Maine Insurance Rates Rank Lowest in the U.S.
Maine’s Insurance Superintendent Eric Cioppa announced Friday that the National Association of Insurance Commissioners (NAIC) has released two reports showing an improvement in Maine’s national ranking for two lines of property and casualty insurance: personal auto and homeowners. The NAIC shows Maine in the top ten, meaning the cost for these types of insurance is lower than in most other states.
“Maine’s auto and homeowners insurance rates are among the lowest in the country,” commented Superintendent Cioppa. “These results are signs of a healthy and well-functioning property and casualty insurance market.”
In their 2010 Homeowners Insurance Report, the NAIC provides data on market distribution and average cost by policy form and amount of insurance. Data was collected from insurance statistical agents or reported directly to the NAIC and includes countrywide and state-specific premium and exposure information for homeowners policies, as well as non-commercial dwelling fire insurance policies. For homeowners insurance, Maine is ranked 9th nationally for 2010 (the most recent data evaluated by the NAIC), compared to 11th in 2009.
The NAIC’s 2009/2010 Auto Insurance Database Report provides the average costs associated with personal automobile insurance nationwide. For personal auto insurance, Maine’s ranking improved from 6th in 2009 to 5th in 2010. The report includes state-by-state auto insurance data designed to provide necessary information and analysis to insurance regulators, consumers, and policymakers. The types of auto insurance coverage included are bodily injury and property damage liability (including no-fault), uninsured and underinsured motorist, medical payment, collision, and comprehensive.
More information is available from the NAIC (www.naic.org). Maine consumers and business operators with questions about auto, home, business or other lines of insurance are encouraged to contact the Bureau of Insurance by calling 1-800-300-5000 or sending a message to Insurance.PFR@maine.gov.
Always feel free to call your insurance agent with questions.
Allen Insurance and Financial is an employee-owned insurance, employee benefits, and financial services company with offices in Camden, Rockland and Southwest Harbor. Call 800-439-4311.