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Best homeowners insurance companies in Maine for 2024

Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.

Amelia Buckley is an insurance editor for Bankrate, covering auto, home and life insurance. She emphasizes creating informative, engaging and nuanced content to support readers in making personalized insurance decisions with confidence.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

Amelia Buckley is an insurance editor for Bankrate, covering auto, home and life insurance. She emphasizes creating informative, engaging and nuanced content to support readers in making personalized insurance decisions with confidence.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. 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.

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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict  editorial integrity, this post may contain references to products from our partners. Here’s an explanation of  how we make money. Our content is backed by Coverage.com  LLC, a licensed entity (NPN: 19966249). For more information, please see our  Insurance Disclosure.

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It can be overwhelming to shop for home insurance, especially with so many companies in your state. Bankrate compared and analyzed dozens of insurance companies offering coverage in Maine to help homeowners more easily and efficiently navigate this process. These top five Maine homeowners insurance companies offer broad coverage options, low average rates and plentiful discounts. Based on our analysis, Nationwide, Allstate, State Farm, Travelers and The Hanover may be worth considering when shopping for the best Maine home insurance.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. 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.

This content is powered by HomeInsurance.com, a licensed insurance producer (NPN: 8781838) and a corporate affiliate of Bankrate.com. HomeInsurance.com LLC services are only available in states where it is licensed and insurance coverage through HomeInsurance.com may not be available in all states. 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.

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Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.

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Compare the best homeowners insurance companies in Maine

Our research revealed that Allstate, Travelers and Nationwide are some of the best Maine homeowners insurance companies. To determine this, we used average annual quoted premiums from Quadrant Information Services and third-party scores and ratings from J.D. Power and AM Best, as well as a thorough review of each company's coverage offerings, discounts, digital tools and accessibility. We combined these metrics into a Bankrate Score on a scale from 0.0 to 5.0. The higher the Bankrate Score, the more highly a company ranked in the underlying categories.

While the average cost of home insurance in Maine is $1,260 per year for $300,000 in dwelling coverage, four of the five companies we chose have average premiums lower than this amount. However, our team knows that price is only one factor to consider when looking for the best homeowners insurance in Maine, which is why we evaluated several other metrics as well. If you are searching for the best Maine homeowners insurance, you might want to get quotes from these companies:

Powered by Coverage.com (NPN: 19966249)

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. 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.

Bankrate's trusted insurance industry expertise

The home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.

46

years of industry expertise

122

carriers reviewed

34.5K

ZIP codes examined

1.2M

quotes analyzed

The top 5 home insurance companies in Maine

Best for unique coverage

4.3

4.3

Avg. premium for $300K dwelling

Not available

Avg. premium for $300K dwelling

Not available

Customer satisfaction

812/1,000

Why Nationwide made our list: Nationwide offers standard homeowners coverage, but you may be able to 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 home renovation savings and a gated community discount.

Who Nationwide may be good for: If you’re a Maine homeowner looking for a company that offers unique coverage offerings, Nationwide may be worth a quote.

CheckmarkPros

Close XCons

Nationwide is one of the largest auto and home insurers in the U.S., offering a range of home insurance coverage options. Some of the homeowners insurance endorsements that Nationwide provides include:

Best for coverage options

4.2

4.2

Avg. premium for $300K dwelling

$78/mo

Avg. premium for $300K dwelling

$935/yr

Customer satisfaction

809/1,000

Why Allstate made our list: With a lower average premium and plenty of coverage options to choose from, Allstate stands out as an impressive homeowners insurance company in Maine. The carrier offers several home insurance endorsements, including HostAdvantage, which provides coverage while home-sharing. While Allstate does have below-average J.D. Power customer and claims satisfaction scores, it does offer local agencies, which some shoppers may find appealing.

Who Allstate may be good for: Allstate’s low average premium and variety of coverage options might make it a good fit for homeowners looking for personalized coverage on a budget.

CheckmarkPros

Close XCons

Allstate's long list of endorsements for its home product include:

Best for local agencies

4.2

4.2

Avg. premium for $300K dwelling

$64/mo

Avg. premium for $300K dwelling

$772/yr

Customer satisfaction

829/1,000

Why State Farm made our list: State Farm is the largest homeowners insurance carrier in the U.S. by market share. State Farm offers its customers a substantial home and auto bundling discount, as well as banking products, so if you want to keep all your financial products in one place, State Farm could be a good option.

Who State Farm may be good for: Considering the company’s extensive local agent network, State Farm may be particularly appealing if you like to handle your insurance in person.

CheckmarkPros

Close XCons

In addition to standard coverage types, State Farm policyholders may be able to add these endorsements:

Best for discounts

4.1

4.1

Avg. premium for $300K dwelling

Not available

Avg. premium for $300K dwelling

Not available

Customer satisfaction

790/1,000

Why Travelers made our list: Travelers has the highest financial strength rating available from AM Best, A++ (Superior), signaling a strong historical ability to pay claims. Additionally, Travelers’ low average rate, long list of coverage options and extensive discounts make it a particularly appealing carrier. However, the company does have the lowest J.D. Power customer satisfaction score on our list.

