Homeowners Insurance in Maine
Every homeowner in Maine wants a safe and secure place to dwell. Once you've found the perfect place and home for your family, protecting it with homeowners insurance is important.
Maine’s extreme winters could bring ice, snow, and sleet, which might cause damage to your home. An insurance policy would help cover repairs, including damage to your roof from the weather and other covered property damage.
This article will help you explore all you need to know about Maine home insurance, including factors affecting insurance rates and tips to reduce the premium.
What is the average homeowners insurance cost in Maine?
The average homeowners insurance cost in Maine is $1,075 per year, which is 44% lower than the national average of $1,915.
Want to see how insurance rates have changed over the past five years? Check out the table below for a breakdown of homeowners insurance rates in Maine, including the average cost over time.
Remember, these numbers represent statewide averages, not specific city rates. Insurance costs could vary widely depending on factors like property values, population density, and weather risks.
Now, let’s take a look at the table:
Year | Average Premium |
|---|---|
2025 | $1,075 |
2024 | $1,020 |
2023 | $1,274 |
2022 | $1,035 |
2021 | $996 |
** Data gathered from QuoteWizard, Policygenius, Nerd Wallet, Insurance Information Institute and GetHomeInsuranceQuotes.com.
What factors influence my home insurance rate?
Various factors determine your Maine home insurance rate. It’s important to understand them as they could help you find ways to decrease your premium and get homeowners insurance in Maine.
Here are a few factors that might affect how much you pay for home insurance:
- Location: The first thing that could impact your house insurance in Maine is your location or zip code. If you live near the coast, in a flood zone, or in an area prone to harsh weather, your rates might be higher.
- Home age and condition: Older homes often cost more to insure because they might have outdated electrical systems, plumbing, or roofs that are more likely to need repairs.
- Home value and construction type: The higher the value of your home, the more it would cost to insure. Homes made of fire-resistant materials might qualify for affordable annual premiums.
- Coverage limits and deductibles: When you choose a higher coverage amount, your premium could increase. However, selecting a higher deductible (the amount you pay out of pocket before insurance comes into effect) could decrease your monthly cost.
- Claims history: If you’ve filed multiple claims in the past, your insurance company might consider you a higher risk, which could lead to higher rates.
- Credit score: Many insurers use credit scores to assess risk. A higher credit score could help you secure a good insurance rate.
- Security features: Properties with smart home security systems, smoke detectors, and storm-resistant windows might qualify for insurance discounts, which reduce your overall premium.
The average homeowners insurance cost in Maine is $1,075 per year, which is 44% lower than the national average of $1,915.
What factors influence my home insurance rate?
Various factors determine your Maine home insurance rate. It’s important to understand them as they could help you find ways to decrease your premium and get homeowners insurance in Maine.
Here are a few factors that might affect how much you pay for home insurance:
- Location: The first thing that could impact your house insurance in Maine is your location or zip code. If you live near the coast, in a flood zone, or in an area prone to harsh weather, your rates might be higher.
- Home age and condition: Older homes often cost more to insure because they might have outdated electrical systems, plumbing, or roofs that are more likely to need repairs.
- Home value and construction type: The higher the value of your home, the more it would cost to insure. Homes made of fire-resistant materials might qualify for affordable annual premiums.
- Coverage limits and deductibles: When you choose a higher coverage amount, your premium could increase. However, selecting a higher deductible (the amount you pay out of pocket before insurance comes into effect) could decrease your monthly cost.
- Claims history: If you’ve filed multiple claims in the past, your insurance company might consider you a higher risk, which could lead to higher rates.
- Credit score: Many insurers use credit scores to assess risk. A higher credit score could help you secure a good insurance rate.
- Security features: Properties with smart home security systems, smoke detectors, and storm-resistant windows might qualify for insurance discounts, which reduce your overall premium.
Common insurance discounts in Maine
As a property owner in the only state bordering exactly one other American state (New Hampshire), the best you could do is leverage insurance discounts.
Most Maine home insurance companies provide a range of discounts you could use, such as:
- Bundling discount: If you bundle your home insurance in Maine with an auto or renters insurance policy, insurers often provide a discount of up to 25%.
- Claims-free discount: Homeowners who have not filed claims in the past five years could enjoy better premiums, as they are considered low-risk policyholders.
