Best and Cheapest Renters Insurance in Maine for 2024

The need for a renters insurance policy is commonly misunderstood. While your landlord has insurance to cover the building you’re renting, that insurance won’t cover your personal belongings, but a renters insurance policy does! Additionally, renters insurance provides renters with liability coverage.

So if you want to ensure you’re properly covered while renting, it’s important to find one of the best Maine renters insurance companies. But where do you start? In the table above, you can sort through all the renters insurance companies ranked on Clearsurance. The rating next to each company — the insurer’s Clearsurance score — is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Maine renters insurance rankings.

Interested in learning more about one of the companies on the list of the best renters insurance companies in Maine? You can visit the company’s profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

On this page:

• Maine renters insurance rates
• Average cost of renting in Portland
• Renters insurance for Maine college students
• Maine property crime statistics

What are your coverage options on a renters insurance policy?

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. A standard policy contains some form of the following types of coverage:

• Personal property coverage – This type of coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed. The policy will usually have a list of covered perils, so make sure to look this over closely.

• Liability coverage – Liability insurance pays for medical expenses if someone is injured in your apartment.

• Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expense coverage or temporary living expenses coverage.

Beyond these basic coverage options, you may also be able to purchase extra protection like identity theft coverage, guest medical coverage, and other optional coverages.

People who keep expensive items in their rental unit, like musical instruments, jewelry, or sports gear, may wish to increase their coverage limits for additional protection.

Who offers the best Maine renters insurance rates?

Out of the most popular renters insurance companies in Maine, USAA offers the cheapest rates. USAA is only available to active and former United States military members and their families, though. If you aren't eligible for coverage from USAA, the next cheapest insurer in Maine is Patrons Oxford.

While the cost of Maine renters insurance depend on factors specific to you and your apartment, such as your age or where your apartment is located, rates also depend on the company you choose. Some companies may offer renters insurance in Maine for a cheaper rate than others. In the table below, you can see average Maine renters insurance rates from some of the largest companies in the state.

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Maine will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Portland?

In Portland, Maine, the average cost of rent is $1,364 per month. Keep in mind that your cost of rent can vary based on your location within Portland as well as the size of your apartment.

The state of Maine is most famously known for its seafood cuisine and rocky coastline. Maine’s most populous city is Portland, located in Southern Maine on a peninsula in Casco Bay. The average monthly rent of an apartment in Portland is $1,364. Depending on the area of Portland, rent may be more or less expensive than that. Areas such as Downtown Portland are typically more expensive with an average monthly rent of $1,432 whereas areas like Riverton are less expensive with an average monthly rent of $1,264.

Another factor that affects the cost of rent is the type of apartment. Studio apartments have an average monthly rate of $941 while one-bedroom apartments cost an average of $1,214 per month and three-bedroom apartments cost an average of $1,790 per month. Additionally, renters in Portland, Maine, may want to consider purchasing a renters insurance policy to protect their personal items.

Do Maine college students need renters insurance?

With a handful of colleges, including the University of Maine, many college students in the state may find themselves living in dorms or renting off-campus apartments. There are a few things for college students renting housing in Maine to consider in order to protect their personal belongings.

Typically, college students who live in dorms located on the college campus are covered by their parents homeowners insurance policy. That’s usually only the case for students who live on campus, though. College students in Maine who rent apartments off campus should consider a renters insurance policy because their items won’t be covered under their parents’ policy, and without a renters insurance policy, they won’t have any protection.

College students will most likely have roommates in the apartment they rent. It’s not advised that students share renters insurance policies with roommates. Rather, each student should have their own renters insurance policy to protect their own belongings.

What are Maine's property crime statistics?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Maine compare to other states around the country? The FBI published the following statistics on crime in Maine for 2016:

• Property crime - 21,912
• Burglary - 4,003
• Larceny theft - 17,134

All three statistics for Maine, when compared to the national average rate per 100,000 inhabitants, rank below the national average.

How can you save money on your renters insurance in Maine?

While renters insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways that you can lower your Maine renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

If you bundle your auto policy with a homeowners or renters insurance policy with the same insurance company, you will usually receive a multi-policy discount (this might also be available for bundling with other insurance products, such as a life insurance policy or boat insurance policy). Some insurance carriers also reduce your monthly premium for safety devices in your apartment, such as smoke detectors, security devices like burglar alarms, or for setting up automatic payments.

A wide range of discount options may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get online quotes on a renters policy from at least three companies before making a decision.

How does Clearsurance rate and rank the best renters insurance companies in Maine?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Where can you find a renters insurance guide?

As we mentioned above, there’s common misconceptions regarding what is and isn’t covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Maine, it’s important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property. Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing in Maine.

We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.