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Maine Homeowners Insurance Quotes - Best and Cheapest (2022)
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Last Updated February 25, 2022
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Maine Average Cost of Homeowners Insurance Rates (2022)
According to 2021 rates, the average cost of homeowners insurance in Maine is $760 per year and $63 per month. Maine homeowners insurance rates are $638 per year less then the national average and about 46% less annually. When compared to the other US states that makes the cost of homeowners insurance in Maine the 45th most expensive in the country, based on 2021 data.
For shoppers, the best way to find a homeowners insurance policy in Maine is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.
Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Maine in minutes.
| Maine Average Homeowners Insurance Rates | |
|---|---|
| Average Cost Per Month | $63 |
| Average Annual Premium | $760 |
| State Rank (Most Expensive) | 45th |
Cheapest Insurance Companies for Homeowners in Maine (2022)
For homeowners in Maine, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Maine. The following are the best insurance rates from carriers that offer homeowners insurance in Maine.
| Cheapest Companies | Quotes |
|---|---|
| Patriot | $506 |
| Vermont Mutual | $658 |
| Concord | $880 |
| Union Mutual | $903 |
| Nationwide | $1,024 |
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How to Get Affordable Home Insurance in Maine
Buying a home may be one of the largest financial investments of your lifetime. With investment, inevitably, comes risk. One of the most important ways Maine homeowners can protect their investment is through homeowners insurance.
Homeowners insurance protects not only your home but also your personal belongings and any attached structures, like your garage or deck. When unexpected damages happen from a risk covered by the policy, homeowners insurance will help you pay for the repairs.
Keep reading for a full guide on Maine home insurance.
Homeowners Insurance Quotes in Maine by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.
As of 2021, the average home insurance premium in Maine costs $1,179 annually, and the median home value is $249,550.
That’s a lot of money. How can you be expected to pay all of these costs (vital as they are) and still provide for you and your family?
You can rely on Insurify to help you find cheap home insurance to stretch your dollar and your budget.
Average Annual Homeowners Insurance Premium in Maine by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Patriot$506
Vermont Mutual$658
Concord$880
Union Mutual$903
Nationwide$1,024
USAA$1,028
Travelers$1,088
Allstate$1,477
State Farm$1,691
Home Insurance Rates in Maine by City
Like property costs, home insurance varies in price from city to city. Pricing is determined on ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Maine can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive Maine ZIP codes in which to insure a home.
| City | Median Home Price |
|---|---|
| Cape Elizabeth | $545,784 |
| Falmouth | $522,093 |
| Cumberland Foreside | $450,134 |
| Augusta | $151,976 |
| Presque Isle | $114,826 |
| Caribou | $103,074 |
What Does Home Insurance Cover in Maine?
There are several types of home insurance. Specific terms of insurance policies may vary by state, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance.
Provides coverage for a handful of potential problems including:
- Natural disasters (storms, fires, wind lightning, volcanic eruption)
- Explosions
- Theft
- Damage from vehicles
- Civil commotion
Broad form homeowners insurance policies include all basic form coverage, plus:
- Protection from falling objects
- Damage from the weight of ice, snow, or sleet
- Freezing of household systems including HVAC and pipes
- Sudden and accidental damage to pipes and other household systems from artificially generated electrical current
- Accidental discharge or overflow of water or steam
- HO-2 policies typically cover both dwelling protection and personal property.
- In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
- The most common form of homeowners insurance is known as a “special form” policy.
- While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
- HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- Tenant’s form policies typically cover all the same dangers as HO-2 policies.
- These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
- Some HO-4 policies may also include loss of use coverage for the tenants.
- Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
- The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
- An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
- HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property such as jewelry and artwork.
- Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
- They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
- These policies also include personal property and liability coverage and may include loss of use coverage.
- If you own a mobile home or manufactured home, you likely have an HO-7 policy.
- Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
- Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
- HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
- Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
- HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
- Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Maine city level guides, check out these below.
Personal Property Coverage in Maine
Homeowners insurance isn’t just about protecting the structure of your home. Your personal belongings can be damaged or stolen, and you need the proper insurance coverage to replace those important personal items. Your Maine homeowners policy will pay for your personal items lost from a covered peril. Depending on your insurance company and coverage options, you can be paid actual cash value (ACV) or replacement cost for your personal property. If you have very valuable items, such as jewelry, furs, or antiques, you may want to schedule those items on the homeowners policy to make sure you are covered against any losses.
Replacement Cost Coverage in Maine
The price increase in the cost of living is evident in everyday life. You can see it when you go buy groceries and do a double-take at how much the prices have gone up. The same thing is true about building materials for homes. You can choose a homeowners policy that will pay either actual cash value (ACV) or replacement cost to rebuild your home and replace your personal items after a loss. What’s the difference? There is a huge difference: actual cash value pays for the depreciated value of your home or belongings, whereas replacement cost coverage will rebuild your home and replace your items at today’s value. It could be a little more expensive to have replacement cost coverage but may be well worth it in the long run. If you want to find a home insurer that will handle your claim as quickly as possible, you can use Insurify to find the best home insurance companies for your claims service.
Special Home Insurance Situations in Maine
Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Maine.
Cheapest Home Insurance for Houses Near Fire Department in Maine
If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.
| Insurance Company | Average Annual Premium |
|---|---|
| Allstate | $1,477 |
| Encompass | $1,361 |
| Travelers | $1,088 |
| USAA | $1,028 |
Cheapest Home Insurance for Houses Near the Coastline in Maine
Beachside living is wonderful. But the risk a nearby coastline may present to your home could end up increasing your home insurnace rates. The closer you are to the shore, the more at risk your property is to flooding. This will be reflected in your homeowners insurance rate.
| Insurance Company | Average Annual Premium |
|---|---|
| Hanover | $2,713 |
| Metropolitan | $1,081 |
| Nationwide | $1,024 |
| Patriot Group | $506 |
Lobsta roll? Check. Chowda? Check. Home insurance? Check!
How to Find the Cheapest Home Insurance in Maine
Just like with groceries or clothes, you can find a good bargain on home insurance. With a little research and the right tools, you’ll be on your way to big savings.
Use Insurify to compare home insurance premiums for your property in Maine.
Maine Homeowners Insurance FAQ
Homeowners who own property along the Maine coast or near another waterway can experience home flooding. Flood damage is not covered by homeowners insurance. If you need flood protection for your home, you will have to purchase a flood insurance policy administered by the federal government through the National Flood Insurance Program (NFIP). Many insurers are also approved flood insurance providers through the NFIP and can provide you with a flood insurance policy.
Allstate offers homeowners policies in Maine that include coverage for your dwelling, personal property, other structures, liability, and guest medical protection. Allstate also offers optional coverages, such as yard and garden coverage and coverage for damage caused by water backup to give you added protection.
It can be frustrating when you are waiting to get back into your home after you’ve suffered a loss. There can be long waiting periods when natural disasters, such as flooding due to a weather event, occur. It takes time for adjusters to get out and examine all the damage. There is no specific time requirement in the Maine Insurance Code saying how quickly an insurer must pay your claim. However, most companies generally either pay or dispute your homeowners claim within 30 days.
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Methodology
The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.
Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews.
With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.
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