The typical price of house owners insurance coverage in Maine is $1,020 per yr, or about $85 monthly, in keeping with a NerdWallet evaluation. That’s lower than the nationwide common of $1,820 per yr.
We’ve analyzed charges and corporations throughout the state to search out the very best householders insurance coverage in Maine.
Observe: Some insurance coverage firms included on this article might have made adjustments of their underwriting practices and not difficulty new insurance policies in your state. Even when an insurer serves your state, it might not write insurance policies for all properties in all areas.
Why you may belief NerdWallet
The most effective householders insurance coverage in Maine
If you happen to’re seeking to purchase householders insurance coverage from a well-rated nationwide model, take into account one among these insurers from NerdWallet’s checklist of the best homeowners insurance companies.
5.0 NerdWallet’s scores are decided by our editorial workforce. The scoring components incorporates reductions, protection choices, web site transparency, monetary power, grievance knowledge and extra. |
||
5.0 NerdWallet’s scores are decided by our editorial workforce. The scoring components incorporates reductions, protection choices, web site transparency, monetary power, grievance knowledge and extra. |
||
4.5 NerdWallet ranking NerdWallet’s scores are decided by our editorial workforce. The scoring components incorporates reductions, protection choices, web site transparency, monetary power, grievance knowledge and extra. |
||
4.5 NerdWallet’s scores are decided by our editorial workforce. The scoring components incorporates reductions, protection choices, web site transparency, monetary power, grievance knowledge and extra. |
Extra about the very best residence insurance coverage firms in Maine
See extra particulars about every firm that can assist you resolve which one is finest for you.
State Farm
Properly-established insurer with a prolonged checklist of protection choices.
Protection choices
Greater than common
Reductions
Common set of reductions
NAIC complaints
Fewer than anticipated
State Farm
Properly-established insurer with a prolonged checklist of protection choices.
Protection choices
Greater than common
Reductions
Common set of reductions
NAIC complaints
Fewer than anticipated
State Farm is a good selection for householders who prefer to work instantly with a consultant, as the corporate sells insurance policies by way of a large community of brokers. And its consideration to customer support has paid off; the corporate has fewer buyer complaints to state regulators than anticipated for a corporation of its dimension.
State Farm presents a free Ting machine as a perk for residence insurance coverage policyholders. Ting is a great plug that displays your house’s electrical community to assist stop fires.
Protection choices
About common
Reductions
Nice set of reductions
NAIC complaints
Far fewer than anticipated
Chubb
Perks and excessive protection limits for prosperous householders.
Protection choices
About common
Reductions
Nice set of reductions
NAIC complaints
Far fewer than anticipated
Chubb usually serves prosperous policyholders with high-value properties, providing lofty protection limits and loads of perks. For instance, the corporate covers water harm from backed-up sewers and drains, and pays to convey your house as much as the newest constructing codes throughout reconstruction after a declare. (Many insurers cost extra for these kind of protection.)
Chubb policyholders may additionally be capable of make the most of the corporate’s HomeScan service, which makes use of infrared cameras to search for issues behind the partitions of your house.
Vermont Mutual
4.5
Regional insurer since 1828, promoting householders insurance coverage within the Northeast by way of unbiased brokers.
Protection choices
About common
Reductions
Only a few reductions
NAIC complaints
Far fewer than anticipated
Vermont Mutual
4.5
Regional insurer since 1828, promoting householders insurance coverage within the Northeast by way of unbiased brokers.
Protection choices
About common
Reductions
Only a few reductions
NAIC complaints
Far fewer than anticipated
Based in 1828, Vermont Mutual sells householders insurance coverage by way of native unbiased brokers. The corporate stands out for service, drawing far fewer complaints than anticipated for an insurer of its dimension.
You could possibly add protection for main home equipment reminiscent of water heaters, laundry machines or photo voltaic power techniques. Different endorsements could also be obtainable to cowl id theft, harm to underground service strains, backed-up drains and theft of pricy jewellery.
Hanover
Greatest for householders in search of some ways to customise their coverage.
Protection choices
Greater than common
Reductions
Common set of reductions
NAIC complaints
Far fewer than anticipated
Hanover
Greatest for householders in search of some ways to customise their coverage.
Protection choices
Greater than common
Reductions
Common set of reductions
NAIC complaints
Far fewer than anticipated
The Hanover provides householders plenty of selections. You possibly can go for an auto/residence package deal, a coverage designed for high-value properties or a standalone coverage for the standard home. You possibly can additional customise your coverage with a variety of protection choices for issues like assured substitute price protection, which can pay as a lot because it takes to rebuild your house after a catastrophe.
The Hanover sells insurance policies solely by way of native unbiased brokers. Which means on-line quotes aren’t obtainable, however you may get private service that can assist you select the precise protection.
