Best Homeowners Insurance in Maine (2024)

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Updated: December 4, 2024

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Chubb stands out as the best home insurance provider in Maine, tailored to meet diverse owner needs. If you have a new or more expensive residence, Chubb's offerings remain unparalleled. We used a $100,000 dwelling coverage limit to gather quotes.

The coverage you require will influence your premium, and understanding how much insurance you need is important in making your choice. Additionally, MoneyGeek has analyzed the cheapest home insurance in Maine, focusing on affordability without factoring service quality.

Key Takeaways

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In Maine, Chubb emerges as the best overall homeowners insurance provider, achieving a MoneyGeek score of 94 out of 100, with an annual premium of $362. It excels in both affordability and service quality, particularly for new or high-value homes. The runner-up is State Farm, with a MoneyGeek score of 83 out of 100 and an annual premium of $475, offering a solid alternative with commendable service. Both providers represent top choices for balancing cost and quality in home insurance coverage.

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In Maine, Vermont Mutual offers the cheapest homeowners insurance with an annual premium of $222. However, for those seeking a balance between affordability and service quality, Chubb stands out as a strong contender, providing comprehensive coverage for $362 per year, making it a noteworthy runner-up.

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For Maine homeowners prioritizing customer service, Chubb is the leading insurance provider, earning a MoneyGeek score of 94 out of 100. As a runner-up, State Farm delivers commendable service with a score of 83 out of 100. Both providers excel in offering comprehensive coverage tailored to meet the needs of varying homeowners in the state.

Why Trust MoneyGeek? Our team utilized insights from the Maine Department of Insurance and Quadrant Information Services to determine top homeowners insurance options in Maine.

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Home insurance rates in Maine represent the latest quotes as of July 2024.

691,200Quotes Analyzed
 
8Companies Compared
 
4ZIP Codes

Overall Best Homeowners Insurance in Maine

Chubb is currently identified as offering the best home insurance in Maine. The top home insurance providers in Maine have been rated for their outstanding offerings, with the two leading companies securing the highest ranks for excellence in coverage and customer service.

  • Chubb: MoneyGeek score of 94 out of 100 ($362 per year)
  • State Farm: MoneyGeek score of 83 out of 100 ($475 per year)

Homeowners in Maine face an array of choices when it comes to selecting an insurance provider, each offering varying levels of cost and service. It is crucial for you to find the right balance that suits your individual needs, ensuring both affordable premiums and reliable service.

Company logo for Chubb
Best OverallChubb
MoneyGeek Score:
94/ of 100
Overview

Chubb is the top overall home insurance provider in Maine and leads in customer satisfaction. The average annual premium is $362.

Chubb offers a cash settlement option, a reasonably rare coverage that allows homeowners to receive a lump sum payout in the event of a covered total loss. Additionally, Chubb provides risk consulting services, another reasonably rare feature. These services offer personalized appraisals and expert advice to mitigate potential risks and ensure proper coverage levels for homeowners' homes.

Best Homeowners Insurance in Maine for Customer Service

Chubb stands out as the top provider of home insurance in Maine based on service quality. The providers listed below excel in meeting customer needs, being the top two home insurance providers in Maine for service quality.

  • Chubb: MoneyGeek score of 94 out of 100 ($362 per year)
  • State Farm: MoneyGeek score of 76 out of 100 ($475 per year)

Valuing service quality in a home insurance provider means prioritizing customer support, claim handling, and overall reliability. Homeowners should opt for providers with high service scores to ensure a smoother experience, particularly during stressful times like filing a claim after storm damage.

Company logo for Chubb
Best for ServiceChubb
MoneyGeek Score:
94/ of 100
Overview

Chubb stands out in Maine with a perfect customer satisfaction score of 65 out of 65, indicating a strong likelihood of superior service. The average annual premium for Chubb's policyholders is approximately $362.

Chubb offers a guaranteed replacement cost add-on, ensuring homeowners can rebuild their homes to the same quality even if costs exceed the policy limit. Its cash settlement option grants flexibility, allowing a homeowner to opt for a cash payment in lieu of repairs after a total loss, which is an advantageous choice for those looking to rebuild elsewhere.

Best Cheap Homeowners Insurance in Maine

Chubb offers the cheapest home insurance in Maine. Take a look at the best and cheapest homeowners insurance providers in Maine for those on a budget below.

  • Chubb: MoneyGeek score of 93 out of 100 ($362 per year)
  • Vermont Mutual: MoneyGeek score of 89 out of 100 ($222 per year)

Chubb boasts an affordability score of 69 out of 75. While it's important to find a provider with low premiums, such as Chubb, it doesn't always signify top-tier service. When considering the average cost of home insurance in Maine, it's wise to choose a company that delivers a balance of reasonable rates and high-quality service.

Company logo for Chubb
Best CheapChubb
MoneyGeek Score:
93/ of 100
Overview

Chubb has an impressive affordability score and an average annual premium of $362. Homeowners on a budget can find great value in their offerings.

Chubb provides multiple discounts to help lower costs further, including common protective device and reasonably common claims free discounts. The protective device discount rewards homeowners for securing their property with safety feature.

