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Augusta, Maine -

Maine Insurance Superintendent Mila Kofman announced on Wednesday that a report released by the National Association of Insurance Commissioners (NAIC) ranked Maine among the top 10 in the nation in homeowners insurance affordability. The annual survey indicates that this line of insurance is becoming more affordable in Maine, as the State moved up to eighth place from ninth last year.

“Maine’s homeowner’s insurance market is one of the most competitive in the nation,” Superintendent Kofman commented. “The largest company has about 11 percent of the market. In a market without a monopoly, insurers can come into a state to do business.”

“The Bureau’s efficient responses to rates and product approval, make the State among the best regulatory environments to do business. Consumers have choices of many companies, products and prices. This report from the NAIC confirms that Maine’s consumers pay some of the best rates for homeowners insurance in the nation,” Kofman added.

The NAIC report includes countrywide and state-specific premium and exposure information for non-commercial dwelling fire insurance and for homeowners insurance package policies. It also contains descriptions of the data and a discussion about the way certain economic, demographic and natural phenomena impact the price of homeowners insurance.

The data in the report includes written exposures (earned house years) and aggregate written premiums by state and countrywide for the 2008 data year. The full report is available at http://www.naic.org.

Kofman used this announcement to also note that Maine ranks among the top states in terms of auto insurance affordability each year.

The Bureau of Insurance is part of the Department of Professional and Financial Regulation which encourages sound ethical business practices through high quality, impartial and efficient regulation of insurers, financial institutions, creditors, investment providers, and numerous professions and occupations for the purpose of protecting the citizens of Maine. Consumers can reach the Bureau through its web site at www.maine.gov/insurance; by calling 800-300-5000 in state; or by writing to Bureau of Insurance, 34 State House Station, Augusta ME 04333.

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Last Updated: July 26, 2011 8:02 AM