6 Best Homeowners Insurance Companies in Maine of 2023
Residents living in Maine should be aware of the wind, hail, and fire risk factors when purchasing homeowners insurance.
Our experts know that winters can be harsh in Maine, so weather-related homeowners' claims can be challenging.
The PropertyNest team reviews insurance companies across the USA and encourages consumers to evaluate their home insurance policies.
Be sure to look for deductible options for weather-related events, credits for home fortification or new roof discounts, and even safety gadgets that can reduce your premium in towns like Lincoln or Hampden, Maine.
Lowering your premiums by reviewing coverages and pricing annually is worth the effort and may save money on premiums in many cities across Maine.
We recommend residents in all towns, even Manchester and Milbridge, discuss insurance coverage with the company or an agent to ensure proper coverage and pricing is current each year.
What you’ll find in this article is our experts sharing information about claims, coverage, customer service, technology, and pricing for homeowners insurance all across Maine.
The Best Homeowners Insurance Companies in Maine
- Liberty Mutual Insurance: Best for Overall Value
- State Farm: Best for Bundling Home and Auto
- Allstate: Best for Claim-Free Discounts
- Progressive: Best for Customer Service
- USAA: Best for Military Families
- Nationwide: Best for Discount Eligibility
Liberty Mutual Insurance: Best for Overall Value
Living in coastal communities like Wells or a tourist spot like Bar Harbor, homeowners still seek the best value and broadest coverage.
We choose Liberty Mutual for the overall combination of discounts and coverage value.
Simple but premium saving discounts like going paperless, buying online, and early shopping reward organized homeowners.
A claims-free history as a homeowner in any city in Maine, including Harpswell or York, may benefit consumers with significant premium savings.
Liberty Mutual Insurance Discounts
- Safe Homeowner Program: 3 years claim-free with Liberty Mutual saves on your premium.
- Claims-Free: If your history shows no claims for five years when coming to Liberty Mutual, there is a special discount.
- Newly Renovated Home: A substantial rebuild can command a nice discount.
- Multi-policy: Buy car insurance and save on home insurance.
- Insured to Value: Insure your home to 100% of replacement cost.
- Early Shopping: Quote and buy before your expiration date. (See company for benefit detail).
- Preferred Payment: Enroll in the bank draft program.
- Paperless Policy: Go paperless for a discount.
- Online Purchase: Buy your homeowners via the online platform and save up to 10%.
- New Home Purchase: A new home purchase reduces your premium.
- New Roof: The newer the roof, the better the savings.
Read a full Liberty Mutual homeowners insurance review.
| J.D. Power (out of 1,000) | 805 |
|---|---|
| A.M. Best - Financial Strength Rating | A |
| BBB | A+ |
| NAIC Complaint Index | 2.37 |
State Farm: Best for Bundling Home and Auto
We choose State Farm when it comes to bundling, and our experts agree the premium reductions are worth looking at in Maine.
A Maine’s State Farm survey found that customers could save up to $1,125 when changing homeowners insurance.
Industry experts reveal that even when insuring homes in coastal areas like Portland or Cape Elizabeth, State Farm has a competitive bundle package policy.
The Maine Department of Insurance notes State Farm among the Top 10 insurers in Maine.
To see more details, click this link and find the sample policy on homeowners coverages for State Farm on the Department of Insurance website.
State Farm Homeowners Insurance Discounts
- Bundling: Combine homeowners and car insurance.
- Deductible Choices: Deductibles may not be a true discount. However, with State Farm, they can positively impact the premium by choosing a higher deductible.
- Roofing Discount: Hail-resistant or class 4 shingles are eligible.
- Home Security Protective Devices: An installed fire, smoke, burglar alarm, or other monitoring systems for protection are eligible.
Read a full State Farm homeowners insurance review.
| J.D. Power (out of 1,000) | 829 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 1.77 |
Allstate: Best for Claim-Free Discounts
We choose Allstate for discount options that impact dwellings and are available across Maine.
Residents can positively impact insurance premiums from Kennebunk to Phippsburg with multiple discounts, including a claim-free history.
Weather-related storm events can wreak havoc on residents across Maine, so receiving a 5% discount upfront for a claim-free loss history is a benefit.