Best Homeowners Insurance in Maine for Expensive Homes

Chubb is the premier choice for home insurance in Maine for owners of high-value homes. Providers listed here are the best for those needing up to $1 million in dwelling coverage.

  • Chubb: MoneyGeek score of 91 out of 100 ($3,256 per year)
  • State Farm: MoneyGeek score of 88 out of 100 ($2,525 per year)

Considering expensive homes generally require more comprehensive coverage, finding an insurer that delivers an excellent cost-to-quality ratio is crucial for homeowners.

Company logo for Chubb
Best for Expensive HomesChubb
MoneyGeek Score:
91/ of 100
Overview

Chubb emerges as the top choice for homeowners with expensive homes in Maine. Homeowners can expect an average annual premium of approximately $3,256. Leveraging the protective device discount, which rewards the installation of safety features, can lead to more affordable premiums.

Chubb's offered coverages ensure full home value replacement irrespective of policy limits. Its back-up of sewer or drain coverage provides protection against potential water damage, a common concern for homeowners.

Best Homeowners Insurance in Maine for New Homes

Chubb stands out as the premier insurer for new homeowners searching for the best home insurance in Maine. These providers are exemplary for anyone looking for the top-tier homeowners insurance for $500,000 in dwelling coverage in Maine for new dwellings.

  • Chubb: MoneyGeek score of 84 out of 100 ($1,404 per year)
  • Concord Group Insurance: MoneyGeek score of 78 out of 100 ($737 per year)

Chubb shows a strong balance of value and performance for homeowners.

Company logo for Chubb
Best for New HomesChubb
MoneyGeek Score:
84/ of 100
Overview

Chubb stands out as the best home insurance provider for new homes in Maine, with an affordable average annual premium of $1,404.

Chubb offers appealing savings, including a new home discount for recently constructed homes and a home renovation discount for properties that have been updated to meet current building standards, providing homeowners with more opportunities to lower their insurance expenses.

Best Homeowners Insurance in Maine for Veterans

For veterans in Maine, Chubb has the highest MoneyGeek score. With an annual premium of $362, Chubb offers a prime balance of affordability and comprehensive coverage. Take a look at the best and cheapest homeowners insurance providers in Maine for veterans and military families below.

  • Chubb: MoneyGeek score of 94 out of 100 ($362 per year)
  • State Farm: MoneyGeek score of 83 out of 100 ($475 per year)

The leading homeowners insurance company for veterans appreciates their distinct circumstances, such as regular moves and deployment readiness.

Company logo for Chubb
Best for VeteransChubb
MoneyGeek Score:
94/ of 100
Overview

Chubb stands out in Maine for its veteran-friendly home insurance policies and a perfect customer claims satisfaction score. The average annual premium is $362. Chubb offers guaranteed replacement cost coverage, which ensures your home is rebuilt to its original state regardless of policy limits, essential for full protection against unexpected disasters.

Discount opportunities with Chubb include new home and home renovation, which are very rare discounts. These reward you for living in a newer home or renovating your current one, ensuring your residence meets the latest standards.

How to Find the Best Homeowners Insurance in Maine for You

The best homeowners insurance providers strike a balance between quality and cost. Finding the best homeowners insurance hinges on identifying your specific needs. Below are the steps to guide you in selecting the most suitable homeowners insurance, ensuring you're well-protected at a reasonable cost.

  1. 1

    Assess Your Insurance Needs

    Evaluating how much coverage is necessary for your unique circumstances is crucial. Start with a thorough assessment of your property's replacement cost, personal belongings, liability needs and any additional living expenses should disaster strike

  2. 2

    Research Various Providers

    Investigate an array of insurance companies, examining their reputations, financial strength, customer service records and types of coverages offered. Look for insurers that specialize in or are well-reviewed for homeowners insurance.

  3. 3

    Compare Coverage and Costs

    With knowledge of what you require, compare coverage options and quotes from various insurers.

  4. 4

    Understand the Policy Details

    Acquiring quotes and analyzing premiums is just the start; comprehending the specifics of the policy is paramount. Give attention to deductibles, coverage limits, exclusions and how claims are handled. Familiarize yourself with the terms and conditions to ensure the policy aligns with your needs.

  5. 5

    Consult with an Independent Agent

    For personalized advice based on an unbiased perspective, engage with an independent insurance agent. They can navigate through complex policy details and help align your needs with the appropriate coverage, often presenting options from multiple companies to find the best fit for your circumstances.

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DOES HOME INSURANCE COVER FLOOD DAMAGE IN MAINE?

Flood insurance is not a legal requirement for homeowners in Maine. Nonetheless, it’s beneficial to have flood insurance in Maine to cover potential flood-related losses.

FAQ: Homeowners Insurance in Maine

Selecting the best homeowners insurance provider in Maine hinges on your unique requirements. We've compiled a list of frequently asked questions about the best homeowners insurance providers to guide your decision-making process.

Which insurance provider is best for home insurance in Maine?

Who has the most affordable homeowners insurance in Maine?

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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