The Best Cheap Homeowners Insurance in Portland, Maine for 2024: Quotes and Reviews

Most insurers offer similar core coverages for home insurance. That’s why the cost is one of the biggest factors to consider when choosing a homeowners insurance policy in Portland.

MoneyGeek’s research shows that the cheapest home insurance companies in Portland for homes with $250,000 in dwelling coverage are:

• MetLife: $593 per year on average
• Chubb: $691 per year on average

Meanwhile, the most affordable companies for homes with $2 million in dwelling coverage are, on average:

• Chubb: $4,855 per year
• MetLife: $5,648 per year

Using the table below, you can see how prices change depending on your dwelling coverage limits.

The initial baseline dwelling coverage of MoneyGeek’s Portland home insurance policy is $250,000, with a personal property limit of $100,000. The $2 million dwelling coverage limit policy has a personal property limit of $800,000. All policies have $100,000 in liability coverage.

If you live outside of Portland but want to check rates in the state, MoneyGeek found the best home insurance in Maine.

The average homeowner in Portland pays around $1,046 per year for insurance, the same as the state of Maine’s average. But, Maine’s average cost of home insurance is noticeably cheaper than the national average of $2,103 — homeowners in Portland pay around $1,057 less per year.

The location of your home, dwelling coverage, personal property limit and your credit standing all have an influence on home insurance quotes in Portland. You can use MoneyGeek’s home insurance calculator to compare quotes in Maine.

When considering a home insurance company in Portland, the cost of a policy isn’t the only important factor. Look at a provider’s customer service reputation and financial stability as well. The best insurers process your claims efficiently and fairly, which is important during a stressful life event like home damage.

After examining various companies in the city, MoneyGeek found the best home insurance companies in Portland are:

• Best Overall: MetLife
• Runner-up: Chubb

Affordability, user satisfaction and financial stability are the three factors MoneyGeek assessed to rank home insurance companies in Portland.

When it comes to homeowners insurance, the build year of your house matters. It’s more affordable to insure newer homes since they usually have materials that are more resistant to damage, so you're less likely to file a claim and are easier to replace. Insurance for a new home in Portland costs an average of $769 annually. But, insuring a home built in 2000 costs an average of $1,046 per year.

For a newly constructed home with $250,000 dwelling coverage, the most affordable companies for homeowners insurance in Portland, on average, are:

• MetLife: $436 per year
• Travelers: $562 per year

Home insurance also covers damage to personal property within your home. If you choose a high personal property limit, you pay more for home insurance. In Portland, a policy with a personal property limit of $250,000 costs an average of $1,130 per year. That is slightly more expensive than the $100,000 personal property coverage limit, which costs an average of $1,046 annually.

On average, the cheapest home insurance companies in Portland for a $250,000 personal property limit are:

• MetLife: $640 per year
• Travelers: $827 per year

The deductible can significantly affect the cost of homeowners insurance in Portland. A lower deductible is more expensive because you pay less out-of-pocket when filing a claim. If you select a homeowners insurance policy in Portland with a $2,000 deductible, it costs roughly $907 a year, while a policy with a $1,000 deductible costs around $1,046 annually.

The cheapest insurance companies in Portland, on average, for homeowners with a $2,000 deductible are:

• MetLife: $514 per year
• Chubb: $582 per year

When calculating home insurance quotes in Portland, companies look at your credit score. With a poor credit score, your annual premium is likely to be higher than someone with good credit. Based on MoneyGeek’s analysis, homeowners with poor credit pay an average of $2,087 per year compared to an average of $1,046 for homeowners with good credit.

In Portland, the companies averaging the cheapest insurance for homeowners with poor credit are:

• Chubb: $1,198 per year
• MetLife: $1,435 per year

You can go online to research and compare home insurance quotes in Portland. Before you begin, make sure you have the following information.

• Home replacement cost: Your dwelling coverage limit accounts for how much it costs to rebuild your home. MoneyGeek suggests hiring a contractor or construction professional to get an accurate estimate.
• Personal property value: Create an estimate of how much your personal belongings cost so you know what personal property coverage limit you need.
• Personal details: Insurers always ask for your address, how many people live in your home and your insurance history.
• Home details: Insurance providers need to know about home safety devices, how old your home is and its size.

In partnership with Quadrant, MoneyGeek analyzed home insurance policies from seven different companies in Portland.

Our sample homeowner has a 2,500-square-foot home built in 2000, dwelling coverage of $250,000, personal property coverage of $100,000, and liability coverage of $100,000, with a deductible of $1,000.

To cater to various profiles, MoneyGeek also gathered estimates for homeowners with higher deductibles, increased dwelling or personal property coverage, newly constructed homes and poor credit scores.

The best homeowners insurance in Portland was determined using J.D. Power customer satisfaction scores and AM Best financial stability surveys. For affordability, we computed policy quotes with different coverage levels.