Who Travelers may be good for: Travelers might be a good fit for many Maine home insurance shoppers, but those looking for budget coverage may particularly benefit from Travelers' discounts, including savings for new homebuyers and green homes.

CheckmarkPros

Close XCons

Travelers offers a handful of home insurance endorsements, including:

Best for high-value homes

3.6

3.6

Avg. premium for $300K dwelling

$138/mo

Avg. premium for $300K dwelling

$1,654/yr

Customer satisfaction

Not rated

Why The Hanover made our list: 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 2023 J.D. Power U.S. Home Insurance Study, likely because it is a regional carrier and not available nationwide, The Hanover has a below-industry-baseline homeowners complaint index of 0.53 with the National Association of Insurance Commissioners (NAIC). This means the organization received fewer complaints about The Hanover than expected for its home insurance product.

Who The Hanover may be good for: If you own a high-value home, The Hanover Prestige option may meet your needs. The Prestige home insurance product offers coverage options specially geared toward high-value dwellings.

CheckmarkPros

Close XCons

The Hanover offers coverage packages with different endorsement options included. Some of the endorsements available at various coverage tiers include:

Additional Maine home insurance companies to consider

Chubb

Who this may be best for

Homeowners of high-value properties

Chubb caters its home insurance product primarily to owners of high-value homes. Its coverage packages reflect this, with extended replacement cost coverage and a cash settlement option automatically included in standard home policies. Endorsements include identity theft coverage and home appliance coverage, plus the carrier has dedicated consultants to help you choose a policy that aligns with your assets and coverage needs. For a more in-depth look into Chubb, read Bankrate’s review.

Vermont Mutual

Who this may be best for

Homeowners who want to work agents who specialize in Northeastern coverage needs

Vermont Mutual, one of America’s oldest insurance providers founded in 1828, offers home insurance coverage in Vermont, Connecticut, Maine, New Hampshire, Rhode Island, Massachusetts and parts of New York. It is known for its competitive pricing with an average rate of $549 a year in Maine. Vermont Mutual's homeowners insurance coverage is relatively basic, but it does offer several add-ons, including home systems protection, service line coverage and specialty property coverage. For a more comprehensive look into Vermont Mutual, read Bankrate’s review.

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 from J.D. Power and AM Best, as well as coverage offerings, discounts, coverage options, digital tools, corporate responsibility programs and company availability. 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 may get a snapshot of how well an insurer could fit their needs.

Cheapest home insurance companies in Maine

In Maine, shopping around for home insurance is often the key to finding more affordable rates. Due to the diverse landscape and weather conditions in the state, homeowners insurance rates can vary significantly. By comparing quotes from different insurance companies, homeowners in Maine can potentially find coverage that suits their needs at a more manageable cost. It's generally recommended to consider factors like coverage limits, deductibles and specific policy features, as these can influence both the protection offered and the overall cost. Individual rates can vary depending on a variety of factors, including location, home value and the homeowner's claims history, however, here are the top five cheapest home insurance companies in Maine.

In selecting the cheapest home insurance companies in Maine, our choices reflect those with the lowest average rates among reputable carriers writing policies in the state. The carriers we've chosen also meet our quality assessment in terms of available coverage options, discounts, customer service, financial strength and digital tools.

In selecting the cheapest home insurance companies in Maine, our choices reflect those with the lowest average rates among reputable carriers writing policies in the state. The carriers we've chosen also meet our quality assessment in terms of available coverage options, discounts, customer service, financial strength and digital tools.

How to get cheap home insurance in Maine

Price is a primary factor for most homeowners shopping for the best coverage. These strategies may help you find cheap home insurance in Maine without sacrificing coverage quality:

Compare home insurance rates

Answer a few questions to see personalized rates from top carriers.

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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. 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.

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Best home insurance discounts in Maine

Discounts are one of the easiest ways to lower your home insurance premium. If you own a home in Maine, you might want to consider these home insurance discounts:

How to save on home insurance policy renewals in Maine

Renewing your home insurance policy can be a prime opportunity to save money. This period allows you to reassess your current policy and explore the market for more cost-effective options. If your policy is going to renew soon, the following checklist may give you a place to start in finding cheaper rates in Maine.

How much is home insurance in Maine?

The average cost of Maine homeowners insurance is $1,260 per year for $300,000 dwelling coverage according to the rate data from Quadrant Information Services, which is 41 percent less than the national annual average cost of $2,153.

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 $963 per year, and homeowners in Vermont pay an average of $806 per year. This could be because much of Maine is forested and relatively remote, which may exacerbate home repairs due to the lengthened times to get materials and labor. Maine also incurs significant impacts from Atlantic Ocean weather events, such as tropical cyclones and nor’easters, as well as harsh winter storms.

