Maine Homeowners Insurance Quotes (2024)

In Maine, the average monthly cost of homeowners insurance is $167. Many great homeowners insurance companies are available in Maine, including Nationwide and Stillwater. Having a standard homeowners insurance policy in Maine is undeniably helpful, as is buying certain forms of secondary coverage — such as flood insurance or tornado coverage — to make sure your home is protected from natural disasters.

Here’s what you need to know about Maine homeowners insurance.

Best home insurance companies in Maine

You have many quality home insurance companies to choose from if you want to protect your home in the Pine Tree State. However, which Maine home insurance company is “best” depends on your unique needs, insurance preferences, and budget. Here’s a look at some of the best insurance companies in Maine for different preferences.

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Best large insurer: Nationwide

If you’re looking for a large insurer, Nationwide is a solid choice because it offers many different discounts and has a relatively low monthly premium of $113. But with a J.D. Power score of 816 on a 1,000-point scale, Nationwide is slightly below average when it comes to customer satisfaction.

Variety of discounts available

Can bundle different policy types

Operates in many states across the U.S., which makes moving and retaining coverage easier

No identity theft included in base coverage

Water damage protection also not included

Below-average J.D. Power customer satisfaction score

Best insurer for cheap rates: Stillwater

If you’re looking to pay the lowest possible price for home insurance, request a quote from Stillwater, which charges an average of $68 per month in Maine. You can also find affordable renters, condo, and auto insurance policies through Stillwater.

A+ Better Business Bureau rating

Offers a variety of discounts

Can bundle home and auto insurance to save more

Company is on the newer side, founded in 2000

Not rated in J.D. Power’s 2022 customer satisfaction survey

Personal injury and animal liability coverage not included under base policy

Best for tornado coverage: Safeco

Maine does experience tornadoes, so it’s a good idea to look for an insurance company like Safeco that provides tornado coverage. Monthly rates with Safeco are much higher than with some of the other insurance providers Insurify examined in Maine ($357 on average), but this added expense may be worth it to secure the right coverage for your home.

Can bundle home and auto to qualify for a discount

Policies are customizable with add-ons

Takes less than 10 minutes to file a claim

Some competitors offer more discounts

Doesn’t underwrite its policies

Earned a lower-than-average J.D. Power score, with 809 out of 1,000 points

Best insurer for high-value homes: Travelers

If you have a high-value home, Travelers may suit your needs. You can find replacement cost coverage starting at $1 million, and its average monthly policy cost of $101 in Maine is very low. But Travelers earned a less-than-impressive score (794 out of 1,000 points) in the J.D. Power 2022 customer satisfaction survey.

Offers coverage for high-value homes

Can bundle multiple insurance policies

Second-lowest average insurance rate in Maine

Fewer discount options than other large insurance providers

Below-average J.D. Power score

Many complaints with the Better Business Bureau

Best regional insurance company: Hippo

While Hippo insurance isn’t available in all states, this insurance provider does service Maine and other nearby states. Hippo insurance products are limited: The company only offers insurance for landlords, condo owners, homeowners, and new homes under construction. The average cost is $173 per month.

Can file a claim in one minute

Four times the coverage limit of competitors for office equipment and computers

Offers smart home technology systems that help you monitor your home

Doesn’t offer auto or life insurance

Must go through a partner company to purchase earthquake, flood, or wind insurance

No bunding discount

Methodology

Insurify’s team of data scientists analyze millions of home insurance quotes, and weigh publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.

How much is homeowners insurance in Maine?

When it comes time to buy homeowners insurance, the price you pay will be affected by many different factors, such as your location and credit score. Your chosen policy, coverage level, and deductible can also influence costs.

How your policy choices affect home insurance rates in Maine

Here’s a closer look at how your choices affect the price of your home insurance policy in Maine.

You can choose from a few different types of homeowners policies, and the policy you pick can affect how much you’ll spend on coverage. Generally, the less coverage you choose, the lower your monthly premium will be. These are four of the main types of policies you’ll come across:

HO-1: This is the most basic level of coverage that covers 10 key perils.

HO-2: This policy type offers additional coverage with 16 covered perils.

HO-3: You’ll access open perils coverage for dwelling and other structures, as well as named perils coverage for your personal property. This is the most common type of home insurance policy.

HO-5: A more expensive but also more well-rounded coverage option is HO-5, which can help protect expensive personal property.

