Finding the Best Homeowners Insurance in Maine
Every homeowner wants to find a policy that fits its budget and provide protection for things such as frozen pipes or flooding. In order to evaluate home insurance, Maine provides the lowest premium rates in the country. Get your best Maine homeowners insurance quotes. It is important to have homeowner insurance in Maine because, in this area, the weather is brutal. Winters are harsh; more frequent intense storms can cause damage to your home. It also does not matter whether you live in Augusta, Bar Harbor, Lewiston, Portland or anywhere else in the state; Maine homeowner insurance can protect your house. There are many companies that provide homeowners insurance in Maine, and they determine insurance premium based on home size, neighbourhood crime rate, claims history etc. Maine homeowner insurance policies cover personal property, dwelling, personal liability, medical payment, and loss of use. Always be sure that you are aware of your home insurance policy's coverage limits. The thumb rule to figure out how much coverage to get is to have enough that you can cover the costs to rebuild your home if it's a total loss. Home insurance is an important part that helps you protect your investment. You must know what coverages you want and how much you need. Note that not every homeowner's insurance is the same. Compare different homeowners insurance and get cheap Maine homeowners insurance quotes.
| Maine Homeowners Insurance Cost Broken Down | Rates |
|---|---|
| Yearly Cost of Homeowners Insurance in Maine | $1,259.00 |
| Costs Per Month for Homeowners Insurance in Maine | $104.92 |
How Much is Homeowners Insurance in Maine
Along with the pride of homeownership comes expenses. There are many expenses that are unexpected. The trend of home insurance rates in Maine is at the lower side as compared to other states. Now comes a big question: How much is homeowners insurance in Maine? The average cost of homeowners insurance in Maine is $809 a year, and it may vary depending on which company you choose. Every city in Maine also has different home insurance rates. Policy prices depend on city-specific variables like the number of claims filed in the immediate area or ZIP code weight in deciding how much you pay. Maine average annual premiums of $828 are less as compare to a national annual premium of $1,132. The best and cheap homeowners insurance rates available in Gorham. The average homeowner's insurance policy in Gorham runs only $875 per year, which is $85 less than homeowners policy in other Maine cities. Other than Gorham, some of the affordable homeowner's insurance by the city in Maine are Westbrook, South Portland, Presque Isle, and Belfast. Payment of insurance premium depends upon your chosen level of homeowners coverage. To maintain $100K dwelling coverage in Maine, it costs an average of $450 per year compared to $1,329 per year for dwelling coverage of $400K. Insurance companies in Maine love to talk about how much you can pay and what coverage you want.
| City in Maine | Monthly Costs | Yearly Costs |
|---|---|---|
| Portland, ME | $70.33 | $844.00 |
| Lewiston, ME | $70.25 | $843.00 |
| Bangor, ME | $70.58 | $847.00 |
| South Portland, ME | $70.25 | $843.00 |
| Auburn, ME | $70.25 | $843.00 |
| Biddeford, ME | $67.00 | $804.00 |
| Sanford, ME | $71.58 | $859.00 |
| Brunswick, ME | $70.75 | $849.00 |
| Scarborough, ME | $65.83 | $790.00 |
| Saco, ME | $70.67 | $848.00 |
| Westbrook, ME | $63.83 | $766.00 |
| Augusta, ME | $67.58 | $811.00 |
| Windham, ME | $65.42 | $785.00 |
| Gorham, ME | $64.83 | $778.00 |
| Waterville, ME | $68.17 | $818.00 |
| York, ME | $71.75 | $861.00 |
| Falmouth, ME | $66.75 | $801.00 |
| Kennebunk, ME | $70.58 | $847.00 |
| Orono, ME | $70.50 | $846.00 |
| Wells, ME | $70.92 | $851.00 |
| Standish, ME | $67.58 | $811.00 |
Maine Homeowners Insurance Laws
Do you own a home without homeowners insurance in Maine? The simple answer is "NO". Maine law does not require you to buy homeowners insurance, but only if you finance a property, then your lender will. Homeowners insurance policy is a legal contract and states your right and responsibilities and those of the insurance company. Most homeowner's insurance policies give a minimum of $100,000 in liability coverage. Liability is part of the insurance system of risk financing; you must purchase as much as possible. Buy at least $300,000—and $500,000 if you can. Other than the requirement, many things need to be considered according to Maine laws. It includes insurance cancellation rule, premium payment rule, the limit of coverage, etc. One such rule is when you buy a homeowner policy, during the first 90 days of your policy, you can decide to cancel a policy for any reason that is not prohibited by Maine law. For example, the law prohibits insurance refusal solely based on the applicant's age, credit information, and age of the dwelling. Cancelling received by the 90 or after 90 days is considered a mid-term cancellation.
