Renters insurance in Maine: Cost, best companies and how to save

What is the average cost of renters insurance in Maine?

The average renters insurance cost in Maine is $174 per year. Rates vary based on factors such as location, coverage amount, deductible, and claims history.

"The number one thing that's most important is to get good liability. A renter's policy will default to $100,000 liability," Josiah Hatch, an insurance pro with Bender Hatch Insurance in Boston, said. "It costs next to nothing to go from $100,000 to $500,000. I want to say it's probably 10 bucks a year. It's really cheap to get a lot of extra coverage. I always recommend getting the most liability you can because that's, at its core, what insurance is all about: the worst-case scenario."

Average annual premium	$174
Average monthly premium	$15

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Best renters insurance company in Maine: State Farm

Among the carriers surveyed, State Farm is the best renters insurance company in Maine, with a top score and an average renters insurance rate of $88.

Vermont Mutual and MMG Insurance are the other best insurance companies for renters insurance in Maine.

Rates differ widely between renters insurance providers, so it's best to shop around. It's also important to choose an insurance company with a good reputation so you know it will be there for you when you need it.

To help you choose the best renters insurance in Maine, we reviewed average rates, NAIC complaints, and AM Best financial ratings. The total Insurance.com score is calculated out of five using these factors.

Below are the best renters insurance companies in Maine.

Company	Average annual premium	AM Best	NAIC	Insurance.com rating
State Farm	$88	A++	0.95	5
Vermont Mutual	$100	A+	0.07	4.93
MMG Insurance	$125	A	0.61	4.86
Auto-Owners	$150	A++	0.33	4.84
Allstate	$146	A+	0.9	4.75
Quincy Mutual	$187	B++	0.24	4.43
The Hanover	$496	A	0.5	3.64

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Cheapest renters insurance in Maine

State Farm is the cheapest renters insurance company in Maine, with an average annual premium of $88, based on our analysis.

Since renters insurance rates vary significantly from one provider to another, comparing quotes is the best way to find affordable coverage that fits your needs.

Below is the list of the cheapest renters insurance companies in Maine and their average annual premiums.

Company name	Average annual premium
State Farm	$88
Vermont Mutual	$100
MMG Insurance	$125
Allstate	$146
Auto-Owners	$150
Quincy Mutual	$187
The Hanover	$496
USAA	$150

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Maine renters insurance: The least and most expensive ZIP codes

Your location in Maine directly impacts the cost of renters insurance. The most expensive ZIP code in Maine is 4478, with an average annual premium of $220. This amount is $46 more than higher than the state average.

On the other hand, 4652 is the least expensive ZIP code for renters insurance with an average annual premium of $147 a year.

Best home insurance companies in Texas

Most expensive ZIP code
Least expensive ZIP code

ZIP code	Average annual rate
4478	$220
4442	$214
4415	$213
4970	$209
4956	$208
4966	$206
4961	$205
4958	$204
4920	$204
4226	$203

ZIP code	Average annual rate
4652	$147
4530	$149
4630	$150
4841	$151
4609	$152
4861	$153
4106	$154
4859	$155
4103	$157
4469	$159

Renters insurance cost in Maine by city

Renters insurance rates vary widely across cities in Maine, driven by factors such as weather risks, crime rates, and other factors. To find the best deal in your city, you should consider these factors and compare quotes from multiple insurers before choosing a policy.

City	Annual insurance premium
Auburn	$156
Augusta	$157
Bangor	$150
Biddeford	$167
Lewiston	$154
Portland	$159
Saco	$169
Sanford	$164
South Portland	$154
Westbrook	$162

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How to save on renters insurance in Maine

You can lower the cost of renters insurance in Maine in several simple ways without reducing the coverage you need:

Bundle your policies. Many insurers give a discount when you purchase renters and auto insurance together.
Increase your deductible. Selecting a higher deductible lowers your monthly or yearly premium, but you should make sure you can afford it.
Ask about discounts. Many insurance companies offer discounts for having smoke alarms, security systems, or a claims-free history.
Compare quotes. Since prices vary widely between companies, getting quotes from multiple insurers helps you find the best deal.
Pay annually. Some insurers provide a small discount if you make yearly payment instead of paying monthly.

Methodology

Insurance.com compared renters insurance rates provided by Quadrant Information Services for $40,000 personal property coverage with a $1,000 deductible and $100,000 liability coverage for all available ZIP codes based on a renter with good credit. To rank the best insurance companies, we gathered AM Best financial stability ratings, where an A++ is the best possible score, and National Association of Insurance Commissioners (NAIC) complaint ratios, which compare the number of complaints a company receives to the anticipated complaint volume based on market share. These factors were used along with rates to find the best companies overall.

FAQ: Maine renters insurance

Do I need renters insurance in Maine?

You do not legally require renters insurance, but your landlord may require you to carry a policy as part of your lease agreement.

How much renters insurance do I need in Maine?

You should make sure your personal property coverage is sufficient to replace all of your belongings at replacement cost; there is no minimum requirement.