Average homeowners insurance cost in Maine

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Whether you’re buying a new home or want to protect the property you currently own, it’s important to have sufficient homeowners insurance coverage in place. However, home insurance policies can get expensive, depending on your insurer and the coverage level you choose.

On average, Maine homeowners insurance costs $1,375 a year, based on Insure.com’s data.

Learn more about the average homeowners insurance rates by company and ZIP code in Maine.

Key Takeaways

Homeowners insurance costs an average of $1,375 a year, based on Insure.com 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

Homeowners insurance costs $1,375 a year in Maine for the coverage limits of $300,000 dwelling coverage and $100,000 liability with a $1,000 deductible.

If you raise the dwelling coverage limit from $300,000 to $400,000, the cost of homeowners insurance in Maine will increase to $1,724 per year for $100,000 in liability protection and a $1,000 deductible. Below, you’ll find the average cost of homeowners insurance in Maine for 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

Homeowners insurance companies in Maine determine rates based on risk factors. When calculating premiums, they consider your location, claims history, credit history and coverage limits.

If your neighborhood has experienced many claims in the last few years, you can expect to pay higher home insurance rates than areas with few to no 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

Before purchasing homeowners insurance, it’s important to compare rates and explore your options. Several factors play a role in choosing the best homeowners insurance company for your specific needs.

We evaluated insurance companies in Maine based on their NAIC scores and AM Best ratings to create a list of the top homeowners insurance providers in the state. Our findings show that 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 provides the most affordable homeowners insurance in Maine, with an average annual premium of $645. Auto-Owners and State Farm also offer cheap home insurance rates.

Shopping around for homeowners insurance can help you save hundreds of dollars annually.

Here are the average annual and monthly insurance rates for homeowners in Maine with a policy that provides $300,000 in dwelling coverage, $100,000 in liability protection, 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

Insurance providers in Maine factor in the risk of a given location when determining rates. ZIP codes with higher crime rates or frequent natural disasters are typically classified as high-risk, leading to increased premiums. Additionally, the cost of rebuilding or repairing homes in that area can affect your homeowners insurance costs.

To get the best deal on homeowners insurance rates in Maine, take the time to shop around and compare quotes from multiple insurers. Additionally, don’t forget to ask about potential discounts, like bundling policies or a smart home discount.

Most affordable ZIP codes for home insurance rates in Maine

Not every area in Maine has the same home insurance cost. How much you pay for homeowners insurance in Maine depends on many factors, including your ZIP code. Our data shows that 4851 ZIP has low-cost home insurance rates in Maine, at about $1,226 a year or $102 monthly.

Below you can find homeowners insurance rates for some of 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 below data shows how much homeowners insurance rates have changed since 2019.

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

To find the right homeowners insurance, research thoroughly and compare costs from multiple insurers, as they assess risk differently. Getting quotes from at least three companies helps ensure you get 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.