- Loyalty discount: Some insurance companies reward long-term customers with discounts for staying with them for multiple years.
- New home discount: If your house was built within the last 10 years, you might qualify for affordable rates since newer homes have fewer risks.
- Security system discount: Installing burglar alarms, smoke detectors, or fire suppression systems could help reduce your insurance costs.
- Gated community or HOA discount: If you live in a gated community or a neighborhood with an active Homeowners Association (HOA), you might qualify for a reduced rate.
- Higher deductible discount: A higher deductible could substantially decrease your monthly premium, making your insurance more affordable.
Looking for homeowners insurance in Maine with affordable pricing? Hippo Insurance provides insurance policies that offer coverage at reasonable rates.
Tips for lowering home insurance rates
Finding affordable homeowners insurance in Maine doesn’t have to be difficult. Besides discounts, there are numerous workarounds homeowners could employ to minimize their insurance premiums, all without compromising the coverage.
Whether you shop for home insurance quotes in Maine or simply want to slash your current rate, these tips could help you save money.
- Compare multiple insurance quotes: Maine – also called The Pine Tree State – has various home insurance companies – each with different insurance policies and rates. You should get multiple home insurance quotes in Maine to find the right deal. When you compare prices, it helps you ensure you don’t overpay for the same coverage.
- Improve home security: Although Maine has a relatively lower property crime rate than other states, it’s still useful to install security systems, fire alarms, and smart home technology – they could help improve your insurance rates. Many home insurance companies in Maine offer discounts for homes with added protection.
- Avoid filing small claims: The more claims you file, the higher your insurance premium. If possible, cover minor repairs out of pocket to keep your insurance rates affordable.
- Make home improvements: Upgrading your roof, electrical system, or plumbing could reduce the risk of damage and reduce your insurance premiums. You could ask your insurer or agent about potential discounts for renovations.
What does Maine home insurance cover?
When you purchase homeowners insurance in Maine, it’s crucial to know what your policy covers to ensure you’re fully protected against covered loss.
Standard home insurance in Maine typically includes various types of coverage that help protect your home, belongings, and liability.
Dwelling coverage
Also known as Coverage A, dwelling insurance protects the structure of your home, including walls, roof, and foundation, against covered damages such as fire, windstorms, hail, and vandalism. If your house is damaged by a covered event, your policy would help cover repair or rebuilding costs.
Other structures coverage
If you have detached structures such as a garage, shed, or fence, this part of your policy will help cover repairs or replacements if a covered event damages them.
Personal property coverage
Your furniture, electronics, clothing, and other belongings are covered if they are stolen or damaged by a covered peril. Some homeowners insurance policies in Maine even provide off-premises coverage, meaning your belongings are protected even when you travel.
Liability coverage
If someone gets injured on your property and you’re found responsible, liability coverage helps cover medical expenses, legal fees, and potential settlements. This coverage also applies if you accidentally cause damage to someone else’s property.
Loss of use coverage
If your home becomes unlivable due to a covered event, your policy would cover temporary living expenses such as hotel stays and food costs while repairs are being made.
Medical payments coverage
If a guest is injured at your home, this coverage helps pay for their medical expenses, regardless of who is at fault.
Maine Home Insurance Premiums
Additional Maine insurance coverage options
While a standard Maine home insurance policy covers many risks, it might not provide protection against every possible event. To get coverage and protect your house from unexpected disasters, you could add optional policies as endorsements.
Here are some of the most common additional insurance coverage options available in Maine:
- Flood insurance: Standard homeowners insurance doesn’t cover flood damage. If you dwell in a flood-prone area or near the coast, you should consider purchasing a separate flood insurance policy through the National Flood Insurance Program (NFIP) or a private insurer.
- Earthquake insurance: Though earthquakes are rare in Maine, they do occur. For instance, the state experiences an average of five earthquakes per year. A separate earthquake insurance policy could help cover the cost of repairs if your home is damaged by seismic activity.
- Sewer backup coverage: Sewer or drain backups could cause costly damage to your home. Adding sewer backup coverage might help cover repair costs and water damage caused by clogged drains or malfunctioning sump pumps.
- Extended replacement cost coverage: If construction costs rise due to inflation or high demand after a disaster, your standard policy might not cover the full cost of rebuilding. Extended replacement cost coverage ensures your home can be rebuilt even if costs exceed your policy’s limits.