What Does Homeowners Insurance Cover in Maine
Do you ever think about what does homeowners insurance cover in Maine? If not, here you will get an idea about it. Whether you live on the coast or a little more inland, your home is exposed to many elements that can cause damage. The coverage of your insurance policy depends upon the insurance company as well as the policy cost. Some of the common coverage which comes under home insurance and that can protect you in Maine are dwelling coverage, liability protection, personal property coverage, guest medical protection, etc. Let's see each coverage's little detail to have a clear idea of what it covers: Dwelling coverage protects your house's structure. Liability coverage defends and protects you if you damage other's property or if a person sues you after being injured on your property. Guest medical protection pays medical bills for someone who got injured at your property. Other than the mentioned coverage, additional living expenses protection covers your increase in expenses if your property is uninhabitable after a covered loss. Sometimes, common coverage does not fulfil your requirement, and you might want to add coverage for something in or around your home that is not protected by the standard coverage. In this case, you can talk to your insurance company and let them know your requirements.
| Costs of Home Insurance in Maine by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Androscoggin County, ME | $66.58 | $799.00 |
| Aroostook County, ME | $62.92 | $755.00 |
| Cumberland County, ME | $66.25 | $795.00 |
| Franklin County, ME | $69.25 | $831.00 |
| Hancock County, ME | $70.33 | $844.00 |
| Kennebec County, ME | $65.50 | $786.00 |
| Knox County, ME | $70.92 | $851.00 |
| Lincoln County, ME | $66.00 | $792.00 |
| Oxford County, ME | $67.42 | $809.00 |
| Penobscot County, ME | $65.42 | $785.00 |
| Piscataquis County, ME | $68.83 | $826.00 |
| Sagadahoc County, ME | $64.33 | $772.00 |
| Somerset County, ME | $68.42 | $821.00 |
| Waldo County, ME | $70.83 | $850.00 |
| Washington County, ME | $69.92 | $839.00 |
| York County, ME | $69.17 | $830.00 |
Top Rated Homeowners Insurance Companies in Maine Based on Ratings
The best homeowners insurance companies in Maine are those that provide insurance policy at the cheapest rate. Based on financial stability, customer support, and price, State Farm, Allstate, Progressive, Liberty Mutual, and The Hanover are top-rated homeowners insurance companies in Maine. Liberty Mutual provides significant discount opportunity and customer-centric claims service, making it the most popular homeowner insurance provider in Maine. The Hanover provides three coverage packages so that you can select the amount of protection that you feel is better for you. State Farm is the largest provider in Maine and offers coverage options for nearly every type of standard dwelling. Progressive offers a home insurance policy at the lowest price, protects your dwelling and personal belongings, protects your liability, and pays medical bills. Allstate homeowners insurance in Maine provides numerous discount opportunities that include saving 10% by switching from another provider and also offers unique identity protection coverage. The above mentioned are top-rated homeowners insurance companies in Maine, and you can choose according to your requirements. Before deciding on the insurance company and their policy, keep in mind using the National Association of Insurance Commissioners’ license lookup tool to make sure the insurance company has a valid Maine license.
| Maine Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Homeowners Insurance in Maine | 4/5 | 0.19 |
| Allstate Ratings for Homeowners Insurance in Maine | 3/5 | 0.34 |
| USAA Ratings for Homeowners Insurance in Maine | 5/5 | 0.14 |
| MMG Insurance Ratings for Homeowners Insurance in Maine | N/A | 0.3 |
| Concord Group Ratings for Homeowners Insurance in Maine | N/A | 0.6 |
| Patrons Oxford Ratings for Homeowners Insurance in Maine | N/A | 0 |
| Vermont Mutual Ratings for Homeowners Insurance in Maine | N/A | 0.74 |
| Chubb Ratings for Homeowners Insurance in Maine | 2/5 | 0.03 |
| Travelers Ratings for Homeowners Insurance in Maine | 2/5 | 0.28 |
| MetLife Ratings for Homeowners Insurance in Maine | 2/5 | 0.2 |
| Union Mutual Ratings for Homeowners Insurance in Maine | N/A | 0.7 |
How to Lower Homeowners Insurance in Maine
People living in Maine and who own their own homes know that Maine is a great place to live, and it is a great state for many reasons. One of the best reasons is the cost of Maine home insurance which is low $882 a year. This makes Maine in 42nd place in the U.S. for premium costs. Despite severe weather conditions, Maine is not known for hurricanes, tornadoes or earthquakes types of natural disasters, which are the major factor for the increase in insurance premium for homeowners. You can keep in mind a few things before going out for shopping a home insurance policy. Firstly, take online quotes from different insurance companies. This is a good start for your search, but you have to follow up with a call or visit to a local agent. Secondly, there are a lot of Maine homeowners insurance discounts such as multi-policy discounts, loyalty discounts, and a discount for paying online. Always ask about discounts from your insurance company. Thirdly, always take quotes from multiple companies and see what they are offering at the best price. Lastly, if you live on the coast or near a water body, you might consider flood insurance that is not always considered under home insurance. Ask insurance agents for full details.
Compare Homeowners Insurance in Maine Before Buying
Before purchasing any homeowners insurance policy, one should always consider what he wants and what is covered at what price. Maine is not a place for natural disasters, but still, it is an important purchase for home buyers. People living near water bodies or those who are more prone to natural disaster must take affordable homeowners insurance in Maine. Homeowners insurance prices in Maine vary depending on the insurance company you choose. Before evaluating your options for homeowners insurance, your first step is to compare homeowners insurance in Maine. Contact agents at the different insurance companies to see who has the best price to offer according to your requirement and circumstances. Shop around and ask for discounts to save money on insurance purchases. Not all Maine cities have the same home insurance rates; choose the homeowners coverage that impacts the insurance premiums you pay.