Maine’s wet and foggy climate can be trouble if your home is exposed to the elements where mold and mildew can take root. However, despite the damp elements, the average cost of homeowners insurance in Maine is $1,020 per year or $85 a month. This is 42% cheaper than the national average of $1,754.
However, the cost isn’t the only factor to consider when choosing a home insurance company. Not sure what to look for? Policygenius can help you figure out your coverage needs and compare quotes from multiple top companies in Maine.
Compare the best homeowners insurance companies in Maine
According to our analysis, Auto-Owners, State Farm, Farmers, Allstate, and the Hanover are the best homeowners insurance companies in Maine.
Policygenius analyzed thousands of quotes the largest Maine insurers to find the average cost of homeowners insurance at each company. We then looked at J.D. Power customer satisfaction scores and compared that with the coverage needs of the state's residents to find the best homeowners insurance in Maine.
Company | Average monthly cost | Policygenius rating |
|---|---|---|
$59 | 5.0 out of 5 | |
$88 | 4.8 out of 5 | |
$147 | 4.5 out of 5 | |
$117 | 4.4 out of 5 | |
$143 | 4.3 out of 5 |
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
2024 Policygenius award winner
Auto-Owners Insurance
5.0
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Why we chose it
Auto-Owners Insurance is the best homeowners insurance company in Maine thanks to its cheap rates, coverage options, its high marks for financial strength, and its customer experience ratings.
Pros and cons
Pros
Cheaper rates than average in Maine
Offers additional coverage options
Lots of discounts
Cons
Not able to get quotes or file claims online
More details
Why we chose it
Auto-Owners Insurance is our pick for the best overall home insurance company in Maine. For one, home insurance coverage from Auto-Owners costs $316 less than average per year — and the company offers a range of discounts you can use to lower your rates even more.
With endorsements like guaranteed replacement cost coverage, water backup protection, inland flood coverage, and a comprehensive Homeowners Plus endorsement package, Auto-Owners offers many ways to customize your policy.
How much does Auto-Owners home insurance cost in Maine?
The average cost of Auto-Owners home insurance in Maine is $704 per year, which is 31% cheaper than the statewide average.
2024 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm is one of the best home insurance companies in Maine thanks to its large selection of policy options, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
Top-tier coverage add-ons, including extended replacement cost coverage
High customer satisfaction and financial strength ratings
Cons
No discounts for first-time homebuyers
Higher rates than average in New Hampshire
More details
Why we chose State Farm
State Farm is among the best home insurance companies in Maine, especially if you want to add coverage to a basic policy. State Farm lets homeowners get extended replacement cost coverage for their homes, replacement cost coverage for their personal property, water backup protection, and more.
State Farm's customer service is highly rated, too. The company has received high ratings from policyholders, according to J.D. Power’s 2022 customer satisfaction, claims, and digital experience surveys. It has also received the highest rating possible from A.M. Best for financial strength and stability.
How do State Farm home insurance rates compare to the Maine average?
The average cost of home insurance from State Farm in Maine is $1,053 per year, which is 3% more expensive than the statewide average.
How to get a quote
Online through State Farm or by contacting your local State Farm agent.
2024 Policygenius award winner
Farmers
4.5
Offers extended replacement cost
Bundle home & auto
Smart home discounts
Why we chose it
Farmers is one of the best home insurance companies in Maine for those who want to add coverage to their policies. Farmers also has a range of discounts and high claims satisfaction scores — though it's not the cheapest company in the state.
Pros and cons
Pros
Optional extended or guaranteed replacement cost dwelling coverage
Receives few complaints from policyholders and has a high claims satisfaction score
Lots of available discounts
Cons
Below-average scores on J.D. Power’s overall customer satisfaction and digital experience surveys
Higher rates than average in Maine
More details
Why we chose Farmers
Farmers is one of the best home insurance companies in Maine, especially if you want to add coverage to a basic policy. Optional coverages from Farmers include guaranteed or extended replacement cost coverage, water backup protection, and a personal articles floater.
Farmers also earned a high score in J.D. Power’s 2022 claims satisfaction study (though it scored below average on J.D. Power’s overall customer satisfaction and digital experience surveys). Plus, Farmers receives fewer complaints than average, according to the National Association of Insurance Commissioners.
Farmers is one of the best companies for bundling home and auto coverage (you could save up to 18% on your premiums by bundling). The company also offers more than a dozen other discounts, many of which are easy for most homeowners to qualify for.
How do Farmers home insurance rates compare to the average in Maine?
The average cost of Farmers home insurance in Maine is $1,760 per year, which is 73% more expensive than the state's average annual premium.
