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Homeowners insurance may be optional, but it's important. It helps to protect your belongings in the event your house is damaged. A homeowners policy protects your home and your items in the event of a number of misfortunes, such as fire, theft, vandalism, or wind damage.
Unlike car insurance, homeowners insurance isn't priced specifically by state. That said, there are major differences in home insurance rates from state to state. Insurance policy costs in a given state diverge depending on the value and number of homeowners claims filed in the state, and depend on the price of the belongings and home you're insuring.
The easiest way to find a cheap home insurance policy in Maine is to view prices from multiple companies. Find out homeowners insurance costs in Maine by referencing the below data. Remember: your home insurance rates will vary, depending on your coverage limits.
Homeowners insurance rates in Maine can vary depending on the insurance company you choose. MetLife offers the most affordable homeowners insurance in Maine — only $478 each year. This compares favorably to the state mean cost of $961, providing a $483 price cut on average policy costs statewide.
Begin your search for a homeowners insurance policy by reviewing the best Maine home insurance carriers, listed below.
|Company||Average Annual Rate in Maine|
Not all Maine cities have the same home insurance rates. Policy pricing depends on city-specific variables like the number of claims filed in the immediate area, giving your ZIP code weight in deciding how much you pay.
The best home insurance rates in Maine are available in Gorham. The average homeowners insurance policy in Gorham runs only $875 per year — $85 less than the average homeowners policy in other Maine cities. Reference the below table to see the cheapest cities in Maine for home insurance.
|City||Average Yearly Home Insurance Rate|
Your chosen level of homeowners coverage has an impact on the insurance premiums you pay . In Maine, maintaining $100K dwelling coverage costs an average of $450 per year, while carrying dwelling coverage up to $400K costs $1,329/year.
|Coverage Level||Average Annual Cost|
Among the many options homeowners face when buying homeowners insurance is how high or low to set the deductible. The deductible is the total dollar amount that the insured contributes toward a covered loss. Where you choose to set your homeowners deductible is directly related to the overall cost of your coverage.
A good rule of thumb is: the lower your deductible, the higher your premium. Therefore, consider a higher deductible if you aim to secure lower rates. Bear in mind that your deductible should not be set at an amount that you would have difficulty paying in the event of a loss.
Take a look at may of the normal deductibles offered by insurers and an approximation of average homeowners insurance rates.
|Deductible Level||Average Annual Homeowners Insurance Rate|
If you want to save on insurance, consider purchasing your homeowners and car insurance policies from the same company. Bundling auto and homeowners insurance in Maine can save you a substantial sum each month on your auto insurance bill. Bundling policies in Maine leads to a yearly discount of $99.
|Avg. Annual Auto Insurance Rate (No Bundle)||Avg. Annual Auto Insurance Rate (Bundle)||Annual Bundle Savings||Bundle Savings %|
You can save money on insurance by bundling your home and auto policies. Get started today!
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Typically homeowners insurance will require you to carry enough insurance for at least 80% of your home's replacement cost, as insurers only use replacement cost valuation if you suffer a covered loss.
Homeowners insurance covers against unexpected perils. Although longterm radon gas exposure could be hazardous, it is naturally occuring and is not a sudden event caused by an accident.