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Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance. Updated Nov 07, 2022 Find your perfect provider
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Collapse Caret Up The , at 72%, is higher than the national average homeownership rate at 64%. Conversely, homeowners insurance premiums tend to be lower compared to other parts of the country. While the rates may be lower on average, homeowners can still find quality insurance coverage for a range of coverage and budget needs. USAA, State Farm and Nationwide are some of the top choices for the best homeowners insurance in Maine according to Bankrate's analysis, but there are a variety of factors to consider so you can find the best insurer for your household. See more Collapse On This Page
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Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We've maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Bankrate follows a strict , so you can trust that we're putting your interests first. All of our content is authored by and edited by , who ensure everything we publish is objective, accurate and trustworthy. Our insurance team is composed of agents, data analysts, and customers like you. They focus on the points consumers care about most - price, customer service, policy features and savings opportunities - so you can feel confident about which provider is right for you. We guide you throughout your search and help you understand your coverage options. We provide up-to-date, reliable market information to help you make confident decisions. We reduce industry jargon so you get the clearest form of information possible. All providers discussed on our site are vetted based on the value they provide. And we constantly review our criteria to ensure we're putting accuracy first. On This Page
The , at 72%, is higher than the national average homeownership rate at 64%. Conversely, homeowners insurance premiums tend to be lower compared to other parts of the country. While the rates may be lower on average, homeowners can still find quality insurance coverage for a range of coverage and budget needs. USAA, State Farm and Nationwide are some of the top choices for the best homeowners insurance in Maine according to Bankrate's analysis, but there are a variety of factors to consider so you can find the best insurer for your household. See more This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare home insurance rates
Answer a few questions to see personalized rates from top carriers. Continue Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Quick Facts $382/year average savings through Bankrate 2 out of 3 homes are underinsured 1 out of every 20 insured homes makes a claim each year 100% of homes need insurance before getting a mortgage Bankrate See more providers in Choose from insurers in Show More Mortgage Leaving so soon Your custom quotes are just minutes away
Return to form The , at 72%, is higher than the national average homeownership rate at 64%. Conversely, homeowners insurance premiums tend to be lower compared to other parts of the country. While the rates may be lower on average, homeowners can still find quality insurance coverage for a range of coverage and budget needs. USAA, State Farm and Nationwide are some of the top choices for the best homeowners insurance in Maine according to Bankrate's analysis, but there are a variety of factors to consider so you can find the best insurer for your household. See more This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare home insurance rates
Answer a few questions to see personalized rates from top carriers. Continue Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Quick Facts $382/year average savings through Bankrate 2 out of 3 homes are underinsured 1 out of every 20 insured homes makes a claim each year 100% of homes need insurance before getting a mortgage Bankrate See more providers in Choose from insurers in Show More Mortgage Leaving so soon Your custom quotes are just minutes away
Return to form The , at 72%, is higher than the national average homeownership rate at 64%. Conversely, homeowners insurance premiums tend to be lower compared to other parts of the country. While the rates may be lower on average, homeowners can still find quality insurance coverage for a range of coverage and budget needs. USAA, State Farm and Nationwide are some of the top choices for the best homeowners insurance in Maine according to Bankrate's analysis, but there are a variety of factors to consider so you can find the best insurer for your household. See more This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare home insurance rates
Answer a few questions to see personalized rates from top carriers. Continue Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Quick Facts $382/year average savings through Bankrate 2 out of 3 homes are underinsured 1 out of every 20 insured homes makes a claim each year 100% of homes need insurance before getting a mortgage Bankrate See more providers in Choose from insurers in Show More Mortgage Leaving so soon Your custom quotes are just minutes away
Return to form Compare rates and save on home insurance today! Get quotes Close X Compare rates and save on home insurance today! Get quotes Close X Compare rates and save on home insurance today! Get quotes Close X How Bankrate chose the best home insurance companies in Maine
To find the best Maine homeowners insurance options, Bankrate reviewed several points of data, including third-party scores and ratings and coverage options. This information was used to calculate a Bankrate Score for each homeowners insurance provider based on a five-point scale. The better a company scores across the different research categories, the higher its overall Bankrate Score. By using our researching and scoring model, homeowners in Maine can get a snapshot of how well an insurer may fit their needs.
