Average Costs and Cheapest Homeowners Insurance Companies in Maine

We analyzed quotes from thousands of home insurers in Maine to calculate the average rate and find the cheapest company for home insurance in Maine. Metlife is the cheapest insurer overall. Chubb is the cheapest for homeowners with expensive homes, pools and poor credit. Travelers is the best choice for those with a new home.

MoneyGeek used costs and service measures to break down the best homeowners insurance providers in Maine if you want to balance cost and quality.

MoneyGeek analyzed thousands of quotes from different home insurance companies across dwelling coverage limits to find the most affordable homeowners insurance in Maine. We found that the cheapest homeowners insurance provider in the state is MetLife. It charges around $593 per year for baseline dwelling coverage of $250,000.

For other dwelling coverage limits, the cheapest insurer in Maine are:

• Cheapest for $100,000 - Chubb
• Cheapest for $250,000 - MetLife
• Cheapest for $500,000 - MetLife

How much dwelling coverage you need is based on the replacement cost of the home. You can toggle the table below to find out the cost of insurance for different dwelling coverage limits.

Your home insurance premiums will vary based on the dwelling coverage you choose. Your dwelling coverage needs will depend on the replacement cost of your home. If the replacement cost is high, you’ll need higher dwelling coverage limits. This means that your premiums will likely be higher.

In Maine, the baseline dwelling coverage limit is $250,000 and costs an average of $1,046 per year. The minimum dwelling coverage you can buy is $100,000, which costs roughly $538 per year. For dwelling coverage of $3 million, you’ll pay around $11,203 annually.

Your home insurance premiums are impacted by multiple factors. Some of the common factors are the age of the home and the dwelling coverage you buy. There are other factors as well, such as how far your home is from the fire department, the total value of the property you need to insure and more.

You can check the average costs of homeowners insurance in Maine based on welling coverage limits, deductibles and other limits that can vary based on your particular needs.

MoneyGeek compared thousands of quotes across different insurers to find the cheapest insurance option for expensive homes. We have found the cheapest insurers for $2 million in dwelling coverage in Maine are, on average:

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

For expensive homeowners, it is important to keep in mind that insurance premiums increase as your dwelling coverage increases. The replacement cost of an expensive home is high and, as a result, you could need a higher dwelling coverage limit to protect your home. In turn, this makes your insurance rates go up.

It is always wise to shop around and compare quotes from different insurance companies when buying insurance for expensive homes in Maine.

The cost of buying insurance for new homes is less than the cost of insuring older homes.

MoneyGeek researched thousands of quotes to find the most affordable provider in Maine for new homes with $250,000 in dwelling coverage for a sample home built in 2015.

On average, the cheapest insurers are:

• Travelers: $588 per year
• Chubb: $649 per year

How old your home is matters a lot in determining your insurance premiums. The average difference in premiums is $300 per year for a home built in 2015 versus one built in 2000.

It is important to note that the estimates for homes built in the year 2000 differ from the first section due to a different ZIP code collection process.

For a home built in 2000, the average cost of insurance could be around $1,129 per year for dwelling coverage of $250,000. A home built in 2015 with the same dwelling coverage might cost around $829 per year to insure. The reason for the higher insurance costs for older homes is the use of older materials as well as wear and tear over the years. As a result, home insurers charge a higher premium due to an increased risk of claims.

Having a pool in your home can increase the replacement cost which, in turn, can increase the cost of insuring your home in Maine. On average, the cheapest home insurer in Maine for homes with pools are:

• Chubb: $691 per year
• Travelers: $790 per year

Pools require extra space in your home as they are additional structures. This increases the replacement cost and requires higher dwelling coverage. With higher dwelling coverage, the insurers will charge higher rates. Moreover, not all insurers include pools within the baseline coverage/dwelling coverage limit. You have to purchase additional coverage for the pool.

The average cost of insuring a home with a pool in Maine is $1,129 annually. This is the same rate as insuring a home without a pool. However, the average cost of insuring homes in Maine is $1,046 per year for dwelling coverage of $250,000. So, having a pool increases the premium of your home insurance in Maine.

People with poor credit scores might pay higher home insurance premiums compared to residents with good credit scores in Maine. MoneyGeek found the cheapest option to insure your home if you have bad credit by comparing thousands of quotes from different insurers in Maine.

On average, the two cheapest insurers for homeowners with a poor credit score are:

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

Home insurers tend to charge higher premiums from homeowners with poor credit scores because poor credit scores usually signify poor financial habits. In turn, this means that the homeowner is a higher risk to insure.

Homeowners in Maine with excellent credit scores could pay up to $1,037 less for insurance than those with poor credit. This is because insurance costs can differ based on your credit score.

The cost of insuring homes in Maine and the cheapest insurance company can change depending on the city you live in. MoneyGeek found that MetLife is the cheapest home insurance provider in Portland. It offers policies that are around $453 per year cheaper than the city’s average rates across all companies for a dwelling coverage limit of $250,000.

When getting quotes from home insurers in Maine, you need to provide certain information. You need to share information like the location of your home, age of your home, materials used/construction details, age of the roof, liabilities you have, the coverage you need and more. If you have claimed any amount out in the past five years, you need to share that as well.

Using MoneyGeek’s Maine home insurance calculator, you can get an anonymous quote for your insurance policy. Our calculator compiles thousands of quotes across different insurers.

MoneyGeek analyzed homeowners insurance premiums from seven of the top insurance companies in Maine that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Maine. Quotes were gathered with an average home profile of 2,500 square feet, built-in 2000, with an average dwelling coverage value of $500,000, liability coverage of $100,000 and personal property coverage of $100,000.