Best Maine Homeowners Insurance Quotes (2024)

Vermont Mutual offers some of the cheapest homeowners insurance policies in Maine, with annual premiums starting at $646.

Licensed auto and home insurance agent

4+ years in content creation and marketing

As Insurify’s home and pet insurance editor, Danny also specializes in auto insurance. His goal is to help consumers navigate the complex world of insurance buying.

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Licensed auto and home insurance agent

3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

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Chartered financial analyst

12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

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Updated June 21, 2024

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The average cost of home insurance in Maine is $1,322 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, which is much lower than the national average of $2,080.

Flooding is one of the main concerns for homeowners in the Pine Tree State because the state often experiences heavy rain and is home to five major rivers and hundreds of miles of coastline.[1]

You should always compare home insurance quotes from at least three Maine homeowners insurance companies before choosing a policy. Here’s what you need to know about finding home coverage in Maine.

Vermont Mutual, Concord Group, and Union Mutual Fire Group are some of the cheapest home insurance companies in Maine.

About 33,000 buildings in Maine face a risk of flooding. Basic home insurance doesn’t cover flood damage, so you’ll need a separate policy.[2]

Brunswick has the most expensive home insurance in Maine on average, though not by much. The average premium for a policy with $300,000 in dwelling coverage and a $1,000 deductible in Brunswick is $1,386 per year.

Best home insurance companies in Maine

You have dozens of great options for home insurance in Maine, so you should remember that the best companies for you won’t always be the cheapest options. The best homeowners insurance companies have reasonable rates, extensive coverage options, and reliable customer service. You want a company that you can trust to protect your family and personal property — not just the one with the cheapest rates.

Check out the insurers below to start your search. Each is the best insurer for a specific category in Maine. The average premiums below reflect costs for a $300,000 dwelling coverage policy with a $1,000 deductible.

Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.

We rate each company on a 1-to-5 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.

Cheapest rates: Vermont Mutual

cheapest ratesVermont Mutual

Vermont Mutual is the most affordable home insurance company in Maine, on average. Homeowners who prioritize saving money should definitely consider Vermont Mutual. It offers extensive homeowners insurance coverage along with numerous policy endorsements, services, and other insurance products.

Lower-than-average number of complaints on the National Association of Insurance Commissioners (NAIC) National Complaint Index

AM Best financial strength rating of A+ (Superior)

Not rated by J.D. Power, making it difficult to determine customer satisfaction

No mobile app

Best insurer for policy management: Concord Group

policy managementConcord

Concord Group is the second-most affordable home insurance company in Maine, on average. Concord Group makes policy management easy, allowing homeowners to manage their policies online or via its mobile app. Specifically, customers can make payments, access and print documents, and enroll in some company services online or on the app.

AM Best financial strength rating of A+ (Superior)

Mobile app allows for easy policy management

Quotes and claims filing not available online

Customer service not available on weekends

Best insurer for customer service: State Farm

customer serviceState Farm

State Farm is the best insurance company for customer service in Maine. The company has extensive coverage, but it’s not quite as affordable as its local competitors. It has a lower-than-average number of complaints on the NAIC National Complaint Index, making it a good option for Maine residents looking for reliable customer service after a severe incident.

High ranking in J.D. Power’s 2023 U.S. Home Insurance Study[3]

Large network of local agents

Not as affordable as other Maine insurance companies

Fewer available discounts than some competitors

Best insurer for discounts: Travelers

discountsTravelers

Travelers is the best insurer for discounts in Maine. It offers numerous discounts to make home insurance more affordable for homeowners, including homebuyer, green home, protective device, loss-free, and multi-policy discounts. It’s a great option for savvy homeowners looking for ways to save on their policies.

Many available discounts

Competitive rates

Higher-than-average number of complaints on the NAIC National Complaint Index

Mobile home coverage not available

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Cheapest home insurance in Maine

Vermont Mutual has the cheapest home insurance in Maine, with an average rate of only $54 per month. Maine home insurance rates can vary significantly by insurer because each company determines your policy’s price differently.

The table below shows some of the other cheap home insurance costs from top companies in Maine. The average premiums below are for policies with $300,000 in dwelling coverage and a $1,000 deductible.

Cost of homeowners insurance in Maine

The average cost of homeowners insurance in Maine is $1,322 per year for a $1,000 deductible policy with dwelling coverage of $300,000. But your average rate depends on your location, how much coverage you purchase, and the insurance company you buy coverage from. The higher the coverage limits you select, the more you’ll pay in premiums.

Some other major factors that affect your premium include your home’s structure, age, size, local building costs, your deductible, ZIP code, and even your credit history. Older homes are typically more expensive to insure since they’re a greater liability than newer homes.

Cost of homeowners insurance by dwelling coverage amount

Your dwelling coverage amount has a significant effect on how much you pay for your Maine home insurance policy. Dwelling coverage is the most vital part of homeowners insurance, covering property damage after a covered loss, such as a snowstorm. The higher your dwelling coverage amounts are, the higher your premium will be.