- Identity theft protection: Some insurers offer identity theft coverage, which helps with expenses related to restoring your identity if you become a victim of fraud.
What coverage is recommended in Maine?
No matter what, Maine homeowners should consider the following coverage options to protect their homes and belongings:
- Flood insurance: According to a report, the most common natural hazard facing Maine is flooding. Maine has coastal areas and rivers that could cause flooding, but standard policies don’t cover flood damage (as we mentioned). A separate flood insurance policy is often recommended, especially for homeowners in flood-prone zones.
- Scheduled personal property coverage: If you own valuable items such as jewelry, fine art, or collectibles, this additional coverage provides higher limits and broader protection than a standard homeowners policy.
Insuring your home in Maine
It’s easy to get homeowners insurance in Maine; however, property owners should understand the steps to ensure they get coverage at an affordable price.
Here’s how you could insure your home in Maine:
- Assess your insurance needs: Before purchasing a policy, evaluate your home’s value, location, and potential risks. Consider factors such as flood zones, winter storms, and property age to determine the coverage you need.
- Research Maine home insurance companies: Look for reputable Maine home insurance companies that offer strong coverage and good customer service. Check reviews and compare quotes from different providers to find a reliable insurer.
- Compare home insurance quotes: Get multiple home insurance quotes in Maine to compare rates and coverage options. Different insurers may offer various discounts and policy features, so shopping around could save you money.
- Understand coverage options: A standard policy includes dwelling coverage, personal property protection, liability coverage, and additional living expenses. You might also need insurance riders or add-ons, such as flood insurance, windstorm coverage, or sewer backup protection, depending on your location.
- Choose a policy and deductible: Select a policy that balances affordability and protection. A higher deductible decreases your monthly premium; however, ensure you can afford the out-of-pocket cost if you need to file a claim.
- Apply for the policy and provide home details: Your insurer would require details about your home, such as its age, size, building materials, and security features. They might also conduct a home inspection.
- Review and finalize your policy: Carefully read your policy before signing to ensure it meets your needs. Ask your insurer about available discounts and ways to reduce your premium.
Is Maine homeowners insurance required by law?
The state doesn’t mandate you to have homeowner insurance. However, if you have a mortgage or a home equity loan, your lender would likely require you to have coverage.
Even if it’s not required, home insurance is important to protect your finances in case of unexpected damage or loss.
Looking for homeowners insurance in a different state?
If you need homeowners insurance outside of Maine, check out our state-by-state guide:
Insuring your home in Maine
It’s easy to get homeowners insurance in Maine; however, property owners should understand the steps to ensure they get coverage at an affordable price.
Here’s how you could insure your home in Maine:
- Assess your insurance needs: Before purchasing a policy, evaluate your home’s value, location, and potential risks. Consider factors such as flood zones, winter storms, and property age to determine the coverage you need.
- Research Maine home insurance companies: Look for reputable Maine home insurance companies that offer strong coverage and good customer service. Check reviews and compare quotes from different providers to find a reliable insurer.
- Compare home insurance quotes: Get multiple home insurance quotes in Maine to compare rates and coverage options. Different insurers may offer various discounts and policy features, so shopping around could save you money.
- Understand coverage options: A standard policy includes dwelling coverage, personal property protection, liability coverage, and additional living expenses. You might also need insurance riders or add-ons, such as flood insurance, windstorm coverage, or sewer backup protection, depending on your location.
- Choose a policy and deductible: Select a policy that balances affordability and protection. A higher deductible decreases your monthly premium; however, ensure you can afford the out-of-pocket cost if you need to file a claim.
- Apply for the policy and provide home details: Your insurer would require details about your home, such as its age, size, building materials, and security features. They might also conduct a home inspection.
- Review and finalize your policy: Carefully read your policy before signing to ensure it meets your needs. Ask your insurer about available discounts and ways to reduce your premium.
Is Maine homeowners insurance required by law?
The state doesn’t mandate you to have homeowner insurance. However, if you have a mortgage or a home equity loan, your lender would likely require you to have coverage.
Even if it’s not required, home insurance is important to protect your finances in case of unexpected damage or loss.
Looking for homeowners insurance in a different state?
If you need homeowners insurance outside of Maine, check out our state-by-state guide:
