Maine home insurance

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Find the right type of home insurance coverage for your property in Maine

If you own a home in Maine, you get to enjoy character-filled small towns, gorgeous views and amazing parks. This state also experiences significant snowfall and an intense winter season, making Maine home insurance a necessity. When you need a solid home insurance policy, you'll want to research costs and coverages. VIU by HUB gives you a way to compare rates.

Why home insurance makes sense in Maine

Maine’s location on the border of Canada puts it at an increased risk for severe winter weather. In addition, there are more than 3,000 miles of coastline in Maine, making nor'easters and other coastal storms another risk for residents of Pine Tree State.

Cities and towns

Out of all the states in New England, Maine is the most rural one. Residents in rural areas of Maine may have more limited access to the state’s infrastructure, such as a local fire department or police force. This may increase their home insurance rates or make it more difficult to find good coverage. In addition to a large rural center, there are also several larger cities in Maine, such as Portland, Lewiston and Bangor.

Home ownership and jobs

Owning a home in Maine is more affordable than in other parts of the nation, with the median home value at $335,000. The people living in Maine also have access to a strong job market with unemployment rates at 2.9% and the annual mean wage at $53,230. Maine’s prices and cost of living make it the 19th most expensive state to live in. This makes affordable Maine home insurance a priority.

Weather hazards

Maine experiences cold winters with lots of snow each year and pleasant, mild summers. Average temperatures in Maine in the winter are between 15 and 25 degrees and 60 to 70 degrees in the summer. The worst disasters in Maine for property damage and casualties were wildfires in 1825, flooding in 1936, hurricanes in 1954, ice storms in 1998 and extremely cold temperatures in 2015  .

To avoid having to cover all the costs of property damage from a weather event in Maine, you should purchase a homeowners insurance policy that protects your home and the contents inside. VIU by HUB lets you check out Maine home insurance quotes and compare rates.

Maine home insurance information for consumers

Home insurance is not a legal requirement for property owners in Maine. However, in most cases, if you finance your home through a mortgage lender, you will be required to purchase homeowners insurance until you pay off your loan. Maine’s Bureau of Insurance is a government-run agency that regulates the industry in the state and helps consumers with complaints and questions.

Even though it’s not legally required to carry home insurance, it makes sense financially to purchase a policy, even if your home is already paid for. Winter weather and freezing temperatures could lead to burst pipes, roof damage, structural problems and much more. With VIU by HUB, property owners can look for Maine home insurance quotes that cover what they need and fit into their budgets.

Coverage to get in Maine for your home

Your home insurance coverage should be custom designed to match the details of your home, where you live in the state and the value of your assets. Maine residents who choose to work with VIU by HUB can design a policy that fits their needs. Here are some of the components of a Maine homeowners policy:

Dwelling Coverage

The Dwelling section of the policy provides coverage on the structure of your home. Your coverage may also include other structures on your property, such as a garage. This coverage typically protects your home's walls, ceilings, roof, floors and other major components. Coverage is activated when something significant damages your property, such as fire, interior water damage, hail and wind.

Personal Property

A Maine home insurance policy also covers the items inside your home. Personal Property coverage generally includes furnishings, clothes, linens, electronics and anything else in your home that you own.

Personal Liability

Personal Liability coverage protects homeowners against liability claims from other people. If someone gets injured on your property or you cause damage to another person’s property, this coverage will respond.

Loss of Use

If your dwelling experiences a loss and needs repair or rebuilding, Loss of Use coverage can be a lifesaver. This type of coverage provides reimbursement for temporary living expenses in a hotel or somewhere else during repair work.

Flood Insurance and more

Maine residents who live on the coast may also want to add Flood Insurance coverage to their homes. Standard homeowners policies do not include flood coverage, but coverage is available by purchasing a policy from an insurer or from the National Flood Insurance Program. Other add-ons for homeowners insurance include Identity Theft Insurance, Water Backup coverage and Replacement Cost coverage for both the dwelling and your personal property.

Because homeowners policies place limits on items like jewelry, antiques or fine art, consider insuring items like these on a specialized insurance policy.

How Maine home insurance is priced

Home insurance rates in Maine are $1,025 a year, much lower than the national average of $1,845. Maine is about the least expensive state for homeowners insurance. The insurance companies consider these factors in order to come up with your premium price:

       Your home’s characteristics: Your home’s age, condition, structure, value and proximity to fire hydrants and the fire department.

       Consumer habits and details: Your credit history, claim history, deductible amount and coverage choices.

       Your household: The presence of sprinklers, a security system, deadbolts, a swimming pool, a trampoline, a fireplace, a home-based business or certain animal breeds. 

Compare different rates and coverage levels with VIU by HUB. Homeowners can get an idea of Maine home insurance quotes and plan their household budget around coverage costs.

This information is intended for general informational purposes only and is not intended to constitute legal advice.




Maine Demographics

Maine- Natural Hazards

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