Find the Best Homeowners Insurance Rates and Companies in Maine
If you own a house in Maine, you will want to cover the investment you have made in your property with a suitable yet reasonably priced homeowner insurance policy. A local independent agent can help.
These agents have relationships with multiple insurance companies, so they can easily provide you with a variety of policies and quotes that you can review and compare together. Arrange an obligation-free consultation with an independent insurance agent near you to get started.
The Best Homeowners Insurance Companies in Maine
Many providers offer homeowners insurance policies to residents of Maine. Various details about you, your property, and your coverage needs can factor into the determination of which insurance company is the right choice for you.
Local independent insurance agents can work with several of the best homeowners insurance companies in Maine, such as:
- Progressive: The convenience of state-of-the-art online services and an award-winning mobile app make this insurance company a top choice for Maine residents.
- Foremost: Foremost has coverage options that many other insurance providers may not offer. Enjoy A Better Insurance Experience® when you work with Foremost.
- Encova: Ranked among the top 20 mutual insurance companies in the US, Encova markets its various product offerings through independent agencies in several states.
- Travelers Insurance: Since 1963, Travelers has provided its customers with reliable coverage through its full line of insurance products.
- PURE: PURE is a member-owned insurer that provides home insurance policies exclusively for high-net-worth individuals who own homes valued at $1 million or more.
- Stillwater Insurance Group: Talk to an agent to discover why 90% of Stillwater’s customers would recommend this insurer to their friends and family.
- MMG Insurance: Headquartered in Presque Isle, ME, MMG Insurance has proven itself a regional leader offering a wide variety of insurance solutions since 1897.
- MAPFRE Insurance: MAPFRE has offered residents of Maine affordable, quality insurance products since 1972. This company also donates annually to local nonprofits.
- Peerless Insurance: This regional insurance provider is backed by the financial strength of Liberty Mutual. Peerless policies can only be purchased through an independent insurance agent.
Talk to an independent insurance agent near you for assistance with finding the Maine homeowners company that can offer you the best and most affordable coverage.
What Homeowners Insurance in Maine Can Cover
If you own a house in The Pine Tree State, you can protect your investment with a good home insurance policy. Maine homeowners insurance can cover financial losses related to:
- Loss or damage to your property: Dwelling insurance pays for loss or damage to the structure of your house, and contents insurance covers loss or damage to your personal property.
- Displacement: Your policy includes loss of use insurance. This can pay for your extra living expenses if damage caused by a covered event leaves your home unsafe for habitation.
- Costs related to liability lawsuits: Your policy also includes homeowners liability insurance. This covers expenses related to personal liability lawsuits if you or a member of your household is unintentionally responsible for harm to others.
Local independent insurance agents can help you be sure that you purchase sufficient insurance in each coverage category.
What Homeowners Insurance in Maine Does Not Cover
Homeowners insurance offers a wide range of coverage, but it doesn’t pay for everything. You should not expect your policy to cover things like:
- Damage caused by termites, insects, rodents, or other pests
- Rust, rot, and mold
- The sentimental value associated with your property
- Normal wear and tear
- Damage to your vehicles
- Damage caused by floods
Additionally, you can expect to have somewhat limited coverage for things like:
- Business equipment kept in your home
- Fine art, valuable collections, heirlooms, and expensive jewelry
- Boats, personal watercraft, ATVs, and other recreational vehicles
You can buy supplemental policies or special home insurance endorsements to fully cover this special property. An independent insurance agent can help you get all the coverage you need.
What Homeowners Should Know about Flood Damage in Maine
As mentioned above, flood damage is not covered by home insurance. Unfortunately, more than 75,000 properties in Maine have a significant risk of sustaining flood damage over the next thirty years.
If your home is among the properties at risk, you can purchase flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP).
If your property is located in a flood zone and you are still paying on a mortgage or home equity loan, your lender will require you to carry flood insurance. Otherwise, this coverage is optional. When deciding whether to purchase a policy, consider that the average compensation per flood claim in Maine is $13,600.
Average Cost of Homeowners Insurance in Maine
While homeowners in the US pay an average of $1,211 a year for home insurance, the average cost of homeowners insurance in Maine is just $882 a year.
Of course, this is just an average. Your actual rates can be significantly higher or lower than this amount because they are based on factors like your home’s size and value, its proximity to the coast, and the amount of coverage you wish to purchase.
To find out how much a policy will cost for your home, you can talk to a local independent agent who can present you with customized quotes from some of the best homeowners insurance companies in Maine.
How well do Maine's cities measure up to the national average?
National average burglary rate 3.76 per 1,000 people
National average home value $269,000
National average home insurance cost $1,428 year
| City | Avg. home value | Burglaries / 1,000 homes | Annual insurance cost |
| Auburn | $191,042 | 2.80 | $788 |
| Augusta | $165,378 | 3.40 | $819 |
| Bangor | $191,042 | 2.80 | $851 |
| Bath | $301,882 | 2.05 | $842 |
| Biddeford | $262,552 | 3.49 | $907 |
| Brewer | $185,500 | 0.78 | $793 |
| Caribou | $130,122 | 1.71 | $725 |
| Lewiston | $149,315 | 2.46 | $839 |
| Portland | $304,167 | 2.52 | $878 |
| Presque Isle | $136,408 | 5.11 | $747 |
| Saco | $282,782 | 2.45 | $923 |
| Sanford | $214,579 | 3.61 | $866 |
| South Portland | $265,355 | 2.11 | $874 |
| Waterville | $200,074 | 2.99 | $810 |
| Westbrook | $229,084 | 2.75 | $845 |
Home Insurance in Maine FAQ - Quick Answers
The average cost of homeowners insurance in Maine is $882 a year. This cost is much lower than the national average rate of $1,211 annually. Prices for coverage can vary from one insurance provider to the next, so it pays to compare a few customized quotes before making a purchase.