Bankrate utilizes Quadrant Information Services to analyze 2022 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits: Coverage A, Dwelling: $250,000 Coverage B, Other Structures: $25,000 Coverage C, Personal Property: $125,000 Coverage D, Loss of Use: $50,000 Coverage E, Liability: $300,000 Coverage F, Medical Payments: $1,000 The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required). These are sample rates and should be used for comparative purposes only. Your quotes will differ.
Bankrate Scores primarily reflect a weighted rank of industry-standard ratings for financial strength and customer experience in addition to analysis of quoted annual premiums from Quadrant Information Services, spanning all 50 states and Washington, D.C. We know it is important for homeowners to be confident their financial protection covers the likeliest risks, is priced competitively and is provided by a financially-sound company with a history of positive customer support. To determine how well the best home insurance companies satisfy these priorities, third-party agency ratings from , , , , and Moody's had the most impact on the companies' Bankrate Scores. As price is a common consideration for homeowners, we analyzed quoted premiums based on 40-year-old male and female homeowners with a home policy with $250,000 in dwelling coverage. This profile, assessed across nearly 35,000 ZIP codes in the U.S., provided a basis on which homeowners may compare each provider. While coverage options, insurer availability, affordability and customer experience are often the top priorities, Bankrate also analyzed each insurer's online and mobile resources for policy management and claims handling. Insurance is rapidly evolving to keep pace with our digital world, so these aspects also carried weight in determining Bankrate Scores. Key takeaways The average cost of homeowners insurance in Maine is $944 per year for $250,000 in dwelling coverage. Home insurance in Maine is nearly 72% less than the national average annual rate of $1,383. USAA, State Farm and Nationwide received the highest Bankrate Scores for homeowners insurance in Maine. Best home insurance companies in Maine
The top three Maine homeowners insurance companies on our list are USAA, State Farm and Nationwide. The Hanover and MMG are other strong contenders and round out the list. To find the best in Maine, Bankrate analyzed current quoted premiums provided by Quadrant Information Services from several national and regional homeowners insurance carriers. Reviewing the rates revealed that the 2022 average cost of home insurance in Maine is $944 per year for $250,000 in dwelling coverage. We also reviewed the 2022 Property Claims Satisfaction Study, which looks at how well a company processes claims and interacts with policyholders, as well as each company's financial strength ratings from AM Best. Below are the companies that excelled. Home insurance company Bankrate Score Average annual premium for $250k in dwelling coverage J.D. Power Score 4.8 $720 893/1,000 4.7 $967 876/1,000 4.1 $909 878/1,000 3.2 $1,287 Not rated MMG Not rated $874 Not rated *Not officially ranked with J.D. Power due to eligibility restrictions This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions. Compare home insurance rates
Answer a few questions to see personalized rates from top carriers. Continue Powered by Coverage.com (NPN: 19966249) Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in . Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way. Quick Facts $382/year average savings through Bankrate 2 out of 3 homes are underinsured 1 out of every 20 insured homes makes a claim each year 100% of homes need insurance before getting a mortgage Bankrate See more providers in Choose from insurers in Show More Mortgage Leaving so soon Your custom quotes are just minutes away
Return to form Best for: Military-focused coverage USAA, the nation's according to market share data from the Insurance Information Institute (Triple-I), offers insurance products exclusively to members of the military community and their immediate family members. If you qualify for USAA's coverage, your homeowners insurance policy may include coverage geared toward active duty military members, such as coverage for uniforms. Discounts are relatively limited, but you may be able to save by installing security features like an alarm system or by insuring your auto insurance with USAA as well, generating a bundling discount. Although USAA is not eligible for official ranking with J.D. Power due to its eligibility restrictions, the company consistently receives high scores for customer satisfaction from its policyholders. The company carries an A++ (Superior) financial strength rating from AM Best. Learn more: State Farm
Best for: Bundling policies State Farm is the largest homeowners insurance carrier in the U.S., with 18% of the market share, according to the Triple-I. State Farm offers its customers a substantial discount, so if you want to keep all your insurance in one place, State Farm could be a good option. The company also has a network of local exclusive agents throughout Maine. State Farm's standard homeowners policy packages include several optional coverage types, like keepsakes coverage and coverage for sports or musical equipment. While State Farm ranked above average for property claims satisfaction, it has a higher-than-baseline consumer complaint index as reported by the National Association of Insurance Commissioners (NAIC). However, it earned an A++ (Superior) financial strength rating from AM Best, the highest level achievable. Learn more: Nationwide
