Best Homeowners Insurance in Maine

Cheapest home insurance in Maine: Vermont, $680 a year; Concord General, $788 a year

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Vermont Mutual Insurance is the cheapest average homeowners insurance provider in Maine at $680 a year. Concord Group Insurance is the state's next-most affordable provider, with an average rate of $788 a year.

You should explore what different insurers deliver in terms of cost in comparison to policy offerings. This guide will help you find the best combo of cost and coverage.

In this article

Maine's cheapest homeowners insurance companies

Vermont Mutual Insurance has the cheapest average rate in Maine at $680 a year for home insurance. The majority of the home insurance providers we looked at in Maine have rates that are lower than the state average.

Company Average annual premium
Allstate $1,784
Concord Group Insurance $788
Farmers Insurance $1,917
Chubb $849
The Hanover Insurance Group $2,105
Quincy Mutual $1,177
State Farm $894
Vermont Mutual Insurance $680
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

How much does home insurance cost in Maine?

On average, home insurance in Maine costs $106 a month. Homeowners insurance companies calculate your premium by weighing the risks associated with various factors, including:

  • The age of your home
  • Your ZIP code
  • Materials used for construction
  • Your claim history

Home insurance providers, while usually offering similar coverages, weigh these risk factors differently. For example, one home insurer may consider the crime rate in your neighborhood to be a bigger risk factor than another company would. This results in different homeowners insurance companies offering different rates.

One way to lower your premium is by increasing your deductible. If you increase your home insurance deductible from $500 to $2,000, you can decrease your annual premium by 27%, on average.

Deductible Average annual premium
$500 $1,430
$1,000 $1,274
$1,500 $1,219
$2,000 $1,095
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

You can also customize your policy by choosing the dwelling coverage amount you need for your home. Dwelling coverage covers the structure of your home and should equal the cost of rebuilding your home. The table below shows how your annual premium can change based on dwelling coverage.

Dwelling coverage Average annual premium
$200,000 $1,056
$275,000 $1,274
$350,000 $1,510
$425,000 $1,778
$500,000 $2,067
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Compare quotes from top home insurance companies

Maine's best home insurance companies

We've found that Vermont Mutual Insurance and State Farm are the top choices for home insurance providers operating in Maine. Here's why:

Vermont Mutual Insurance: best for rates

Low average rate

$680 yearly



The NAIC Complaint Index measures the complaints policyholders file against an insurer, with the average complaint index rating being 1.0. The lower the score, the better.

  • Vermont Mutual Insurance has the cheapest average rate for home insurance in Maine, at $680 a year.
  • Vermont Mutual Insurance has community ties in the Northeast region and also has more than 800 independent agency office locations.
  • The company has an AM Best financial strength rating of A+, which shows that it's in great financial health.
  • Unlike most of its competitors, Vermont Mutual Insurance doesn't provide online quotes.
  • Vermont Mutual Insurance doesn't offer as many optional coverages compared to its competitors. However, it does offer endorsements, which provide added protection for jewelry, artwork, debris removal and more.

State Farm: Best for bundling

High J.D. Power overall customer satisfaction ranking

829 out of 1,000 points

  • In J.D. Power's 2022 U.S. Home Insurance Study, State Farm received a score of 829 out of 1,000 for overall customer satisfaction, which is higher than the average score in the study.
  • State Farm has a great multi-policy discount. You can save up to $1,073 if you have both home and auto insurance with State Farm.
  • State Farm doesn't offer many discounts.

Concord Group Insurance: Best for coverages

  • Concord Group Insurance has the second-cheapest rate for home insurance in Maine, at an average of $788 a year.
  • It offers a variety of discounts to help bring your annual premium even lower. This includes an advance quote discount, a multi-policy account credit, a paid-in-full discount, an electronic document delivery discount and more.
  • Concord Group Insurance also offers a diverse and unique set of optional coverages. This includes coverage for underground service lines that are damaged by certain perils, breakdowns of certain equipment like air conditioners and computers and more.
  • The company caters to local communities.
  • Concord Group Insurance only works with independent agents. Independent agents work with several insurance companies.

How much does home insurance cost in Maine by city?

Rates among Maine's largest cities are comparable. Average home insurance rates in Maine range from $1,170 a year in Augusta to $1,301 a year in Saco.

City Average annual premium
Portland $1,240
Lewiston $1,217
Bangor $1,242
South Portland $1,204
Auburn $1,201
Biddeford $1,254
Sanford $1,225
Saco $1,301
Westbrook $1,201
Augusta $1,170
Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Frequently asked questions

Home insurance is only required in Maine if you have a mortgage. Most lenders will require you to get home insurance. We still recommend purchasing home insurance even if you own your home outright given that homes are expensive assets.

Floods are not covered by home insurance, but you can purchase a separate flood insurance policy. The average price of flood insurance in Maine is $1,025 a year for flood policies through the National Flood Insurance Program.


Average rates for a standard HO-3 homeowners insurance policy we calculated using the following coverages:

  • $275,000 dwelling (unless otherwise noted)
  • $27,500 other structures
  • $137,500 personal property
  • $55,000 loss of use
  • $100,000 liability
  • $5,000 medical payments
  • $1,000 deductible (unless otherwise noted) 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. 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.