Finding the Best Homeowners Insurance in Maryland
The real estate industry in Maryland is a little cheaper than most states in the United States. Housing prices are not over the roof like in some states. The free state's house ownership rate is at 66.9%, and there are more house owners than renters. Maryland is located in the mid-coastal region and has almost 3200 miles of coastline along the Chesapeake Bay and the Atlantic Ocean. Maryland is prone to bad weather conditions and has experienced terrible recently, Hurricane Irene in 2011 and Superstorm Sandy in 2012, which is why you should protect and insure your home in the case of an unexpected natural disaster and outbreaks. Homeowners Insurance provides leverage for you against unforeseen circumstances such as fire outbreaks or hurricanes. Surprisingly, Maryland homeowners insurance quotes are quite low; the state's average cost is about 30% lesser than the national average cost. There are a range of cheap homeowners insurance in Maryland that offers excellent insurance policies for you to choose from. The best homeowners insurance in Maryland offers you a mix of affordability, good coverage options and amazing customer services. Getting homeowners insurance is the best way to insure your property against any unexpected event.
| Maryland Homeowners Insurance Cost Broken Down | Price |
|---|---|
| Yearly Cost of Homeowners Insurance in Maryland | $1,050.00 |
| Costs Per Month for Homeowners Insurance in Maryland | $87.50 |
How Much is Homeowners Insurance in Maryland
According to Insurance.com, homeowners insurance rates in Maryland are about 30% lesser than the national average premium. The average annual cost of homeowners insurance in Maryland is priced at only $866 per annum, with the average monthly cost priced at only $60. Although the state is situated along the mid-coastal region and experiences bad weather conditions, including hurricane and coastal storm, the homeowner's insurance rates in Maryland is one of the cheapest in the country. Your location in the state is a contributing factor to the amount of homeowners insurance you pay. The average cost of homeowners insurance in Maryland vary from one city to another; some cities pay as high as 29% higher than the state's average cost, while some cities pay as less as 26% lower than the state's average cost. Baltimore is the city with the most expensive homeowners insurance quotes; people living here pay 29% higher than the state's average cost at a $1,802 annual premium rate. The city is closely followed by Salisbury, with an average annual cost of $1,775. Meanwhile, the city with the least expensive homeowners insurance in Maryland is Fredrick; people living here pay 26% lesser than the average state insurance cost at $1,030. About 21% of homeowners in Maryland spend above 30% of their annual income on mortgage and utilities. For most people, getting homeowners insurance on their house might be expensive. But homeowners insurance in Maryland is very affordable, at only $60 per month. There are even insurers that offer homeowners insurance lesser than this.
| City in Maryland | Monthly Costs | Yearly Costs |
|---|---|---|
| Baltimore, MD | $150.17 | $1,802.00 |
| Columbia, MD | $93.17 | $1,118.00 |
| Germantown, MD | $93.50 | $1,122.00 |
| Silver Spring, MD | $92.92 | $1,115.00 |
| Waldorf, MD | $118.00 | $1,416.00 |
| Frederick, MD | $85.83 | $1,030.00 |
| Ellicott City, MD | $95.75 | $1,149.00 |
| Glen Burnie, MD | $114.25 | $1,371.00 |
| Gaithersburg, MD | $94.00 | $1,128.00 |
| Rockville, MD | $91.67 | $1,100.00 |
| Bethesda, MD | $91.00 | $1,092.00 |
| Dundalk, MD | $116.08 | $1,393.00 |
| Towson, MD | $115.25 | $1,383.00 |
| Bowie, MD | $115.00 | $1,380.00 |
| Aspen Hill, MD | $91.75 | $1,101.00 |
| Wheaton, MD | $92.08 | $1,105.00 |
| North Bethesda, MD | $90.67 | $1,088.00 |
| Severn, MD | $109.25 | $1,311.00 |
| Bel Air South, MD | $119.50 | $1,434.00 |
