Only 1% of Maine households have flood insurance; officials urge homeowners, renters to reconsider

AUGUSTA, Maine - As flooding becomes an increasing concern across Maine, the Maine Bureau of Insurance is urging homeowners and renters to consider flood insurance.

Only about 1% of Maine households have a flood insurance policy, according to a review of federal data.

Maine households have just 7,452 policies under the National Flood Insurance Program, which cost on average $1,406 a year, as of the end of March 2024. Flood insurance premiums vary based on the property’s location.

The National Flood Insurance Program, administered by FEMA, provides the best insurance protection against flooding or rising groundwater for both buildings and their contents, according to the Maine Bureau of Insurance.

“Across the state, we’ve experienced plenty of flooding over the past several months, and spring rains may bring more flooding,” Insurance Superintendent Robert Carey said, “it’s a particularly good time to consider flood insurance.”

Special endorsements on a regular home insurance policy can cover backup of water from sewage and sump pumps, but most homeowner and business policies do not cover flooding from rising groundwater or overflowing waterways he said.

Flood insurance is currently available through 61 insurance companies in more than 985 NFIP-participating communities in Maine.