Maine Homeowners Insurance Quotes
Everything You Need to Know about Home Insurance in Maine
Maine continues to be one of the least populated states in the eastern part of the country, but those who do call it home are proud of its rugged beauty, as well as its challenging climate. Maine is the largest in area of the six states comprising what we know as New England and is covered with forest and water. Its nickname is the Pine Tree State. Maine’s iconic southern coastline has seen the most growth through the years, with most of the state’s residential construction, as well as revenues, coming from there.
Maine is the perfect state for people who love the outdoors and enjoy challenging themselves. Hiking and mountain climbing in the Appalachian chain, snorkeling and swimming on sandy beaches, fishing and ice fishing in plenty of bodies of water and the Atlantic Ocean are all available.
The number one visited attraction in Maine is Acadia National Park, Bar Harbor, which saw more than 4 million visitors in 2021. Sugarloaf Mountain Resort is also famous in its own right, being the place to be seen when it comes to all things snow and skiing. And for those with a taste for local delicacies, residents and visitors alike love Allagash Brewing Company in Portland and steamed lobster and lobster rolls, of course!
Homeowners in Maine have a long-standing pride in their rugged state. Now they can have pride in finding top-rated insurance to protect their homes and other belongings – at an affordable price. InsureOne Insurance offers homeowners insurance that meets individual needs with flexible plans.
How Much Does Homeowners Insurance Cost in Maine?
Homeowners in the Pine Tree State pay an average of $1,020 per year for $300,000 worth of dwelling coverage, significantly lower than the national average of $1,820.
Dwelling coverage is the amount your insurer agrees to pay to rebuild the physical structure of your home in a covered event.
Although Maine homeowners do enjoy lower rates than many, the rates here are higher than neighboring states. Much of the area is remote and covered in forest, making it difficult for firefighters to respond in a timely manner, as well as increasing the costs of materials and labor when a home does need to be rebuilt. Maine also experiences harsh winters and is impacted by weather from the Atlantic Ocean.
Does Maine Have the 80% Homeowners Insurance Rule?
Most carriers licensed to operate in Maine use the 80/20 rule as a part of how they determine how much coverage they will provide for an approved claim. In these instances, policyholders are required by their contract to carry at least 80% of the replacement cost value (RCV) of their home as their dwelling coverage amount.
For example, if it will cost $300,000 to replace your home, you should have, at the least, $280,000 (80%) in dwelling coverage. If you carry less than this, your insurer may not pay out for the full amount of the claim. This caveat is in the language of your contract, which is why it’s a great idea to go over your contract with your agent so you have a full understanding.
Keep in mind if you make improvements to your property, your RCV may increase. Inflation also plays a part. It’s important to check in with your agent on a regular basis to ensure you have the proper amount of coverage.
How Do Home Insurance Deductibles Affect Rates in Maine?
Your deductible is the financial amount you agree to assume in an approved claim. For example, replacing an asphalt roof in Maine averages somewhere between $5,000 and $15,000, depending on the size and architectural
features. If your roof is damaged in an approved claim and costs $7,500 to replace, you’ll be responsible for your deductible amount. A typical deductible is $1,000. So, your insurer would pay $6,500 and you would pay $1,000.
The more financial burden you assume, the lower your annual premium. It’s always best to choose the highest deductible you can afford since it will lower your overall policy cost.
Compare Home Insurance Rates by Coverage Levels in Maine
The following table shows the average annual premiums in Maine for different levels of dwelling coverage.
| Dwelling Coverage (Minnesota) | Average Annual Insurance Cost |
|---|---|
| $100,000 | $456 |
| $200,000 | $724 |
| $300,000 | $1,020 |
| $400,000 | $1,309 |
| $500,000 | $1,625 |
You can find top-rated home insurance with national carriers at a price that will make you happy. Let InsureOne agents do the work for you – providing you with top-notch customer services and flexible plans you can choose from to pick the best one for you.
Is Home Insurance Tax Deductible in ME?
No. Home insurance costs are not deductible from income tax. However, if your home is used as more than a primary residence, you may be able to deduct expenses for things such as a home office or a rentable space. It’s a good idea to get professional advice on tax questions.
Bundling Home and Auto Insurance in the Pine Tree State
When you purchase two or more insurance lines with the same company, you’ll likely get a discount on your premium. It’s important to consider the company, as well, since you still want to get the best home insurance available – plus a discount. Bundling your auto insurance with your home insurance may give you up to 25% off your total quote. If you love to take your boat out on Great Pond, you may want to consider bundling affordable boat insurance in Maine with your other products.
There are many benefits for both you and your insurer with this plan. Policies and claims are easier to manage and administer when it’s all in one package. Your annual renewal (or six-month) will also be easier to keep track of when you use one company.
What are the Different Types of Home Insurance?
Some Mainers have a cabin in Cape Elizabeth, some have a split level in Saco and some call an A-frame in Augusta home. Whatever type of home you own, from condo to manufactured, there’s a special type of policy for you. Most people go with one of 8 types of home insurance. The most common is HO-3, which is for single-family homes.
In some areas of Maine, you’ll find historical homes that date from the 1700s and 1800s. If this sounds like your home, you may decide to upgrade to an HO-8, which has coverage options more in line with the types of features you find in these properties, such as stained glass windows and some types of hardwood floors. It’s vital to choose the right types of home insurance . You can trust the team at InsureOne to help you find a flexible policy from a top-rated carrier that meets your individual needs.
What Weather Events Affect Home Insurance Costs in Maine
Whether you live in the northern part of Maine or the southern, you will be dealing with snow and ice. Because it’s the norm, most Mainers and home builders take this into account when constructing new homes, as well as prepping established ones for winter months. Home insurance costs will reflect the types and numbers of claims that result from winter weather, as well as storms that come from the Atlantic Ocean.
Homeowners can take measures to prepare their homes and properties for winter’s chill, including:
- Have your furnace inspected and maintained before winter.
- Have your chimney cleaned by a professional.
- Weatherstrip doors and windows
- Insulate pipes and drain water hoses
Maine emergency experts recommend having a kit in case you lose power. This kit should include bottled water, nonperishable food, flashlights, batteries and blankets. Don’t forget your battery-operated radio.
What is the Most Common Homeowners Insurance in Maine?
Because winters chill and Atlantic storms are the biggest threat to homes in Maine, you’ll want to make sure your policy has appropriate level coverage to answer those challenges. You’ll also need to make sure your personal property can be replaced and you’ll have the money to find a temporary home if yours need major repairs.
To get the best protection, make sure your policy protects you if someone is injured while visiting. Your contract should include liability coverage for their medical costs, as well as court costs if you end up in court.
By understanding the coverage you need, you can ensure your home is adequately protected with the right insurance policy.
Get the Best Homeowners Insurance in Maine Today
People who live in Maine are industrious, self-reliant and proud of their state’s heritage. Homeowners who settle here or have lived her for many generations deserve insurance that works just as hard. At InsureOne, we listen to your needs and do the research for you, offering a variety of customizable options from top-rated carriers. Give InsureOne a call at (800) 836-2240 or check their online site today. Or, if you are in the neighborhood, take time to stop in for a one-on-one visit.