insurance, MoneyGeek has reviewed these options.
The following two companies are the best in Maine for bundling home and auto insurance policies:
- State Farm: MoneyGeek score of 82 out of 100
- Allstate: MoneyGeek score of 74 out of 100
In most cases, bundling your home and auto insurance policies qualifies you for extra discounts. Furthermore, it’s less hassle to only deal with one insurer instead of two.
The Top Home Insurance Companies in Maine for Bundling
MoneyGeek home insurance score of 4.1 out of 5
28% home and auto bundling discount
MoneyGeek auto insurance score of 3.6 out of 5
In Maine, State Farm scored high overall ratings for home insurance. That said, its MoneyGeek rating for auto insurance is merely acceptable. However, by bundling your home and auto insurance policies, you will be eligible for a discount of around 28%.
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.
Extra coverage, such as rideshare insurance, can be added to State Farm's auto insurance policy. In the case of an emergency, rideshare drivers will have access to medical and roadside assistance, even if they’re in between passengers.
How to Find the Best Home Insurance in Maine
When looking for home insurance in Maine, it's critical to consider the cost, the company's service reputation and its financial stability. MoneyGeek compiled a list of the best home insurance companies in Maine based on this information. However, you can also evaluate these companies for yourself.
Research Customer Service Reputations in Maine
MoneyGeek compiled information about the customer service ratings of various home insurance companies in Maine. You can find more information by looking up the insurers' J.D. Power satisfaction scores and NAIC complaint ratios. Additionally, you can obtain more details about Maine's home insurance requirements by visiting the Maine Bureau of Insurance website.
Compare Quotes for Yourself
MoneyGeek gathered home insurance quotes in Maine for a sample homeowner. Your profile, however, may be significantly different from that of our sample driver. It’s important to gather and compare quotes from at least three different insurance providers to get an idea of your insurance costs.
Make Sure the Company Has Coverages You Want 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.
Double-Check Financial Stability Ratings
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. Large insurers, on the other hand, are often financially sound.
FAQs About the Best Home Insurance in Maine
When shopping for the best home insurance in Maine, there are a number of aspects to consider. MoneyGeek answers some of the most frequently asked questions below.
MoneyGeek scores for homeowners insurance in Maine were calculated by using a scaled and weighted average of J.D. Power Property Claims and Customer Satisfaction Scores, real homeowners insurance quotes and financial stability ratings from AM Best. Our scoring system weighted J.D. Power scores 60%, affordability 30% and financial stability 10%, adjusting weightings in the sections specifically focused on affordability and service experience.
MoneyGeek analyzed homeowners insurance quotes from 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.
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