Consumers fortunate enough to remain claim-free will see the claim-free discount offered each year when customers stay claim-free.
A third claim feature is an endorsement you can add to your policy so a future claim will not incur a premium surcharge or rate increase when a loss does occur.
Deductible rewards can lower your insurance premiums if you stay claim-free, reducing your deductible by $100 per year up to a total benefit of $500 on the next claim.
Allstate Homeowners Insurance Discounts
- Claim-Free: Multiple discount options that support claim-free customers up to a 20% discount.
- New Roof Savings: The newer your roof, the better the savings.
- Home Buyer Discount: All new home buyers and newly constructed homes are eligible.
- Protective Device Discount: Active theft or fire protection devices.
- Welcome: You can save up to 10% just for becoming a new customer.
- Early Signing Document: Shop and buy your insurance at least one week before it expires for premium savings.
- Deductible: Reduction of home deductible for a claim-free policy period.
- Responsible Payor Discounts: Paying your insurance bill on time.
- Home & Auto Discount: Bundling your car insurance can save up to 25% overall.
- Multi-policy: Save up to 25% when you bundle home and auto.
Read a full Allstate homeowners insurance review.
| J.D. Power (out of 1,000) | 815 |
|---|---|
| A.M. Best - Financial Strength Rating | A+ |
| NAIC Complaint Index | 2.05 |
| BBB | A- |
Progressive: Best for Customer Service
- Available in 50 states & Washington, D.C.
- Quote access: Online, by phone, and through independent agents
We like Progressive for customer service because they have agents all across Maine and customer service centers as backups across the country to ensure top-quality service when needed.
They offer multiple options to reach sales and customer service, plus they are committed to a positive service or claims experience for homeowners.
Discussing coverage options and discounts with a local agent supports the measurable service level commitment in Auburn or Southwest Harbor.
A combination of discounts and personal agent service highlights the purchase of homeowners with an active local agent or a customer service center representative.
Progressive Homeowners Insurance Discounts
- Quote in Advance: Quote your home insurance ten days before expiration.
- Receive documents via email: Use your technology to save.
- New Purchase: If you are buying a home, you’ll get a discount even if the home construction isn’t new, but if it is, you’ll get an extra discount for that, too.
- Policy Bundling: Add a car or an umbrella insurance policy.
- Single Deductible: For extra savings, you’ll only have one deductible for a common claim event.
| A.M. Best - Financial Strength Rating | A+ |
|---|---|
| NAIC Complaint Index | 1.66 |
USAA: Best for Military Families
USAA supports the military presence throughout the state of Maine.
Residents across Maine related to any military branch are eligible for homeowners insurance.
Navy personnel from Brunswick or Portsmouth should consider USAA for affordable home insurance.
Special coverage is available for military personnel that waives a deductible and replaces uniforms in a loss while active or on reserve duty.
Maine’s harsh winter can create frozen pipes, ice dams, and possible water losses,, creating catastrophic consumer impacts.
A water leak detection credit is a welcome coverage and discount addition from USAA to offset the hard winter environment.
Our top choice for military families is USAA, with its unique and innovative loss prevention credits and competitive position in the marketplace.
USAA Homeowners Insurance Discounts
- Credit Connected Home Devices: Water leak detection, smoke, and security monitoring gadgets offer savings.
- Bundle Savings: Combine auto and home insurance for up to 10% savings.
- Protective Device: A 5% discount for alarms or a monitored home security system.
- Multi-Product: Add a second policy for additional savings.
- Loyalty Savings: Stay with USAA for three or more years and receive credit.
- Claim-Free: After five years with a claim-free history, new customers receive a 15% discount.
| J.D. Power (out of 1,000) | 882 |
|---|---|
| A.M. Best - Financial Strength Rating | A++ |
| BBB | A+ |
| NAIC Complaint Index | 0.88 |
Nationwide: Best for Discount Eligibility
- Available in 44 states & Washington, D.C.
- Quote access: Online & by phone
We choose Nationwide for the best discount eligibility as the discounts available are not difficult to qualify for in Maine.