Maine homeowners insurance rates by city

Homeowners insurance rates in Maine can significantly vary by city, reflecting the different weather patterns, population densities, crime rates and elevations across the city. For instance, cities along the coast may experience higher rates due to the risk of storm surges. To give you an idea of what homeowners in different cities pay for coverage, we've compiled a list of the cheapest and most expensive cities for coverage, based on average premium data.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in Maine?

A standard HO-3 policy in Maine generally covers your home and personal belongings from a wide range of perils. The dwelling and other structures on your property are typically covered on an open perils basis, meaning they are financially protected against all perils unless specifically excluded. In contrast, personal property coverage is usually on a named perils basis, meaning your policy will have a set list of covered perils.

Here are a few of the most relevant perils covered by a standard homeowners insurance policy in Maine:

Additional home insurance coverage types in Maine

There are specific common causes of loss that Maine homeowners may face. Given these added risks, you may want to consider purchasing the following additional coverage types:

If you are not sure what coverage or policy types you should consider adding to your homeowners insurance policy, consulting with a local licensed agent may help you decide what options to choose and which carriers may offer them.

Related content:

Windstorm insurance Previously Read

Guide to flood insurance Previously Read

Does homeowners insurance cover snow damage? Previously Read

Common Maine home insurance problems

Homeowners in Maine face specific home insurance problems, but these may vary based on where you live in the state and your home's characteristics. Common issues include:

Working with a licensed insurance agent may help you identify home insurance problems specific to your home and ZIP code.

Frequently asked questions

What is the best homeowners insurance in Maine?

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 home insurance quotes from several different insurers and compare them.

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 home insurance quotes from several different insurers and compare them.

What is the cheapest homeowners insurance company in Maine?

According to our research, USAA, Nationwide and Travelers may offer some of the cheapest average home insurance rates for $300,000 in dwelling coverage. Keep in mind that the cheapest carrier for you will likely vary based on your location and coverage needs. Most insurance professionals recommend comparing quotes from various providers to find the cheapest rates for your circumstances.

According to our research, USAA, Nationwide and Travelers may offer some of the cheapest average home insurance rates for $300,000 in dwelling coverage. Keep in mind that the cheapest carrier for you will likely vary based on your location and coverage needs. Most insurance professionals recommend comparing quotes from various providers to find the cheapest rates for your circumstances.

How do I get homeowners insurance in Maine?

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 you have a dog and if you have filed homeowners claims with your prior insurance company. Once you have a quote that you’d like to purchase, a company representative will walk you through the next steps. You may need to sign an application and make a payment, unless your home insurance is billed to your mortgage escrow account.

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 you have a dog and if you have filed homeowners claims with your prior insurance company. Once you have a quote that you’d like to purchase, a company representative will walk you through the next steps. You may need to sign an application and make a payment, unless your home insurance is billed to your mortgage escrow account.

In general, states don't mandate homeowners insurance in the same way they do car insurance. Because an incident with your home is likely to only directly affect people on your property — which you are generally liable for — the nature of home insurance is more about protecting yourself from risk than protecting others from yourself. That may be why states tend to leave the decision to homeowners and lenders as to whether home insurance is necessary.

If you have a mortgage, though, your lender will likely require that you maintain a homeowners insurance policy for the duration of your mortgage. However, even without a mortgage, home insurance can still provide important financial protection. Without a homeowners policy, you would be stuck paying out of pocket for any costs of repairs, replacements or injuries that occur on or to your property.

In general, states don't mandate homeowners insurance in the same way they do car insurance. Because an incident with your home is likely to only directly affect people on your property — which you are generally liable for — the nature of home insurance is more about protecting yourself from risk than protecting others from yourself. That may be why states tend to leave the decision to homeowners and lenders as to whether home insurance is necessary.

If you have a mortgage, though, your lender will likely require that you maintain a homeowners insurance policy for the duration of your mortgage. However, even without a mortgage, home insurance can still provide important financial protection. Without a homeowners policy, you would be stuck paying out of pocket for any costs of repairs, replacements or injuries that occur on or to your property.

Methodology

Bankrate utilizes Quadrant Information Services to analyze May 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:

The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply. 

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Bankrate Scores

Ashlyn Brooks is a finance writer with more than half a decade of experience, known for her knowledge in areas such as taxes, insurance, investing, retirement, finance news, and banking products.

Amelia Buckley is an insurance editor for Bankrate, covering auto, home and life insurance. She emphasizes creating informative, engaging and nuanced content to support readers in making personalized insurance decisions with confidence.

Thomas is a well-rounded financial professional, with over 20 years of experience in investments, corporate finance, and accounting. His investment experience includes oversight of a $4 billion portfolio for an insurance group. Varied finance and accounting work includes the preparation of financial statements and budgets, the development of multiyear financial forecasts, credit analyses, and the evaluation of capital budgeting proposals.

In a consulting capacity, he has assisted individuals and businesses of all sizes with accounting, financial planning and investing matters; lent his financial expertise to a few well-known websites; and tutored students via a few virtual forums.

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