Getting a Condo Insurance Quote in Maine
Many homeowners nowadays opt for the convenience of condo life but choosing the right type of condo insurance to be confusing and stressful. Ultimately, how expensive or cheap your condo insurance will depend on a multitude of factors and we aim to help make the insurance purchase process a breeze. To help ensure you get the right coverage for your needs at the best possible price, we’ve listed a few important factors to remember when negotiating prices and comparing different quotes for condo insurance in Maine.
Maine Condo Insurance Statistics at a Glance
Given the different factors that can affect the price of condo insurance and bearing in mind that home values are on the rise, condo insurance policies in Maine may be slightly more expensive than in other states. In fact, Maine is ranked as the 19th most expensive state in the country when it comes to condo insurance prices. On average, Maine residents pay around $105 a month for their monthly condo insurance premiums and $1,259 annually. Despite Mainers paying more for their condo insurance, the good news is that trends show a decline in condo insurance prices. While residents of most cities in Maine tend to pay similar monthly premiums, Westbrook, ME, is one of the state’s cheapest cities for condo insurance, with condo owners paying $383 annually or $31.91 a month for their premiums. On the other hand, condo owners in York, ME, pay the highest rates in Maine, roughly $430.50 annually or $35.88 a month. One of the factors that influence how much condo owners pay for their condo insurance is the company they’re insured with, so it’s important to shop around when looking for condo insurance in Maine.
$364
Average Annual Cost of Condo Insurance in Maine
The average cost of condo insurance in Maine on an annual basis is $364.
$30
Average Monthly Cost of Condo Insurance in Maine
The cost of condo insurance in Maine is roughly $30 per month.
28%
Percentage of Income on Ownership for Condos in Maine
Residents of Maine spend an average of 28% of their income on condo ownership.
32 years
Median Age of a Property Which Requires Maine Condo Insurance
The average age of a property requiring condo insurance in Maine is roughly 32 years.
What Affects the Costs of Your Condo Insurance in Maine
As mentioned earlier, the price you pay for condo insurance in Maine depends on several factors. Insurance companies use these to calculate your risk and coverage requirements, which will ultimately dictate the quote you’re given. It’s important to note that many of the factors that affect how much someone pays for their condo insurance are out of their control. These could include things like the location of your condo, it’s age or the year it was built in, and the construction quality. Luckily, these can also make you eligible for discounts on your condo insurance. Other factors within your control that could affect how much you pay for condo insurance in Maine include things like your credit history, claims history with other condo insurance companies, the value of the personal belongings inside your condo, the people who live with you, whether you own or rent your condo, and even your driver’s record. To ensure you receive the best possible quote, we recommend you have most, if not all, of this information to hand when shopping around for condo insurance quotes for properties in Maine.
Average Cost of Condo Insurance in Maine by City
The most common type of condo insurance in Maine is an HO6 insurance policy. Whether you’re living the busy city life in Portland or Lewiston or prefer the quieter surroundings of South Portland, you’ll likely need to take out an HO6 insurance policy. To give you an idea of how much an HO6 policy costs in different parts of Maine, we’ve included a list of estimated monthly and annual condo insurance costs for different cities. It’s worth noting that the following prices are based on average insurance prices in the different cities or towns in Maine so, depending on where you live, the final price you’re quoted may vary from what’s shown below.
| City in Maine | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Portland, ME | $35 | $422 |
| Lewiston, ME | $35 | $422 |
| Bangor, ME | $35 | $424 |
| South Portland, ME | $35 | $422 |
| Auburn, ME | $35 | $422 |
| Biddeford, ME | $34 | $402 |
| Sanford, ME | $36 | $430 |
| Brunswick, ME | $35 | $425 |
| Scarborough, ME | $33 | $395 |
| Saco, ME | $35 | $424 |
| Westbrook, ME | $32 | $383 |
| Augusta, ME | $34 | $406 |
| Windham, ME | $33 | $393 |
| Gorham, ME | $32 | $389 |
| Waterville, ME | $34 | $409 |
| York, ME | $36 | $431 |
| Falmouth, ME | $33 | $401 |
| Kennebunk, ME | $35 | $424 |
| Orono, ME | $35 | $423 |
| Wells, ME | $35 | $426 |
| Standish, ME | $34 | $406 |
Choosing the Best Condo Insurance Company in Maine for Your Needs
Be sure to set aside enough time and be willing to make an effort when choosing the best condo insurance provider for your needs in Maine. Taking the time and putting in the effort to ensure you’re getting the best coverage possible will not only pay off in the long run but also put your mind at ease knowing you’ve made the right choice. Remember that condo insurance goes beyond the building itself and extends to your precious belongings and valuables stored in the condo. Don’t cut corners and settle on the first and cheapest option you can find. Ideally, you’d want to shop around and compare quotes from a couple of condo insurance companies before making your final decision. On that note, any dependable and reputable company won’t force or pressure you into making a decision that might not be right for you. Keep an eye out for insurance providers who reward their long-term clients with discounts or even offer discounted insurance bundles. Last but not least, make sure that whoever you choose to go with is licensed and fully authorized to provide condo insurance in Maine. Check out the Maine Department of Insurance website to find out more about an insurance company’s license status, fiscal stability, and any past criticisms they’ve received.
