Maine insurers with the highest market share include Metropolitan Insurance, Vermont Mutual Insurance and Patriot Insurance.
To help you find the best homeowners insurance companies in Maine, we applied more stringent factors to find providers that offer a winning combination of financial strength, coverages, customer support, discounts and price.
The companies we chose and reviewed below include State Farm, Allstate, Progressive, American Family and USAA, all top contenders in the 2019 J.D. Power Home Insurance Study.
The 5 Best Homeowners Insurance Companies in Maine
How to Find the Top Companies in Maine
In our search for the best Maine homeowners insurance, we found five companies that meet our demanding standards of financial stability, customer support, and price.
|State Farm||Allstate||Progressive||American Family||USAA|
|Our review||Our review||Our review||Our review||Our review|
|AM Best Financial Strength Rating||A++ (Superior)||A+ (Superior)||A+ (Superior)||A (Excellent)||A++ (Superior)|
|J.D. Power Overall Customer Satisfaction Score||831/1000||814/1000||809/1000||808/1000||878/1000|
|Online Quote Tool||✓||✓||✓||X||✓|
|Compare rates||Compare rates||Compare rates||Compare rates|| Compare rates |
Average Cost of Homeowners Insurance in Maine
The average residents pay for a homeowners insurance premium varies widely but most come in around or less than the national average of $1,228. Since insurers base rates on factors such as your home’s age, location, construction materials, your credit scores, etc., your actual premium cost can be anywhere from the low $700’s to the upper end of the scale, closer to national averages.
Home Insurance add-ons that will further protect you
Many homeowners need more coverage than their standard home insurance policies provide. Maine insurers offer a variety of optional coverages, including:
- Additional personal property coverage – Additional personal property coverage picks up where your standard policy falls short. For example, if your standard policy limits jewelry claims to $2,500, you could purchase additional personal property coverage to cover a $10,000 wedding ring.
- Business property coverage – Your standard policy likely will cover items such as laptops and printers, but if you work from home and have expensive equipment, you might need to consider optional business property coverage.
- Earthquake insurance – In most cases, a standard homeowners policy won’t cover damages caused by earthquakes. However, many insurers offer optional earthquake insurance.
- Electronic data recovery – When your computer’s hard drive takes a dive, electronic data recovery coverage can help pay the cost of retrieving your data.
- Flood insurance – Few standard policies cover damages caused by floods. Nonetheless, many carriers offer optional flood insurance. If your provider doesn’t offer the coverage, you can purchase a policy through the National Flood Insurance Program.
- Garden and yard coverage – If your property features expensive landscaping, consider purchasing garden and yard coverage.
- Identity theft protection – Many insurers offer optional identity theft protection, and some include it in their standard home insurance packages.
- Replacement cost coverage – Many standard home insurance policies only pay actual cash value for destroyed dwellings or damaged personal property. But if you purchase replacement cost coverage, you can rebuild your home or replace damaged or stolen belongings at current costs.
- Water backup coverage – If a sewer blockage floods your home, your standard home insurance policy probably won’t pay for the damage, but water backup coverage will.
Helpful Resources for Maine Homeowners
One of the best resources for providing a general understanding of homeowners insurance is J.D. Power’s 2019 U.S. Home Insurance Study.
Before you sign an insurance contract, you can also use the National Association of Insurance Commissioners’ license lookup tool to make sure the insurer you choose has a valid Maine license.
If you need more information about buying Maine homeowners insurance, check out the following resources.
- State of Maine Bureau of Insurance: A Consumer’s Guide to Homeowners Insurance
- Maine Legislature: Title 24A, Chapter 41: Property Insurance Contracts
- U.S. Department of Housing and Urban Development: Homeownership Assistance: Maine
- FEMA: National Flood Insurance Program
- Insurance Information Institute: Homeowners + Renters Insurance
- National Association of Insurance Commissioners: A Consumer’s Guide to Home Insurance
Our search for the best Maine homeowners insurance providers started by examining insurance company market share rankings produced by the Insurance Information Institute and National Association of Insurance Commissioners.
From there, we made sure our top companies have earned an “A” or above rating with AM Best, a world leader in insurance industry credit rating.