It’s always a good idea to confirm exactly which perils you’ll get coverage for before buying so if a damaging event occurs or you’re at risk for liability, you’ll understand how you are and aren’t protected.

Learn More: What Are Perils in Insurance?

Choosing a higher level of coverage leads to a higher monthly premium. Because of this, it can be helpful to re-evaluate how much coverage you actually need from time to time. For example, if you sell your designer handbag collection, you can choose a lower amount of personal belonging coverage.

Before your insurance provider will start paying out claims, you have to pay a deductible. You get to choose your deductible from several options, and the higher you go, the less you’ll spend on your monthly premium. Do the math before making this decision, and make sure you can afford to pay a high deductible if you do ever need to file a claim.

How location affects home insurance rates in Maine

Your ZIP code plays a role in how much you’ll spend to insure your home because crime rates, weather, and even being close to a fire station can all affect how likely you are to file a claim. For example, damage from extreme weather events in Maine, like hurricanes and windstorms, can affect your insurance spending.[1]

The table below compares average rates in two major Maine cities:

What are the cheapest home insurance companies in Maine?

Stillwater, Travelers, and Nationwide offer the three cheapest policies on average in Maine — all of which are cheaper than the state average of $167. It’s important to note that these are just averages. Your specific coverage needs may result in a more expensive quote.

The table below can give you an idea of what different insurance companies in Maine charge for homeowners insurance on average. Stillwater offers the lowest average monthly quote, while Safeco’s average monthly cost is the highest.

How much homeowners insurance do you need in Maine?

If you own your home outright, you aren’t legally required to have a homeowners insurance policy. If you’re still paying off a mortgage loan, the mortgage lender will almost always require you to carry a policy to protect the home it loaned you money to buy. Even if you don’t have a mortgage loan, it’s not advisable to skip out on a home insurance policy.

When you buy a policy, you should understand exactly what your home insurance policy covers so you know you’re covered for everything you want.

Learn More: How Much Homeowners Insurance Do I Need?

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What home insurance coverages should you buy in Maine?

You need four basic types of home insurance coverage to protect yourself and your home in Maine:[2]

Structure of the home: If your home is damaged or completely destroyed, you’ll want enough coverage to fully rebuild your home. Make sure you have enough structure coverage to do so.

Personal belongings: If you lose personal belongings to a covered peril, you want enough coverage to replace destroyed, lost, or stolen belongings.

Additional living expenses: Sometimes, it’s impossible to live in a home while repairs happen. In that case, additional living expense coverage can help pay for you to stay somewhere else, like at a hotel.

Liability protection: If you or one of your family members causes property damage to someone else’s property or someone is injured on your property, liability protection can step in to cover associated costs.

What optional home insurance coverages should you buy in Maine?

Living in Maine comes with unique insurance needs that may require buying additional home insurance coverage to protect your home against perils not included in your base policy.

Earthquake coverage: While California has a reputation for earthquakes, other states, like Maine, experience them too.[3] While standard homeowners insurance policies don’t cover earthquake damage, you can buy add-on coverage through a private insurance provider. You can expect your deductible to be 2% to 20% of the replacement cost of the house.[4]

Flood insurance: Floods can affect Maine residents any time of year, but flood damage is particularly common after a hurricane. Because of this risk, flood insurance is a solid type of optional coverage to buy through an insurance company that partners with the National Flood Insurance Program.

How much home insurance coverage should you have in Maine?

The value of your home and belongings, and your risk tolerance, can greatly affect how much homeowners insurance coverage you need. Your location can also be an important factor here as construction materials and labor costs can vary depending on where you live. To make sure you find the right amount of coverage for the best price, it’s a good idea to compare at least three quotes from different insurance providers.

What are some of the biggest risks when owning a home in Maine?

If you live in Maine, you’ll want to be aware of some natural disasters that can pose a risk to your home:

Earthquakes: You usually have to buy an endorsement to get earthquake coverage added to your homeowners insurance policy, and Maine residents may want to consider this option. Maine experiences multiple earthquakes every year, and earthquakes can damage a home and break personal belongings.[3]

Hurricanes: Fortunately for Maine homeowners, a standard homeowners policy covers hurricane damage. While hurricanes aren’t very common in Maine, when they do reach the state, they can cause a lot of expensive damage. For example, in 1991, Hurricane Bob caused more than $5.5 million of damage in Maine.[1]

Fire: Fire can cause damage to both the structure of your home and your personal belongings. In Maine, 6.5% of emergency services calls relate to fires.[5] The good news is that a standard homeowners insurance policy covers fire damage.

