Nearly 67% of Maryland residents own a home, which means a large portion of the population has a need for homeowners insurance. An average Maryland home insurance policy that covers $250,000 of dwelling coverage costs $1,124 per year. Marylanders have many options when it comes to home insurance. This could help you get coverage at a lower cost.
If you are shopping for the best homeowners insurance in Maryland, Bankrate’s research may be helpful. You can make informed decisions about your insurance by understanding the average rates of different companies, common losses in Maryland, and the coverages that you might want.
Maryland’s best home insurance companies
Every person has different insurance needs. It is important to know which company might best suit your situation. Bankrate’s editorial team looked at average premiums from Quadrant Information Service when analyzing the top home insurance companies in each state. We also looked at coverages, discounts, and customer satisfaction scores provided by J.D. Power.
The following companies may be the right place to look if you’re looking for Maryland’s best homeowners insurance.
Allstate’s average rates are slightly higher that Maryland’s, but it may make up for this difference by offering many optional coverages to enhance your policy. You might be interested in yard and garden coverage, electronic recovery coverage, or business property coverage. The company also offers several discounts, including savings for new homebuyers, security systems and claims-free customers.
AmFam places convenience and personalization at its core of home insurance. Online homeowners can get a quote quickly or speak to a licensed agent to receive a personalized quote. AmFam provides a home insurance calculator and checklist, as well as a personal coverage assistant. These tools can help you choose the right coverages.
Chubb’s premium is the highest on our list. However, it offers more standard coverages than other companies. Chubb offers electronic data restoration, lock replacement, and tree removal coverage. If you have a high-value home, Chubb may be a good fit; the company offers options tailored to the needs of luxury homeowners.
State Farm has agents all over the country. This means that if you prefer to deal with your insurance needs personally, State Farm might be the right fit. State Farm also offers solid online resources such as a blog and a home inventory tool. State Farm’s premium is second on our list, and it is lower than Maryland’s. State Farm does not offer many discounts, but you may save by insuring multiple policies, having a newer roof or installing a security system.
USAA is not eligible for J.D. Power is a company that sells insurance only to military personnel and their immediate families. However, it consistently scores high with J.D. You may qualify for coverage if you meet the requirements.
What is the cost of Maryland homeowners insurance?
Marylanders pay an average of only $1,124 annually for a homeowners insurance policy with $250,000 in dwelling coverage, which is less than the national average premium of $1,312 annually. Maryland’s premiums for home insurance are higher than those in other states. Virginia homeowners pay $1,013 annually while Pennsylvania homeowners pay $730 annually.
Maryland’s premium is higher due to its coastal location. Maryland is more susceptible to hurricanes than Pennsylvania. Rates can vary by ZIP code so your exact location in Maryland may affect how much you pay.
Maryland home insurance
Each state is different and has its own set of unique features that can impact coverage options and premiums. These factors will help you tailor your coverage if you live in Maryland.
Maryland’s most common causes of loss
Maryland residents should be aware of the potential losses to their homes. These are some of the most common causes for damage:
- Hurricanes: Maryland’s location on the coast makes it susceptible to hurricanes. Huge storms can cause extensive wind and water damage.
- Theft and burglary are both very common in Maryland.
- Fires: Home fires may start for many reasons, and they can be deadly.
- Water can cause severe damage to your home if it gets into your home through a burst pipe or a blocked drain line.
You might be able to determine the most appropriate coverage by understanding the losses common in your area.
Maryland offers a variety of home insurance options
Maryland residents may be interested in additional coverages to your standard home insurance. These are:
- Flood insurance: According to the Federal Emergency Management Agency, most counties in Maryland are more at risk for flooding. Homeowners insurance does not cover flood damage. To be covered by flood insurance, you will need to purchase an additional policy.
- Water backup coverage: This endorsement covers water damage to your home, personal property, or both. This is most common in basements where sump pumps fail to keep up with heavy rain, but it can also occur from any drain or sewer line.
- This endorsement is offered by many homeowners insurance companies. It helps to cover the costs of restoring your identity in the event that it is stolen.
Talking to a licensed agent is a good idea when shopping for home insurance. A licensed agent may be able help you find the right coverage for you.
Questions frequently asked
What is the best homeowners insurance in Maryland?
The cheapest home insurance in Maryland for you will depend on a variety of factors. The factors that determine your home insurance premium include your age, claims history, the coverages you select, and any discounts you are eligible for. Comparing quotes from different carriers can help you to compare prices and find the best price for you.
How can I get Maryland homeowners insurance?
First, you will need to obtain a homeowners quote. You can either fill out an online quote tool or call your local insurance agency to get one. Your address, date of birth, year of construction of your house, and an idea of what coverages you are looking for will be required. Information about the features of your home, such as if you have updated kitchen cabinets or made custom features, may be required. After you have received a quote, and decided to move forward with the project, a representative will inform you of the next steps. These could include signing an application and paying a fee.
Do I need Maryland homeowners insurance?
Maryland does not require homeowners insurance, but the mortgage company will. Homeowners insurance is a good investment, even if you don’t have a mortgage. It is a smart idea to purchase homeowners insurance to protect your finances from the possibility of rebuilding and repair costs.
If I have poor credit, can I still get Maryland homeowners insurance?
Yes. Maryland doesn’t use credit as a rating component in the same manner as other states. California, Hawaii, and Massachusetts don’t use credit as a rating element at all. Maryland does use some credit-related rating elements, but not as heavily as other states.