Homeowners Insurance in Maine

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If you’re looking to buy homeowners insurance in Maine, you’ll want a policy that protects against floods, water and wind damage, wildfires, and other risks. To find the right home insurance policy, compare quotes from a variety of insurance companies.
Deciding when and where to buy a home is a huge financial decision. In addition to being the place you call home, your house is a big investment. Your insurance policy should help you protect it from the unexpected: fires, theft, water backups, and wind can all damage your home.
Thinking about what could go wrong with your home—and whether there’s insurance coverage for it—can get overwhelming. That’s why home and car insurance broker and comparison app Jerry is here to break down what you need to know about homeowners insurance in Maine.
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What is homeowners insurance? 

In a nutshell, homeowners insurance protects your house and the assets inside it from losses and damage as well as helping you in cases of personal liability.
On average, homeowners insurance in the United States costs about $1,387 per year, or $115 per month.

Basic components of homeowners insurance

Homeowners insurance policies will vary based on the company, policy, and your location, among other factors. Even so, you can expect a standard homeowners insurance policy to include the following: 
  • Coverage A (Structure): Covers your house (structure) itself if it needs repairs or replacement.
  • Coverage B (Additional structures): Covers other structures on your property, like a shed, fence, or detached garage. 
  • Coverage C (Personal property): Covers loss of or damage to personal property, like electronics, furniture, or art.
  • Coverage D (Loss of use/Additional expenses): Covers temporary living expenses if your home is partially or completely damaged and you need to relocate for the time being.
  • Coverage E (Personal liability): Covers legal expenses if someone gets hurt on your property.
From there, you can choose a policy that will either cover damage and loss based on the actual cash value (ACV) or replacement cost of items. 
An actual cash value policy covers the market value of your property when the loss occurred (subject to depreciation), while replacement cost policies cover what it would cost to replace the property with something comparable today. 
Some insurance companies and many mortgage lenders will require you to purchase a policy with at least 80% of the replacement cost
Note that a replacement cost policy will cost significantly more than an actual cash value policy, so you’ll need to decide whether the added coverage is worth the higher rate. 

Named perils

What is covered by your homeowners policy can vary depending on your company and where you live. You’ll want to pay close attention to the named perils in your policy, which are the particular events or occurrences that will be covered.
Here are some examples of named perils: 
  • Falling objects
  • Lightning
  • Fire 
  • Wind
  • Hail
  • Hurricanes
  • Damage from vehicles
  • Explosions
  • Theft
  • Vandalism
  • Riots
Anything that is not on the list of named perils will not be covered. Take your time to read through your policy carefully so you know what’s covered, what’s not, and whether you want to seek out additional coverage for any potential gaps.

Is homeowners insurance required in Maine? 

Although Maine doesn’t require home insurance by law, most mortgage lenders require it. If you’re planning to use a mortgage to buy your house in Maine, you’ll likely be required to have some form of homeowners insurance. 
The reasoning is pretty straightforward: until you’ve paid off your mortgage, your investment is also the lender’s investment, so they want to see it protected. Some lenders will require that your policy includes specific types and amounts of coverage. 

How to get homeowners insurance

Finding home insurance isn’t as difficult as you might think. You’ll want to start by gathering quotes from a number of different insurance companies (Jerry makes this easy!) and then compare your options.
Remember to also research each company you’re considering and look into their customer reviews.
You’ll be doing yourself many favors by choosing to seek out multiple homeowners insurance quotes. While you may want to settle for the first option you find, this usually isn’t the financially wisest choice. 
Don’t forget to get a quote from your car insurance provider, too. A great way to save is to bundle your home and auto insurance together. People who bundle insurance can often enjoy savings of 5% to 15%—or sometimes more.
Maine homeowners should consider home insurance policies that cover floods, wind damage, water backup, wildfires, and water damage from roof leaks. A couple more to consider are identity theft coverage and replacement cost coverage
A standard homeowners insurance policy may cover most of these, but you’ll want to read through your policy carefully to verify. Know that flood insurance usually needs to be purchased separately.
To protect your home and property from flood damage, here are a few options you can consider:
  • Flood insurance covers your house and property from flooding when the water source is from outside your home. You can find flood insurance through FEMA’s National Flood Insurance Program (FLIP) or a private provider. 
  • Water backup coverage would cover repair and water removal costs if a pipe in your house backed up or burst.
  • An H0-5 or open perils policy, the most extensive type of homeowners insurance covers any peril, as long as your policy doesn’t list it as an exclusion. 

Why is homeowners insurance in Maine so cheap? 

The state of Maine is in the enviable position of being able to say it’s one of the cheaper states when it comes to buying homeowners insurance. According to MoneyGeek, home insurance in Maine costs 50.3% less than the national average, which is about $1,387 per year.
Many factors influence the cost of your home insurance, including the age of your home and its square footage, as well as your claims history, marital status, and credit history.
Here are some additional factors that might influence the price of your home insurance in Maine. 

Wildfires

Maine is covered in forests, and the number of wildfires occurring in the state have been on the rise. It’s likely your standard home insurance policy will cover most damage from a wildfire, but read your policy to make sure that your coverage is as strong as you want it to be.

Flooding

Like fire damage, water damage from flooding is one of the most extensive (and expensive) kinds of damage a house can face. 
In most cases, you’ll have to buy separate flood insurance. Sometimes people put this off because it’s an added step, but floods don’t exactly tell you when they plan to ravage your neighborhood. It’s a good idea to set up your flood protection as soon as possible so it’s there if you ever need it.

Homeowners insurance discounts in Maine

There are all kinds of insurance discounts out there just waiting for customers to take advantage of them. 
Take a look here at some of the most common types of homeowners insurance discounts:
DiscountHow to get it
BundlingBundling homeowners and car insurance can earn you big discounts on both your policies.
First-time homeownerMost companies will offer you a discount if you’re buying a home for the first time.
Claims-freeIf you go a certain amount of time (usually several years) without making an insurance claim, you might get a discounted rate.
Storm proofingInstalling safety measures against severe weather could end up saving you money on your homeowners insurance.
Security systemIf you’ve installed a security system to protect yourself against theft, your insurance provider might give you a discount.
Upgraded fire alarmIf you’ve installed a fire alarm system in your home that will contact the fire department for you (saving on response time), that could earn you a home insurance discount.

How to save on home and auto insurance

Finding the right homeowners insurance policy can get confusing. But with Jerry, it doesn’t have to be. Just answer some brief questions, and in an instant, you can compare quotes from top insurance companies, including Progressive and State Farm.
Even better: Jerry can help you save even more when bundling your home and car insurance together. And for questions that come up along the way, Jerry’s team of friendly, experienced agents are here to listen and offer advice. 
Jerry was wonderful! I used it for my auto and renters policies. I trusted it so much that I signed up my homeowners insurance under Jerry as well. All of the agents are amazingly nice and knowledgeable.” —Mary Y.
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FAQs

Homeowners insurance in Maine isn’t required by law, but most mortgage lenders will require you to have it. 
Different lenders will have different requirements for what should be included in your coverage. If you’re buying home insurance in Maine, it’s wise for it to include protection against wildfires and flooding in addition to the normal coverages.
You shouldn’t just get home insurance because your lender is making you, though. Your home is one of your biggest investments! When seeking out coverage, look for policies that also protect what you want them to.
The cost of homeowners insurance varies a lot and depends on a number of factors, but in Maine, average insurance costs typically land somewhere between $840 and $1,050 a year.

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