Best and Cheapest Renters Insurance in Maine (September 2024)

While State Farm is the best for $20K in personal property coverage with an average annual premium of $80 and a MoneyGeek score of 92 out of 100, your best choice will depend on your needs.

If you value service, Travelers offers exceptional quality with an annual premium of $180. For veterans, USAA stands out with an impressive MoneyGeek score of 100 and an average annual premium of $90.

State Farm is the best renters insurance provider in Maine with a MoneyGeek score of 92 out of 100 and an annual premium of $80 for $20K in personal property coverage. The best provider generally balances cost and customer service effectively. The following providers are the two best renters insurance providers in Maine for the same policy:

• State Farm: MoneyGeek score of 92 out of 100 ($80 per year)
• Allstate: MoneyGeek score of 89 out of 100 ($70 per year)

While State Farm is not the cheapest option, it still provides a good balance between customer satisfaction and affordability. However, the best choice for you will still depend on your needs.

Allstate offers the cheapest renters insurance in Maine with an annual premium of $70 for $20K in personal property coverage and a $1,000 deductible. Personal property coverage protects your belongings such as furniture, electronics and clothing from risks like theft and fire. The two cheapest providers are:

• Allstate: $70 per year
• Concord Group Insurance: $74 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher coverage limits result in higher monthly costs but offer better protection if you have numerous personal belongings.

In Maine, the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible is Concord Group Insurance, with an annual premium of $69. The following providers are the top two cheapest:

• Concord Group Insurance: $69 per year
• Allstate: $70 per year

A deductible is the amount you must pay before your insurance covers the rest. It affects your costs because higher deductibles typically mean lower premiums. Check the table below to see how rates change based on different deductible amounts.

Travelers is the best renters insurance company for service quality in Maine for $20K in personal property coverage, with an annual premium of $180. The two best providers are:

• Travelers: MoneyGeek score of 95 out of 100 ($180 per year)
• Chubb: MoneyGeek score of 93 out of 100 ($134 per year)

Great customer service is essential for renters because it ensures support when you need it most. For instance, when you make a claim, having a provider that promptly addresses your concerns can make a significant difference in your recovery process.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Maine, with an annual premium of $114. The two best providers are:

• State Farm: MoneyGeek score of 95 out of 100 ($114 per year)
• Vermont Mutual: MoneyGeek score of 82 out of 100 ($145 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage helps replace or repair your belongings if they are damaged or stolen. Higher personal property coverage often comes at a higher cost. Find a provider that can balance cost and great service, ensuring you have adequate protection for your valuables.

USAA is the best renters insurance company for homeowners with military backgrounds in Maine, offering an annual premium of $90 for $20K in personal property coverage. The two best providers are:

• USAA: MoneyGeek score of 100 out of 100 ($90 per year)
• State Farm: MoneyGeek score of 92 out of 100 ($80 per year)

USAA is exclusively for those with military backgrounds. USAA offers a range of products, providing discounts and coverages that suit a military lifestyle. While USAA is not the cheapest, with State Farm offering the lowest premium, the tailored offerings from USAA might be worthwhile for military members.

State Farm is the best renters insurance company for people with poor credit in Maine, with an annual premium of $104. The two best providers are:

-State Farm: MoneyGeek score of 95 out of 100 ($104 per year) -Chubb: MoneyGeek score of 87 out of 100 ($239 per year)

Rates for people with poor credit are often higher because insurance companies consider them higher-risk due to their past financial behavior. However, people with poor credit can take steps to improve their credit to lower rates and take advantage of discounts where possible.

The average cost of renters insurance in Maine is $103 annually, which breaks down to $9 monthly. Compared with the national average of $146 annually, Maine’s renters insurance is $43 cheaper per year. These rates are based on a renters insurance policy with $20K personal property limits, $100K liability limits, and a $1,000 deductible.

The average cost of renters insurance in Maine may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of theft, damage or loss. Use the tool below to get an estimate for your renters insurance based on your needs.

Multiple factors impact the cost of renters insurance in Maine, including location, coverage amount, and deductible. Understanding these factors is important for making informed decisions about your insurance coverage.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of items you own, including their descriptions and values. Follow these steps to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Finding the best renters insurance in Maine can be easy. We've answered some common questions to help you make an informed decision.