How to get a quote
Online through Farmers
2024 Policygenius award winner
Allstate
4.5
Bundle home & auto
Smart home discounts
Why we chose it
Allstate is one of the top home insurance companies in Maine. Despite having higher-than-average rates, Allstate offers a few add-ons that can make a basic policy stronger.
Pros and cons
Pros
Offers HostAdvantage for short-term rental coverage
Offers water backup protection, other endorsements
Cons
Beginning to pull back coverage in high-risk areas
Customer experience scores with J.D. Power are below the segment average
Rates are more expensive than average in Maine
More details
Why we chose Allstate
We like that Allstate offers a few home insurance coverages that you can add to your policy for more protection. These coverages include water backup protection, scheduled personal property coverage, and identity theft restoration coverage.
If you're looking to cover your short-term rental, Allstate's HostAdvantage is another perk. HostAdvantage comes with theft protection, coverage for your damaged property ($10,000 per host period), and a $25 discount on cleaning services from Merry Maids.
How do Allstate home insurance rates compare to the Maine average?
The annual average cost of Allstate home insurance in Maine is $1,398 per year, which is 37% more expensive than the statewide average.
How to get a quote
Online through Policygenius or Allstate, or by contacting a local Allstate agent.
2024 Policygenius award winner
The Hanover
4.3
Bundle home & auto
Good student discount
Mobile app
New homebuyer discount
Why we chose it
The Hanover home insurance policies come with a slew of quality coverage add-ons and high customer service marks — though coverage from the Hanover can cost much more than average.
Pros and cons
Pros
Offers three tiers of coverage for all types of homes, including a specialized policy for high-value homes
Received 85% fewer complaints in 2021 according to the NAIC complaint index
Mobile app allows you to manage your policy, contact your agent, and report claims on the go
Cons
Rates are higher than average in Maine
No online quote tool or live-chat feature on its website
More details
Why we chose it
The Hanover is one of the best home insurance companies in Maine, especially for buyers who value highly-rated customer service. According to the National Association of Insurance Commissioners, the Hanover receives only a fraction of the complaints expected for its size.
We also like the number of coverages that the Hanover offers. For example, homeowners can add protection to their basic policies, including guaranteed and extended replacement cost coverage, valuable items coverage, equipment breakdown coverage, and water backup protection.
How do the Hanover home insurance rates compare to the Maine average?
The average cost of home insurance from the Hanover in Maine is $1,717 per year, which is 68% more expensive than the statewide average.
How to get a quote
You can get a home insurance quote by contacting a local Hanover insurance agent.
How much is homeowners insurance in Maine?
The average cost of homeowners insurance in Maine is $1,020 per year, or $85 a month, for an insurance policy with $300,000 in dwelling coverage. This means insurance in Maine is $801 cheaper than the national average per year.
Maine homeowners insurance rates by city
We calculated the cost of home insurance in Maine's largest cities and found that South Portland and Westbrook are the cheapest big cities for homeowners insurance in the state, while Old Town is the most expensive.
Here’s a look at the average cost of home insurance in the 20 largest cities in Maine.
City | Average monthly cost | Average annual cost | Difference from state average (%) |
|---|---|---|---|
Portland | $83 | $990 | -3% |
Lewiston | $90 | $1,079 | 6% |
Bangor | $89 | $1,064 | 4% |
South Portland | $77 | $928 | -9% |
Auburn | $89 | $1,070 | 5% |
Biddeford | $81 | $977 | -4% |
Sanford | $80 | $956 | -6% |
Saco | $84 | $1,004 | -2% |
Westbrook | $77 | $926 | -9% |
Augusta | $88 | $1,056 | 4% |
Waterville | $89 | $1,066 | 5% |
Brewer | $90 | $1,075 | 5% |
Bath | $81 | $972 | -5% |
Ellsworth | $78 | $938 | -8% |
Presque Isle | $87 | $1,049 | 3% |
Old Town | $93 | $1,112 | 9% |
Caribou | $89 | $1,071 | 5% |
Belfast | $82 | $985 | -3% |
Rockland | $79 | $946 | -7% |
Gardiner | $89 | $1,071 | 5% |
Maine homeowners insurance rates by coverage amount
The table below highlights the average annual premium in Maine for five different levels of dwelling coverage, which is the part of your policy that covers structural damage to your home.
Generally speaking, more dwelling coverage means higher homeowners insurance rates, as shown in the table below.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $456 |
$200,000 | $724 |
$300,000 | $1,020 |
$400,000 | $1,309 |
$500,000 | $1,625 |
Cheapest homeowners insurance companies in Maine
Based on our analysis of home insurance rates in every one of the state's ZIP codes, we found that Vermont Mutual, Farmers, Auto-Owners Insurance, Union Mutual, and Frankenmuth have the cheapest average home insurance rates in Maine.
