Average homeowners insurance cost in Maine

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Whether you’re buying a new home or safeguarding the one you already own, it’s important to have comprehensive homeowners insurance. However, the amount you’ll pay depends on the insurance company and the coverage limits you choose.

Homeowners insurance in Maine costs an average of $1,375 a year, according to Insure.com’s study.

Read this guide to learn more about the average homeowners insurance rates in Maine by insurance company and ZIP code.

Key Takeaways

Homeowners insurance costs an average of $1,375 a year, based on our analysis.
Of all the ZIP codes in Maine, 4851 has the most affordable home insurance rates at around $1,226 annually.
In Maine, Vermont Mutual provides the most affordable home insurance at an average annual premium of $645.

Average home insurance cost in Maine by coverage level

In Maine, the annual homeowners insurance cost is $1,375, on average for the limits of $100,000 in liability, $300,000 in dwelling coverage and a $1000 deductible.

Increasing your dwelling coverage from $300,000 to $400,000 will raise your annual homeowners insurance premium to $1,724 in Maine, with $100,000 in liability protection and a $1,000 deductible. Below are the average costs for homeowners insurance in Maine based on dwelling coverage limits of $300,000, $400,000, and $500,000.

Coverage	Average annual rate	Average monthly rate
$200,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$1,005	$84
$200,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$1,021	$85
$300,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$1,375	$115
$300,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$1,391	$116
$400,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$1,724	$144
$400,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$1,741	$145
$600,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$2,493	$208
$600,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$2,510	$209
$1,000,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$4,075	$340
$1,000,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$4,092	$341

In Maine, homeowners insurance companies set rates by assessing various risk factors. Your location, claims history, credit history and coverage limit all affect your premium.

If multiple claims have been filed in your neighborhood over the past few years, you’ll likely face higher home insurance rates than areas with fewer claims. Your credit score can also play a role in determining your home insurance costs.

According to S&P Global Market Intelligence’s RateWatch application, the average homeowners insurance premium for owner-occupied homes nationwide increased by over 11% in 2023.

Best homeowners insurance companies in Maine

It’s always wise to shop around and compare prices before you buy homeowners insurance. There are many factors that go into deciding the best homeowners insurance company.

We have compared the insurers in Maine using their NAIC score and AM Best rating and compiled a list of the best homeowners insurance in Maine. Based on the analysis, Vermont Mutual received the lowest NAIC score and A+ rating from AM Best. A lower NAIC score indicates fewer complaints relative to the company’s size, suggesting higher customer satisfaction.

Company	Average annual premium	AM Best rating	NAIC Complaint Index	Overall score
Vermont Mutual	$645	A+	0.07	5
Auto-Owners	$831	A++	0.33	4.96
State Farm	$995	A++	0.95	4.84
Chubb	$1,070	A++	0.18	4.83
Allstate	$1,002	A+	0.9	4.76
MMG Insurance	$1,478	A	0.61	4.43
Frankenmuth Insurance	$1,313	B++	0.03	4.4
Quincy Mutual	$1,300	B++	0.24	4.4
Farmers	$2,237	A	0.54	4.01
The Hanover	$2,876	A	0.5	3.66

Average homeowners insurance cost by company in Maine

Vermont Mutual has the cheapest homeowners insurance rates in Maine. Its average annual cost for Maine homeowners is $645. Auto-Owners and State Farm also offer affordable insurance.

By comparing homeowners insurance rates, you could save hundreds, if not thousands, of dollars annually.

The table below shows the average annual and monthly insurance rates for homeowners in Maine with $300,000 in dwelling coverage, $100,000 in liability coverage, and a $1,000 deductible.

Company	Average annual rate	Average monthly rate
Vermont Mutual	$645	$54
Auto-Owners	$831	$69
State Farm	$995	$83
Allstate	$1,002	$83
Chubb	$1,070	$89
Quincy Mutual	$1,300	$108
Frankenmuth Insurance	$1,313	$109
MMG Insurance	$1,478	$123
Farmers	$2,237	$186
The Hanover	$2,876	$240

Maine homeowners insurance rates by ZIP code

In Maine, insurance companies evaluate the risk associated with specific locations to determine premiums. ZIP codes with higher crime rates or a history of natural disasters are often considered high-risk, resulting in higher insurance premiums. Additionally, the cost of rebuilding or repairing homes in a particular ZIP code can influence your price for a homeowners insurance policy.

Shop around and compare quotes from different insurance companies to find the best home insurance rates in Maine. Also, remember to inquire about any discounts, such as bundling policies or smart home discounts, to help lower your premium.

Most affordable ZIP codes for home insurance rates in Maine

Homeowners insurance costs in Maine can vary widely by location, with your ZIP code being a key factor in determining your rate. Based on our data, the the 4851 area has the most affordable insurance rates, at $1,226 annually or $102 monthly.

Below are the homeowners insurance rates for the most affordable ZIP codes in Maine.

ZIP code	Average annual rate	Average monthly rate
4851	$1,226	$102
4847	$1,230	$102
4417	$1,236	$103
4855	$1,245	$104
4853	$1,248	$104
4657	$1,250	$104
4106	$1,254	$105
4418	$1,257	$105
4092	$1,260	$105
4422	$1,261	$105

Most expensive ZIP codes for home insurance rates in Maine

In Maine, certain areas experience higher premiums because of higher crime rates, increased risk of natural disasters and the cost of living.

Homeowners in 4929 ZIP pay the highest insurance rates in Maine, with an average annual premium of $1,613.

Below is a list of some of the most expensive ZIP codes in Maine for homeowners insurance.

ZIP code	Average annual rate	Average monthly rate
4929	$1,613	$134
4924	$1,607	$134
4923	$1,582	$132
4478	$1,576	$131
4985	$1,561	$130
4925	$1,559	$130
4956	$1,555	$130
4668	$1,553	$129
4406	$1,548	$129
4961	$1,542	$129

Home insurance rates vary from one city to another. But with Insure.com, finding the right home insurance policy is easy. Learn more about homeowners insurance costs for different cities below.

Home insurance rates in Maine by city

See rates in your city

Bangor

Home insurance rate trend in Maine

We analyzed home insurance rate trends in Maine and found that homeowners insurance rates experienced an overall decrease of only 1% or $17, from 2022 to 2023.

The following data highlights the changes in homeowners insurance rates since 2019.

2019 rates	2022 rates	2023 rates
$1,529	$1,392	$1,375

Finding the right homeowners insurance requires thorough research and comparing rates from different insurers, as each has its own way of assessing risk. By gathering quotes from at least three companies, you can increase your chances of getting the most affordable coverage in Maine.

Resources & methodology

Source

S&P Global. “US homeowners insurance rates jump by double digits in 2023.” Accessed September 2024.

Methodology

Insure.com worked with Quadrant Information Service to get homeowners insurance data. We analyzed 20,739,560 insurance quotes from 82 national and regional insurance companies across 34,588 ZIP codes to determine the average premiums.

The insurance rates are based on a sample profile of a homeowner with good credit and the following coverage level:

$300,000 dwelling coverage
$100,000 liability protection
$1000 deductible

We have taken into account 3 important factors such as average annual cost, NAIC score and AM Best rating, to determine the list of best homeowners insurance companies. The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.