Maine’s average annual homeowners premium sits about $300 below the national average, but times are changing. The rise in Atlantic storms has brought higher insurance premiums, along with new ways for insurers to save themselves money – and pass some of their financial burden onto you. It is still possible to get affordable home insurance in Maine, but you have to do your homework. Premiums vary widely based on the location, company, and homeowner, so the only way to find out what’s available to you is to get some quotes. You can start here with our quote tool. Enter your ZIP code and start comparing.
How We Found the Best Homeowners Insurance in Maine
We used a methodology similar to our national homeowners insurance review to find the best Maine home insurance providers. First, we looked at which companies were the largest by market share. We checked with A.M. Best and other financial strength rating agencies to ensure that they were all financially sound and able to pay out claims when necessary. Then, we evaluated them based on their coverage options, policy endorsements, discounts, and website. To learn how well the companies lived up to their promises, we relied on J.D. Power and Consumer Reports’ customer satisfaction studies. Finally, we spoke to the representatives and got quotes for ourselves.
Maine Homeowners Insurance Reviews
Claims handling is arguably the most important factor to consider when choosing a home insurer, and State Farm rates well among customers in this area. From J.D. Power, it earned a 4/5 overall and ranked the highest of our other picks. It also scored well with Consumer Reports readers for the simplicity of the claims process, damage amount, and timeliness of the payment.
Unfortunately, these high ratings are usually accompanied by a high price tag. State Farm gave us our most expensive quotes and was twice as expensive as our cheapest option, Liberty Mutual. For example, one Maine home scenario was quoted for $1,067 from State Farm and $530 from Liberty Mutual. There are discounts you may be eligible for, that can balance your price better. Bundling your homeowners and auto insurance with State Farm, remaining claim-free. and installing protective devices like fire alarms, are some of the easiest ways to save. You’ll also earn a discount if you update your utilities or install an impact-resistant roof. And you can always opt for a higher deductible. State Farm gives Maine residents a choice between a standard deductible and a percentage deductible. We advise asking for quotes in both formats, to find your cheaper value.
State Farm is the only company besides Liberty Mutual that enables you to purchase a policy online without speaking to an agent. In order to do this, you must know detailed information about your home’s construction and enter it into the 360Value tool to get your quote. In fact, State Farm’s online quote process was the most detailed of all the insurers we looked at. It will ask for specifics like the percentage of carpet-covered floors and the number of corners in your home’s framing. We recommend arming yourself with floor plans, your insurance history, a home inventory, and details about your home construction, in order to get the most accurate online quote. Or if you’re not sure what you need, you can contact State Farm and one of its agents will walk you through the process.
Liberty Mutual came in as the most affordable provider in our quote analysis. And it’s no wonder with the impressive list of 12 discounts it offers. You can earn all the standard ones, like multi-policy and claim-free, as well as more unique discounts like being an early shopper, and having a new or renovated home. You may also be eligible for savings if you’re in a certain line of work, like teaching.
You can’t do much better if you’re looking to customize your policy with endorsements. Liberty Mutual goes beyond the standard scheduled valuables and replacement cost endorsements to offer unique coverages like Inflation Guard. This adjusts the value of your policy to keep up with the rate of inflation, so you’re always getting the exact amount of coverage that you signed up for. There’s also water backup protection and ordinance and law coverage, which pays to bring your home up to code following a disaster.
Like State Farm, Liberty Mutual enables you to purchase a homeowners policy right online. You’ll need to know detailed information about your home’s construction, like what kind of shingles you have and what percentage of your home’s flooring is carpet. Once you get your quote, you can customize your coverages and purchase with a credit card. Liberty Mutual opts for a traditional deductible instead of a percentage and it starts at $500.
Allstate usually offers home insurance quotes online, but unfortunately, it doesn’t for Maine residents and we were advised to contact a local agent for further information. It’s not the most convenient when you just want a quick estimate, but it ended up being worth the call. Our agent was friendly and knowledgeable, and he gave us insights into Maine home insurance coverages that only a local would know. It took a little longer, but we were able to get an accurate quote and all of our questions answered as well.
Its rates were pretty affordable, coming in just slightly above Liberty Mutual’s. But, like with all insurance policies, your price will vary based on your personal profile. One of those factors is discounts, and Allstate offers the most of all the companies on this list – 14 by our count. Some of these, like the welcome and senior discounts, aren’t offered by any other company. If you qualify for a few of these, you could see your premium costs drop significantly.
Another way you can save is by enrolling in Allstate’s Claim-Free Rewards. This is an optional coverage that gives you a bonus check every year you go without filing a claim. Hand in hand with that is the Claim RateGuard endorsement. This coverage is unique to Allstate and works like accident forgiveness for your car. As long as you have it, you don’t have to worry about your rates going up after your first claim.
The Hanover operates quite differently from other insurers on our list. It scored a measly 2/5 overall in J.D. Power’s customer satisfaction survey, but it scored a 5/5 in the claims satisfaction metric. Part of this may have something to do with the fact that policies are sold through a network of independent agents. Different agents could account for the variance in customer service while the claims experience would remain consistent across all customers.
