Learn more about renters insurance in Maine.Get Renters Insurance
Renters insurance is an optional — but important — product that works to keep your belongings safe in the event your rental property suffers damage from common incidents. A renters policy protects household items in the event of fire, smoke damage, a wind storm, theft or vandalism and an array of other mishaps.
Unlike auto insurance, renters insurance isn't priced based on state-level legislation. Still, there are surprisingly large gaps in the cost of renters insurance policies by state. Renters insurance policy costs in a given state may vary depending on the number and cost renters claims submitted across the state, and also on the value of the belongings being insured.
Maine renters insurance is less expensive than the national average. The typical annual renters insurance rate in Maine is $155, $29 less expensive than the national average.
The best way to find affordable renters insurance in Maine is to compare rates from multiple companies. Find out renters insurance rates in Maine by reviewing the below data. Individual rates may vary depending on coverage options and the value of your belongings.
Rates for renters insurance in Maine will vary depending on the insurance company you select. Vermont offers the most affordable renters policies in Maine, at just $100 yearly. This beats the state average cost of $155, offering a 35% discount on average policy costs statewide.
Start your search for a renters policy by checking out the cheapest Maine companies, listed below.
|Insurance Company||Average Annual Rate in Maine|
Not all Maine cities have equal renters insurance rates. Rates are determined based on on city-specific variables, such as the number of local claims filed, giving your ZIP code weight in deciding how much you pay.
The cheapest renters insurance rates in Maine are in Rockland. The average renters insurance policy in Rockland costs $144 per year — $42 less than the statewide average. The below cities have the most affordable renters insurance in Maine.
|City||Average Yearly Renters Insurance Rate|
The cost of your renters insurance policy will be influenced by the amount of coverage you opt to carry. Two of the most common levels of renters insurance coverage are $25,000 and $50,000 property coverage. In Maine, the difference in annual premium between these two tiers is roughly $60. If you can afford to insure your personal property at this additional expense, purchasing more coverage might not be a bad idea.
|Coverage Level||Average Annual Renters Insurance Rate in Maine|
If you want to save on insurance, consider purchasing both your car and renters insurance policies from one company. A renters and auto insurance bundle in Maine can save you a substantial sum each month on your auto insurance policy. In fact, bundling policies in Maine may earn you a yearly discount of $35.
|Avg. Annual Rate (No Bundle)||Avg. Annual Rate (w/ Bundle)||Annual Savings ($)||Annual Savings (%)|
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.