Find the Best Homeowners Insurance Rates and Companies in Maine
If you own a house in Maine, you will want to cover the investment you have made in your property with a suitable yet reasonably priced homeowner insurance policy. A local independent agent can help.
These agents have relationships with multiple insurance companies, so they can easily provide you with a variety of policies and quotes that you can review and compare together. Arrange an obligation-free consultation with an independent insurance agent near you to get started.
The Best Homeowners Insurance Companies in Maine
Many providers offer homeowners insurance policies to residents of Maine. Various details about you, your property, and your coverage needs can factor into the determination of which insurance company is the right choice for you.
Local independent insurance agents can work with several of the best homeowners insurance companies in Maine, such as:
- Progressive: The convenience of state-of-the-art online services and an award-winning mobile app make this insurance company a top choice for Maine residents.
- Foremost: Foremost has coverage options that many other insurance providers may not offer. Enjoy A Better Insurance Experience® when you work with Foremost.
- Encova: Ranked among the top 20 mutual insurance companies in the US, Encova markets its various product offerings through independent agencies in several states.
- Travelers Insurance: Since 1963, Travelers has provided its customers with reliable coverage through its full line of insurance products.
- PURE: PURE is a member-owned insurer that provides home insurance policies exclusively for high-net-worth individuals who own homes valued at $1 million or more.
- Stillwater Insurance Group: Talk to an agent to discover why 90% of Stillwater’s customers would recommend this insurer to their friends and family.
- MMG Insurance: Headquartered in Presque Isle, ME, MMG Insurance has proven itself a regional leader offering a wide variety of insurance solutions since 1897.
- MAPFRE Insurance: MAPFRE has offered residents of Maine affordable, quality insurance products since 1972. This company also donates annually to local nonprofits.
- Peerless Insurance: This regional insurance provider is backed by the financial strength of Liberty Mutual. Peerless policies can only be purchased through an independent insurance agent.
Talk to an independent insurance agent near you for assistance with finding the Maine homeowners company that can offer you the best and most affordable coverage.
What Homeowners Insurance in Maine Can Cover
If you own a house in The Pine Tree State, you can protect your investment with a good home insurance policy. Maine homeowners insurance can cover financial losses related to:
- Loss or damage to your property: Dwelling insurance pays for loss or damage to the structure of your house, and contents insurance covers loss or damage to your personal property.
- Displacement: Your policy includes loss of use insurance. This can pay for your extra living expenses if damage caused by a covered event leaves your home unsafe for habitation.
- Costs related to liability lawsuits: Your policy also includes homeowners liability insurance. This covers expenses related to personal liability lawsuits if you or a member of your household is unintentionally responsible for harm to others.
Local independent insurance agents can help you be sure that you purchase sufficient insurance in each coverage category.
What Homeowners Insurance in Maine Does Not Cover
Homeowners insurance offers a wide range of coverage, but it doesn’t pay for everything. You should not expect your policy to cover things like:
- Damage caused by termites, insects, rodents, or other pests
- Rust, rot, and mold
- The sentimental value associated with your property
- Normal wear and tear
- Damage to your vehicles
- Damage caused by floods
Additionally, you can expect to have somewhat limited coverage for things like:
- Business equipment kept in your home
- Fine art, valuable collections, heirlooms, and expensive jewelry
- Boats, personal watercraft, ATVs, and other recreational vehicles
You can buy supplemental policies or special home insurance endorsements to fully cover this special property. An independent insurance agent can help you get all the coverage you need.
What Homeowners Should Know about Flood Damage in Maine
As mentioned above, flood damage is not covered by home insurance. Unfortunately, more than 75,000 properties in Maine have a significant risk of sustaining flood damage over the next thirty years.
If your home is among the properties at risk, you can purchase flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP).
If your property is located in a flood zone and you are still paying on a mortgage or home equity loan, your lender will require you to carry flood insurance. Otherwise, this coverage is optional. When deciding whether to purchase a policy, consider that the average compensation per flood claim in Maine is $13,600.
Average Cost of Homeowners Insurance in Maine
While homeowners in the US pay an average of $1,211 a year for home insurance, the average cost of homeowners insurance in Maine is just $882 a year.
Of course, this is just an average. Your actual rates can be significantly higher or lower than this amount because they are based on factors like your home’s size and value, its proximity to the coast, and the amount of coverage you wish to purchase.
To find out how much a policy will cost for your home, you can talk to a local independent agent who can present you with customized quotes from some of the best homeowners insurance companies in Maine.