The Best and Cheapest Renters Insurance Companies in Maine for 2022: Rankings, Reviews and Rates

In Maine, USAA offers the cheapest renters insurance at $6 per month versus $10 per month for the most expensive option from State Farm. This means renters can save about $4 per month by shopping around. On average, the cost of renters insurance in Maine is $7 per month.

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Last Updated: 11/11/2022
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MoneyGeek put together a list of the best renters insurance companies in Maine. Our scoring system evaluates affordability, financial strength and customer service.

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The Cheapest Renters Insurance in Maine

Cheap Renters Insurance Companies in Maine

For many people, the cost of renters insurance is the most important factor when choosing a policy. On average, the most affordable companies in Maine are USAA, MetLife, and Allstate. A USAA policy costs about $67 per year or $6 a month for a typical renter. However, USAA policies are only available to members of the military, veterans and eligible family members.

If you do not qualify for USAA, a Metlife policy costs an average of $69 per year.

These average annual and monthly premiums are based on quotes from a wide range of ZIP codes in Maine for a policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.

Personal Property Coverage:

$20,000

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Best Renters Insurance Companies in Maine

The best renters insurance company in Maine is USAA, with a perfect score of 100 points. For those not eligible for a USAA policy, the next best option is Allstate, with a score of 92 points.

When evaluating renters insurance in Maine, make sure that aside from offering affordable policies, your provider can deliver timely and effective service. Renters insurance companies in Maine that balance cost and customer service are the best options, even if they’re not the cheapest. MoneyGeek ratings are based on price and customer service scores from J.D. Power and Associates and financial strength ratings from AM Best.


1
USAA
Score:100

5/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

With a perfect MoneyGeek score of 100, USAA ranked as Maine’s best renters insurance company. However, only military members can buy policies from this insurer.

More About USAA

USAA renters insurance policies are available in all 50 states and include flood and earthquake damage coverage at no extra cost. USAA offers replacement cost coverage on electronics like televisions and computers, whether stolen or damaged. Military members living on a base or in barracks and military dorms receive a 28% discount.

Read MoneyGeek's USAA renters Insurance Review
2
Allstate
Score:92

4.6/5

Affordability

4.6/5

User Satisfaction

4.5/5

Financial Stability

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Geek Quick Take

The next-best widely available renters insurance in Maine is Allstate, scoring 92 out of 100. It offers four optional coverages, including identity theft, scheduled personal property and personal injury protection.

More About Allstate

Available nationwide, Allstate offers scheduled personal property coverage to policyholders with appraised valuables like jewelry, antiques or collections. Retirees and persons over 55 years old enjoy a 25% discount. If you set up autopay and buy multiple products from Allstate, you can also lower your premiums.

Read MoneyGeek's Allstate renters Insurance Review
3
Nationwide
Score:85

4/5

Affordability

4.7/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Another renters insurance option to consider is Nationwide, which earned a MoneyGeek score of 85 out of 100. It scored 4 out of 5 on customer satisfaction and financial strength. The company provides rare coverage for shared spaces like gyms and pools.

More About Nationwide

Nationwide is available in 44 states and offers policyholders several fee-free additional coverages, including identity theft protection, coverage for damage to a shared space — like gyms, pools and community rooms — and a limit of liability for theft loss. Several discounts are available to customers who install protective devices or purchase multiple policies.

Read MoneyGeek's Nationwide renters Insurance Review
4
State Farm
Score:75

3/5

Affordability

4.8/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

State Farm achieved a perfect score on financial strength, a four out of 5 on customer satisfaction, and an overall MoneyGeek score of 75 out of 100. Business owners find its business property and incidental liability coverages particularly attractive.

More About State Farm

State Farm’s policies are available in all 50 states. The company offers some uncommon coverages, including personal injury and identity theft protection. If you are a small business owner, you can get general liability and property insurance and protection against liability lawsuits that result from professional negligence or error.

Read MoneyGeek's State Farm renters Insurance Review
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The best renters insurance companies may not be the cheapest, because they invest more in service and quality. But paying a bit more for coverage can provide peace of mind and save you money in the long run.

Largest Renters Insurance Companies in Maine

Larger insurance companies tend to be more financially stable, meaning they can pay claims quickly. These companies also invest more resources to improve their customer service and user experiences, which especially benefits customers when submitting claims.

  • Company
    Market Share
  • 1.
    State Farm
    12.0%
  • 2.
    Liberty Mutual
    11.1%
  • 3.
    Allstate
    6.3%
  • 4.
    USAA
    5.6%
  • 5.
    Hanover
    5.5%

Average Cost of Renters Insurance in Maine

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renters insurance is equal to the average.

The average cost of renters insurance in Maine is $88 per year, significantly lower than the $159 national average.

