HomeInsuranceQts

Home Insurance in Maine

The median home value in Maine is $296,600.

Older homes can cost more to insure or rebuild because of aging wiring, roofing and plumbing. The typical home in Maine was built around 1977. About 34% of homes were built before 1960.

In Maine, the housing stock is 73% single-family homes, 9% apartments in buildings with 5+ units and 8% mobile or manufactured homes. The rest are 2-4 unit or other housing types. Mobile and manufactured homes typically need a manufactured-home (HO-7) policy rather than a standard homeowners policy.

About 58% of owner-occupied homes in Maine have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.

The vacancy rate is 21%; vacant or unoccupied homes typically need a different coverage form than an owner-occupied policy. About 74% of occupied homes in Maine are owner-occupied.

Homes heated with propane, fuel oil and wood can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies. Most homes in Maine - 55% - are primarily heated with fuel oil.

In Maine, the statewide average premium for a standard HO-3 homeowners policy is $1,150 per year (NAIC, 2023 data).

Key figures

Median home value$296,600
Median year built1977
Owner-occupied share74%
Share of owner-occupied homes with a mortgage58%
Home insurance premium$1,150 - statewide average (NAIC, 2023 data)

Counties

Sources