Cheapest Homeowners Insurance in Maine (2024 Rates)

In Maine, Vermont Mutual offers the most cost-effective home insurance rates, considering various factors. However, Concord Group provides the most budget-friendly premiums if you're looking for home and auto insurance bundles.

The cheapest home insurance in Maine is from Vermont Mutual, offering an annual premium of $213 for $100K in dwelling coverage. While rates typically vary by dwelling coverage, Vermont Mutual is also Maine's most affordable home insurance provider for various coverage levels. Take a look at their rates:

• Cheapest for $100,000: Vermont Mutual at $213 per year
• Cheapest for $250,000: Vermont Mutual at $486 per year
• Cheapest for $500,000: Vermont Mutual at $901 per year

For more on cheap home insurance, check out MoneyGeek's table to compare costs by dwelling coverage.

Comparing quotes from different insurers is essential for affordable home insurance in Maine. MoneyGeek's home insurance calculator offers a quick way to get Maine quotes without getting your personal details.

For high-value homes in Maine that require higher dwelling coverage limits, Vermont Mutual is the cheapest home insurance provider, with rates averaging $1,330 annually for $750K in dwelling coverage. The dominant factor in home insurance costs is dwelling coverage, and thus, high-value homes that need higher dwelling coverage may come with higher premiums. Here's a quick view of the cheapest options:

• Cheapest for $750,000: Vermont Mutual at $1,330 per year
• Cheapest for $1MM: Vermont Mutual at $1,764 per year

Make sure to choose dwelling coverage limits equal to the replacement cost of your home rather than the property value to avoid under or overinsuring. Examine other cheap home insurance options on MoneyGeek's table, as costs vary by dwelling coverage.

For new homes in Maine, Vermont Mutual is the most budget-friendly home insurance company, offering premiums as low as $163 annually for $100K in dwelling coverage. Newly built homes tend to get cheaper insurance in Maine due to their improved safety features and fewer maintenance issues.

Across varying coverage levels, Vermont Mutual is the cheapest home insurance provider in Maine for new homes. Review their rates:

• Cheapest for $100,000: Vermont Mutual $163 per year
• Cheapest for $250,000: Vermont Mutual $374 per year
• Cheapest for $500,000: Vermont Mutual $692 per year

If you're looking for other insurers, look at the table MoneyGeek compiled below to see how rates for a new home can change by dwelling coverage.

In Maine, Vermont Mutual offers the most affordable home insurance for those with poor credit, charging an average of $505 annually for $100K in dwelling coverage. Credit score strongly affects insurance rates as insurers use it to estimate the risk of policyholders defaulting on payments.

• Cheapest for $100,000: Vermont Mutual at $505 per year
• Cheapest for $250,000: Concord Group Insurance at $1,082 per year
• Cheapest for $500,000: Concord Group Insurance at $1,858 per year

Having poor credit in Maine can cost you hundreds more each year in home insurance. For instance, home insurance costs an average of $1,803 per year for those with poor credit — $1,108 more annually compared to homeowners with good credit. See how your rates can change in the table below based on your credit limit and dwelling coverage.

If you've had one claim in the past five years, Vermont Mutual is the most affordable provider in Maine, with rates averaging $266 annually for $100K in dwelling coverage. Insurers believe that if you've made claims in the past, you're more likely to make another claim in the future. This belief is factored into the cost of your premiums.

Here are the cheapest rates and home insurance providers in Maine for other coverage values if you've had at least one claim in the past five years:

• Cheapest for $100,000: Vermont Mutual at $266 per year
• Cheapest for $250,000: Vermont Mutual at $608 per year
• Cheapest for $500,000: Vermont Mutual at $1,127 per year

Homeowners in Maine with at least two claims on their records pay an average of $439 more than those with no claims. Thus, maintaining a clean record is best to keep insurance costs low.

Home insurance costs hinge on your home's construction type and roof materials. In Maine, Vermont Mutual provides the lowest premium of $213 annually for a frame-type home and shake-treated roof. The cost is elevated with this structure due to the considerable risk that materials like wood frames and shake-treated roofs present are especially prone to fire and damage.

Find the most affordable premiums in Maine for various coverage values:

• Cheapest for $100,000: Vermont Mutual at $213
• Cheapest for $250,000: Vermont Mutual at $486
• Cheapest for $500,000: Vermont Mutual at $901

A home constructed using more resistant materials topped with a tiled roof has an average insurance cost of $135 less annually. Superior construction quality and sturdy roofing materials, such as tile, lead to lower home insurance costs. Maine homeowners may want to consider better construction materials to fortify their home against severe weather conditions and save on costs.

A higher deductible can reduce your premium costs by hundreds annually. A policy with a $2,000 deductible, for example, is cheapest with Vermont Mutual, costing an average of $188 annually.

Vermont Mutual is also the cheapest home insurance provider in Maine for various deductible levels. See how rates can change below:

• $2000 deductible: Vermont Mutual at $188 per year
• $1,500 deductible: Vermont Mutual at $213 per year
• $1,000 deductible: Vermont Mutual at $213 per year
• $500 deductible: Vermont Mutual at $251 per year

In home insurance, a deductible is your out-of-pocket cost prior to insurance covering the remainder. An average cost difference across all insurers for a $500 deductible versus a $2000 deductible is $179.

In Maine, the most affordable company for a home and auto bundle policy is Concord Group, featuring an annual premium of just $1,139. You can secure substantial discounts by bundling home and auto insurance together.

• Concord Group at $1,139 per year
• State Farm at $1,216 per year

Aside from savings, bundling provides the benefit of a more streamlined process, enabling you to manage both policies under the same insurer. This approach simplifies purchasing insurance, ensuring efficient policy management and unified communication. Get more information on the best Maine insurance bundle.