Find the Best Homeowners Insurance Rates & Companies in Maryland
The average cost of homeowners insurance in Maryland is about $1,037 per year. The national average cost of a home insurance policy is $1,211 per year, meaning Maryland has more affordable rates than most areas. Overall, Maryland ranks number 30 of 50 states for most expensive homeowners insurance.
The current average home value in Maryland is $382,154. Since you pay so much to purchase your property, keeping it protected with the right coverage is crucial. To do that effectively, you'll need a home insurance policy that considers all aspects of your home and personal property.
An independent insurance agent can help you get equipped with the right home insurance policy for your needs. But first, read on for a deeper breakdown of home insurance in Maryland.
Best Homeowners Insurance Companies in Maryland
- PURE: PURE offers home insurance along with several other types of personal coverage. The carrier also has excellent financial strength and 24/7 claims reporting.
- Nationwide: Nationwide has quite an extensive catalog of coverages for individuals, including homeowners insurance. The insurance company has excellent ratings from both AM Best and the Better Business Bureau (BBB) and offers 24/7 claims reporting.
- Stillwater: Stillwater offers home insurance and coverage for just about any other type of personal property you could need it for. The carrier has excellent ratings for financial strength as well as overall by the BBB and offers 24/7 claims reporting.
- Travelers: Travelers has a wide variety of coverage options for individuals, including homeowners insurance. The carrier has an extensive history of solid financial strength and excellent customer feedback. Travelers also offers several discounts and 24/7 claims reporting.
- The Hanover: The Hanover offers home insurance among many other products for individuals and businesses. The carrier also has excellent ratings from both AM Best and the BBB and offers 24/7 claims reporting.
An independent insurance agent can help you browse homeowners insurance coverage for your Maryland home from any of these trusted carriers.
What Can Homeowners Insurance in Maryland Cover?
A basic homeowners insurance policy in Maryland covers the same core parts of the home as policies across the country. These core coverages include:
- Personal property: Covers your personal belongings like furniture against many disasters like theft, fire, etc.
- Dwelling: Covers the structure of the home against numerous disasters like lightning strikes, fire damage, vandalism, etc.
- Loss of use: Covers extra expenses if you're required to stay somewhere else, like a hotel, while your home gets repaired after a covered disaster such as a fire.
- Personal liability: Covers your legal expenses, including attorney and court fees if you get sued by a third party for personal property damage or bodily injury.
However, there are certain perils a home insurance policy can't protect your property against. In Maryland, property is especially prone to these common disasters in the state:
- Severe storms
- Winter storms
Home insurance never includes coverage for water damage that happens due to a natural source, such as a disaster like a flood or hurricane. So, residents in Maryland will want to work with their independent insurance agent to add a flood insurance policy to their coverage. Having a good flood insurance policy can help prevent you from having to pay out of pocket to repair your home after a natural flooding event.
What Won't Homeowners Insurance in Maryland Cover?
Home insurance can't protect your home from just anything. Each policy comes with its own set of exclusions. Home insurance policies in Maryland tend to exclude coverage for the following:
- Normal wear and tear of the home
- Your personal vehicles
- Sewer backup damage
- Business-related losses
- Maintenance-related losses
Flood Damage in Maryland
Along with a flood insurance policy, residents in Maryland might want to consider adding sewer backup coverage to their home insurance. These additional coverages can help protect your home more comprehensively against sewer backups and other flooding disasters that could potentially destroy your property.
Average Cost of Homeowners Insurance in Maryland
The average cost of homeowners insurance in Maryland is quite a bit lower than the current national average of $1,211 per year. In Maryland, residents pay an average of just $1,037 annually for their coverage. Maryland's home insurance rates are the 30th most expensive in the US overall. The state has more affordable coverage rates than others due to its relatively low risk of various natural disasters, lower crime rates, and more affordable property values than in other areas.
Average Maryland Home Insurance Costs by City
Home insurance rates vary by city as well as by state. In cities with higher property values, crime rates, and frequency of natural disasters, home insurance rates tend to be higher as well. In Maryland, residents in the city of Bethesda currently pay the highest home insurance rates of the whole state on average, at $1,301 per year. The Maryland city with the best and cheapest homeowners insurance rates is Cumberland, where residents pay an average of just $718 per year for their coverage.