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.
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.
Methodology & why you can trust our rates
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.
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 | -- |
MMG Insurance | $1,071 | -- |
Vermont Mutual Insurance | $517 | -- |
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
Read our full State Farm home insurance review
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
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 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
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 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 |
|---|---|---|
Auburn | Vermont Mutual Insurance | $518 |
Augusta | Vermont Mutual Insurance | $518 |
Bangor | Vermont Mutual Insurance | $518 |
Bath | Vermont Mutual Insurance | $510 |
Belfast | Vermont Mutual Insurance | $510 |
Biddeford | Vermont Mutual Insurance | $461 |
Brewer | Vermont Mutual Insurance | $518 |
Calais | Vermont Mutual Insurance | $510 |
Caribou | Vermont Mutual Insurance | $565 |
Eastport | Vermont Mutual Insurance | $510 |
Ellsworth | Vermont Mutual Insurance | $510 |
Gardiner | Vermont Mutual Insurance | $518 |
Hallowell | Vermont Mutual Insurance | $518 |
Lewiston | Vermont Mutual Insurance | $518 |
Old Town | Vermont Mutual Insurance | $518 |
Portland | Vermont Mutual Insurance | $482 |
Presque Isle | Vermont Mutual Insurance | $565 |
Rockland | Vermont Mutual Insurance | $510 |
Saco | Vermont Mutual Insurance | $461 |
Sanford | Vermont Mutual Insurance | $467 |
South Portland | Vermont Mutual Insurance | $461 |
Waterville | Vermont Mutual Insurance | $518 |
Westbrook | Vermont Mutual Insurance | $467 |
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.
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.
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.
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.
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.
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!
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.
