Best homeowners insurance in Maine for 2022

Gianetta Palmer

By 

Gianetta Palmer

Gianetta Palmer

Freelance contributor

Gianetta Palmer is a freelance writer who lives in the Georgia mountains. Her writing on health and car insurance, has appeared on numerous sites.

Updated

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Maine’s wet and foggy climate can be trouble if your home is exposed to the elements where mold and mildew can take root. However, despite the damp elements, the average cost of homeowners insurance in Maine is $1,103 per year or $92 a month. This is around 42% lower than the national average of $1,899. 

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However, the cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in Maine.  

Best homeowners insurance companies in Maine

Of the companies we looked at, Vermont Mutual has the lowest home insurance rates in Maine, with an average annual policy cost of $517 per year — a little less than half of the state average. State Farm has the next lowest average rates at $1,053 per year.

Policygenius analyzed thousands of quotes from the 5 largest Maine insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of Maine residents to find the best homeowners insurance in Maine.

Company

Average yearly cost

J.D. Power Rating

State Farm

$1,053

835

Allstate

$1,398

829

The Hanover

$1,967

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MMG Insurance

$1,071

--

Vermont Mutual Insurance

$517

--

State Farm

State Farm logo

There's a reason State Farm is one of the top-rated insurance companies in the U.S. — its customer satisfaction ratings are through the roof, it offers a slew of coverage add-ons for full protection, and makes filing claims through its mobile app a breeze.

Pros

  • Top-tier coverage add-ons, including equipment breakdown, water backup, and service line coverage

  • Get up to $1 million in personal liability coverage

  • Score discounts for bundling, installing security devices, and choosing a high deductible

  • File and track claims online, over the phone, in person, or through its mobile app

  • High customer satisfaction and financial strength ratings

Cons

  • No discounts for first-time homebuyers or going a year without a claim

Why State Farm tops our best list

State Farm scored an impressive 835 out of 1,000 in .D. Power’s 2021 home insurance study. State Farm offers a complete line of policy options for every budget and coverage need. And with its easy-to-use digital tools, customers can file and track claims, access and make changes to their account, and even pay their monthly premium from the State Farm website or mobile app.

How to get a quote

Online through State Farm

Allstate

Allstate logo

Allstate's mix of exceptional customer satisfaction ratings, personalized coverage options, and numerous discount opportunities make it one of the most popular homeowners insurance companies on the market.

Pros

  • Several coverage add-ons, including ones for roof surfaces, water backup, green improvements, and mold protection

  • 8+ discounts, including autopay, bundling, zero claims, and new homebuyer

  • Get up to 25% off your premiums when you bundle home and auto insurance

  • Excellent customer service and claims satisfaction ratings

  • File and track claims online or through its mobile app

Cons

  • Rates are typically high compared to competitors

Why Allstate tops our best list

Allstate customers know the easiest way to save on coverage is by bundling home and auto insurance policies into a single plan. Another reason Allstate made our list is that it has excellent customer and claims satisfaction ratings from J.D. Power, which means Allstate can be relied upon to be there when customers need them the most.

How to get a quote

Online through Policygenius and Allstate

The Hanover

The Hanover logo

The Hanover offers multiple customizable coverages for every type of home, including a standard policy, an excellent home and auto bundling package, and a policy designed for high-value homes.

Pros

  • Special policy for high-value homes includes a cash settlment option if you decide not to rebuild after a total loss

  • Get up to $100,000 in scheduled property coverage for expensive jewelry, artwork, and more

  • Only pay one deductible when you bundle policies and your home and car are damaged in the same event

  • Excellent coverage add-ons, including guaranteed replacement cost, equipment breakdown, water backup, and matching roof and siding insurance

  • Decent ratings with third-party review sites

  • File claims online or through its mobile app

Cons

  • No information about available discounts online

Why The Hanover tops our best list

The Hanover offers customizable coverage options for every homeowner, and clients can find discounts by bundling their home and auto insurance policies. If you bundle your home and auto insurance with The Hanover, you only have to pay one deductible on claims for damage to your home and car, as long as they’re damaged in the same event. Customers can file claims online or through the mobile app.

