Compare Homeowners Insurance Quotes In Maine

On average, your neighbors pay $68 a month.

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Best Home Insurance Rates 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

Maine has some of the lowest homeowners insurance premiums in the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Maine was $811, much lower than the national average of $1,132. Only nine states have lower average home insurance rates than Maine.

Maine Average Annual Homeowners Insurance Rates
  2012 2013 2014
Maine Annual Average $741 $776 $811
Maine Price Per Month $62 $65 $68
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 42 42 42
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Maine should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the cheapest rates is to compare homeowners insurance quotes in Maine from multiple companies.

Best Maine Home Insurance Companies

Last year, these were the 10 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 Insurance
  3. Progressive Casualty
  4. AAA Insurance Co.
  5. Geico
  6. MetLife
  7. Travelers Insurance
  8. Nationwide
  9. Hartford Insurance Co.
  10. USAA
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Maine that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Maine Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Liberty Mutual $42,876 11.7%
2 Allstate $25,816 7.0%
3 Concord General Mutual Insurance Co. $22,460 6.1%
4 MMG Insurance Co. $19,948 5.4%
5 Tower Group International Ltd. $17,289 4.7%
6 USAA Insurance Group $17,170 4.7%
7 The Hanover Insurance Group $16,690 4.6%
8 Travelers Companies Inc. $16,473 4.5%
9 Quincy Mutual Fire Insurance Co. $16,207 4.4%

Financial Strength Ratings of Top Maine Home Insurers

Source: A.M. Best (Ratings as of 8/24/2015)

  • Liberty Mutual: A
  • Allstate: A+
  • Concord General Mutual Insurance Co.: NR
  • MMG Insurance Co.: A
  • Tower Group International Ltd: A-
  • USAA Insurance Group: A++
  • The Hanover Insurance Group: A
  • Travelers Companies Inc.: A+
  • Quincy Mutual Fire Insurance Co.: A+
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Rating Guide

Maine Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Liberty Mutual $192,356 9.8%
2 Maine Employers Mutual Insurance Co. $129,760 6.6%
3 The Hanover Insurance Group $100,790 5.1%
4 Progressive Group $96,7723 4.9%
5 Travelers Companies Inc. $91,643 4.7%
6 WR Berkley Insurance Corp. $86,046 4.4%
7 Allstate $81,749 4.2%
8 MMG Insurance Co. $64,633 3.3%
9 Geico $61,633 3.1%
*Represents both home and auto insurance

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 Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Eric Cioppa
Insurance Hotline:
(800) 300 – 5000  
Office Hours:
Monday - Friday
8:00 am to 4:30 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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