The Top Rated Condo Insurance Companies in Maine Based off Consumer Ratings
Based on consumer ratings, State Farm is currently the top-rated condo insurance company in Maine. Moreover, State Farm has been the biggest condo insurance provider in the United States for over 50 years. A study carried out by JD Power in Maine scored State Farm a 4 out of 5 (above average) on the coverage they offered, charging and payment methods, customer support, and claims. State Farm also received an NAIC complaint ratio of 0.19. Like most condo insurance providers in Maine, State Farm offers premium discounts for condos that have been renovated or reinforced to withstand any natural disasters that might affect the Pine Tree State. When looking at condo insurance firms in Maine from a purely metrics-based point of view, USAA scores the best JD Power rating in the country with a 5, while MetLife is scored the lowest with a 2. In terms of the NAIC complaint ratio, Chubb scores the lowest at 0.03, while Vermont Mutual has the highest at 0.74.
| Maine Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Maine | 4/5 | 0.19 |
| Allstate Ratings for Condo Insurance in Maine | 3/5 | 0.34 |
| USAA Ratings for Condo Insurance in Maine | 5/5 | 0.14 |
| MMG Insurance Ratings for Condo Insurance in Maine | N/A | 0.3 |
| Concord Group Ratings for Condo Insurance in Maine | N/A | 0.6 |
| Patrons Oxford Ratings for Condo Insurance in Maine | N/A | 0 |
| Vermont Mutual Ratings for Condo Insurance in Maine | N/A | 0.74 |
| Chubb Ratings for Condo Insurance in Maine | 2/5 | 0.03 |
| Travelers Ratings for Condo Insurance in Maine | 2/5 | 0.28 |
| MetLife Ratings for Condo Insurance in Maine | 2/5 | 0.2 |
| Union Mutual Ratings for Condo Insurance in Maine | N/A | 0.7 |
Maine Condo Insurance Requirements
The Maine Condominium Act gives condo owners in Maine the choice to insure their condos but doesn’t require them to do so. Furthermore, Maine law requires condominium associations to insure the entire condominium complex as a whole, and the Condominium Act specifies that condo owners are entitled to coverage under the association’s policy in the event of a loss. Nevertheless, condo owners might still want to consider purchasing additional insurance to cover their possessions, liability, any renovations they carry out, or any losses or events not covered by their association’s insurance policy.
What's Covered with Your Condo Insurance in Maine
When shopping around for condo insurance policies and comparing the different levels of coverage offered, you’ll notice that most condo insurance companies in Maine offer standard coverage, which typically covers building property, private property, loss of use, and liability. Building property coverage protects you from any costs stemming from damage to the interior of your condo (including the floors, walls, and ceilings) and any loss of permanent fixtures as a result of an isolated event like a fire. Personal property coverage covers any personal belongings, such as clothes, furniture, or electronics, lost or damaged in your unit. Loss of use coverage covers additional living expenses if your condo becomes uninhabitable following an isolated event and you need to spend some time living away. Lastly, liability coverage offers financial protection if you are held liable for any physical injury or property damage in or around your condo. A typical Maine condo insurance plan offers up to $100,000 liability coverage.
| Average Costs of Condo Insurance in Maine by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Androscoggin County, ME | $33 | $400 |
| Aroostook County, ME | $31 | $378 |
| Cumberland County, ME | $33 | $398 |
| Franklin County, ME | $35 | $416 |
| Hancock County, ME | $35 | $422 |
| Kennebec County, ME | $33 | $393 |
| Knox County, ME | $35 | $426 |
| Lincoln County, ME | $33 | $396 |
| Oxford County, ME | $34 | $405 |
| Penobscot County, ME | $33 | $393 |
| Piscataquis County, ME | $34 | $413 |
| Sagadahoc County, ME | $32 | $386 |
| Somerset County, ME | $34 | $411 |
| Waldo County, ME | $35 | $425 |
| Washington County, ME | $35 | $420 |
| York County, ME | $35 | $415 |
How to Get Maine Condo Insurance Discounts
Many condo insurance companies in Maine offer discounts or loyalty programs, such as new client, multi-policy, paid-in-full, and loyalty discounts. Be sure to ask about any discounts that may be available to you or the people who live with you when shopping around for a quote on your condo insurance, you’ll generally be eligible for at least one.
| Condo Insurance Deductible | Average Maine Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $84 |
| $1,000 | $74 |
| $1,500 | $70 |
| $2,000 | $66 |
| $5,000 | $57 |
Getting the Best Maine Condo Insurance Rates
Shopping around and comparing different plans is essential if you’re determined to save the most on your Maine condo insurance but this can be trickier than it sounds. If you’re ever stuck or want to be sure you’re getting the best possible deal, just give us a call and find out whether other insurers can beat what you’ve been quoted or are currently paying — the results may shock you. If you’ve got a friend who carries condo insurance, you could also ask them to find out whether their insurance provider offers a referral discount. Alternatively, you may want to look into whether you can afford to pay a higher deductible, as this often lowers the overall cost of your insurance. If you opt to go this route, however, you’ll want to make sure that you can afford to pay out of pocket to cover any expenses below your deductible. Insurance companies also offer discounts to clients who purchase several policies from them, so it might be worth looking into consolidating the different types of insurance you carry into one convenient bundle. For instance, you could check with your car insurance provider to find out whether they would be willing to reduce your premiums or offer a discount if you chose to purchase your condo insurance from them too. Any of these discounts may save you up to 10 percent on your premiums, so it’s worth looking into them if you’re looking to save a bit of cash. However, do bear in mind that some insurance companies may limit their coverage or change their terms when offering discounted rates. And don’t forget your credit rating, either. Many insurance providers take your credit rating into account when calculating your insurance premiums and the better your credit rating, the higher your chances of paying a lower premium.