Outside of New England, some people might forget about Maine, but in truth, it’s a beautiful state, a popular travel destination, and a great place to live if you love the outdoors but don’t necessarily love the heat. Yet winter storms can hit homes hard and even cause hard-to-repair damage, and fires occur every day no matter where in the country you live. To help prepare yourself from these potential problems, we encourage you to look into a homeowners insurance plan, and have prepared a list of cheap and great options to help you.
Here are the three cheapest homeowners insurance providers operating in Maine:
The Three Cheapest Quotes:
We ask that you please consider the following information as notes on general trends and averages, and not as a reflection of your exact future experience, as every home and homeowner is different and will receive different quotes.
The number listed next to each provider is the average annual rate for a standard policy.
1) State Farm: $1,005
Likely the most popular insurance provider in the country, State Farm focuses heavily on providing effective, simple, and affordable plans for anyone that is looking for them. While doing this, they also make a great effort to remain accessible, having a large network of agents set up and an excellent online experience.
The tradeoff is that you won’t have many options to get a discount outside of the usual installation of preventative measures and bundling options. There also won’t be as large a selection of customization options as you would find with other providers. With State Farm, the simple and straightforward policy is what you get.
You can expect the following working with State Farm:
- An online quoting tool that will quickly and easily give you all the information you need about your potential policy.
- Plenty of online resources to help customers like you get a better grasp of their policy and how it can work for them.
- Agents available to help you across the state, and an online experience to match that level of service.
2) Nationwide: $1,023
Marginally more expensive on average than State Farm, Nationwide is your best choice if you’re looking for the customization options that State Farm doesn’t provide. They also have a great reputation overall and most people will say you can’t go wrong with them. And at this price, especially considering the number of discount opportunities you can take advantage of, it would be a disservice to yourself to not at least get a quote.
If you get some of Nationwide’s optional coverages attached to your policy, however, you might find them become one of the most expensive. Get add-ons carefully and at your own risk, as great as the coverage might be. You also will want to note that while the service is good, not all their agents are perfect.
You can expect the following working with Nationwide:
- A wide variety of available discounts to take advantage of.
- A free annual (and optional) review of your policy to make sure you’re getting the best deal possible.
- Optional flood, earthquake, water backup, and identity theft coverage add-ons. There are also enhanced coverages available for home replacement and valuables.
3) Liberty Mutual: $1,357
The most expensive option on average we could get a clear determination on, Liberty Mutual is for many a middle-of-the-road choice that we think might not appeal to everyone, but will be best for homeowners that simply want a standard policy that has a bit more than what State Farm has to offer. With additional discounts, they might not even be expensive.
Their major downside is the complaints made against their claims department, as we’re honestly concerned about the fact that a lot of claims are rejected, and not in a timely manner, leaving homeowners hanging during a difficult time.
You can expect the following working with Liberty Mutual:
- Partnerships with thousands of organizations to help you potentially get a discount.
- An inflation protection endorsement available to offset the rising cost of repair materials.
- Optional coverages for your valuables, identity fraud expenses, and water backup damage.
Other Notable Maine Homeowners Insurance Providers
For one reason or another, we couldn’t get an accurate average annual rate for every company providing insurance in the state. Yet there are other great options, so please consider the two below:
Progressive doesn’t usually (if ever) underwrite options themselves, and will refer you to another provider (often Homesite) if you use their services to get a series of quotes. We ask that you try not to think of them as an insurance company but more of a broker or agent service. And by that metric, however, they are very effective, and we don’t have any reason to tell you to not check them out.
The downsides and the problems are generally related to how they work. You’ll need to do some research and additional planning if you’re looking for more than just price, and you’ll need to look into whoever is underwriting the policy they offer.
You can expect the following working with Progressive:
- A very helpful set of online tools to get you in the know about insurance and your insurance options.
- Often several different tiers of service to choose from when you ask for options.
- A dedication to getting you the cheapest rate.
5) The Hanover
With three packages (each of which are at least somewhat customizable) and plenty of options to work with, The Hanover is a company that is for many people the cheapest on the market by default, so for that alone, you should at least get a quote. They also tend to work through local agents and are often more personable than some more corporate competitors.
However, sometimes it can take a little while for The Hanover to process items, which means that working with them sometimes means patience and sometimes means extra planning.
You can expect the following working with The Hanover:
- Prestige insurance options if you have complex insurance needs or simply a very valuable home (or possessions in it).
- Discounts for being in a newer home, recently buying a home, working with certain groups, and installing safety and security measures in your home.
- Other insurance options including business insurance, identity theft insurance, umbrella insurance, and even watercraft insurance if you’re on the coast.
With all the factors to take into account, we can understand if you find getting a homeowners insurance plan a troubling or confusing process. If that is the case, we hope we have removed some of the mystery for you with the above selections. We’re certain that you will be able to get what you need, especially if you have your priorities in order. We wish you luck on your search and hope you find your additional layer of protection soon.