Insurance
Maine Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: November 10, 2024
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Calculator
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Nov 21, 2024
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MONEYGEEK EXPERT TIP
Based on MoneyGeek’s research, the most affordable homeowners insurance in Maine is offered by MetLife. For dwelling coverage of $250,000, you can expect to pay an average of $593 per year.
However, for those prioritizing an insurance company with financial stability and affordability, MoneyGeek found that Chubb provides the best overall homeowners insurance in Maine.
How to Estimate the Cost of Your Homeowners Insurance Policy in Maine
In this section, we explain the variables used in our calculator component.
The cost of homeowners insurance in Maine can vary depending on the city you live in, the age of your home and other factors. For a customized estimate, you can use MoneyGeek’s calculator and enter your credit score, desired coverage, chosen deductible and more.
Maine
The average home insurance cost in Maine is $1,296 for $250K in dwelling coverage, which is significantly cheaper than the national average. However, this figure can vary depending on your location.
Areas in Maine with higher rates of theft, crime or weather-related events may pay higher premiums than locations that are less risky to insure.
Dwelling Coverage
Dwelling coverage covers the cost of repairing your property and attached areas after a covered event has damaged it.
Some factors that can impact the cost of dwelling coverage include the number of bedrooms and bathrooms you have, the type of your roof and the cost of construction where you live.
Deductible
A deductible is a specified amount of money that you need to pay out of pocket before your insurance provider covers the remainder of the costs.
If you pay a higher annual premium, you can typically lower the cost of your deductible.
Liability
Liability coverage refers to the costs and legal fees you and your insurance company may need to pay if a third party suffers a covered injury on your property.
This may cover lost wages, death benefits and the cost of pain and suffering for the injured party.
You can increase your liability coverage by thousands for just a few extra dollars.
Personal Property
Personal property insurance covers the cost of repair or replacement for items you own, such as your computer, television, clothing and sporting goods. However, it may not cover valuable items and cash.
To help you calculate the value of your personal property, you can use MoneyGeek’s calculator.
Credit Score
In general, having a low credit score may increase the cost of your home insurance premium, while a high credit score will do the opposite. However, this is not true for all states.
You can request a free annual copy of your credit report from Equifax, Experian or TransUnion.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Maine
MoneyGeek found that Maine is ranked 13th out of 50 states for $250,000 in dwelling coverage. It is extremely affordable since premiums only cost an average of $1,296, depending on your insurance company. This is roughly 46% cheaper than the national average cost.
If you would like more or less dwelling coverage, the table below shows you how the insurance cost can change depending on your coverage level.
Average Annual Premium in Maine for Homeowners Insurance
| $100,000 | $806 |
| $250,000 | $1,296 |
| $500,000 | $2,906 |
| $750,000 | $4,260 |
| $1,000,000 | $5,599 |
| $2,000,000 | $11,021 |
| $3,000,000 | $16,569 |
MONEYGEEK EXPERT TIP
The amount of dwelling coverage you need depends on the total cost you’ll pay after extreme damage to your home. To calculate this cost, insurance companies consult public data and use company-specific algorithms and market research.
However, the cost of your premium is unique to your situation since it depends on when your home was built and other property features.
If you’re unsure how much your home is worth, you can contact a professional for an appraisal. Another good option is to look into inflation guard coverage, extended replacement coverage or guaranteed replacement.
Frequently Asked Questions About Home Insurance in Maine
If you’re still unsure of how much home insurance to purchase, here are some common questions that buyers have when shopping for Maine home insurance.
How much does homeowners insurance cost in Maine?
Maine is ranked 13th out of 50 states in terms of pricing, making it one of the cheaper states for home insurance. For a dwelling coverage of $250,000, you can expect to pay an average home insurance cost in Maine of $1,296 annually.
How do I know how much dwelling coverage to get?
The average dwelling coverage in Maine is $250,000. However, depending on your needs, the best dwelling coverage amount can vary significantly. You can consult an appraiser to get an idea of what your property is worth since it will depend on the age of your home, its size, your location and several other factors.
Insurance
Methodology
To determine the average cost of homeowners insurance in Maine, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance.
This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
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.