State Farm, Chubb and Travelers are Maine's best cheap renters insurance companies. State Farm ranks first for affordable rates. Chubb leads in customer reputation, and Travelers offers the best coverage options.
Cheap Renters Insurance in Maine
Updated: April 25, 2025
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Key Takeaways
State Farm is Maine's best overall renters insurance company, offering the cheapest policy at $99 per year.
Renters insurance in Maine costs around $17 per month but ranges from $8 to $60.
To get the best and most affordable renters insurance, decide your coverage needs beforehand, research costs and compare multiple quotes.
Maine Renters Insurance Quote Estimates
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Rates updated:
Apr 26, 2025
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Best Cheap Renters Insurance Companies in Maine
| State Farm | 95 | $8 | $99 |
| Chubb | 84 | $41 | $491 |
| Vermont | 84 | $10 | $115 |
| Allstate | 80 | $30 | $363 |
| Travelers | 76 | $60 | $724 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in Maine
While the above list covers most renters, it may not reflect the best options for your needs. Below is a filterable table tailored to your profile to help you find the best choice in Maine.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 95 | $7 | $84 |
| Vermont | 83 | $8 | $100 |
| Allstate | 80 | $13 | $153 |
| Concord Group | 77 | $12 | $139 |
| Travelers | 72 | $25 | $296 |
Best Maine Renters Insurance Reviews
Below, we provide more details about our top picks for affordability, customer service and coverage options for Maine renters insurance.
State Farm: Most Affordable Plans
pros
Lowest rates
Large discount selection
High financial stability ratings
cons
Below-average claims satisfaction
Limited add-on coverage options
COMPANY HIGHLIGHTS
State Farm offers Maine's most affordable renters insurance at $8 monthly. J.D. Power ranks State Farm seventh for customer satisfaction. Its coverage options include identity theft protection and earthquake coverage.
Chubb: Best for Customer Service
pros
Very high customer satisfaction ratings
Large add-on coverage selection
cons
Higher rates than average for most profiles
COMPANY HIGHLIGHTS
Chubb isn't the cheapest renters insurance in the state, but it offers top-notch customer service. J.D. Power ranks it best for claims and customer satisfaction. Chubb provides strong coverage options for renters, including rental car coverage and worldwide personal property protection.
Travelers: Best for Coverage Options
pros
Most extensive add-on coverage selection
High financial stability
cons
Higher average rates in Maine
COMPANY HIGHLIGHTS
Travelers is Maine's most expensive renters insurance provider, but it offers the best coverage options. Its unique offerings include valuable items plus coverage for high-value items like jewelry, fine art, musical instruments and computers. Customers can also use improvements and betterments coverage, which is rare among renters policies.
Average Cost of Renters Insurance in Maine
On average, renters insurance costs $17 monthly in Maine, $3 lower than the national average of $20. These rates are based on a policy with $50K in personal property coverage, $100K in liability coverage and a $1,000 deductible.
Your rate may vary depending on your profile. The table below provides average rates for your situation based on major factors affecting insurance costs.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $17 | $203 |
Maine Renters Insurance: Buyer's Guide
Finding renters insurance in Maine can be difficult. Our guide will help you locate the best and cheapest coverage.
How to Find the Best Cheap Renters Insurance in Maine
Follow these steps to find the ideal coverage for you:
- 1
Determine the right coverage level
Understand how much coverage you need. Assess your possessions' value and consider risks like weather damage, crime and any pets that might be a liability.
- 2
Research costs and discounts
Explore average costs for your situation. Look for applicable discounts to get the most affordable plan.
- 3
Compare providers
Research providers' reputations, coverage options and costs. This helps identify which companies to request quotes from.
- 4
Consider bundling
Review existing insurance packages, such as combining renters and auto insurance with your current provider. Bundling often creates savings that cover renters insurance costs.
- 5
Get multiple quotes through different channels
Gather at least five comparable quotes to ensure you get the best rate. Use comparison sites and direct agent consultations, and weigh what each offers.
- 6
Compare rates annually
The insurance market changes constantly. Yearly comparisons ensure you continue paying competitive rates, as your current plan might not always remain the cheapest.
How Much Renters Insurance Do I Need in Maine?
Renters insurance isn't required by Maine law, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. Consider how much property coverage you need, local weather risks, area crime rates and pet ownership when selecting a policy.
Use our calculator to determine your ideal personal property coverage limits and how much renters insurance you need.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
Maine Renter Risk Considerations
Below are the risks specific to Maine and considerations for renters seeking additional coverage:
- Weather risks: Maine faces a high risk of flood, earthquake, tornado and drought damage in certain locations. Standard coverage may not protect against these threats in high-risk areas, requiring a separate purchase of additional coverage.
- Crime risks: Maine ranks 46th nationwide for property crime and 41st for identity theft and fraud. For better property damage protection, consider adding supplemental coverage or add-ons to your renters policy.
- Pet ownership: Depending on your pet, consider pet liability coverage. Check how different providers handle pet coverage and whether it's included in standard policies.
- Property types: Standard policies may not fully cover special tools, valuables, electronics or structures like pools on your rental property. Look for companies offering specific add-ons for additional protection.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use of your rental home. Adding optional coverages can make your policy more comprehensive. Here are the main types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items up to your policy limit. Basic coverage reimburses the depreciated value, while replacement cost coverage pays for new equivalent items. | |
Standard | Covers medical and legal costs if someone gets hurt in your rental. Many landlords require this protection. | |
Additional living expenses | Standard | Helps pay for temporary housing, meals and transportation when your rental becomes uninhabitable. Limits vary by insurer. |
Natural disasters | Add-on | Provides coverage for earthquake or flood damage. Available through select insurers as separate policies. |
Parts/Equipment | Add-on | Covers tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures valuable items up to specific limits |
Identity theft | Add-on | Covers financial losses and legal expenses from identity theft. Some policies include monitoring services. |
Pet liability | Add-on | Protects against injuries caused by your pet, though standard policies may include this |
Modifications | Add-on | Covers custom additions you've made to your rental |
Food loss | Add-on | Reimburses food lost during covered incidents |
Best Renters Insurance in Maine: Bottom Line
Maine's best and cheapest overall renters insurance companies are State Farm, Chubb and Travelers. While we recommend these options, research and compare multiple companies and quotes to get the best deal.
Renters Insurance in Maine: FAQ
Below are our experts' answers to frequently asked questions:
What is the cheapest renters insurance company in Maine?
State Farm offers the cheapest renters insurance in Maine, with an average annual premium of $99 or $8 per month.
What is the best renters insurance company in Maine?
State Farm is the best renters insurance company in Maine, with a MoneyGeek score of 95 out of 100 due to its outstanding affordability and dependable customer service.
How much does renters insurance cost in Maine?
The average cost of renters insurance in Maine is $203 per year or $17 per month, 16% lower than the national average. Annual premiums range from $99 to $724.
Is renters insurance required in Maine?
Maine doesn't legally require renters insurance, but your landlord may. Consider your situation to decide if a policy makes sense for you. Key reasons to get coverage include protecting your belongings from common hazards and covering liability costs if someone gets hurt in your rental.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in Maine, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
This profile determined our affordability score (60% of the total score). The remaining factors included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed April 25, 2025.
- Maine Emergency Management Agency. "Natural Hazards." Accessed April 25, 2025.
- U.S. News. "Low Property Crime Rate." Accessed April 25, 2025.