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Renters insurance is a critical — and affordable — form of insurance. It keeps your things safe in the event your rental property suffers damage from a common incident. A renters policy defends belongings in the event of fire, smoke damage, wind, theft or vandalism, and a number of other situations.Unlike auto insurance, renters policies aren’t governed by state legislation. Even so, there are surprisingly large variations in the cost of renters policies by state. Renters insurance policy rates in US states may vary depending on the number and value of renters claims filed in that particular state, and depend on the value of the belongings being insured.
Maine renters insurance is less expensive than the US average. The average annual cost of renters insurance in Maine is $155, $29 less expensive than in other states.
The best way to get an affordable renters insurance policy in Maine is to get quotes from multiple companies. Learn renters insurance costs in Maine via the below breakdown. Your rates may vary, depending on your coverage details and the value of your belongings.
Prices for renters insurance in Maine will vary depending on which insurer you use. Vermont offers the cheapest renters insurance policies in Maine — $100 yearly. This compares favorably to Maine's average price of $155, offering a 35% discount on rates typical to the state.
Get a head start on looking for a renters policy by reviewing the cheapest Maine companies, detailed below.
|Insurance Company||Average Annual Rate in Maine|
Renters insurance rates in Maine differ by city. Policies are often priced on local variables such as the number of local claims filed, lending your ZIP code plenty of weight in deciding how much you pay.
The cheapest renters insurance rates in Maine are available in Rockland. A typical renters insurance term in Rockland totals just $144 per year — $42 less than the average policy in other Maine cities. The below table shows the best places to live in Maine if you’re looking for cheap renters insurance.
|City||Average Yearly Renters Insurance Rate|
If you're trying to save, consider holding your renters and auto policies with the same insurance company. A renters and car insurance bundle in Maine can save you a substantial sum each month on your auto insurance bill. In fact, bundling policies in Maine may earn you average annual savings of $35.
|Avg. Annual Auto Insurance Rate (No Bundle)||Avg. Yearly Auto Insurance Rate (Bundle)||Annual Bundle Savings||Bundle Savings %|
You can save money on insurance by bundling your renters and auto policies. Compare rates today!
Maine state law does not designate renters insurance as a mandatory coverage. Before you sign a lease, however, many landlords or property management companies will require it.
Typically, a renters insurance policy will provide property coverage for the contents of your home, liability insurance, additional living expenses, and medical payments to others. These coverage options are flexible and there is no state minimum in terms of limits.