More than 71% of Mainers have a home. The cost of home insurance for Maine homeowners is very affordable. Bankrate’s 2021 study on quoted annual premiums found that the average annual premium for $250,000 worth of dwelling coverage is $956. This is considerably lower than the $1,312 national average annual premium
While homeowners insurance in Maine may be more affordable than in other states, it’s still important to have quality coverage. The insurance policy homeowners can provide financial protection to protect you from financial ruin if your home is damaged. It should be an integral part of your financial plan. It is important to find a company that suits your needs. This will help protect your home and ensure your financial security.
The best home insurance companies of Maine
To find the best homeowners insurance companies in Maine, Bankrate analyzed current quoted premiums from several different homeowners insurance carriers. The 2020 J.D. was also reviewed. The Power Home Insurance Study examines how well a company interacts and communicates with its customers. These are the top companies.
Allstate
Allstate is an established insurance company. They offer standard coverages such as dwelling and liability, but also provide unique endorsements like yard coverage and electronic data retrieval coverage. Allstate’s website allows you to manage your policy online. However, its network of agents can offer in-person assistance if you require it. Allstate offers discounts to policyholders, even though the average annual premium is slightly lower than the state’s.
The Hanover
Policyholders have many options for customizing their coverage with the Hanover, including high-value home coverage, service line coverage, and water backup coverage. It was not rated by the 2020 J.D. Power U.S. Home Insurance Study, The Hanover does have a below-industry-average complaint index score from the National Association of Insurance Commissioners (NAIC). The Hanover’s overall score is 0.77, indicating that the NAIC received fewer complaints about The Hanover in 2020 than average.
MMG Insurance
MMG Insurance is a regional insurance carrier headquartered in Presque Isle, Maine that has been writing policies in the state for more than 120 years through a network of independent agents. MMG Insurance agents live in Maine and are familiar with the weather conditions and most common losses. MMG Insurance offers two homeowner insurance options, Home Advantage Ultra and Home Advantage Ultra. Each of these options may be customizable to meet the specific needs of Maine homeowners.
State Farm
State Farm is the largest homeowners insurance carrier in the United States with nearly 18% of the market share. The company claims that you can save up to $965 when you insure both your auto and home with State Farm. State Farm’s homeowners insurance includes several optional coverages, like keepsakes coverage and coverage for sports or musical equipment and receives an above-industry-average score from J.D. This indicates that customers are satisfied with the customer service.
USAA
USAA offers insurance to military personnel and their families. However, if you are eligible for USAA coverage, your homeowners policy may offer coverages that cater to military personnel, such as uniform coverage. Although discounts are not very common, you might be able to save money by adding security features such as an alarm system or insuring your auto insurance through USAA. USAA does not qualify for J.D. Power is not eligible for J.D.’s official ranking, but the company receives high customer satisfaction scores.
What is the cost of Maine homeowners insurance?
The average cost of Maine homeowners insurance is $956 per year for $250,000 dwelling coverage. The national average annual cost of homeowners insurance is $13,312.
Although the average cost of Maine home insurance is lower than the national average, Mainers do pay more than homeowners in surrounding states. For example, homeowners in New Hampshire pay an average premium of $724 per annum, while Vermonters pay only $686 per annum. Because Maine’s forests are dense and remote, this could explain why. According to a local headline, Maine is becoming increasingly at risk for wildfires, which can cause severe damage to homes.
Maine home insurance
It is important to take into account the climate of your state when shopping for homeowners insurance. Many homeowners insurance claims are directly related to the weather. Maine’s climate is known for its high winds, rain, and humidity.
Maine’s most common causes of loss
Many parts of Maine may be at risk for rain, high winds and wildfires. These are common homeowners insurance claims that Maine homeowners should be aware of:
- Wind damage: Maine’s northern perch along the coast can bring damaging high winds to your property. High winds can cause damage to your property, so wind damage coverage is a good option. Strong winds can cause damage to a home’s roof and siding.
- Flood damage: Flooding is also a common cause of loss in Maine, given its proximity to the ocean. Floods can happen at any time of the year and destroy your personal belongings. Buying flood insurance from your insurance provider or the National Flood Insurance Program is always a good consideration if you live in a flood zone.
- Water backup: Due to the heavy rain and snow in Maine, it is not uncommon for water to back up into your home. It is often bundled with sewer backup and overflow coverage. This protection is available through several insurance companies.
- Wildfires: Wildfires may be more common on the West Coast than in New England. Wildfires are more common in Maine. Many of the top home insurance companies offer wildfire insurance for homeowners who live in high-risk areas.
Theft, vandalism, and liability are all common losses that Maine homeowners might want to be covered for.
Options for Maine home insurance
Maine homeowners are vulnerable to certain common losses. These additional risks may make it worthwhile to purchase the following insurance:
- Flood insurance: Homeowners insurance doesn’t usually cover flooding damage. If you want to purchase flood coverage, you will likely need a separate, dedicated flood insurance policy. Flood insurance is offered by many insurers. It is also available through the National Flood Insurance Program.
- Water backup coverage: This is when the sump pump cannot keep up with heavy rain and water backs up into a basement. However, backup damage can also occur when water backs up in any drain or sewer line. This coverage can be purchased through endorsement.
- Wildfire coverage: If your home is located in Maine, it’s worth checking if wildfire damage is included on your policy. You may need an endorsement or separate policy if wildfire damage is not covered.
- Identity theft restoration: Some insurers offer coverage for the cost of rebuilding your identity if it is stolen. These costs could include lost wages and legal fees.
Talking to a licensed agent can help you decide which coverages to add to your homeowners insurance policy.
Questions frequently asked
What is the best Maine homeowners insurance?
Every person and each property are different, so the best homeowners insurance company for you will be different. You will need to determine what homeowners insurance company is best for you. Once you know what factors matter most to you, you can obtain quotes from several different insurers and compare them.
How can I obtain Maine homeowners insurance?
You will need to provide information about yourself and your property in order to purchase homeowners insurance. This includes your name, address, year of construction, and any special features. You may also be asked how old your roof is, if you have a dog and if you have filed claims with your prior insurance company.
Are I required to have Maine homeowners insurance?
The state of Maine does not require that you purchase homeowners insurance. Your lender may require that you purchase homeowners insurance if your mortgage is on your home. If you do not have a mortgage, you may be able to forgo homeowners insurance coverage, but you may want to carefully consider if you can afford to pay for the cost of repairing or replacing your home if it is damaged or destroyed. A homeowners insurance policy usually costs less than it would to rebuild your house. The cost of a homeowners insurance policy is usually much lower than what it would cost to rebuild your home.