A new roof can receive substantial discounts, and if there is a home roof claim, the roof replacement coverage is an advantage as the company replaces your roof with an upgraded roofing product to lower future loss risk. Nationwide does it at the company’s expense.
Nationwide offers an endorsement for earthquakes and an optional flood policy for Maine residents.
Homeowners in smaller communities of both northern and southern Maine will appreciate the discounts that can reduce the overall premium.
Nationwide Insurance Discounts
- Roof Rating: Newer roofs receive additional premium discounts.
- Home Purchase: Home purchased by customer within 12 months.
- Prior Insurance: Continuous past homeowners insurance with discounts based on years insured.
- Claims-free: No claims bring you more savings.
- Protective devices: Smoke detectors, fire alarms, or burglar alarms qualify.
- Home renovations: Credits for updating home plumbing, heating, cooling, or electrical systems.
- Gated Community: Communities protected by security guards, residence cards, or key-lock devices.
- Multi-policy: Bundle your auto and home for discounts.
| Company | PropertyNest Rating | J.D. Power (out of 1,000) | A.M Best Rating | BBB Rating |
|---|---|---|---|---|
| Allstate | 5.0 | 815 | A+ | A- |
| USAA | 5.0 | 884 | A++ | A+ |
| Lemonade | 4.5 | 870* | Not Rated | B+ |
| American Family | 4.5 | 842 | A | A |
| Erie Insurance | 4.5 | 827 | A+ | A+ |
| Farmers | 4.5 | 839* | A | A- |
| Liberty Mutual | 4.5 | 805 | A | A+ |
| State Farm | 4.5 | 829 | A++ | A+ |
| Chubb | 4.5 | 809 | A++ | D- |
| Hartford | 4.5 | 839 | A+ | A+ |
| MetLife | 4.5 | 904* | A+ | D- |
| Nationwide | 4.0 | 816 | A+ | A+ |
| Progressive | 4.0 | 819* | A+ | Not Rated |
| Amica | 4.0 | 849 | A+ | A+ |
| Travelers | 4.0 | 794 | A++ | A |
| GEICO | 4.0 | 869* | A++ | A+ |
What is the Average Cost of Homeowners Insurance in Maine?
The average cost of homeowners insurance in Maine is approximately $1,140 per year.
This figure can vary greatly depending on factors such as the age and condition of your home, its location, and any additional coverage you may need. It's important to shop around for different quotes to ensure you get the best rate.
Additionally, if you have a mortgage on your home, you may be required to carry a certain amount of coverage. Discuss this with your lender to avoid any potential financial difficulties.
What Factors Influence the Cost of Homeowners Insurance in Maine?
Location
The zip code you live in is a significant factor. The geography of Maine impacts underwriting across the state, with so many coastal communities creating weather-related claim risk.
Homestyle and Size
The second major factor of home insurance is the parameters specific to your home.
- Geographic location to water
- Style of home, i.e., one or two-story
- Square footage
- Roof age and material
- Age of the home’s plumbing, electrical, and heating systems
- Exterior building material
Credit
Your insurance credit score is a significant part of underwriting any insurance policy.
The better your credit, the lower your premium.
If credit changes after becoming a customer, ask your insurance company to re-score the policy at renewal.
Policy Limits
Each family has different experiences, so we add companies to our best list that offer minimum coverage limits and the option to choose high limits.
Coverage Choices
We chose companies that offer the broadest coverage choices to fit the budgets of customers from Stillwater to Midwest City.
Deductibles
Our team of expert professionals only put our best companies on this list, which includes those offering premium savings for higher deductible options positively impacting customers from Maine City to Edmond and every community in between.
Past Claims History
In today’s complicated and global insurance environment, it’s important to work with companies that won’t cancel you after one claim, so our best companies are chosen for being efficient at claims service and retaining clients long-term, even with claims history.
What Type of Basic Coverage Do You Need in a Homeowners’ Policy?
Dwelling Coverage
The dwelling coverage is the value of your home.
Ask yourself, if my home burned to the ground, how much would it cost to rebuild it again?
Remember, the cost to rebuild is different in Enid as opposed to Bartlesville.
There are various methods to determine your home value.
Other Structures
If your home has a fence, detached garage, gazebo, or other structure, ensure the coverage meets your needs.
