Homeowners in Maine
On average, housing prices in Maine are a bit lower than the national average, but so are incomes. The median value of owner occupied housing in Maine is $174,5001, while the national norm is $176,700. The typical household income in Maine is $46,9742, and the U.S. median is $52,250. So, in Maine, housing related costs account for 31.5%3 of household income, which is on par with most states. However, the rate of owner occupied housing is 70.2%, ranking the northeastern state as having the greatest percentage of owner occupied housing in the nation.
Like most Americans, Mainers want solid coverage at the most competitive rate. Contact an insurance expert and ask them to compare your policy against others. Today could be the day you start saving money on home insurance.
Home Insurance in Maine
Across the U.S., the average cost of homeowners insurance is $1,0344 per year. But, here in Maine, the typical premium is $741 annually. That’s $293 less than the U.S. average, and means Maine ranks 10th of all states for affordable home insurance premiums.
The Maine Bureau of Insurance is part of the National Association of Insurance Commissioners, which helps establish insurance standards and protects the interests of consumers. The Bureau can help you become aware of your rights as an insurance consumer and assist you with questions and concerns about your home insurance coverage. It also provides a home inventory checklist, and the option to compare the 10 largest homeowners insurance groups in Maine. You can reach the Maine Bureau of Insurance by calling 1 (800) 300-5000, or by visiting them in person at #34 State House Station Augusta, Maine 04333.