Best Home Insurance in Maine (2023)

Home Insurance in Maine

Buying homeowners insurance in Maine is something you know the value of, but you don’t want to overpay for at the same time. The good news is that once you learn Maine homeowners requirements, you can minimize your costs and boost your coverage. To find cheap homeowners insurance you can count on, read more here.

Home Insurance Companies in Maine

The key to finding a good price is using the top rated homeowners insurance companies in Maine to give you quotes. You can then compare them. The homeowners insurance agencies in Maine can help you compare various types and levels of coverage to meet your property’s specific needs. The best home insurance companies in Maine also provide you with an opportunity to save with rewards and discounts. And, if you use independent home insurance agents in Maine, they can help you compare the same policy across several insurers.

How to Get the Best Rates for Home Insurance in Maine

The biggest savings opportunities occur when you compare policies. To do that, you need insight into what your options are. Input your zip code on this page to get access to the available companies.

<zipcode>Find The Cheapest Home Insurance In Your Area:</zipcode>

How Much Does Homeowners Insurance Cost in Maine?

Maine is one of the most affordable places for insurance policy prices. The average annual premium in Maine is $843 per year. That’s significantly lower than the U.S. average of $1,173. Yet, to get the cheapest home insurance in Maine, you need a customized policy that represents your home. Home insurance quotes in Maine should never come with any obligation but can provide key insight to you.

<twitter>The average annual premium in Maine is $843 per year. That’s significantly lower than the U.S. average of $1,173.</twitter>

List of Homeowners Insurance Companies in Maine

It’s up to you to compare your options. When you enter your zip code here, you’ll receive a list of available insurers in the state. It’s that easy to see your options.

How Homeowners Insurance Is Calculated in Maine

Maine is a relatively safe state with fewer claims than other states. That is why rates tend to be so low. Homeowners insurance costs are dependent on the amount of risk within the community. Some of the key features impacting Maine include the following.

<qa>1;Crime;One area to consider is crime. Nationally, the crime rate is 4 in every 1,000 residents being impacted in violent crime. In Maine, that number is just 1.21. Property crime rates are also lower. It’s just 15.07 in Maine and 24 in the U.S. this lowers costs.</qa>

<qa>2;Weather/Climate;It’s definitely colder in Maine and freezing can lead to burst pipes. Other risks here include droughts, coastal flooding, and inland flooding. Thunderstorms can also be a factor. Still, these claims are lower than in other areas.</qa>

<qa>3;Home Values;Maine’s home values are moderate, which also contributes to lower costs for home insurance. The median home value in the state as of March of 2019 was $232,100. That’s grown about 6 percent in the last year but is still affordable.</qa>

Home Insurance Requirements in Maine

Understanding what your requirements are can help you make wise decisions about home insurance coverage. Here are some key questions many people have regarding Maine insurance.

Is Homeowners Insurance Required in Maine?

Maine’s laws do not require you to have any type of insurance on real estate. However, most lenders do. If you have a mortgage, it generally is a requirement. Some communities in the state also make property owners who rent maintain coverage on their property. Homeowner’s associations and condo communities may also require coverage.

What Does Home Insurance Cover?

Homeowners insurance covers personal property, the structure of your home, and liability risks. This includes coverage for fires, thefts, vandalism, and instances in which someone slips and falls on your property. Coverage can also be added for high-valued items. You may wish to consider flood insurance too, a separate policy to minimize risks.

Homeowners Insurance for New Properties in Maine

There are some new developments in Maine, which typically have a higher home value. This can mean home insurance costs there are higher. Additionally, new homes typically have loans, which require coverage.

Homeowners Insurance for Old Properties in Maine

It’s important to maintain homeowners insurance for older properties, too. In Maine, some of the oldest homes are hundreds of years ago. A simple flood, windstorm, or freezing ice storm can cause significant damage. Good insurance can minimize those risks.

Renters Insurance in Maine

In Maine, a property owner and landlord can require a renter to obtain a renter’s insurance policy in order to rent the property. There is no law that forces the property owner, though, to carry coverage for the individual nor any requiring you to have it if the owner doesn’t place a stipulation in your policy.

Nevertheless, it protects your belongings. It also offers liability protection to you. For a low cost, renter’s insurance can be vital.

<zipcode>Compare Renters Insurance in Maine</zipcode>

Compare Home Insurance in Maine by City

The cheapest home insurance in Maine is in areas where there are few risks. However, home values also matter. It’s important to request a quote in your city to get a more accurate determination of cost. Here are some factors that matter when you compare home insurance quotes in these cities.

<qa>1;Home Insurance Quotes in Portland, Maine;The largest city, Portland is a beautiful coastal community. It’s home to 66,882 people. Home values here are above the national average at $313,900.</qa>

<qa>2;Home Insurance Quotes in Lewiston, Maine;Lewiston, a smaller area, but one with some outstanding tourism, is home to 36,221 people. The median home value here is about average nationally at $147,300.</qa>

<qa>3;Home Insurance Quotes in Bangor, Maine;A bit more commercialized and home to important historic areas, there are 31,903 people living in the city of Bangor. The median home value here is $146,400.</qa>

<qa>4;Home Insurance Quotes in South Portland, Maine;This city is also located near the water. It’s home to 25,483 people. This area is growing, and home values are, too. The median home value is $294,300.</qa>

<qa>5;Home Insurance Quotes in Auburn, Maine;Auburn is a beautiful community with a growing population. About 23,033 people live here. Home values here are $154,800.</qa>

Bonus: Most Expensive Homes in Maine

No one wants to pay too much for home insurance. These are the most expensive homes in Maine. Their prices are higher than yours!

• A 7-bedroom home at 18 Eagle Lake Road in Bar Harbor is valued at $13.5 million.
• You could buy a 15,000-square-foot home on the water at 145 Eden Street in Bar Harbor for $12.5 million.
• Or, check out 144 Frazier Pasture Road in Ogunquit, valued at $8.995 million.

<resources>https://www.reviews.com/homeowners-insurance/maine/;https://www.neighborhoodscout.com/me/crime;http://statesatrisk.org/maine;https://www.zillow.com/me/home-values/;http://www.citypopulation.de/USA-Maine.html</resources>