Maine Homeowners Insurance Guide
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The Pine Tree State is the northeastern-most state in the US. Bordered by Canada and the Atlantic Ocean, Maine is perhaps best known for its abundance of pine trees, and moose. Both of which, help create an unrivaled outdoor experience. Maine’s miles of coastline, mixed with its forests and mountains, make for endless possibilities regarding outdoor activities. From hiking and camping, to kayaking, the Pine Tree State’s rugged exterior oozes with charm.
Maine is also known for enduring intense winters. These storms, coupled with the rivers, lakes and coastline, make property owners in the state pretty susceptible to flood. Given there’s a significant amount of forest-covered area, Maine also falls victim to wildfires.
Property owners in Maine enjoy favorable homeowners and renters insurance rates. In fact, they have the tenth lowest rates in the country for both homeowners and renters insurance. Thus, although the Pine Tree State endures its periodic flood or wildfire, the impact is not typically catastrophic. Insurance carriers undoubtedly factor this into their rating.
Average Homeowners and Renters Insurance Premium
Source: Insurance Information Institute (2018)
Luckily, the standard homeowners insurance policy will suffice to cover the risks of a typical property owner in Maine. Homeowners policies cover perils such as fire, theft, vandalism, and a host of others. However, these policies usually exclude damage due to flooding. As such, property owners in the state should look to augment their property policy with a flood one from the National Flood Insurance Program (NFIP).
Maine’s favorable homeowners insurance rates are driven by the competitive property market that exists. The top five insurance companies in the region control just over forty percent of the market. In addition, the top homeowners insurance carrier in the market only controls twelve percent of it. Unfortunately, there are not many regional players represented in the top insurance companies in the market. As such, when determining which property company to partner with, make sure to include a few regional carriers in your process. Also, make sure you compare each carriers’ claims handling reputation. In particular, the speed in which they handle their claims.
Top 5 Home Insurance Carriers in Maine
|USAA Insurance Group||5.6%|
|Hanover Insurance Group Inc.||5.5%|
Source: Insurance Information Institute (2019)
The Pine Tree State, nestled in the Northeast corner of the country, is home to beautiful rocky coastlines, choppy ocean waters, and densely forested mountains. Visitors and those who call Maine home are never without great scenery, or something to do outdoors. In addition to these favorable characteristics, the Pine Street State also boasts some of the best homeowners and renters insurance rates in the country.
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