Find the Cheapest Homeowners Insurance Quotes in Your Area
After gathering hundreds of quotes from across Maine, we found that the best homeowners insurance for most people in the Pine Tree State is Concord Group Insurance. This provider's highly customizable policies have an average yearly price of $551 per year, several hundred dollars cheaper than the typical statewide price of $849. Continue reading our analysis of the Maine's other best homeowners insurance companies, or use the secure quote box above this guide to get in touch with a provider near you.
Best homeowners insurance for most people: Concord Group
Concord Group insurance offers the best homeowners insurance for most people in Maine. This provider's average price of coverage is $551, which is over a third cheaper than the cost of homeowners insurance in the rest of the state. This insurer also has a variety of opportunities for discounts that most people may find easily achievable.
You may be able to qualify for discounts on your policy if you bundle your homeowners insurance with Concord Group's auto insurance policy. You may also save money if you:
- Request a quote prior to the start date of your policy
- Own a home that's less than 15 years old
- Opt to receive electronic delivery of your policy
- Have a favorable loss history
- Install protective devices, like locks, sprinklers and alarms in your house
- Have a water shut-off system that detects leaks
At Concord Group, you can also customize your homeowners insurance policy to give yourself more protection. We believe that Concord Group provides the most complete protection of any company in this survey. If you want to add to your standard home insurance coverages, Concord gives you the option to buy specific coverages for:
- Defacement and misplacement
- Ordinance or law changes
- Spoiled food
- Power failure
- Service line damage
Concord Group also has an endorsement that covers the extra cost of replacing or repairing damaged parts of your home with eco-friendly materials, including upgrading to energy-saving electrical and heating systems. This option is good for up to $20,000 of extra coverage per incident.
Most affordable homeowners insurance: MetLife
If you're shopping for Maine's most affordable homeowners insurance, MetLife could be the best provider for you. The company's average annual premium is $488 per year, which is over 40% cheaper than the mean cost of coverage in Maine. In addition to its cheap prices, MetLife's coverage may be sufficient to meet the needs of most of the state's property owners. However, due in part to the company's lower prices, you could also upgrade your policy if you wanted more protection.
You can customize your policy by adding guaranteed replacement cost coverage, an attractive endorsement that keeps your provider from accounting for your property's depreciation when totaling your compensation after a loss. If MetLife approved your claim, your property would be replaced at its original price even if it exceeded the normal limits of your policy. You can also add extra water backup protection and identity theft coverage.
Unfortunately, you can't purchase homeowners insurance directly from MetLife's website. Rather, you must contact an agent first. However, this inconvenience doesn't seem to have affected the company's customer service ratings. MetLife's place on the National Association of Insurance Commissioners' (NAIC) complaint index, which tracks the amount of complaints each provider receives, suggests customers remain highly satisfied.
Best for online shopping: Travelers
If you want to buy homeowners insurance without spending a lot of time filling out forms or waiting to speak with an agent, Travelers may be the best place to start looking. Compared to most of the other companies we surveyed, this provider has the best online experience, and it allows you to buy homeowners insurance without contacting another person.
It takes about five minutes to fill out Travelers' online quote form (provided you know some basic information about your home). Other insurers, especially ones without online quote forms, often require more time and effort from consumers looking to shop for and compare insurance prices. If you're unsure about something, like the type of roof you have or the construction material of your house's siding, Travelers provides illustrations and short descriptions within its quote form to help you navigate the process.
You can also easily customize your quote before you finalize a purchase by choosing some of Travelers' many endorsements. The average cost of coverage from this company is about $690, which is about $150 cheaper than Maine's typical statewide price, and you can upgrade your basic policy by adding:
- Replacement cost or extended replacement cost coverage
- Water and sewer backup protection
- Up to $25,000 of identity fraud
- Umbrella liability coverage
- Green home coverage to rebuild or repair damages with eco-friendly materials
Best for high-value homes: Chubb
If you're a high-net-worth individual, Chubb can provide you the most complete homeowners insurance in Maine. This company specializes in providing coverage to high-value homes and catering its policies to the needs of people who have a lot of assets. Chubb's customer service is among the best of the homeowners insurance companies in this survey. On the NAIC's complaint index, the insurer has a 0.03 score — substantially lower than the benchmark of 1.0 the group uses as to represent a typical provider.