Personal Property Coverage
Your personal property includes items like furniture, clothing, and kitchen items.
Premises or General Liability
A coverage to defend the homeowner in case someone files a lawsuit for bodily injury or property damage and says you are legally responsible.
Guest Medical Coverage
Coverage allows for payment to someone injured on your property who claims you.
Additional Living Expense
If your home accidentally burns down and rebuilding takes a long time, this coverage pays additional expenses you may incur while living away from your residence during the rebuilding process.
What Optional Coverages Should You Purchase in a Homeowners Policy?
Replacement Cost (RC)
Replacement cost coverage offers to replace your personal property as if it were new.
If you don’t add this endorsement, the policy will issue with Actual Cash Value (ACV).
That means your older property will be depreciated, and you will be paid less in a claim for personal property.
Most standard policies make RC an option rather than a part of a standard basic policy.
Extended Dwelling Replacement Cost
Additional money is paid beyond the dwelling value to rebuild if a total home loss occurs.
Additional Living Expense
If a claim creates additional expenses incurred while living away from your residence while home repairs are made, you can be reimbursed.
Most companies offer 10 to 20% coverage limits based on the dwelling coverage value.
Earthquake Coverage
Maine is not earthquake-sensitive, so adding this coverage should be minimal in price.
It is an optional endorsement or rider to your homeowners’ insurance and may carry a different deductible.
Personal Injury Liability
A coverage that defends the insured against a libel and slander lawsuit for communication on social media and online platforms.
Water and Sewer Backup
Optional coverage homeowners in Camden or more prominent cities like Lewiston would need to protect themselves from a loss involving the backup of water or sewer through a drain. The geography of Maine, the age of your home, and past claim history may make this coverage unaffordable or restrictive.
Maine residents should ask good questions about this type of coverage during the quote process.
Flood
Flood insurance is a separate policy; if you are in a flood zone, you’ll be required to carry it if you have a mortgage.
You can buy a policy directly from your insurance company or check the National Flood Insurance Program webpage for more details on flood insurance.
What Isn’t Covered in Your Homeowners' Policy?
Flood
Flood insurance is regulated by the National Insurance Flood Program. Flood coverage must be purchased as a separate policy but usually can be purchased through your home insurance company.
Personal Property Collections and Special or Unique Valuables
Items covered in a basic homeowner policy are common property like your furniture, clothes, kitchenware, home decor, food, and electronics, but if you have very specific or unique personal property items, you may find the coverage is inadequate in a basic policy.
Conclusion
Homeowners insurance in Maine is similar to the national average, according to experts in the industry.
Propertynest recommends getting quotes from multiple companies before making a choice.
We recommend getting at least three online quotes for comparison.
Then, talk to a local agent about how they handle weather-related events or water losses and confirm your quotes are accurate before you make any decisions to buy a home insurance policy.
Make sure you ask about all the discounts in case you miss one on the quoting platform.
Remember, where you live, your home style, your insurance credit score, personal property value, coverage options, and limits chosen impact your final home insurance quote.
Our Methodology
How We Chose the Best Insurance Companies in Maine
Experts in the industry continuously evaluate the parameters most important to homeowners, like affordability, coverage options, excellence in customer service, current user-friendly technology tools, discounts that impact the bottom premium line, and top-of-the-line claims service.
Affordability
We review our best list for affordability by the financial strength and liquid reserves, creating a blend of affordability without sacrificing the adequate coverage necessary today.
Coverage Options
We scour and compare company industry websites to find a mix of companies that offer coverage variety for small towns like Broken Bow and large cities like Norman.
Customer Service
Our team at PropertyNest reviews customer experiences and industry customer service surveys and discusses service expectations with insurance professionals.
Technology Tools
In today’s technology-driven world, our team evaluates the online and social media presence for communication channel excellence by testing websites, mobile apps, and online support options.
Discounts Available
Not all discounts are created equal so we recommend companies on our best list that offer at least 3 major discounts that can be retained after the first year as a customer.
Claims Service
Insurance can offer peace of mind, but when it comes time to pay a claim we look to the company's financial strength and industry ratings like BBB and AM Best before we include them on our list.
