The beauty of a condo is that it offers you the chance to own your very own place while sharing expenses like insurance and maintenance with other owners. You also get all sorts of amenities, making this an excellent investment.
Condo insurance is necessary for those who live in a condominium and it's better than just having insurance from the homeowners association. You want to make sure that you are fully covered in case of an emergency, and that your policy will protect you from any potential damage.
Read this guide to know about the best condo insurance companies in Maine, average condo insurance cost, the most and least expensive zip codes for condo insurance, and condo insurance rates by carrier.
- Condo owners in Maine pay an average of $562 per year or $47 per month in condo(HO6) insurance.
- Concord is the cheapest condo insurance company in Maine at only $149 per year.
Best condo insurance companies in Maine
In Maine, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction rating of all the major insurers across Maine. Below are the best condo insurance companies in Maine based on Insurance.com's analysis.
- State Farm
- Allstate
- Nationwide
- Liberty Mutual
- Travelers
Compare best condo insurance companies in Maine
When it comes to finding the best condo insurance company in Maine, it can be difficult to know where to start. There are a lot of different options out there, and it can be hard to figure out which company is the right fit for you.
That's why we've put together a list of the best condo insurance companies. We've compared the insurance providers based on their J.D. Power score and AM Best rating to help you make the right decision.
Among the carriers surveyed, State Farm scored the highest J.D. Power score, it has earned 835 scores out of 1000 and A++ ratings from AM Best. Apart from State Farm, you can consider purchasing condo insurance from Allstate. It has received 829 scores out of 1000 from J.D. Power and AM Best rated it A+.
Compare the insurance companies using their AM Best rating and J.D. Power score mentioned in the table below.
| Company | J.D. Power score | AM Best rating |
|---|---|---|
| State Farm | 835 | A++ |
| Allstate | 829 | A+ |
| Nationwide | 812 | A+ |
| Liberty Mutual | 806 | A |
| Travelers | 800 | A++ |
Average cost of condo insurance in Maine
Condo owners in Maine pay an average of $397 a year or $33 monthly for insurance coverage of $40,000 in personal property coverage, $100,000 in liability coverage, and $1000 as deductible. There are several factors that affect the price of condo insurance. The size and value of the condo are two key factors, as larger and more expensive condos will tend to have higher premiums.
As with most types of insurance, the best way to get a low rate on condo insurance is to shop around, compare quotes and coverage options from different providers. By comparing rates, you can find the policy that best fits your needs and budget.
| Average annual premium | Average monthly premium |
|---|---|
| $397 | $33 |
CONDO INSURANCE CALCULATOR
Average condo insurance rates in MAINE
AVERAGE RATE: $390
Most & least expensive zip codes for condo insurance in Maine
Most Expensive
| Zip Code | City | Highest Rate |
|---|---|---|
| 04925 | Caratunk | $481 |
| 04478 | Rockwood | $479 |
| 04945 | Jackman | $476 |
| 04985 | West Forks | $476 |
Least Expensive
| Zip Code | City | Lowest Rate |
|---|---|---|
| 04401 | Bangor | $349 |
| 04240 | Lewiston | $354 |
| 04210 | Auburn | $358 |
| 04489 | Stillwater | $361 |
Condo insurance rates by companies in Maine
Based on Insurance.com's rate analysis, Concord is the cheapest condo insurance company in Maine. Its average annual premium for Maine residents is $149---$248 less than the state average ($397).
While the cost of condominium insurance will vary depending on your insurance provider, location, the coverage limits, and the deductible amount you choose. It's important to compare rates from multiple insurance companies to ensure you're getting the best deal.
Below are the companies that provide the most affordable condo insurance policies to Maine residents along with their average annual premium.
| Company | Average annual premium |
|---|---|
| Concord | $149 |
| Allstate | $187 |
| Patrons Oxford Ins Co | $216 |
| Travelers | $269 |
| MMG Ins Co | $352 |
| State Farm | $358 |
| Nationwide | $391 |
| Liberty Mutual | $612 |
| LM Insurance | $640 |
| Hanover Ins Co | $799 |
