The Best and Cheapest Renters Insurance in Maine for 2022: Rankings, Reviews and Rates
Renters insurance gives you a low-cost way to protect your property in the event of an accident or a mishap. MoneyGeek’s research shows that the cheapest renters insurance in Maine costs just $6 per month versus $10 per month for the most expensive option. This means that renters can save about $4 per month by shopping around. The average cost of renters insurance in Maine is $7 per month.
If you are looking to find the perfect balance between quality of coverage and cost, MoneyGeek put together a list of the top renters insurance companies in Maine. The scoring system evaluates affordability, financial strength and customer service standards offered by providers throughout 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:
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Best Renters Insurance Companies in Maine
Price is just one of the factors to evaluate when looking for renters insurance in Maine. Customers also need the assurance that their provider can deliver timely and effective service.
To find the best renters insurance companies in Maine, MoneyGeek ranked providers based on price, customer service scores from J.D. Power and Associates and financial strength ratings from AM Best.
Based on that data, the best renters insurance in Maine comes from USAA with a perfect score of 100 points. For those not eligible for a USAA policy, the next best options are MetLife with a score of 92 and Allstate with 90 points.
More About USAA
USAA offers renters insurance in Maine that is more comprehensive than other companies. Typically, a standard USAA renters insurance policy includes moving and storage, flood, earthquake and identity theft coverage.
The provider scores well on financial strength and customer service ratings.
Keep in mind that USAA only offers policies to active military members, veterans and eligible family members.
More About MetLife
MetLife includes replacement cost coverage and identity protection services in their standard renters insurance. Customers can pay extra for coverage that protects their electronics, luxury items, musical instruments and recreational equipment.
There are discounts for approved security devices and multi-policy bundles. You can contact their customer service department by phone 24/7.
More About Allstate
Allstate ranks high on affordability, has good customer service and solid financial strength. It offers customers several convenient online tools.
In addition to standard coverage, Allstate offers identity theft protection and flood insurance at an added cost. Policyholders can also get discounts if their home has a security system.
It is easy to get a detailed quote online. The website includes a list of typical belongings with average prices and a Digital Locker that lets users create photo logs of their possessions.
More About Nationwide
Nationwide offers several attractive discount options in Maine. You can save money by bundling car insurance with renters insurance, not filing a claim for a period of time and having qualifying fire, burglar and smoke alarms.
The standard insurance policy covers theft and fire damage. Customers can get separate coverage for items like jewelry, cameras and watches.
You can get a basic quote online or speak with an agent for a personalized quote.
More About State Farm
State Farm provides standard coverage that protects policyholders from several weather events as well as non-weather events like vandalism and theft. Customers have the option to customize their policies to include specific protection for other rare events, valuables and identity theft protection.
The online quote system is easy to use and the company also offers earthquake coverage at an added price.
Largest Renters Insurance Companies in Maine
According to market share data, the biggest insurance carriers in Maine are State Farm with 12.2% of the market share, Liberty Mutual (11.14%), Allstate (6.25%), USAA (5.63%) and The Hanover Insurance Group (5.48%). Combined, these companies account for over 40% of all renters insurance in Maine.
If you choose a larger company, you can be confident that your renters insurance policy is backed by a financially secure provider that can pay legitimate claims.
MMG Insurance Company
Auto-Owners Insurance Co
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Average Cost of Renters Insurance in Maine
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The average cost of renters insurance in Maine is $88 per year, $72 less than the national average. This means that the typical Maine renter pays an average monthly premium of $7, which is $6 less than the national monthly average. These rates are for a policy that includes $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible.
People in Maine can save money by comparing renters insurance quotes. For example, a typical renter could save about $48 per year by choosing the cheapest option, USAA, instead of the most expensive, State Farm. This equates to a monthly savings of about $4. For renters who do not qualify for USAA, choosing Metlife may help them 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.
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.
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.
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.
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.
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.
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
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.
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.
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.
FAQs About Renters Insurance in Maine
Renters insurance is not a requirement under state law. However, your landlord might require you to have it if you want to rent their property.
It is not mandatory to purchase renters insurance in Maine. However, it can protect your belongings at a minimal cost.
Yes, landlords can require renters insurance for you to lease their property.
The average cost of renters insurance in Maine for a policy that includes $20,000 in personal property coverage and $100,000 in liability coverage is $7 per month.
If you are eligible, USAA has the cheapest renters insurance in Maine. For those not from a military background, MetLife and Allstate are the two most affordable options.
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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