Company | Average annual cost |
|---|---|
Vermont Mutual | $517 |
$605 | |
$704 | |
Union Mutual | $827 |
Frankenmuth Insurance | $981 |
$1,009 | |
$1,053 | |
MMG Insurance | $1,071 |
Quincy Mutual | $1,194 |
$1,398 | |
$1,717 | |
$1,760 |
Cheapest Maine homeowners insurance if you have poor credit
If you have a poor credit score, your insurance rates are likely to be higher. This is because insurance companies connect having poor credit with being more likely to make a future claim.
With an average rate of $914 per year, Vermont Mutual has the cheapest home insurance rates in Maine for a homeowner with poor credit.
Company | Average annual cost |
|---|---|
Vermont Mutual | $914 |
Auto-Owners Insurance | $1,039 |
Farmers | $1,053 |
Union Mutual | $1,211 |
MMG Insurance | $1,268 |
Chubb | $1,342 |
Frankenmuth Insurance | $1,396 |
State Farm | $1,796 |
Quincy Mutual | $1,882 |
Allstate | $2,485 |
Foremost | $3,691 |
The Hanover | $4,527 |
Cheapest Maine homeowners insurance if you have an older home
It can cost a lot to insure older homes. That's because they're more prone to structural damage than new homes. Older homes are also often constructed out of materials and with features that would be expensive to replace if they were damaged.
With an average annual premium of $517, Vermont Mutual offers the cheapest home insurance rates in Maine for a home over 100 years old.
Company | Average annual cost |
|---|---|
Vermont Mutual | $517 |
Farmers | $555 |
Auto-Owners Insurance | $687 |
Union Mutual | $878 |
Chubb | $1,009 |
State Farm | $1,053 |
MMG Insurance | $1,091 |
Frankenmuth Insurance | $1,126 |
Quincy Mutual | $1,194 |
Allstate | $1,373 |
Foremost | $1,944 |
The Hanover | $2,504 |
Cheapest Maine homeowners insurance if you have a history of claims
If you have multiple claims on your record, you'll typically pay more for home insurance, as insurers will consider you more likely to file future claims than a homeowner with a spotless claims history.
With an average annual premium of $644, Vermont Mutual offers the cheapest home insurance rates in Maine if you've filed three claims within a five-year period.
Company | Average annual cost |
|---|---|
Vermont Mutual | $644 |
Union Mutual | $827 |
Chubb | $1,103 |
MMG Insurance | $1,126 |
State Farm | $1,200 |
Quincy Mutual | $1,404 |
Farmers | $1,674 |
Allstate | $2,264 |
Frankenmuth Insurance | $2,750 |
The Hanover | $3,023 |
Auto-Owners Insurance | $3,172 |
Foremost | $3,674 |
Coverage options in Maine
When looking at how much each insurance company charges for different coverage levels and risks, you should also be aware of what your policy does and doesn’t cover.
Before you buy homeowners insurance in Maine, you should know whether you're protected against flooding and mold.
Flood insurance
Homeowners insurance doesn't cover damage from floods. Although less than about 1% of homes in Maine have flood insurance, you should consider getting a flood insurance policy if you live near the coast or in a low-lying part property.
Some companies offer flood endorsements or even separate flood insurance policies. Maine homeowners can compare private flood insurance companies in the state with Policygenius, or choose a policy through a government entity like the National Flood Insurance Program (NFIP).
Insurance for mold
There's a chance that Maine's rainy, damp conditions could lead to mold in your home. Unlike other potential sources of damage, it's no sure thing that your home insurance will cover mold damage.
Home insurance policies usually don't cover mold because insurance companies view most cases mold to be caused by poor upkeep. But your home insurance would cover mold if it was caused directly by a covered peril, like a broken pipe.
How to buy homeowners insurance in Maine
Finding the right amount of coverage at the right price may feel overwhelming initially, but it’s quite manageable if you have the right guide. Although home insurance in Maine is cheaper than the national average, shopping around when choosing a policy is still a great way to get the best price.
Here are a few steps to follow as you shop for homeowners insurance in Maine:
Frequently asked questions
What is the average cost of home insurance in Maine?
The average home insurance rate in Maine is about $92 a month for $300,000 in dwelling coverage. That’s about $50 less per month than the national average.
Is it mandatory to have home insurance in Maine?
You aren’t legally required to have home insurance in Maine, but if you have a mortgage on your home, your lender will likely require you to purchase a policy.
How can I lower the cost of my home insurance in Maine?
An easy way to lower the cost of your home insurance in Maine is to ask your provider about any discounts available to you, like autopay, e-billing, or bundling policies. Many companies offer savings of up to 25% when you bundle your home and auto insurance.
