Average Cost of Homeowners Insurance in Maine (2024)

The average cost of homeowners insurance in Maine in 2024 is $1,267. This figure is $1,156 less than the national average, which is $2,423.

Aside from the amount of coverage you get, credit rating has the largest impact on premiums. Homeowners with poor credit may pay up to $2,543 more than those with excellent credit.

If your rates have recently increased, our analysis of the cheapest policies in Maine could help in finding a more affordable option. Keep in mind, the insurance provider you choose can also influence your premium costs.

In Maine, the average annual premium for homeowners insurance with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage is $1,267, which is less than the national average rate of $2,423.

Selecting the right amount of coverage is key to ensuring your home and belongings are well-protected. For guidelines on how much coverage you need, consider the total cost to rebuild your home and replace personal property. As an example, a policy with $100K in dwelling coverage carries an annual premium of $685. For homeowners with more extensive properties, a policy offering $500K in dwelling coverage costs $2,242 per year.

Premiums for homeowners insurance in Maine can vary significantly between providers, even for comparable coverage levels. For instance, some insurers may offer lower rates due to their specific risk assessments or discounts for certain home features.

For those seeking coverage, there are plenty of great providers in Maine. Differences in underwriting can lead to a wide range of annual premium costs, emphasizing the importance of shopping around.

Homeowners in Maine with poor credit scores pay an average annual premium of $3,309 for homeowners insurance, which is $2,042 more than the state average of $1,267. This demonstrates the impact of credit scores on insurance rates, as those with excellent credit pay just $766 annually, saving $501 compared to the average.

Improving your credit score can lead to lower insurance rates over time. In the interim, comparing insurers can help find more affordable coverage. Take a moment to see which insurers offer the best rates for homeowners in Maine, potentially saving money even before your credit score improves.

The type of roof on your home can affect your insurance premium in Maine. For instance, tile roofs, which are sturdier, can lead to lower insurance costs. In contrast, shake-treated roofs may result in higher premiums due to their susceptibility to weather-related damage.

Similarly, the construction type of your home influences your insurance rates. Materials that are more resistant to common perils, such as fire, can garner lower insurance premiums. Superior construction materials, which are more robust, often lead to savings on insurance costs compared to standard frame construction, which may be considered riskier.

Use the drop downs on the table below to see how premiums change based on your home's materials.

Insuring a new construction home in Maine generally costs less than covering an existing home. The average annual premium for new homes is $762, which is $505 less than the $1,267 average for older homes. The table below shows premium differences for new versus existing homes, helping you select the right coverage amount.

In Maine, homeowners who have maintained a claim-free record for five or more years can expect to pay an average annual premium of $1,267 for their homeowners insurance. On the other hand, having a single claim within the past five years can increase the average premium to $1,714, while two claims may push it to $2,058 annually. These figures reflect the financial impact that claims history can have on insurance costs, with premiums rising $447 after one claim and $791 with two claims, compared to the baseline average.

Shopping for home insurance in Maine can be a smooth process. With the right approach, you can find a plan that fits your budget and gives you peace of mind. Remember, a good deal is within reach. Here's how to find the best deal for you.

Homeowners in Maine looking to maximize their insurance savings can consider bundling their home and auto insurance policies. By choosing a multipolicy bundle, they can save on the combined cost of both coverages. On average, Maine residents can save about 15%, with potential savings ranging from $74 to $400 annually. For a deeper dive into the data and potential savings, explore MoneyGeek's analysis on the Best and Cheapest Home and Auto Bundle Companies in Maine.

Maine residents can lower their homeowners insurance costs with various discounts.

• Loyalty Discount: Stay with the same insurer for several years.
• Protective Devices: Install smoke detectors, burglar alarms or other security systems.
• Claim-Free History: No homeowners insurance claims for a specified period.

For a broader look at how to save, explore our guide on how to save with discounts. Remember, always inquire about potential discounts when obtaining a quote to ensure you're getting the best deal possible.

For those navigating the homeowners insurance landscape in Maine, a wealth of resources is available to assist you. Whether you're seeking to understand regulatory guidelines, find affordable coverage options or calculate your potential insurance costs, these tools will provide valuable insights. Reporters can also utilize these resources for accurate data points and background information on insurance in the state.

• Maine Bureau of Insurance: Official state resource for insurance regulations.
• Affordable Home Insurance in Maine: Find cost-effective options for your home.
• Maine Homeowners Insurance Calculator: Estimate your potential insurance costs.
• High-Risk Home Insurance Coverage: Understand insurance for homes in high-risk areas.
• Top Home Insurance Options in Maine: Compare the best insurance providers.
• Personal Property Coverage Essentials: Guide to personal property insurance needs.
• Report Insurance Fraud: Online system for reporting insurance fraud.