Check out just how much your premium can increase when you pick higher dwelling coverage limits for your house. The average annual premiums below are for homeowners policies with a $1,000 deductible.

Cost of homeowners insurance by deductible

Your home insurance deductible is how much you’ll pay out of pocket for damages before your home insurance coverage starts to cover costs. Home insurance deductibles generally range between $500 and $2,000, and the amount you choose will affect your premium. The higher your deductible is, the lower your premium, and vice versa.

See how your premium for a policy with $300,000 in dwelling coverage can change based on your deductible in the table below.

How to get cheap homeowners insurance in Maine

You can get cheap homeowners insurance in Maine in multiple ways, including:

Compare home insurance quotes. Before buying a policy, compare quotes from multiple companies. This is the best way to save money on homeowners insurance because each insurer weighs rating factors differently.

Apply for discounts. Discounts are a great way to save money on your Maine homeowners insurance policy. Most insurance companies offer numerous discounts — just ask your insurer for the information. For example, bundling your home insurance with your auto insurance is a common discount that can save you a percentage on coverage.

Increase your deductible. Raising your deductible lowers your monthly premiums, but you’ll have to pay more out of pocket after a claim. Be sure that you can afford to pay a higher deductible before increasing it.

Improve your credit. Improving your credit score can lower your home insurance premiums, as insurers consider your credit history when determining insurance rates. A higher credit score indicates a lower likelihood of filing a claim, so you’ll pay cheaper premiums than homeowners with bad credit.[4]

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How much homeowners insurance do you need in Maine?

The state of Maine doesn’t require homeowners to have home insurance coverage, but it’s always a good idea to purchase it. Home repair expenses can be extremely expensive without help from an insurer. And if you have to take out a mortgage on your home, your mortgage lender will likely require you to carry homeowners insurance.

The 80/20 rule is a good basic guideline to follow for how much home insurance coverage to purchase. You should have coverage equal to or greater than 80% of your home’s replacement cost.[5] No matter how much dwelling coverage you buy, it’s essential to know exactly what your home insurance policy covers since it doesn’t cover everything.

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

Owning a home in Maine comes with numerous perils that homeowners should be aware of, including, but not limited to:

Maine is prone to harsh winters that include severe winter storms and blizzards, which can cause damage to homes. Home insurance covers damage from snow and ice, so your basic homeowners policy should protect you here.

Maine is prone to coastal flooding, river overflow, and heavy rains, so flooding and water damage happen more often than you might think. Standard home insurance doesn’t cover flood damage, so you’ll need to purchase a separate flood insurance policy either from your insurance company or through the National Flood Insurance Program (NFIP) to protect your home and personal belongings from disaster.

Maine experiences storms each summer that involve thunder, lightning, and wind, which can damage a home. Homeowners insurance covers damage from these storms, but they’re still something to be aware of as a homeowner.

Maine homeowners insurance FAQs

Before you select a new home insurance policy, you should compare quotes from three or more insurance companies. The following information can help answer your remaining questions about Maine home insurance.

How much is home insurance in Maine?

The average annual cost of a home insurance policy with $300,000 in dwelling coverage and a $1,000 deductible is $1,322. How much you pay for your home insurance will depend on your chosen coverage, coverage limits, deductible, city, ZIP code, and home characteristics.

If you live in an area at a high risk of flooding in Maine, you’ll need to buy a separate flood insurance policy for an additional cost.

Which company has the cheapest homeowners insurance in Maine?

Vermont Mutual has the cheapest homeowners insurance in Maine, with an average annual premium of $646 for a policy with $300,000 in dwelling coverage and a $1,000 deductible.

Concord Group and Union Mutual Fire Group also offer cheap home insurance, with average premiums of $768 and $929 per year, respectively.

Does Maine require homeowners insurance?

No. Maine state law doesn’t require homeowners to purchase home insurance, but your mortgage company will.

Even if you’ve already paid off your mortgage, you should buy home insurance to protect your home and personal belongings. If your home incurs damage and you don’t have insurance, you’ll have very expensive out-of-pocket repair costs.

What is the most common type of homeowners insurance?

An HO-3 policy is the most common type of homeowners insurance. It includes dwelling, personal property, liability, medical payments, and loss of use coverage.

Sources

Danny is a Brooklyn-based writer with a producer’s license for property and casualty insurance. A former editor at Insurify, he specializes in auto, home, and pet insurance. He works to translate his insurance expertise into digestible, easy-to-understand content for drivers, homeowners, and pet owners alike.

Licensed auto and home insurance agent

3+ years experience in insurance and personal finance editing

Katie uses her knowledge and expertise as a licensed property and casualty agent in Massachusetts to help readers understand the complexities of insurance shopping.

Read Editorial Guidelines

Featured in

Chartered financial analyst

12+ years in data analysis and marketing

Andrew applies his vast knowledge of analytics and insurance industry trends to help inform Insurify’s content and marketing efforts.

Read Editorial Guidelines

Featured in

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