Best for: Numerous discounts If you need home insurance in Maine, Nationwide could be a good choice since it offers both affordable rates and a large selection of coverage options. Nationwide offers standard homeowners coverage, but you can personalize your policy to better fit your exact needs with additional protections such as Better Roof Replacement coverage, which replaces your roof with improved shingles and materials if it is damaged from a covered loss. Although it is not the least expensive option on our list, Nationwide offers a range of discounts, including a home renovation savings or gated community discount. Learn more: The Hanover
Best for: Strong customer service ratings The Hanover is a New England-based insurer that offers policyholders several options to personalize their coverage, with options like high-value home coverage, water backup coverage and service line coverage. Although it was not rated in the 2021 J.D. Power U.S. Home Insurance Study, likely because it only offers homeowners coverage in 20 states and Washington, D.C. The Hanover has a below-industry-baseline overall as of 2021, indicating that the NAIC received fewer complaints about The Hanover than average. The Hanover carries an A (Excellent) financial strength rating from AM Best. Learn more: MMG Insurance
Best for: A "local" touch is a regional insurance carrier headquartered in Presque Isle, Maine, that has been writing policies in the Pine Tree State for more than 120 years through a network of independent agents. Because MMG Insurance agents are local, they are likely to have hands-on experience with Maine's wide array of weather conditions and common causes of property loss. The company offers two homeowners insurance options: Home Advantage and Home Advantage Ultra, each of which may be able to be tailored to the needs of Maine homeowners. Because MMG only provides homeowners insurance coverage in five states, the company is not rated by J.D. Power. However, MMG has an A (Excellent) financial strength score from AM Best. How much is homeowners insurance in Maine
The average cost of Maine homeowners insurance is $944 per year for $250,000 dwelling coverage according to the rate data from Quadrant Information Services, which is 32% less than the . Although the average cost of Maine home insurance is well below the national average, Mainers do pay more on average than homeowners in surrounding states. Homeowners in New Hampshire, for example, pay an average annual premium of $731 per year, and homeowners in Vermont pay an average of $668 per year. This could be because much of Maine is forested and relatively remote, while also incurring significant impacts from Atlantic Ocean weather events, such as tropical cyclones and nor’easters. Blizzards and inclement weather can have a major impact on structures, all of which is considered when homeowners insurance providers assess the risk for the area. Additionally. Maine is becoming increasingly at risk for wildfires, as are other New England states, which can cause severe damage or destroy your home. Homeowners insurance in Maine is not legally required, but with the potential perils, it could help provide critical financial protection for your . Additionally, if you have a lender, homeowners insurance will likely be required. Home insurance in Maine
When shopping for homeowners insurance, it is important to consider your state’s climate, since many common homeowners insurance claims are related to weather. Maine’s climate is mostly known for high winds, torrential rainfall, snowstorms and ice storms. Common causes of loss in Maine
Many parts of Maine may be at risk for rain, blizzards, high winds and wildfires. Homeowners in Maine should be aware of these common homeowners insurance claims filed by residents: : Maine’s northern position along the coast can bring damaging winds to your property. Strong winds from nor’easters and tropical cyclones can easily damage a home’s roof, siding, soffits and windows. Wind damage is typically included in standard home insurance policies, but you may want to confirm with your agent. Many Maine homeowners policies also include a separate hurricane deductible for named storms by the National Weather Service, which typically runs 1-5% of your home’s insured value, according to the Triple-I. : Flooding is also a common cause of loss in Maine, given its proximity to the ocean. Floods can happen at any time of the year in just about any location of the state and destroy your personal belongings. as an endorsement from your insurance provider or the federally-backed National Flood Insurance Program (NFIP) may be something to consider even if you don’t . You can also obtain coverage from dozens of private insurers who specialize in flood underwriting. : Due to the heavy rain and snow in Maine, it is not uncommon for water to back up into your home. It is often part of your coverage. Most insurers offer sewer backup and overflow coverage as an endorsement to your standard home policy for minimal additional premium. Wildfires: Wildfire damage may be more associated with the West Coast than with New England. However, wildfires are occurring more frequently in Maine and neighboring states and can destroy your home and your possessions. Wildfire coverage is typically a covered peril in a standard homeowners policy, but you should consult with your agent or insurer to determine if you need to add this coverage as an endorsement to your policy. Other common causes of loss that Maine homeowners may want insurance coverage for are theft, vandalism and personal liability. Home insurance coverage options in Maine
