Homeowners Insurance in Maine

Finding a homeowners insurance policy doesn’t need to be confusing. Compare rates by city and company below.

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How to get cheap homeowners insurance in Maine

Home insurance is an optional but important insurance coverage. It keeps your investment insured in the event your house suffers damage from a common incident. A homeowners policy protects your dwelling, attached buildings, and personal property in the event of an array of misfortunes, including fire, theft, vandalism, or wind damage.

Unlike auto insurance, homeowners insurance isn't priced based on state legislation. That said, major gaps exist in homeowners insurance costs from state to state. Policy costs in a given state vary based on the number and total value of home insurance claims in that state, and depend on the value of the dwelling and belongings being insured.

The best way to find affordable homeowners insurance in Maine is to get quotes from as many insurers as possible. Learn more about typical homeowners insurance rates in Maine via the below breakdown. Individual rates may vary depending on coverage options.

 

Maine home insurance:
  1. By company
  2. Rates by city
  3. Bundling discounts
  4. FAQs

 

Homeowners insurance prices in Maine by insurer

Homeowners insurance rates in Maine vary depending on which insurance company you select. MetLife provides the cheapest home insurance in Maine, at only $478 per year. This compares favorably to the state's average rate of $961, offering a $483 price break on the state's average rate.

Start your search for home insurance by reviewing the cheapest Maine carriers, listed below.

 

HOME INSURANCE RATES IN MAINE: BY COMPANY
Insurance CompanyAverage Annual Rate in Maine
MetLife$477.79
Liberty$529.71
Vermont$552.97
Concord$614.82
Patriot Insurance$649.00

 

Maine homeowners insurance by city

Not all Maine cities have the same home insurance rates. Policies are often priced on city-specific variables, such as the number of claims filed nearby, lending your ZIP code plenty of weight in deciding how much you pay.

The best home insurance rates in Maine are in Gorham. An average home insurance policy in Gorham costs $875 every 12 months — $85 less than the statewide average. Reference the below table to see the cheapest cities in Maine for home insurance.

 

AFFORDABLE HOME INSURANCE CITIES IN MAINE
CityAverage Annual Home Insurance Rate
Gorham$875.33
Westbrook$888.67
South Portland$893.69
Presque Isle$898.08
Belfast$906.42

 

Maine insurance bundling discounts: home + auto

If you want to save on homeowners insurance, consider carrying your home and auto policies with the same insurance company. Bundling homeowners and auto insurance in Maine can lead to substantial savings on your auto insurance policy. In fact, bundling policies in Maine may earn you a yearly discount of $99.

 

HOME AND AUTO INSURANCE BUNDLING SAVINGS IN MAINE
Avg. Yearly Auto Insurance Rate (No Bundle)Avg. 12-Month Auto Insurance Rate (Bundle)Annual Bundle SavingsBundle Savings %
$873.00$774.00$99.0013%

 

Maine home insurance FAQs

Can I insure my home for market value in Maine?

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.

Do homeowners insurance policies in Maine cover radon gas?

Homeowners insurance covers unexpected perils. Although longterm radon gas exposure could be hazardous, it is naturally occurring and is not a sudden event caused by an accident.

 

Hurricane insurance in Maine

Hurricane insurance itself isn't actually offered as its own product, though most perils associated with these storms are covered by many standard home insurance policies. However, it is not uncommon for insurance companies to apply special deductibles known as "windstorm" or "hurricane" deductibles in areas at risk of such storms. Only triggered in certain conditions, these specialized deductibles work differently than the deductible for a standard peril. For a start, they are oftentimes more expensive, based on a percentage of your home's overall value. There is one peril, however, that is almost never covered by a typical homeowners policy: flooding. Flood coverage almost always must be obtained through the National Flood Insurance Program.

Some of the cheaper options for Maine hurricane coverage can be found below. Please treat the following rates as mere estimates. For rates specific to your property, it's best to reach out to these companies directly.

 

AFFORDABLE HOMEOWNERS HURRICANE COVERAGE IN MAINE
CompanyAverage Annual Earthquake Insurance Rate
MetLife$330
Pacific$464
Vermont$481
Concord$559
Patriot$572