We know consumers expect excellent customer service when insuring their homes, so we pared down the list to only include insurers that meet the demands of their policyholders. Among our top picks, four companies have earned A+ ratings by the Better Business Bureau.
We’re pleased to report that the five insurers we chose ranked within the top ten in J.D. Power’s 2019 U.S. Home Insurance Study.
|Rank||Customer Satisfaction Rating|
|Allstate||5||3 out of 5 stars|
|American Family||9||3 out of 5 stars|
|Progressive||8||3 out of 5 stars|
|State Farm||4||4 out of 5 stars|
|USAA||Not ranked*||5 out of 5 stars|
*USAA doesn’t qualify for J.D. Power ranking, because it only sells home insurance policies to military members and their families. Nonetheless, USAA earned five out of five stars in all J.D. Power categories.
Best Maine Homeowners Insurance Companies
- Local offices and agents
- Online quote tool
- Discounts are limited
State Farm comes in first on our list for several reasons. First, it has numerous local offices and available agents to help with your claim or policy handling needs. Secondly, its online quote tool is one of the more comprehensive and accurate in the industry. Lastly, it offers the second-lowest premium among Maine home insurance providers.
The only real downside is the limited discounts available compared to competitors.
- Identity Protection
- Allstate mobile app
- Credit-based insurance scoring
We added Allstate because of its numerous discount opportunities, including saving 10% by switching from another provider. Additionally, Allstate offers a unique identity protection coverage and a slick mobile app to help with all your digital insurance tasks.
One noteworthy detraction is the fact that Maine allows Allstate (and other carriers) to use your credit score as a factor when determining premiums. This can be a significant drawback for homeowners with lower credit scores.
- HomeQuote Explorer tool
- Single deductible
- Few optional coverages
- Confusing claims process
- Identity Theft Protection and Restoration
- Convenient packages
- Smart home discounts
- No online quotes
When it comes to obtaining a quote though, American Family’s process is somewhat archaic. Online, you can complete a short form, inputting basic information about your home, but must then wait for a callback or email from an agent.
- Earthquake coverage
- Replacement cost coverage
- Limited membership
With the caveat that membership is exclusive to military members and their immediate family members, USAA is a solid top choice for homeowners insurance in Maine.
Those who qualify can benefit from earthquake and replacement cost coverage, which are both included in all standard USAA policies.
The Cheapest Homeowner Insurance Companies in Maine
Maine homeowners rates vary widely. Based on our research, Metropolitan Insurance offers the cheapest rates, $371 per year, on average.
|Homeowner Insurance Companies||Average Annual Premium|
|Vermont Mutual Insurance||$480|
|Northern Security Insurance||$579|
|Union Mutual Fire Insurance||$1,025|
|Patrons Oxford Insurance||$1,057|
Homeowner Insurance by Age of Home
Your home’s age can impact the amount you pay for homeowners insurance, because carriers usually offer the best rates for newly constructed properties.
|Age of Home Tier||Average Annual Premium|
|Average Across Tiers||$1,068|
Quadrant home insurance rate data as of 3/29/2020.
These rates are a sample set meant only for general comparison. Your own premium will vary. Learn how we tested rates for the cheapest home insurance companies in our methodology.
Top 3 Cheapest Homeowner Insurance Companies in Maine
- Metropolitan Insurance – $371
- Vermont Mutual Insurance – $480
- Patriot Insurance – $569
Top 3 Most Expensive Homeowner Insurance Companies in Maine
- Encompass- $1,342
- Chubb – $$1,177
- Patrons Oxford Insurance – $1,057
The average rates above don’t necessarily represent the price an insurer will offer you. Insurance providers base rates on many factors, including:
- Age of house
- Type of construction (wood, brick, etc.)
- Proximity to the nearest fire station or hydrant
- Special features, like swimming pools
For accurate rates, request quotes from insurance companies, using the factors that apply to your home.
Homeowners Insurance FAQ
Is homeowners insurance required in Maine?
No. Maine law doesn’t require you to buy home insurance, but if you finance a property your lender will.
What is the cheapest homeowners insurance in Maine?
The lowest average annual home insurance premiums we’ve found in Maine include Metropolitan Insurance at $371, Vermont Mutual Insurance at $480, and Patriot Insurance at $569.