| Potomac, MD | $90.92 | $1,091.00 |
| Catonsville, MD | $116.08 | $1,393.00 |
| Odenton, MD | $110.08 | $1,321.00 |
| Hagerstown, MD | $95.25 | $1,143.00 |
| Essex, MD | $114.83 | $1,378.00 |
| Woodlawn, MD | $119.42 | $1,433.00 |
| Clinton, MD | $118.92 | $1,427.00 |
| Annapolis, MD | $106.33 | $1,276.00 |
| Severna Park, MD | $110.25 | $1,323.00 |
| Chillum, MD | $113.58 | $1,363.00 |
| Olney, MD | $92.00 | $1,104.00 |
| Randallstown, MD | $121.50 | $1,458.00 |
| Owings Mills, MD | $116.08 | $1,393.00 |
| Montgomery Village, MD | $93.08 | $1,117.00 |
| Pikesville, MD | $120.83 | $1,450.00 |
| Salisbury, MD | $147.92 | $1,775.00 |
| College Park, MD | $114.25 | $1,371.00 |
| Eldersburg, MD | $94.00 | $1,128.00 |
| Parkville, MD | $114.00 | $1,368.00 |
| Bel Air North, MD | $119.75 | $1,437.00 |
| Carney, MD | $114.58 | $1,375.00 |
| Milford Mill, MD | $119.42 | $1,433.00 |
| Perry Hall, MD | $117.75 | $1,413.00 |
| Crofton, MD | $108.92 | $1,307.00 |
| Pasadena, MD | $117.50 | $1,410.00 |
| South Laurel, MD | $112.92 | $1,355.00 |
| Reisterstown, MD | $114.67 | $1,376.00 |
| Ilchester, MD | $94.92 | $1,139.00 |
| Lochearn, MD | $119.17 | $1,430.00 |
| Edgewood, MD | $123.17 | $1,478.00 |
| Laurel, MD | $106.67 | $1,280.00 |
Maryland Homeowners Insurance Laws
There are no federal or state that makes it mandatory for a house owner to get homeowners insurance in the state of Maryland. However, in 2013 the state released new laws to govern homeowners and renters insurance policies in Maryland. The insurance legislation from the Maryland General Assembly's 2013 was signed into law by the Governor and took effect from October 1, 2013. Under the H.B. 342 (Chapter 270) out of S.B. 446 (Chapter 269), the state of Maryland prohibits an insurance company from denying, refusing to renew or cancelling homeowners or renter insurance coverage for any applicant because the applicant doesn't have auto insurance with the insurance company or another insurance company. The act allows an applicant to buy multi-policy insurance from an insurer and allows the insurer to offer discounts or other incentives. The H.B. 695 (Chapter 383) states that the Maryland homeowners Insurance requirement for an insurer issues a homeowner's insurance policy. The H.B. 1203 (Chapter 406) act of the insurance law requires that homeowners insurers in Maryland exclude coverage for losses caused by specific breed or mixed breeds of dogs. The insurer must ensure that it provides a written notice for an applicant stating that the insurance does not provide that coverage.
What Does Homeowners Insurance Cover in Maryland
There are several types of homeowners insurance that provide different coverage for several purposes you might have. The H0-2 form, also referred to as Broad form and the H0-3 form is the general form, are the most common type of coverage forms available. The broad form provides coverage for your building and damage. The Broad form provides coverage against a wide range of hazards but not all. The H0-3, which is the General form, provides coverage for all hazards except those specifically excluded from the list. For example, the Maryland homeowners insurance doesn’t allow an insurer to provide coverage for certain dog breeds. Homeowners insurance are divided into two sections, Section I and Section II. Section I provides property coverage for your property and the belongings in the property. The property coverage insures all belongings, from electronic appliances to clothing to furniture and other things. The property coverage also includes a loss of use policy that will cover all living expenses incurred during the periods that your house is inhabitable after major damage. Section II is the personal liability and medical payment to others. Personal liability provides coverage for you in case you cause injury to others. Medical payment pays for the medical expenses of someone that accidentally gets injured on your property.
