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Homeowners Insurance in Maine

Amy Danise

Maine residents are generally able to avoid many of the natural disasters that regularly afflict those in other parts of the country, such as hurricanes, tornadoes and earthquakes. But Maine homeowners need the right insurance for flooding, Nor’easters, strong wind and ice storms.

What does Maine homeowners insurance cover?

A typical policy in Maine has six main coverage types, with additional options available:

  1. Dwelling - for a house damaged by a problem covered by the policy.
  2. Personal property - for all your belongings (furniture, clothing, curtains, rugs and more) that are damaged, stolen or destroyed.
  3. Other structures - for structures not attached to a house, such as a garage, storage shed or fence.
  4. Loss of use - for additional living expenses you have to pay if you can’t live at home due to damage covered by the policy.
  5. Personal liability - if you’re legally responsible for the injury or property damage of someone else. It also pays legal defense in liability lawsuits.
  6. Medical payments to others - for medical bills of people hurt on your property. 

What insurance covers snow, ice and wind?

A Maine homeowners insurance policy will generally cover winter-weather problems, including ice damage, roofs that collapse under snow, wind damage and frozen pipes.

How do I get Maine flood insurance?

You can buy flood insurance through the National Flood Insurance Program (NFIP), a federal program, if your community participates in the NFIP.

In addition, companies such as Wright Flood sell “excess” flood insurance, which provides additional coverage above an NFIP policy.

How much is Maine homeowners insurance?

The average yearly premium in Maine is $866 for the most common type of home insurance policy, called an HO-3 policy. That’s less than the national average of $1,192, according to the National Association of Insurance Commissioners.

20 largest Maine homeowners insurance companies

Rank in Maine Company Market share % in the state
1 State Farm 12.02
2 Liberty Mutual 11.41
3 Allstate Corp. 6.44
4 The Hanover Insurance Group 5.55
5 USAA 5.48
6 MMG Insurance Co. 5.31
7 Concord Group Insurance 4.98
8 Quincy Mutual 4.78
9 Vermont Mutual Insurance 4.74
10 Chubb 4.17
11 Travelers 3.83
12 MetLife 3.63
13 Andover Cos. 3.38
14 National General Holdings Corp 3.26
15 Farmers Insurance 3.21
16 American Family Insurance 2.45
17 Frankenmuth Insurance 2.27
18 Auto Club Exchange 1.83
19 Amica 1.43
20 Horace Mann 1.42
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.