Average homeowners insurance cost in Bangor, ME

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The average cost of homeowners insurance in Bangor is $1,308 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), based on Insure.com’s rate data analysis. It’s $1,196 less than the national average of $2,504.

However, homeowners insurance rates can vary drastically from one home to another. Home insurance rates in Bangor depend on a number of factors, including:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

To make sure you are getting the best deal on home insurance, it is important to get quotes from multiple insurers to find the right coverage for your needs. Read this guide to know how much homeowners insurance cost per month in Bangor, home insurance cost for different dwelling coverage, also know which companies offer cheap home insurance in Bangor.

In this guide, we will explain everything from what coverage options are available to which companies have the cheapest rates for homeowners insurance in Bangor.

Key Takeaways

The average cost of homeowners insurance in Bangor is $1,308 per year.
Vermont Mutual is the cheapest homeowners insurance company in Bangor with an average annual premium of $646.
If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $351 more a year for home insurance.

Average homeowners insurance cost in Bangor per month

According to Insure.com’s rate analysis, residents of Bangor pay an average of $109 per month for homeowners insurance. This is $6 less than the state average of $115 and $100 less than the national average for home insurance across the United States. The cost of your homeowners insurance policy in Bangor can vary depending on your location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house in Bangor

In Bangor, ME, homeowners pay an average of $957 annually for a $200,000 home. The annual cost of home insurance is influenced by factors such as the risk of natural disasters in your area.

Regions more susceptible to natural disasters, such as floods, hurricanes, or tornadoes, typically face higher rebuilding costs, leading to increased insurance premiums. It is important to understand that standard insurance policies might not cover damages caused by floods or hurricanes. If you live in a flood-prone area, it is advisable to purchase flood insurance.

Average homeowners insurance cost for a $300,000 house in Bangor

According to a rate analysis by Insure.com, homeowners in Bangor pay an average of $1,308 per year for a $300,000 house. These rates are for the coverage limits of $100,000 for liability protection and $1000 deductible.

If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $351 more a year for home insurance. It would be best to buy enough insurance to cover the full cost of rebuilding your home.

However, the amount of dwelling coverage you need may vary depending on the size of your home, the features in your home, and the cost of living in your area.

Average homeowners insurance cost in Bangor by company

After evaluating several carriers, Vermont Mutual is the least expensive homeowners insurance provider in Bangor. It’s average annual rate for homeowners in Bangor is $646, while Auto-Owners holds the second position.

Researching the insurance company is crucial before selecting a homeowners insurance policy. Our experts have analyzed all insurance providers in Bangor and compiled a list of the cheapest home insurance providers. Below, you’ll find the home insurance companies in Bangor and their average annual premiums.

Home Insurance Company	Annual rate
Vermont Mutual	$646
Auto-Owners	$811
Chubb Ltd	$915
State Farm	$996
Allstate	$1,124
Frankenmuth Insurance	$1,162
Quincy Mutual	$1,298
MMG Insurance	$1,575
Farmers	$2,272
The Hanover	$2,283

How home insurance protects you against natural disasters

Home insurance helps protect your property and belongings from the financial impact of natural disasters. While standard policies generally cover damages from windstorms, hail and lightning, additional coverage is required for disasters like floods, earthquakes and wildfires.

These types of damage are usually not covered by homeowners insurance, so homeowners need to buy separate flood or earthquake insurance to ensure complete protection.

Home insurance can help pay for structural damage repairs, replace lost or damaged items, and provide funds for temporary housing if your home becomes uninhabitable. This coverage provides financial relief, making it easier for homeowners to recover quickly from the effects of natural disasters.

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Bangor for $300,000 dwelling coverage and $100,000 liability coverage with a $1000 deductible. The data presented are those with a good credit tier alignment.

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.