How can you save money on homeowners insurance in Maine?

“Reducing premiums is about reducing risk in the eyes of your insurance company,” says Jesse Cunningham, an independent licensed insurance agent and agency owner of Bauple. “This includes everything from the age of the home and roof to the type of pet you own. Working with an agent can help you pinpoint factors you can change to reduce the risk.”

Cunningham notes that it’s best to always be honest about your risk factors and not try to conceal liabilities. Any deceit or withheld information can lead to claims being rejected.

Here are some ways you can save on your home insurance policy.

Bundle policies

If your home insurance provider also offers other insurance policies, like auto or life insurance, you can typically save 5% to 15% on your homeowners insurance premiums through bundling discounts. All you have to do is sign up for more than one insurance policy through the same provider.

See More: Bundle Home and Auto Insurance: Save With Discounts

Look for discounts

Bundling discounts aren’t the only discounts you may qualify for. Ask your insurance agent what other discounts they might offer, such as a paperless discount or a senior citizen discount. You may even be able to qualify for multiple discounts that can help lower your monthly premiums.

Increase your deductible

Choosing a higher deductible reduces your monthly premium, which can help your budget. Just be careful that you don’t choose a deductible so high that you can’t afford to pay it if you ever do need to file a claim. It can be helpful to set aside the exact amount you need to pay a deductible in a savings account. That way, if you end up filing a claim, you won’t have to stress about coming up with the money to pay your deductible.

Comparison shop

Comparison shopping with different providers can help you find a policy that meets your coverage needs at a price that works for your budget. It’s important not to focus on just finding the least expensive policy. You want to find the best amount of coverage that meets your needs for the best price.

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Average home replacement cost in Maine

When you buy a homeowners insurance policy, you generally want to buy enough coverage to pay for the replacement cost of your home. The replacement cost of your home represents how much it would cost to fully rebuild your home today. This amount takes current building costs (both labor and materials) into account to make sure your home is rebuilt to the same standards it was originally built with. The higher the replacement cost of your home, the more you’re likely to spend on homeowners insurance.

The below table shows the average rebuild cost of homes in a couple Maine cities.

Read More: Homeowners Insurance Companies with the Cheapest Rates

Maine home insurance FAQs

Before you buy Maine home insurance, take a look at the answers to these commonly asked questions to make sure you’re well prepared to choose the right policy and provider.

How much is home insurance a month in Maine?

In Maine, the average monthly cost of home insurance is $167. But if you want secondary coverage for things like flood damage, you can expect to pay more than the average.

Is homeowners insurance expensive in Maine?

Considering the average cost of homeowners insurance nationwide is $1,272 per year, Maine homeowners insurance is relatively expensive. You can expect to spend an average of $2,004 per year on home insurance in Maine. 

What are the three main types of homeowners insurance?

The three main types of homeowners insurance are actual cash value, replacement cost, and guaranteed/extended replacement cost coverage. An actual cash value policy helps replace belongings and the structure of the home with a deduction for depreciation. Replacement cost policies cover the cost of rebuilding or replacing without taking any depreciation deductions. A guaranteed/extended replacement cost policy covers the entire cost of rebuilding a home or replacing belongings even if that amount is beyond your policy limit.

Does Maine require homeowners insurance?

The state of Maine doesn’t require homeowners insurance, but it’s very likely that your mortgage lender will. Even if home insurance isn’t required, it’s generally not advisable to skip out on purchasing coverage. Homeowners insurance can support you financially if your home or personal belongings are lost or damaged due to a covered event. Home insurance policies also come with valuable liability protection that can help you out financially.

Sources

During college, Jacqueline DeMarco interned at a retirement plan advisory firm and was tasked with creating a presentation on the importance of financial wellness. During her research into how money can affect our health, relationships and career, Jacqueline realized just how important financial education is. Jacqueline is a contributor for Insurify and has worked with more than a dozen financial brands, including LendingTree, Capital One, Credit Karma, Fundera, Chime, Bankrate, Student Loan Hero, ValuePenguin, SoFi, and Northwestern Mutual, providing thoughtful content to give readers insight into complex topics that they likely didn’t learn in school.

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