Best Home Insurance Rates In Maine

On average, your neighbors pay $70 a month.

See Your Rates

Compare Homeowners Insurance In Maine

The Pine Tree State is known for its lobster, blueberries, and being the easternmost state in the US. However, the birthplace of Stephen King and Dorothea Dix also possesses a number of homeowners insurance risks.

Average Maine Homeowners Insurance Rates

How much is home insurance in Maine? Some of the lowest homeowners insurance premiums in the country can be found in Maine. The average cost of homeowners insurance in the state of Maine is $843. That's much lower than the national average of $1,173. Only nine states have lower average home insurance rates than Maine.

Maine Average Annual Homeowners Insurance Rates
  2013 2014 2015
Maine Annual Average $776 $811 $843
Maine Price Per Month $65 $68 $70
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 42 42 42
Source: Facts + Statistics: Homeowners insurance

The graph below shows the change in average Maine home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Maine homeowners insurance rates increased from $714 in 2011 to $845 in 2015, a jump of $129 dollars, or 18.07 percent.

Maine average homeowners insurance rates

Choosing a homeowners insurance company in Maine should be easier. Actually, it’s already easy. The key to finding the cheapest rates is to compare homeowners insurance quotes in Maine from multiple companies.

Most Popular Maine Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Maine. Out of the 3,100 Maine homeowners that used QuoteWizard to request insurance quotes last year, 207 had no home insurance.

  1. Liberty Mutual
  2. Allstate
  3. Progressive
  4. AAA
  5. GEICO
  6. MetLife
  7. Travelers
  8. Nationwide
  9. Hartford
  10. USAA
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Best Homeowners Insurance Companies in Maine

The above list shows the most popular home insurers in Maine according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Top Maine Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Liberty Mutual A 11.7%
2 Allstate A+ 7.0%
3 Concord General Insurance NR 6.1%
4 MMG Insurance A 5.4%
5 Tower Group A- 4.7%
6 USAA Insurance A++ 4.7%
7 The Hanover Insurance A 4.6%
8 Travelers Companies A+ 4.5%
9 Quincy Mutual Fire Insurance A+ 4.4%
Find affordable homeowners insurance in Maine
See how much you can save!
Get Quotes

Maine Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Maine.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Maine, the average listing price is $240,058 as of July 2015, less than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Maine’s average burglary rate was 488.1 per 100,000 people, which is much lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Maine, there are 35.8 law enforcement personnel per 100,000 total citizens.

Home Insurance Hazards

As is typical of the New England region, Maine’s weather is relatively mild. However, occasionally extreme winters and summers can serve as important reminders that the state does have some major homeowners insurance hazards.

Cold winters: Maine averages about 28 days of snow per year, and about 62 inches of snow each year, but there is substantial variation within the state. Winter temperatures can be extremely low, especially in the northern parts of the state, where single-digit low temperatures are not uncommon. Intense, winter storms known as “Nor’easters” cause heavy snowfall to occur slightly early, mostly in October and November. Exceptionally cold winters can bring about a number of home insurance risks to this far north corner. For example, people crank the furnace up when temperatures drop, causing a spike in energy use and trapping in moisture that may cause mold later in the year. When the mercury really plummets, pipes can crack or leak, and other structures made of metal can become stiff and brittle as the cold forces them to contract.

Humid summers: Unlike other nearby states, Maine’s summers are warm but not hot. Average summertime highs are below 80 degrees. However, summers in Maine are incredibly humid, and in the summer months the average humidity is about 85%. While summer temperatures cool below 70 degrees starting in September, the humidity stays high through October. The long-lasting humidity paves the way for the cold, and snowy winters that Maine experiences. 

Rain all year long: Precipitation in Maine is relatively evenly distributed year-round, with slightly more in October and November, and slightly less in January and February. That said, most parts of Maine average above 120 days of rain per year, and the state receives on average about 43 inches of rain per year. Maine experiences few thunderstorms, especially compared to other states in the region—less than 20 per year on average—compared with Massachusetts, for example, which has almost twice as many. The frequent rain can become a home insurance hazard if it is prolonged and causes flooding. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Maine Bureau of Insurance

Website:
Homepage
Insurance Commissioner:
Eric Cioppa
Insurance Hotline:
(800) 300 – 5000  
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.