How a lot does householders insurance coverage price in Maine?
The typical annual price of residence insurance coverage in Maine is $1,020. That’s 44% lower than the nationwide common of $1,820.
In most U.S. states, together with Maine, many insurers use your credit-based insurance score to assist set charges. Your insurance coverage rating is comparable however not an identical to your conventional credit score rating.
In Maine, these with poor credit score pay a mean of $2,085 per yr for householders insurance coverage, in keeping with NerdWallet’s price evaluation. That’s 104% greater than these with good credit score.
Common price of house owners insurance coverage in Maine by metropolis
How a lot you pay for householders insurance coverage in Maine is dependent upon the place you reside. For example, the common price of residence insurance coverage in Portland is $1,035 per yr, whereas householders in Bangor pay $1,000 per yr, on common.
The most affordable residence insurance coverage in Maine
Listed below are the insurers we discovered with common annual charges beneath the Maine common of $1,020
4.5 NerdWallet ranking NerdWallet’s scores are decided by our editorial workforce. The scoring components incorporates reductions, protection choices, web site transparency, monetary power, grievance knowledge and extra. |
||
5.0 NerdWallet’s scores are decided by our editorial workforce. The scoring components incorporates reductions, protection choices, web site transparency, monetary power, grievance knowledge and extra. |
||
4.0 NerdWallet ranking NerdWallet’s scores are decided by our editorial workforce. The scoring components incorporates protection choices, buyer expertise, customizability, price and extra. |
||
What to find out about Maine householders insurance coverage
When searching for residence insurance coverage in Maine, householders ought to take into account the dangers they might see, together with extreme winter climate, flooding, coastal storms and wildfire.
Winter climate
Maine’s snowy season can run from October to Might, which implies heavy snowfall and freezing temperatures. Each of those can spell catastrophe for householders, together with roof harm, burst pipes and structural points attributable to the burden of snow and ice.
Owners insurance coverage usually covers winter storm-related damages, however some kinds of winter climate harm might require further protection. For example, you’ll sometimes want a separate flood insurance coverage coverage to cowl flood harm attributable to snowmelt.
Flooding
Heavy rain or snowmelt could cause flooding throughout the state of Maine. Vital water harm can lead to excessive restore prices for householders, and customary residence insurance coverage insurance policies don’t cowl flooding. Consequently, householders in flood-prone areas ought to take into account shopping for separate flood insurance.
To search out out your threat, take a look at the Federal Emergency Administration Company’s flood maps and RiskFactor.com, a web site from the nonprofit First Avenue Basis. Even when your property is deemed low threat, it might be worthwhile to buy flood insurance coverage for further peace of thoughts.
Do not forget that whereas you should buy flood protection at any time, there’s sometimes a 30-day ready interval earlier than the insurance coverage takes impact. Right here’s extra details about flood insurance and waiting periods.
Hurricanes and coastal storms
Hurricanes are much less frequent in Maine than within the extra southerly states, however coastal storms of every kind nonetheless harm Maine property. Normal residence insurance coverage sometimes covers harm attributable to storms, however learn your coverage fastidiously, as you’ll have separate deductibles for hurricanes and wind.
Hurricane deductibles could be from 1% to 10% of your dwelling protection, or typically they could be a flat price. For instance, your coverage might have a $1,000 deductible for many claims and a 2% deductible for hurricane-related claims. If your house has $200,000 of dwelling protection, you’ll be liable for $4,000 earlier than your insurance coverage pays for the remainder of the hurricane-related harm.
Do not forget that additionally, you will want a separate flood insurance coverage coverage to guard in opposition to flooding as a consequence of coastal storms.
Wildfire
Wildfires are frequent in Maine, particularly in wooded and rural areas. Whereas the harm attributable to hearth is often lined by customary residence insurance coverage, it’s important to know the boundaries of that protection.
Residents of high-risk areas ought to learn their insurance policies carefully to know any exclusions. Pay explicit consideration to the dwelling protection restrict, which is how a lot the insurance coverage firm can pay to rebuild your home. Test along with your insurer to make sure you have sufficient protection to rebuild if crucial.
Maine insurance coverage division
The Maine Bureau of Insurance oversees the state’s insurance coverage trade and maintains a web site that gives shopper sources on householders insurance coverage.
If you have to file a grievance in opposition to your insurer, you are able to do so on-line or by mail. Don’t hesitate to contact the bureau with questions or for assist along with your grievance at 800-300-5000 or [email protected].
In search of extra insurance coverage in Maine?
Is householders insurance coverage required in Maine?
Does Maine householders insurance coverage cowl flooding?
How can I get monetary savings on householders insurance coverage in Maine?
Amanda Shapland contributed to this story.