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The historic storms in Maine pushed home insurers to their limits

The insurance market in the state of Maine is normally stable and profitable, but was hit hard by severe storms last year.

Payouts and other costs consumed nearly all of Maine's homeowners insurance premium revenue in 2023, meaning it was barely profitable, a New York Times report found last week.

“We have seen rising premiums in recent years, justified by higher losses and inflationary pressures,” Karma Lombard, a spokeswoman for the Maine Bureau of Insurance, said in an email. “We have historically maintained low home insurance rates compared to the rest of the country, but we are seeing larger increases recently.”

Anna Harden

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