Rates can vary significantly from one homeowner to the next because they are calculated according to several factors, such as:
- Your city’s proximity to the Atlantic Coast
- Your home’s age, size in square feet, and rebuild value
- The amount of property and liability coverage you want to purchase
- Your claims history and credit score
- The crime rate and weather risks in your ZIP Code
- Whether you qualify for any potential home insurance discounts
Every insurance company has its own way of assessing risk and calculating rates. Independent insurance agents can request customized quotes from multiple insurance carriers so you can choose the policy that offers the best value for your money.
No. There is no state law requiring homeowners to be insured. However, if you still owe money on a mortgage or a home equity loan, your lender will require you to have coverage until the loan is paid in full. Whether or not it is necessary, carrying homeowners insurance is a good idea. These policies protect the investment you have made in your property so that you won’t face unsurmountable financial losses in the wake of a disaster like a severe storm or an accidental structure fire.
Homeowners insurance in Maine covers the cost to repair or replace damaged property, pays for your extra living expenses if you are displaced from your home, and protects you from financial losses related to personal liability lawsuits. Learn all the fine details of your home insurance coverage by talking with an experienced independent agent.
Independent agents work with several top-rated insurance companies in Maine. Some of the companies that offer the best rates for homeowners insurance include Progressive, Stillwater, Travelers, Encova, and PURE. Talk to a local independent insurance agent to find out which of our partner insurance companies can give you the coverage you want at the most competitive price.
No matter what type of insurance you are in the market for, working with a local independent insurance agent is the easiest way to find the best and most affordable coverage. These agents can obtain customized home insurance quotes from multiple insurance companies in Maine and help you determine which policy is best for you. With around 165 independent insurance agencies located throughout the state of Maine, it should be easy to find an experienced agent near you.
Do you know what your home insurance covers in Maine?
Average Cost of Home Insurance Near You
The average monthly cost of home insurance in Auburn, ME is $66.
Of course, what you may actually be expected to pay can differ significantly from this average price. This is because costs are based primarily on the value of your property. Some of the other factors that can influence your premium amount include the age and size of your house, the crime rate and weather risks in your ZIP Code, the size of your deductible, and your claims history.
Winter storms can be a problem in Auburn, ME. Heavy snows can damage roofs, ice dams can destroy gutters, and freezing temperatures can cause water pipes to burst, which can result in extremely expensive damage to your home. Auburn homeowners insurance can give you peace of mind in knowing that your winter-damaged home can be returned to normal without causing you a large personal expense.
The average monthly cost of home insurance in Bangor, ME is $71.
Your house and property coverage needs are not the same as your neighbor’s. While everyone in your neighborhood faces the same crime and weather risks, your homeowners insurance premium can also be based on factors like the size, age, and value of your home, the type of roof you have and when it was last replaced, your claims history, the number of people in your household, and potentially even your credit score. Your monthly rate for Bangor, ME homeowners insurance may therefore be higher or lower than this average.
Residential fires present one of the most devastating risks to homeowners. In addition to severely damaging your house, a fire can lead to a total loss of your personal belongings, including your personal items such as furniture, electronics, and art. That is why it is important for your dwelling coverage to be high enough to enable you to rebuild your home and that you have sufficient contents coverage to let you replace your lost or damaged property without enduring a large financial loss.
The average monthly cost of home insurance in Biddeford, ME is $76.
Not all Biddeford homeowners will pay the same amount for their home insurance. Your monthly rate is based on several considerations such as the crime rate in your ZIP Code, the size of your home, the building materials used in your home’s construction, your claims history, the amount of your deductible, and more.
With about 80 burglaries reported in a typical year, this small city has one of the highest property crime rates in the state. It is therefore important that you take precautions like using deadbolt locks and home security systems to help protect your home. Fortunately, your Biddeford, ME homeowners insurance can compensate you for your losses if you are the victim of a property crime like theft, vandalism, or even arson.
The average monthly cost of home insurance in Lewiston, ME is $70.
Your homeowners insurance rates are calculated according to considerations like the value of your home, the size of your deductible, your claims history, and sometimes even your credit score. You can therefore expect that your monthly premium may be different from this average.
Many homeowners in Lewiston, ME have a significant risk of sustaining flood damage. This risk isn’t limited to those who are situated near the banks of the Androscoggin River. When heavy rains fall, the ground can become saturated and drainage systems can become overwhelmed, leading to flash flooding throughout the city. However, it is important to bear in mind that homeowners insurance does not cover flood damage.
The average monthly cost of home insurance in Portland, ME is $73.
Home insurance rates can vary from one homeowner to the next, especially in a large city like Portland. Your rate can be based on several unique factors like the size, value, and location of your home, the number of people who live in your residence, the materials used in your home’s construction, and sometimes even your credit score.
Some of the most expensive hazards faced by homeowners in Portland, ME are severe weather events like hurricanes, tropical storms, and windstorms. Fortunately, your homeowners insurance can help you repair or replace your home and belongings, and can even help you pay for a hotel if you are temporarily displaced while major damage to your home is being repaired.