Maine homeowners tend to enjoy lower-than-average home insurance rates, but finding the best home insurance company involves looking at more than just price. To help you find the best homeowners insurance companies in Maine, Reviews.com analyzed financial strength, coverage options, customer support, discounts, and price. These four companies might be worth adding to your list of quotes.
The 4 Best Homeowners Insurance Companies in Maine
We started our search for the best home insurance in Maine by reviewing 2021 average premium data from Bankrate.com for the largest companies in the state by market share. To make sure we presented well-rounded companies, we also reviewed discounts, endorsements, digital tools, and third-party scores. These four companies rose to the top based on our research method:
- Allstate: Best for New Homes
- Nationwide: Best for Personalized Coverage
- State Farm: Best for Local Agents
- Travelers: Best for Discounts
Compare the Best Home Insurance Companies in Maine
These four companies are among the best in the state based on our research methodology. However, you may find that another company best fits your needs, depending on your unique circumstances. Understanding what you want in a home insurance company and shopping around could help you find the best option for you.
| Average Annual Premium* | AM Best AM Best rates insurance providers creditworthiness. Ratings are based on the provider’s ability to follow through with a payout when a consumer files a claim. | J.D. Power** J.D. Power scores are based on surveys for customer satisfaction and product quality. | ||
|---|---|---|---|---|
| Pin Allstate | $1,122 | A+ | 829/1,000 | |
| Pin Nationwide | $904 | A+ | 812/1,000 | |
| Pin State Farm | $1,032 | A++ | 835/1,000 | |
| Pin Travelers | $699 | A++ | 800/1,000 |
Information accurate as of June 2022
*2021 premium data provided by Bankrate.com for $250,000 in dwelling coverage
**J.D. Power’s 2021 U.S. Home Insurance Study. Based on a 1,000-point scale.
Best for New Homes
WHY WE CHOSE IT
Why we chose it
Pros
- Numerous discount opportunities
- Informative website and digital tools
- Above-average J.D Power customer service score
Cons
- Higher-than-average premium
- Higher-than-average NAIC complaint index
- Below-average J.D. Power claims satisfaction score
TYPES OF COVERAGE OFFERED
- Auto
- Motorcycle
- Renters
- Life
STANDOUT DISCOUNTS AVAILABLE
- Early signing discount
- Home buyer discount
- Welcome and loyalty
- Claims-free
Best for Personalized Coverage
WHY WE CHOSE IT
Why we chose it
Pros
- Numerous endorsement options
- Low average premium
- Unique discounts
Cons
- Lower-than-average J.D. Power customer satisfaction score
- Lower-than-average J.D. Power claims satisfaction score
- Higher-than-average NAIC complaint index
TYPES OF COVERAGE OFFERED
- Auto
- Classic car
- Boat
- Golf cart
STANDOUT DISCOUNTS AVAILABLE
- Home renovation credit
- Prior insurance
- Gated community
- Smart home
Best for Local Agents
WHY WE CHOSE IT
Why we chose it
Pros
- Local agents available
- High J.D. Power customer satisfaction scores
- Superior AM Best financial strength rating
Cons
- Above-average premium
- Fewer discounts than many competitors
- Higher-than-average NAIC complaint index
TYPES OF COVERAGE OFFERED
- Motorcycle
- Off-road vehicle
- Manufactured home
- Business
STANDOUT DISCOUNTS AVAILABLE
- Multi-line
- Home security
- Roofing materials
Best for Discounts
WHY WE CHOSE IT
Why we chose it
Pros
- Numerous discount opportunities
- Several endorsements for policy personalization
- Superior AM Best financial strength rating
Cons
- Lowest J.D. Power customer satisfaction rating on our list
- Below-average J.D. Power claims satisfaction rating
- Does not insure mobile or manufactured homes
TYPES OF COVERAGE OFFERED
- Auto
- Landlord
- Umbrella
- Pet
STANDOUT DISCOUNTS AVAILABLE
- Green home
- Loss-free
- Protective device
- Home buyer
*2021 premium data provided by Bankrate.com
**J.D. Power’s 2021 U.S. Home Insurance Study. Based on a 1,000-point scale.
The Average Cost of Homeowners Insurance in Maine
The average cost of homeowners insurance in Maine is $956 for $250,000 in dwelling coverage, according to 2021 data from Bankrate.com. The average cost in the U.S. is $1,312, so Maine homeowners do enjoy a premium well below the national average. This could be due to a lower risk of damage to homes than in other states.
Top 3 Cheapest Homeowners Insurance Companies in Maine
| Company | Average Annual Premium* |
| Vermont Mutual | $455 |
| Concord Group | $536 |
| Travelers | $699 |
*Data from Bankrate.com
Top 3 Most Expensive Homeowners Insurance Companies in Maine
| Company | Average Annual Premium* |
| The Hanover | $1,307 |
| Chubb | $1,243 |
| Quincy Mut Grp | $1,160 |
*Data from Bankrate.com
Key Things to Know About Home Insurance in Maine
Maine may have a lower risk of home damage than many other states, which is reflected in its lower-than-average home insurance premium. That doesn’t mean there is no risk of damage, though. Coastal areas could be at risk for strong storms and wind, while more forested areas may have an increased wildfire risk. The entire state’s northern position makes it a target for winter storms. Knowing your risk level and how to prepare could help you lessen the chances of your home being damaged.
Home Insurance Coverage Options
Many homeowners may need more coverage than their standard home insurance policies provide. Maine insurers offer a variety of optional coverage options that homeowners may want to consider including:
- Scheduled personal property coverage: If you have valuable jewelry, collectibles or antiques, consider scheduling them on your policy for more robust coverage and a lower deductible.
- Identity theft protection: Many insurers offer optional identity theft protection, which could help pay the costs associated with restoring your identity after it is stolen.
- Flood insurance: Standard home insurance policies do not cover damages caused by floods. For that, you’ll likely need a separate flood insurance policy.
Frequently Asked Questions
Methodology
We evaluated the companies based on their third-party agency ratings for customer experience, financial stability, and coverage options to determine which might be the best providers.
To compare home insurance companies across the board, we considered the following factors:
- Customer Ratings — Customer ratings are an indication of satisfaction with the overall experience with a company. We measured this using 2021 J.D. Power Home Insurance Study ratings.
- Coverage — As there isn’t one company to fit everyone’s needs, we evaluated companies by the amount of coverage options and add-ons available.
- Confidence — It is extremely important for insurance companies to fulfill customers’ claims. Companies with sound financial strength ratings indicate a positive history of being able to pay out claims. We measured this using AM Best ratings.
- Customer Experience — The amount of complaints a company receives is an indicator of the overall customer experience as it expresses dissatisfaction. We have based this measure on the National Association of Insurance Companies National Complaint Index.
Rates are based on 2021 quoted annual premiums from Bankrate.com. These are sample rates and should be used for comparative purposes only. Your quotes may be different.
The coverage limits for home insurance rates reflect the following coverage and limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
About the Authors
Cate Deventer is a writer and licensed insurance agent. She has a Bachelor’s degree in theatre and is currently pursuing a degree in English with a concentration in professional and technical writing from Indiana University East. Her work has been featured on Reviews.com and Bankrate.com, and she’s passionate about helping people take charge of their finances. In her free time, she likes to read thrillers and sci-fi novels, garden, and toss tennis balls for her dog.
