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Last updated on Sep 16, 2020

The Best Maine Homeowners Insurance Company

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Maine’s average annual premiums for homeowners insurance are below the national average — $843 per year for an HO-3 policy, compared to $1,173 nationwide. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates:

Find the Best Home Insurance

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.

  1. State Farm
  2. Allstate
  3. Progressive
  4. American Family
  5. USAA
 State FarmAllstateProgressiveAmerican FamilyUSAA

Our reviewOur reviewOur reviewOur reviewOur review
AM Best Financial Strength RatingA++ (Superior)A+ (Superior)A+ (Superior)A (Excellent)A++ (Superior)
J.D. Power Overall Customer Satisfaction Score831/1000814/1000809/1000808/1000878/1000
Online Quote ToolX

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.

Methodology

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.

Insurance CompanyBBB Rating
AllstateA+
American FamilyA+
ProgressiveA+
State FarmA+
USAANR

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.

 RankCustomer Satisfaction Rating
Allstate53 out of 5 stars
American Family93 out of 5 stars
Progressive83 out of 5 stars
State Farm44 out of 5 stars
USAANot 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

State Farm


Maine Homeowners Insurance
State Farm
State Farm


Availability can vary, and our quote tool may not include all providers in your area.

Pros

  • Local offices and agents
  • Online quote tool
  • Price 

Cons

  • 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.

Allstate


Maine Homeowners Insurance
Allstate
Allstate


Availability can vary, and our quote tool may not include all providers in your area.

Pros

  • Discounts 
  • Identity Protection 
  • Allstate mobile app

Cons

  • 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.

Progressive


Maine Homeowners Insurance
Progressive
Progressive


Availability can vary, and our quote tool may not include all providers in your area.

Pros

  • HomeQuote Explorer tool 
  • Single deductible 

Cons

  • Few optional coverages 
  • Confusing claims process 

Progressive’s notable positives include a HomeQuote Explorer tool, which delivers rates from several in-network providers, and a single deductible on both policies when you bundle home and auto insurance.

The downsides include Progressive offering just two homeowners insurance add-ons, water back-up and personal injury, and a somewhat confusing claims process due to the network of providers used by Progressive. 

American Family


American Family
American Family


Availability can vary, and our quote tool may not include all providers in your area.

Pros

  • Identity Theft Protection and Restoration 
  • Convenient packages 
  • Smart home discounts

Cons

  • No online quotes 

American Family’s optional Identity Theft Protection and Restoration coverage, convenient home insurance packages, and smart-home discounts contribute to its position on our top providers list. 

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.

USAA


Maine Homeowners Insurance
USAA
USAA


Availability can vary, and our quote tool may not include all providers in your area.

Pros

  • Earthquake coverage
  • Replacement cost coverage

Cons

  • 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 CompaniesAverage Annual Premium
Metropolitan Insurance$371
Vermont Mutual Insurance$480
Patriot Insurance$569
Northern Security Insurance$579
Concord General$654
Allstate$846
MMG Insurance$901
State Farm$931
Nationwide$932
USAA$976
The Hanover$1,005
Union Mutual Fire Insurance$1,025
Patrons Oxford Insurance$1,057
Chubb$1,177
Encompass$1,342

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 TierAverage Annual Premium
5$902
20$1,092
35$1,133
50$1,143
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.)
  • Location
  • 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. 

About the Authors

Michael Evans

Michael Evans Contributing Writer

Michael Evans is a freelance finance writer. His work has been published by Bankrate, Fox Business, The Guardian and Yahoo Finance.