Condo Insurance in Maryland

Experts break down Maryland condo insurance costs, coverage, companies and more.

Modern building of condominiums. Find Maryland Condo Insurance.

Condominiums and townhomes are becoming more popular as a convenient and affordable choice in housing. In Maryland, 66% of the population own their housing unit. Just like a traditional single-family home, condo owners need to protect their investment and their personal property.

When shopping for the best condo insurance in Maryland, the easiest place to start is with a local independent insurance agent. Local agents are familiar with the housing market in your city and can help you secure affordable and comprehensive coverage for your condo. 

What Does Condo Insurance Cover in Maryland?

When you own a condo you are responsible for purchasing insurance for anything that is inside your unit walls. Your condo association master policy, called an H-06, will pay for common areas and the structure of your building, but your personal property and fixtures such as ceiling fans, toilets, and sinks are all your responsibility.

Condo insurance provides this coverage and other necessary protection through three main policies. 

  • Liability coveragePays if someone who is visiting your condo experiences bodily injury or property damage. Liability coverage will pay for medical bills and even legal fees if you're sued. 
  • Personal property coverage: Pays for all of your stuff such as furniture, electronics, jewelry, and clothes. It will also cover the fixtures inside your condo. All of these items are protected from events like fire, storms, and crime under your property policy.
  • Loss assessment coverage: Pays for any costs associated with having to temporarily move out of your condo while repairs are being made from a covered event.

It's important to fully understand your association master policy and the coverage that it provides before purchasing your condo insurance. Some associations provide coverage for things like walls, ceilings, and floors, and some associations will require the owner to provide this coverage.

Do I Need Flood Insurance for my Maryland Condo?

Flooding is the most common cause of damage for Maryland homeowners, so it's worth discussing a flood insurance policy with your insurance agent.

Flooding from natural waters is excluded from condo insurance. You'll need to work with your agent to purchase a policy from the National Flood Insurance Program. Under this program, you can receive up to $250,000 in dwelling coverage and $100,000 in contents coverage for your condo. 

How Much Does Condo Insurance Cost in Maryland?

Condo insurance is naturally less expensive than traditional homeowners insurance because you have less property to cover. For Maryland condo owners, annual premiums are well below the national average.

  • Average condo insurance premium in the US: $488
  • Average condo insurance premium in Maryland: $308

You may qualify for even cheaper insurance coverage through available discounts and bundling. Your agent will know of these opportunities, but some additional factors that will impact your condo insurance rates include:

  • Where your condo is located
  • Size of your unit
  • The amount of coverage you need
  • Your claim history
  • Deductible
  • Local crime rates
  • Potential weather risks

The most important thing to consider is that you're purchasing enough coverage for all of your belongings.

Is Condo Insurance Required in Maryland?

By law, you are not required to purchase condo insurance in Maryland. However, if you are working with a lender to purchase your condo, they may require you to have coverage. This is so they can protect their financial interest for the length of your loan. It's also common for condo associations to require condo insurance for their tenants.

Even if it's not required, condo insurance is the only way to protect everything inside your walls, including yourself. Should a friend come to visit and become injured, or a condo fire burn through your home, you'd be left with severe financial damage without coverage.

What Are the Best Condo Insurance Companies in Maryland?

Shopping for the best condo insurance quotes in Maryland is crucial before you make a decision. Every carrier will calculate premiums differently and shopping can save you money.

An independent insurance agent is familiar with local companies and their reputation and can help you find the best condo insurance companies in Maryland. They'll work with you to find a company that is top-rated in your area for customer service, claims, and affordability.

How Can an Independent Insurance Agent Help Me Find the Best Condo Insurance in Maryland?

Required or not, condo insurance is the only way to protect your personal property and any guests that visit your home. Don't skip out on this important coverage. Start speaking with an independent insurance agent today.

Agents will meet with you at no cost to learn about your condo and the type of coverage you need. They'll shop multiple quotes and make suggestions on selecting the best condo insurance in Maryland.

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