| Costs of Home Insurance in Maryland by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Allegany County, MD | $104.58 | $1,255.00 |
| Anne Arundel County, MD | $88.58 | $1,063.00 |
| Baltimore County, MD | $104.00 | $1,248.00 |
| Baltimore (city) County, MD | $136.08 | $1,633.00 |
| Calvert County, MD | $94.50 | $1,134.00 |
| Caroline County, MD | $99.58 | $1,195.00 |
| Carroll County, MD | $81.17 | $974.00 |
| Cecil County, MD | $90.33 | $1,084.00 |
| Charles County, MD | $104.75 | $1,257.00 |
| Dorchester County, MD | $114.25 | $1,371.00 |
| Frederick County, MD | $81.58 | $979.00 |
| Garrett County, MD | $101.92 | $1,223.00 |
| Harford County, MD | $105.50 | $1,266.00 |
| Howard County, MD | $81.58 | $979.00 |
| Kent County, MD | $92.58 | $1,111.00 |
| Montgomery County, MD | $78.83 | $946.00 |
| Prince George's County, MD | $112.25 | $1,347.00 |
| Queen Anne's County, MD | $92.33 | $1,108.00 |
| Somerset County, MD | $113.42 | $1,361.00 |
| St. Mary's County, MD | $105.25 | $1,263.00 |
| Talbot County, MD | $102.58 | $1,231.00 |
| Washington County, MD | $86.83 | $1,042.00 |
| Wicomico County, MD | $114.17 | $1,370.00 |
| Worcester County, MD | $151.33 | $1,816.00 |
Top Rated Homeowners Insurance Companies in Maryland Based on Ratings
There are several top-rated homeowners insurance companies in Maryland. There are several things you should consider before choosing an insurer from the Maryland homeowners insurance companies list. The insurer's coverage option, the affordability rate, available discount, and the customer services are some things to consider. Companies offering homeowners insurance in Maryland differs from the homeowner's insurance policy. The best homeowners insurance companies in Maryland will give a wide range of coverage policy at an affordable rate with good customer service. Most of the top-rated homeowner's insurance companies offer discounts for some of their services. Some of the best-reviewed homeowner's insurance companies in Maryland include StateFarm, Travellers, Erie Insurance and USAA. Most people rate StateFarm as the best homeowners for them. Their policies are great for property owners looking for personalised or standard coverage. They offer an affordable rate with a wide range of coverage. Their homeowner's insurance rates are almost 25% cheaper than the state average. However, Travelers offer the most affordable homeowners insurance; their quote is about 42% cheaper than the average state cost. They also have good customer service and with an NAIC compliant rating of 0.44, way lesser than the standard. Erie Insurance offers complete coverage for your building; the policies come with replacement cost coverage and attentive customer service. However, the policies do not come cheap. If you are a military family or have someone in the military, USAA Insurance is perfect for you. They offer amazing discounts and deals for a military family.
| Maryland Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Homeowners Insurance in Maryland | 4/5 | 0.2 |
| Allstate Ratings for Homeowners Insurance in Maryland | 3/5 | 0.31 |
| Erie Ratings for Homeowners Insurance in Maryland | 5/5 | 0.17 |
| USAA Ratings for Homeowners Insurance in Maryland | 5/5 | 0.15 |
| Travelers Ratings for Homeowners Insurance in Maryland | 2/5 | 0.44 |
| Nationwide Ratings for Homeowners Insurance in Maryland | 2/5 | 0.24 |
| Chubb Ratings for Homeowners Insurance in Maryland | 2/5 | 0.18 |
How to Lower Homeowners Insurance in Maryland
There are ways for you to lower the amount you pay on homeowners insurance in Maryland. With increasing rates of homeowners insurance in Maryland and the nation generally, it is getting more difficult to get cheap homeowners insurance policies that provide a wide range of coverage for your property. Although homeowners insurance quotes are less expensive in Maryland, there are ways to lower homeowners insurance in Maryland. Different insurance companies offer several Maryland homeowners insurance discounts for you to choose from. Your insurer might give you a multi-policy discount if you are getting your car insurance and homeowners insurance together from them. Some insurance companies offer a loyalty discount for long-time customers. Some insurance companies like USAA offers special deals and discounts for special families like a military family. You can also get referral discounts from your insurer when you refer someone or you get referred. Apart from discounts, another way to save up on your homeowner's insurance is to keep a good credit record. When you upgrade your home security and make your home less prone to get damaged during an outbreak, some homeowners insurance will let you save up on your premium.
Compare Homeowners Insurance in Maryland Before Buying
Shopping for homeowners insurance in Maryland may take some time because of the several insurance companies in the market. To make it easier for you to choose, there are trusted rating systems around that rates each insurer based on several criteria. Some of the best-rated homeowner's insurance is also the most affordable homeowner insurance in Maryland. Third-party review sites have made it easier to compare homeowners insurance in Maryland. Your home is a big investment; it is important to insure it against damage and destruction in an unexpected event. You should research and know about what the homeownership insurance policy offers before opting for it. Trusted rating systems like J.D. Power and NAIC rating can help you screen out bad homeowners insurance policy. Your priority will help you compare and decide between the top-rated homeowner's insurance. If you are looking for more affordable insurance instead of full coverage, some insurers are better suited than others.