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For example, buying your home insurance from the same company that covers your cars, called bundling, can save you an average of 19%. Liability insurance pays out when you or a family member are legally responsible for others’ injuries or property damage. Personal liability also covers legal fees if you are sued, as well as any resulting judgments from a lawsuit, up to your policy limits. On average, home insurance costs about $231 per month, but the price depends on the coverage level. A home and auto insurance bundle can help you save an average of $225 a year or 17% on your insurance premium.
Because of its high affordability, customer satisfaction and financial stability scores, State Farm was named the best insurance provider in Maine for expensive homes. State Farm also offers its policyholders a variety of unique coverages. Staying claim-free may make you eligible for higher discounts. You can also save a lot if your home is new or you have modified an existing one to incorporate modern amenities. Installing fire, smoke and burglary alarms in your house might also result in significant savings.
Cheapest overall for Maine
A proper home insurance policy provides you with a financial safety net in the event of sudden or accidental damage. This type of coverage is used to repair or rebuild your home when damage from a covered loss to the physical structure of your home happens. You should always base the cost to rebuild your home if you purchase dwelling coverage, and if the price goes up based on third-party situations, you will be covered. Home insurance covers your personal property and liability if you are legally liable for injuries or damages caused to someone else. You can get homeowners insurance coverage within minutes of getting your quotes and applying. We gathered home insurance quotes for every ZIP code from Maine’s largest home insurance companies.
Maine has more than 600 manufactured housing communities, which is more than any other state in New England. Whether covering a permanent residence or a vacation home, Farmers offers abundant coverage for mobile homes through its subsidiary Foremost. Farmers offers coverage for risks like wind damage, personal injury liability and food spoils from a power outage. Vermont Mutual is our pick for the best home insurance in Maine because of its cheap rates, customer satisfaction reviews and multiple endorsements.
Helpful Home Insurance Articles & Guides
The average cost of homeowners insurance in Maine is $895 per year. Let’s take a look at homeowners insurance in Maine and how to find the best home insurance rates. With about 80 burglaries reported in a typical year, this small city has one of the highest property crime rates in the state.
Don’t shy away from ensuring you’ve received all the discounts you’re qualified for. For example, if you added smart home features or a monitored security system to your house, ask your agent if there are additional discounts you can get. Maine residents are fortunate that they don’t face a wide range of disasters compared to other states. The most common declared disasters in Maine are severe storms, floods and snow. It’s wise to closely read your policy and understand what is excluded from coverage. When shopping for the best home insurance in Maine, there are a number of aspects to consider.
Can A Mortgage Lender Require Home Insurance Coverage In Maine?
Ensure the company you're considering should be able to provide you with the type of coverages and discounts you're looking for in Maine. Some discounts and coverages are only available in a limited number of states. State Farm offers a number of unique home insurance add-on coverages, such as mold coverage. It covers your home from the losses caused by mold and fungus for up to $20,000. Meanwhile, Travelers’ home insurance plans average $755 per year in Maine. Note that this rating does not include USAA, which is solely available to military members and their families.
Here's a look at which companies offer the most affordable rates for several common scenarios. Many or all of the products here are from our partners that pay us a commission. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Compensation may impact the order of which offers appear on page, but our editorial opinions and ratings are not influenced by compensation. Maine law doesn’t require you to buy home insurance, but if you finance a property, your lender will probably require that you have a policy. Even if you own your home outright, home insurance is generally a good purchase.
Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. Paying for a Maine home insurance premium in full knocks the average price down by about $100. It's not always easy to do, but once homeowners know how much they can expect to pay, they can start budgeting for it.
This is because they have fast service, good response to claims, and a broad coverage selection. If a water main breaks and causes water damage to your home, you probably don't have the protection you think you do. The majority of homeowners policies will not have coverage for a water main break. Some carriers have an option to include limits for outside waterlines that break and damage your Maine property, and it can be added for an extra premium.
The Hanover and MMG are other strong contenders and round out the list. To find the best Maine homeowners insurance options, Bankrate reviewed several points of data, including third-party scores and ratings and coverage options. This information was used to calculate a Bankrate Score for each homeowners insurance provider based on a five-point scale. The better a company scores across the different research categories, the higher its overall Bankrate Score. By using our researching and scoring model, homeowners in Maine can get a snapshot of how well an insurer may fit their needs.
It charges around $593 per year for baseline dwelling coverage of $250,000. That’s why getting quotes from at least three homeowners insurance companies is an essential part of shopping for the cheapest homeowners insurance in Maine. We found that Concord Gen Mut has the lowest average home insurance rates in Maine at $902 per year on average.
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