Maine renters pay an average monthly premium of $7, $6 less than the national average. These rates are for a policy that includes $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.

The cost of your renters insurance in Maine will depend on the value of your personal property. You can use MoneyGeek’s calculator below to see much coverage you need based on the value of your property.

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Total:


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Renters in Maine can save money by comparing renters insurance quotes. A typical renter can save about $48 per year by choosing the cheapest option, USAA, instead of the most expensive, State Farm. Renters who do not qualify for USAA can opt for a Metlife policy and save $46 per year.

What Factors Impact Renters Insurance Cost in Maine

Several factors can influence how much you pay for renters insurance, including where you live and your deductible. Keep these factors in mind when shopping for renters insurance in Maine.

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    Location

    Your ZIP code can impact your renters insurance price. Crime rates and weather patterns may significantly influence your premiums. If you live in a neighborhood with a history of bad weather or property crimes, you will likely pay higher rates.

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    Coverage Amount

    The more insurance coverage you need, the higher your premiums could be. Before getting renters insurance quotes, complete a home inventory to understand how much it would cost to replace your property.

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    Deductible

    Your deductible is how much you pay when your insurance company accepts a claim to replace your items. A higher deductible plan costs less since you will pay more out of pocket before your insurance company starts making payments. A lower deductible plan has a higher monthly premium because the company pays more when replacing your items.

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    Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)

    After an accident, insurance carriers might provide reimbursement on an actual cash value (ACV) or replacement cost value (RCV) basis. ACV policies consider the depreciation of value over time and pay less for older items. RCV policies pay for a new item of similar kind and quality. ACV policies can help customers save on monthly costs but provide less reimbursement when you file a claim. RCV policies are pricier but provide more reimbursement if you file a claim.

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    Credit Score

    Insurance companies can use your credit score to assess risk and predict the possibility of a claim. According to research, customers with lower scores are more likely to file claims. This means that a low score can make your policy cost more, while a good credit score might help you get a lower rate.

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Renters Insurance in Maine: What You Need to Know

If your property is damaged or destroyed by a disaster or unexpected incident, renters insurance can help protect your assets at a low cost. This can be helpful in the event of a fire, theft or damage caused by weather events.

In Maine, 24.6% of the population are renters. The average monthly price of rent in Maine is $870. For a standard renters insurance policy that includes $20,000 in personal property coverage, $100,000 in liability protection and a $500 deductible, the average monthly premium is $7. This is 0.84% of the price of rent.

What Renters Insurance Typically Covers in Maine

Before you start looking for renters insurance in Maine, it is important to understand exactly what is covered and what is not. While some policies include added features like identity theft protection, most standard policies include coverage for personal property, medical costs, liability insurance and additional living expenses.

In Maine, personal property insurance may cover damages caused by natural disasters like hail, lightning and windstorms.

What Renters Insurance Typically Does Not Cover in Maine

Every policy is different. As a result, you should read the fine print carefully to understand exactly what is covered and what is not. You can ask your agent questions to fully understand your policy so you have a better chance of having your claims approved.

While renters insurance is a great way to protect against many emergencies, certain issues are typically not covered by renters insurance. Here are a few events that may not qualify for coverage.

  • Event
    Description
  • Flooding

    Insurance can protect you from water damage sustained from broken pipes or a faulty water main. However, flooding caused by a natural disaster is usually excluded from renters insurance policies. Flooding can occur in Maine, so it could be a good idea to purchase flood insurance through the National Flood Insurance Program (NFIP).

  • Structural Damage

    While renters insurance covers your personal property, your rental’s frame and structure are not covered. These are your landlord’s responsibility.

  • Earthquake Damage

    Earthquakes are not common in Maine, but it is important to remember that earthquake damage is generally not covered by renters insurance.

  • Expensive Items

    High-value items are frequently excluded from renters insurance. You might need to purchase an additional rider if you want to protect your expensive belongings.

  • Roommate Property

    If you have a roommate, your renters insurance policy will not cover their belongings unless they are specifically mentioned in your policy. They should consider getting their own coverage.

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Maine’s Bureau of Insurance is a helpful resource for learning more about renters insurance. It provides information about renters insurance policies in Maine, including what renters insurance covers in Maine and what other factors affect your premiums. The Bureau of Insurance also has a dedicated portal where renters can file a complaint online.

You can reach the Bureau of Insurance through the following channels:

  • Office Address: #34 State House Station, Augusta, ME 04333-0034
  • Consumer Help Line: 1-800-300-5000

FAQs About Renters Insurance in Maine

Planning to purchase renters insurance but don’t know where to start? MoneyGeek tackles the most commonly asked questions about renters insurance in Maine.

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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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Renters Insurance in Maine Analysis: Methodology

MoneyGeek analyzed renters insurance premiums from five 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.

About the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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