There are specific common causes of loss that Maine homeowners face. Given these added risks, you may want to consider purchasing the following additional coverages: Flood insurance: Standard homeowners insurance does not typically cover damage caused by flooding, however 90% of U.S. natural disasters involve flooding so it’s a coverage worth considering. If you want to , you will likely need a separate, dedicated flood insurance policy. Many insurers offer flood insurance as an endorsement to your standard home policy. Coverage is also available through the NFIP and private insurers that specialize in flood insurance. Water backup coverage: Water backup typically happens when a sump pump can no longer keep up with heavy rainfall and the water backs up into a basement, but backup damage can result from water backing up in any drain or sewer line. This coverage can be added as an endorsement to your home policy. Wildfire coverage: If you own a home in Maine, you may want to check if wildfire damage is covered on your standard policy. If not, you may need to purchase an endorsement or separate policy. : Some home insurers offer ID theft coverage that includes assistance with civil judgments, criminal charges, audits or hearings related to fraud perpetrated by the “impostor”; and resolution services to reclaim your identity and restore credit. : This option helps to ensure you are paid for the amount to replace your damaged or destroyed home or items, rather than for their depreciated value. Not all homeowners qualify and not all companies offer this coverage but it is typically worth the additional premium to have a much higher level of financial protection to replace your home, as well as your possessions such as furniture, electronics, clothing, jewelry and artwork. If you are not sure what coverage types you should consider adding to your homeowners insurance policy as endorsements, or perhaps purchasing a separate policy such as flood insurance, consulting with a local licensed agent may help you decide what options to choose as well as selecting the best carrier to fit your coverage needs. Frequently asked questions
Since every individual and every property is unique, the best homeowners insurance company will vary for each homeowner. To determine what company might best fit your needs, you may first want to decide what you are looking for in a homeowners insurance company. Once you know what factors matter most to you, you can obtain from several different insurers and compare them.
To purchase homeowners insurance, you will need to provide some basic information about yourself and your property, including your name, address, the year your home was built and information about any custom features the property may have. You may also be asked how old your roof is, if and if you have filed homeowners claims with your prior insurance company.
The state of Maine does not require that you purchase homeowners insurance. However, if you have a mortgage on your home, your lender will likely require you to carry a homeowners insurance policy. If you do not , you may be able to forgo homeowners insurance coverage, but you may want to carefully consider if you can afford to pay for the cost of repairing or replacing your home out of pocket if it is damaged or destroyed. The cost of a homeowners insurance policy is typically substantially lower than what it would cost to rebuild your home and will provide you and your family with financial security and peace of mind.
There are a number of factors impacting your rates for homeowners insurance. Some of the biggest factors are the age of your home, how much coverage you purchase and any add-on options you choose, your credit rating and previous claims history. Replacement cost of your structure is also a major factor in determining your premium. According to the Triple-I, double-digit are common for homes across the U.S. due to the rising costs of construction materials and labor. Each insurance provider has its own method of calculating rates, which makes shopping around and comparing multiple providers an important step. Written by Cate Deventer Insurance Writer & Editor Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent. Mariah Posey is an auto and homeowners insurance writer and editor for Bankrate.com. She aims to make the insurance journey as convenient as possible by keeping the reader at the forefront of her mind in her work. Mark Friedlander is director of corporate communications at III, a nonprofit organization focused on providing consumers with a better understanding of insurance.