Acquiring home insurance for a good price is a priority for many homeowners. Comparison shopping by getting quotes from multiple companies is the best way to find the coverage you need at the most reasonable cost. We evaluated average rates to help you find the best cheap home insurance in Maine.
Cheap Home Insurance in Maine Cost Comparison
| Home insurance company | Average annual home insurance cost in Maine |
|---|---|
|
Vermont Mutual
|
$465
|
|
$624
|
|
|
Patriot Insurance
|
$738
|
|
$851
|
|
|
$941
|
|
|
$1,043
|
|
|
MMG
|
$1,206
|
|
Patrons Oxford Insurance
|
$1,215
|
|
$1,394
|
|
|
Hanover
|
$1,614
|
|
$1,678
|
It’s smart to get multiple quotes for home insurance when on the hunt for cheap homeowners insurance in Maine. Home insurance costs can vary substantially from one insurance company to the next.
Beyond price, the best home insurance for your needs will provide coverages and home insurance discounts that meet your needs.
Maine Homeowners Insurance Cost Factors
Your chances of getting the cheapest homeowners insurance in Maine will depend on several factors, such as:
- The cost to rebuild your house if it’s damaged
- The materials your house is made of
- The fire rating of your location
- How old your home is (year built)
- The claims history at your home (even before you owned it)
- Your personal claims history
- Your credit
- Your location
- Your choice of coverages and limits for the insurance policy
- Your deductible amount
What Does Homeowners Insurance Cover in Maine?
A standard HO-3 homeowners insurance policy protects your house from any problem that’s not excluded in the policy. Standard exclusions include flooding, war, mudslides, earthquakes, sinkholes, power failure, neglect and vermin and insect infestations.
Your belongings (personal property) are protected for specific “perils” in the average home insurance policy. Fires, theft, theft, vandalism and tornadoes are just some of the problems covered by home insurance.
It’s prudent to review how home insurance works to protect you so you can best determine how much home insurance you need.
A standard home insurance policy can be broken down into these primary coverage types:
- Dwelling: This pays to repair or rebuild your house if it’s damaged by a problem covered by the policy. It also covers attached structures, like a garage, deck or porch.
- Other structures: This coverage within a home insurance policy pays to repair or replace structures that are unattached to your home, like a fence, guesthouse, barn or shed.
- Personal property: This coverage pays to repair or replace your personal belongings after a problem like theft, fire or smoke damage. Your personal belongings include your jewelry, furniture, clothing, appliances, electronics and other items.
- Liability: This type of homeowners insurance pays for property damage and injuries you cause to others accidentally. For example, if your friend takes a spill on your icy driveway and breaks an ankle, your liability insurance can pay for a settlement or court judgment against you if you’re sued. Also, liability insurance pays your associated legal defense costs.
- Medical payments to others: This covers minor medical claims made by people not in your household, no matter the fault. For example, if a guest trips on a broken front porch step, medical payments coverage could pay for their visit to urgent care. Coverage amounts are relatively small, often around $1,000.
- Additional living expenses: If you can’t live in your home due to an issue covered by your policy (such as smoke damage), additional living expenses coverage pays for outlays you make while temporarily living elsewhere. This can include your hotel bills, restaurant meals and other necessary services, such as a pet boarding service.
What’s Not Covered by Maine Homeowners Insurance?
Common exclusions in the average home insurance policy include floods, earthquakes, sinkholes, power failure, nuclear hazard, war, wear and tear, neglect and intentional loss.
It’s wise to closely read your policy and understand what is excluded from coverage.
Flood Insurance in Maine
If you’re concerned about your home flooding, be aware that flood damage isn’t covered by a standard homeowners insurance policy. With flooding becoming more frequent, it’s wise to consider flood insurance if your property is at risk.
As the Maine Emergency Management Agency points out, the state has five major rivers, over 2,500 miles of coastline, 6,000 ponds and lakes and 5,000 streams and brooks, so flooding can be a considerable hazard for Maine residents.
Monetary help from the government after a flood can be restricted. It’s smart to have your own flood insurance to depend on. Most homeowners who have flood insurance buy it from the National Flood Insurance Program (NFIP), a federal program. Private flood insurance is also an option to consider.
FEMA’s Individuals and Households Program (IHP) can provide financial and direct assistance after a major disaster or emergency, if you’re eligible. This program helps people find housing after an issue directly caused by a disaster and not covered by insurance or other sources.
Earthquake Insurance in Maine
You may not have felt one, but Maine has several small earthquakes a year. A sizable shake is pretty rare, though.
According to the Maine Geological Survey, “larger earthquakes have been few and far between and have a very small chance of occurring in any given year.” There are no known active faults in the state. Geologists aren’t certain, but think the small quakes the state has from time to time may be due to regional stress on the North American crust.
To have coverage for earthquake damage, you need to buy a separate earthquake insurance policy. Your standard home insurance policy doesn’t cover earthquakes.
Earthquake insurance typically covers:
- Dwelling (your home)
- Other structures
- Personal property (your belongings)
- Additional living expenses
Earthquake insurance typically has a separate deductible from your home insurance, usually between 10% to 25% of the dwelling’s policy limit.
Tips for Buying Maine Homeowners Insurance
Whether you’re looking to buy your first house or shopping around to switch insurance companies, you want to find an affordable policy with good coverage. Here are tips for both first-time homeowners and longtime homeowners:
- Determine your rebuilding costs. Ask your insurance agent or use an online calculator to estimate what the cost would be to rebuild your home, taking into account equitable materials and local labor costs. Your dwelling coverage should be at least equal to this amount.
- Review the benefits of replacement cost vs. actual cash value. Consider replacement cost coverage for your home and belongings as you’ll get the amount you need to replace items with new versions. With actual cash value, you get depreciated value.
- Consider extra coverage for pricey possessions. If you have high-value items, such as jewelry, antiques, electronics or equipment, consider scheduling personal property, which gives you higher limits for specific belongings.
- Evaluate coverage gaps. Many home insurance companies offer add-on coverages that cover issues your primary policy does not. For instance, you can buy coverage for water and sewer backups or add an endorsement that provides higher limits for landscaping if you have a lot of trees and shrubs.
- Assess how much liability coverage you need. Buy an amount that at least matches the value of your assets. Our recommendation is to have at least $300,000.
- Research financial ratings. Examine financial strength ratings from groups such as A.M. Best or Standard & Poor’s. Be aware that some banks won’t finance your mortgage unless your home insurance company has at least an “A” financial strength rating.
- Ask for discounts. Don’t shy away from ensuring you’ve received all the discounts you’re qualified for. For example, if you added smart home features or a monitored security system to your house, ask your agent if there are additional discounts you can get.
- Compare quotes from multiple insurance companies. Don’t set your home policy and forget it. The cost for the same policy can vary significantly among insurance companies. If you don’t shop around, you won’t know how much you can possibly save.
Find the Best Homeowners Insurance Companies Of 2024