You can manage your policy online once you’re signed up, but you have to call if you want a quote. The advantage of working with independent agents is that you can compare multiple companies at once. The disadvantage is you have to wait for them to get back to you with the price. And in our case, our agent forgot to do that.
Still, it’s worth taking a closer look at The Hanover to see what it has to offer. There are several unique endorsements, like equipment breakdown coverage and extended replacement cost. It also offers some rare deductible options. If you bundle your home and auto insurance, you can get a single deductible for both. You can also purchase a special deductible waiver, so you don’t have to pay anything out of pocket for losses over $50,000.
The independent agent we spoke to referred to MMG Insurance as one of her favorites and said it was very easy to work with. While we’d love to be able to support that claim, we just don’t have the evidence to do so. MMG Insurance is a small regional insurer and it’s not big enough to make large national surveys like J.D. Power’s or Consumer Reports’. Consequently, it’s hard to get a read on how well it treats customers and how complicated the claims process is.
There isn’t much information on its website, either. Because MMG Insurance is sold through independent agents, the website does little more than direct you to contact a local agent. You have to talk to them if you’re interested in getting a quote or learning more about their endorsements and discounts. Once you have a policy, however, you can manage it online just as you would with a company like Allstate or State Farm.
While we may not be able to recommend MMG Insurance above the other companies on this list, we encourage you to get a quote from it anyway. Shopping around and comparing quotes is the best way to get a great price. And the fact remains that MMG is one of the top five home insurers in the state, which says something about its popularity among homeowners.
Known for providing customer-friendly service and quickly settling claims, USAA is an excellent option if you qualify for its services. Reserved for military personnel and immediate family, USAA earned a 5/5 in all of J.D. Power’s categories: claims, interactions, billing process and policy information, price, policy offerings, and overall satisfaction. J.D. Power’s 2018 U.S. Home Insurance Study ranked USAA 891/1000, and the provider earned a 904/1000 rating on J.D. Power’s Property Claims Study. USAA also nabbed a Financial Strength Rating of A++ from A.M. Best — the highest rating possible.
USAA offers its services to current military members, including active duty, Guard, Reserve, and Officer candidates (ROTS, OTS/OCS, and Academy), military vets and retirees who have served honorably, spouses of current former service members, and children of USAA members.
Guide to Homeowners Insurance in Maine
Research different quotes
Homeowners insurance is relative to each individual, where you live, how much your home is worth, the amount of coverage you choose, and more factors which can influence your annual premium. You won’t know which provider offers what price until you’ve compared personalized quotes. We suggest researching and receiving quotes from all five of Maine’s top providers before buying, to guarantee you’ve made the best decision for your needs.
Make sure you have wind and hail coverage
The most pressing issue affecting Mainer’s homeowners insurance rates is also the most frequent claim filed nationally: wind and hail. An estimated one in 50 insured homes experiences property damage related to wind or hail each year. Wind and hail are frequent threats in Maine, making it essential to have coverage for such threats. However, some insurers have begun implementing a separate Atlantic storms, which may only cover specified damages (like wind damage) if the National Weather Service declares a hurricane warning in your area. When shopping for quotes, be sure to research or ask about hurricane deductibles.
Coverage from water damage and freezing
Thrillist ranks Maine’s winters as among the five worst in the nation. As a Maine homeowner, it is important to protect your assets from freezing temperatures, potential water damage, and consequences of these conditions. Choose a homeowners insurance provider who covers frozen or damaged pipes, roof damage, fallen trees, and other winter-related perils.
Maine Homeowners Insurance FAQ
In short, homeowners insurance covers your home and personal property, while also protecting you against liability. The full list of coverage and exclusions will vary according to your policy. See our nationwide review of the Best Homeowners Insurance for more information
Maine’s annual average for homeowners insurance is $843, according to the Homeowner’s Insurance Database Report done by the NAIC (National Association of Insurance Commissioners). The $843 cost is well below the national average, however, costs are rising and each individual’s annual premium will be different based on differing factors of influence.
Your provider may offer a number of discounts to help lower your monthly premium: Bundling home and auto; installing, solar panels, or storm shutters; and renovating your home to make it more environmentally friendly and efficient are all common ways of lowering your premium. Increasing your deductible can also lower your premium, but be sure not to raise your deductible higher than you can afford in an emergency.
Yes. The insurer is entitled to inspect the property, if they so choose. Usually inspectors will call ahead of time to set up an appointment to view your home. If repairs or changes are deemed necessary, you will be issued a “loss control recommendation” and if you don’t comply with these recommendations, then you risk having your policy cancelled.
Yes. During the first 90 days of a new policy, an insurer could decide to cancel a policy for any reason that is not illegal. It is illegal for a provider to cancel services based on age, credit information, age of dwelling, or losses under a home’s prior owner. Any of the following are legal reasons for cancellation after 90 days without penalty: nonpayment of premium, conviction of a crime that pertains to an increase hazard potential (arson, drug-related activities, assault, terrorizing, etc.), fraud or misrepresentation, physical changes that result in the property becoming uninsurable, among others. Make sure you have a thorough understanding of your limitations and your coverages by discussing your insurance plan in depth with your provider.