How to get a quote

Online through The Hanover

MMG Insurance

MMG Insurance logo

An East Coast insurance staple since the '80s, MMG offers excellent coverage options not always found with its competitors, as well as a vetted contractor network that makes scheduling repairs after a covered loss as easy as possible.

Pros

  • Robust policy options, including computer coverage, earthquake insurance, water backup coverage, and personal injury protection

  • Optional extended replacement cost and personal property replacement cost coverage

  • Preferred contractor program helps you find a vetted professional to repair your home after a covered loss

  • File claims online

  • Great industry reputation

Cons

  • Doesn't offer a flood insurance endorsement — will need to purchase coverage elsewhere

Why MMG tops our best list

MMG offers comprehensive home insurance and high-quality additional coverages like computer coverage, water backup coverage, and personal injury protection, all at affordable prices. We love MMG because it has a vetted contractor network to help you make repairs after a covered loss, so you won’t have to worry about being taken advantage of during a stressful time.

How to get a quote

Online through MMG 

Vermont Mutual

Vermont Mutual logo

Vermont Mutual began slinging insurance all the way back in 1828, making it one of the oldest property and casualty insurers in the country. Today, it offers home insurance coverage with a special program for homeowners who run a business from home.

Pros

  • Policy add-ons include equipment breakdown coverage and underground service lines protection

  • Special home business endorsement offers coverage for your in-home business

  • Excellent customer service reviews

  • Industry-best financial ratings

Cons

  • Can't file a claim online — must call to speak to a representative

  • No information about discounts available online

Why Vermont Mutual tops our best list

Vermont Mutual has been around since 1828, making it one of the oldest insurance companies in the country. It offers a complete line of home insurance policy and coverage options, including equipment breakdown coverage and underground service lines protection, which is excellent for homeowners who run a business from home.

How to get a quote

Online through Vermont Mutual 

Cheapest homeowners insurance companies by city in Maine

Looking at average home insurance costs for the 15 most popular insurers in Maine, we found that the cheapest homeowners insurance companies in the state are Vermont Mutual, State Farm, and MMG.

The average Vermont Mutual rate in Bangor is $518 per year — less than half of the state average. Meanwhile, residents in Portland enjoy even lower rates with Vermont Mutual, at $482 per year.

City

Company

Average yearly cost

Abbot

Vermont Mutual Insurance

$551

Acton

Vermont Mutual Insurance

$467

Addison

Vermont Mutual Insurance

$510

Albion

Vermont Mutual Insurance

$518

Alfred

Vermont Mutual Insurance

$467

Alna

Vermont Mutual Insurance

$510

Andover

Vermont Mutual Insurance

$551

Anson

Vermont Mutual Insurance

$551

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Shopping for homeowners insurance in Maine

Shopping for home insurance in Maine may seem like a chore you don’t want to do, but the best way to keep your family protected is by having a home insurance policy from a reputable company.

In this section, we break down the average annual home insurance rates in Maine for different coverage and deductible levels, as well as the cheapest and most expensive home insurance companies for dog and pool owners.

Maine home insurance costs by coverage amounts

Dwelling coverage is the part of your home insurance policy that pays to repair or replace your home after a covered loss. Your dwelling coverage limit should be equal to your home’s actual replacement cost, and not the current market value.

With average Maine home prices in the $300,000 range, homeowners with dwelling coverage limits of $300,000 can expect to pay $92 each month for home insurance. By comparison, a house with $500,000 of dwelling coverage costs about $145 each month to insure.

Dwelling coverage amount

Average yearly cost

$100,000

$477

$200,000

$785

$300,000

$1,103

$400,000

$1,411

$500,000

$1,745

Personal liability coverage is the portion of your home insurance policy that pays for the legal, medical, or repair bills if someone is injured or their property is damaged, and you’re found to be legally responsible.

Liability coverage amount

Average yearly cost

$100,000

$1,088

$200,000

$1,077

$300,000

$1,103

$400,000

$951

$500,000

$1,145

Maine home insurance costs by deductible amount

Your deductible is the amount you’re responsible for paying before your insurer will begin to pay for a covered claim. A lower deductible means higher overall rates, but lower out-of-pocket expenses if the event of a claim.

As you can see in the table below, Maine residents can save around $150 on home insurance by choosing a $2,000 deductible over the $500 option.