Chubb's standard insurance package, the Masterpiece plan, comes with a variety of special protections that are typically offered as upgradable endorsements by other companies. Homeowners insurance from this provider comes with replacement cost coverage and a cash-out option for people who experience a loss but don't want to rebuild or replace. Masterpiece coverage also comes with:
- Code and ordinance change protection
- Water and sewer backup
- Personal liability up to $100 million
- Risk consulting services for your home's security
- Referrals to highly rated contractors and service providers
Homeowners insurance companies with the best and worst customer service
To find out which homeowners insurance companies in Maine have the best customer service, we checked each provider's place on the complaint index, published by the NAIC. The index tracks the amount of complaints an insurer is responsible for given its national market share. A company with a rating of 1.0 has the expected amount of complaints for its size.
In Maine, we found that customers were most satisfied with the coverage they got from Chubb, USAA and State Farm. Patrons Oxford also scored well on the complaint index, but its small market share makes it difficult to assess how accurately its score reflects the quality of its service.
Though customers were least satisfied with Vermont Mutual, Union Mutual and Concord Mutual, customers should still consider these companies as homeowners insurance providers. They still perform well, given that each one has scores far under 1.0 on the NAIC's index.
|Company name||NAIC Value (lower is better)||J.D. Power (higher is better)||A.M. Best (financial strength)|
Cheapest options for homeowners insurance in Maine
We found that the cheapest homeowners insurance company for most people is MetLife, while the most expensive company on average is Allstate. Although Chubb is technically the cheapest company in this survey, it's coverage is marketed only to high-net-worth individuals, while MetLife's is available to far more people. The average cost of homeowners insurance in Maine is $849. This compares favorably to rates in the rest of the nation, where the mean cost of coverage is $1,083.
Find the Cheapest Auto Insurance Quotes in Your Area
Most common homeowners insurance perils in Maine: Snowfall and freezing temperatures
Despite its location on the Atlantic coast, Maine doesn't get the impact of many hurricanes. The most prevalent homeowners insurance peril for people living in Maine is the state's heavy snowfall that come with its cold winters. Snowfall can be acutely severe in the northern part of the state, as accumulation can top 150 inches per year in some parts. Similarly, Maine can experience nor'easters. These powerful winter storms move like hurricanes and can produce feet of snow over a short period of time.
Fortunately, most homeowners insurance policies cover damage that snowfall may cause. Your policy likely includes protection against the weight of snow. If a snowstorm leaves several feet of snow against your window or on your roof and causes a collapse, your policy may cover it. Your homeowners insurance's inclusion of "falling objects" as a covered peril means that if a storm causes one of Maine's many trees to fall through your home's walls or roof, you could receive similar protection, too.
However, it's not uncommon for your homeowners insurance not to cover freezing if it causes your plumbing or heating system to fail and you haven't made sufficient effort to keep your home unfrozen.Your policy may also refuse coverage if the freezing affects a swimming pool or part of your home's structure. It's best to talk to your insurance representative before committing to coverage if you're unsure about what your policy covers.
Maine insurance rates: city-by-city breakdowns
The data we gathered while conducting this survey allows us to provide the cost of homeowners insurance in each of Maine's cities with more than 10,000 people. The following table shows the costs of coverage in the state's largest cities.
|City||Average||Difference from average|
Given Maine's size and low exposure to natural disasters, it's not surprising that the rates for home insurance stay fairly consistent throughout the state. If you're interested in what homeowners pay for coverage in other states, we've also calculated the average cost of home insurance on a national basis.
Our survey of homeowners insurance quotes in Maine includes estimates from 11 of the state's largest providers. We collected quotes from every ZIP code in the state. We used a property that was built in 1970, Maine's median building year, to get these quotes. We insured our sample property for $191,200, the median home value in the state.
We included these insurers in our study:
- State Farm
- Allstate Corp
- MMG Insurance Co.
- Concord Group Insurance
- Quincy Mutual
- Vermont Mutual Insurance
- Union Mutual
ValuePenguin's analysis used insurance rate data from Quadrant Information Services. These rates were publicly sourced from insurer filings and should be used for comparative purposes only — your own quotes may be different.