Deductible amount

Average yearly cost

$500

$1,228

$1,000

$1,103

$2,000

$1,073

Home insurance discounts in Maine

Home security is important to keep your family safe and protected. You may see reduced home insurance rates if your home has smoke detectors, deadbolt locks, or a burglar alarm. Here is the average annual rate for homes in Maine with the security features mentioned above.

Discount

Average yearly cost

Dead bolt

$1,102

Smoke alarm

$1,100

Burglar alarm

$1,055

Home insurance companies in Maine for dog owners

Dogs may be “man’s best friend,” but if your insurer considers your dog to be a dangerous breed, you may pay more for home insurance. 

With an average rate of $43 per month, Vermont Mutual has the cheapest home insurance rates in Maine for a home with a dangerous dog breed, while The Hanover has the highest average rate.

Company

Average yearly cost

Vermont Mutual Insurance

$517

State Farm

$1,053

MMG Insurance

$1,071

Allstate

$1,398

The Hanover

$2,017

Home insurance companies in Maine for poor credit

If you’re behind on your rent or car payments, you may begin to see higher home insurance rates. Insurance companies consider a poor credit score to be an indicator of risky behavior and an increased risk of filing an insurance claim.  

With an average rate of $914 per year, Vermont Mutual has the cheapest home insurance rates in Maine for a homeowner with poor credit. Meanwhile, The Hanover rates are the highest of the providers we analyzed, with a $4,527 yearly rate.

Company

Average yearly cost

Vermont Mutual Insurance

$914

MMG Insurance

$1,268

State Farm

$1,796

Allstate

$2,485

The Hanover

$4,527

Home insurance companies in Maine for pool owners

While having a swimming pool in Maine might not be for some folks because of its proximity to the ocean, it’s still a great way to relax with family and friends. Unfortunately, some home insurance companies consider swimming pools to be a risk, meaning there’s a higher likelihood of liability claims, and will charge you higher rates if you have one on your property.

With an average rate of $517 per year, Vermont Mutual has the cheapest home insurance rates for Maine homes with a swimming pool, while The Hanover has the most expensive rates at $2,088 per year.

Company

Average yearly cost

Vermont Mutual Insurance

$517

State Farm

$1,053

MMG Insurance

$1,071

Allstate

$1,398

The Hanover

$2,088

How to buy homeowners insurance in Maine

You’ll want to be sure you’re protected from the elements in Maine, and there’s no better way to do that than by having a solid home insurance policy.  

  1. Reach out to a licensed Policygenius agent. Our team of knowledgeable home insurance experts will help you find quotes from several companies based on your needs — at no cost or obligation to you.

  2. Ask if you should purchase flood insurance. With a constant threat of heavy rain and coastal storms, homeowners in Maine should talk to a Policygenius about flood insurance.

  3. Figure out how high of a deductible you can afford.A higher deductible means you’ll pay less upfront for your insurance, but a larger chunk when it's time to file a claim. A Policygenius agent can help you pick out a deductible that works within your budget.

  4. Compare quotes from a Policygenius agent.Once you’ve identified your coverage needs, limits, and deductibles, a Policygenius agent will send over quotes from a few companies to see which ones work best for you.

  5. Sign the policy, and pay your first premium. After you’ve chosen the plan you want, Policygenius will do all of the paperwork for you. All you need to do is sign on the dotted line and pay your first premium. It’s that simple!

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Frequently asked questions

What is the average cost of home insurance in Maine?

The average home insurance rate in Maine is about $92 a month for $300,000 in dwelling coverage. That’s about $50 less per month than the national average.

Is it mandatory to have home insurance in Maine?

You aren’t legally required to have home insurance in Maine, but if you have a mortgage on your home, your lender will likely require you to purchase a policy.

How can I lower the cost of my home insurance in Maine?

An easy way to lower the cost of your home insurance in Maine is to ask your provider about any discounts available to you, like autopay, e-billing, or bundling policies. Many companies offer savings of up to 25% when you bundle your home and auto insurance.

Methodology

Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:

  • Dwelling: $300,000

  • Other structures: $30,000

  • Personal property: $150,000

  • Loss of use: $60,000

  • Liability: $300,000

  • Medical: $1,000

All rates based on the above coverage limits except where otherwise noted.

Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.