Annapolis Homeowners Insurance

Your Complete Guide to Annapolis, MD Homeowners Insurance

Find the right homeowners insurance policy for you.

The city of Annapolis is home to nearly 40,000 people. Residents are attracted to this city because of its fantastic schools, lovely harbor, and many parks and cultural activities. If you own a house in Maryland’s capital city, you will want to be sure to have a reliable homeowners insurance policy to protect your investment. When you are shopping for the right insurance coverage for your house, a local independent insurance agent can help. Contact an agent near you to learn more and start your search for the best homeowners insurance policy in Annapolis.

Cost of Homeowners Insurance in Annapolis, Maryland

Maryland is the 32nd most expensive state for home insurance. Homeowners insurance rates are comparatively low in this state, but in Annapolis, where property values are relatively high, the average rate exceeds the national average.

  • National average yearly premium: $1,173
  • Maryland average yearly premium: $982
  • Annapolis average yearly premium: $1,183

You can expect your actual home insurance quotes to vary a bit from the averages listed above. This is because rates are based on a number of factors, including: 

  • The size of your house, the year it was built, and the age of your roof
  • The number of stories in your home and the materials used in its construction
  • The crime rate and weather hazards in your ZIP code
  • Your credit score
  • The amount of your deductible
  • Whether you are bundling your coverage with other policies like car insurance or life insurance

Each insurance company has its own proprietary formula for calculating rates, so comparing quotes lets you choose the homeowners insurance policy that offers the best value. Independent agents in Annapolis make comparison shopping easy.

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Burglary Rate in Annapolis, MD

The burglary rate in Annapolis is a bit lower than the national rate. There are nearly 200 burglaries reported in this city each year. 

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in Maryland: 4.10
  • Number of burglaries per 1,000 homes in Annapolis: 4.54

There are a number of precautions you can take to safeguard your home. Burglar alarms make excellent theft deterrents. In fact, many insurance companies offer discounts to policyholders who have installed home security systems. It can be very stressful to be the victim of a burglary. However, you may take some comfort in knowing that your home insurance company can reimburse you for the resultant loss and damage. Be sure to get a copy of the police report, because you will need it when you file a claim. If you need help, your independent insurance agent can assist you throughout the claims process.

Catastrophic Events in Maryland

  • Number of declared disasters in Maryland: 32
  • Most common reasons for disasters in the state: Floods and Hurricanes
  • Average number of tornadoes per year in Maryland: 9.9
  • Average amount of property damage per year in MD:  $836,597,000
  • 1 in 15 insured homes has a claim each year.

Your home insurance policy is designed to provide coverage against many of the hazards you are likely to face as a homeowner in Annapolis. This includes accidental fires, property crimes, and severe weather events. An independent agent can help you review your contents coverage limits so you can be sure that they are high enough to provide you with full coverage. 

Given its location along the Eastern seaboard, Annapolis has a high risk of hurricane damage. Often, these storms cause excessive flooding, as was the case when Hurricane Isabel caused this city to experience its largest storm surge in recorded history. Unfortunately, although hurricane damage is covered by most homeowners insurance policies, the associated flood damage is not. Your independent agent can help you get a supplementary flood insurance policy so that you are protected against this expensive hazard.

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Liability Insurance for Annapolis Homeowners

Your home insurance can also cover you against a number of potential liability lawsuits. Most people never need to use the personal liability insurance portion of their home policies, but when they do, they are glad they have it. This added protection can shield you from the possibility of losing your home because of an expensive lawsuit.

Homeowners liability insurance is designed to cover court costs, legal defense fees, and damages if you are sued for a covered event. Covered events include third-party injuries that occur on your property, damage caused by your pets or children, and accusations of libel or slander. Many residents of Annapolis have a lot to lose. Supplementing your homeowners liability insurance with an umbrella policy can provide you with liability coverage in amounts far greater than your home insurance will allow. This enables you to fully protect your investments and other assets. An independent agent can explain more about your liability insurance options.

Second Home and Vacation Home Insurance

If you are among the Annapolis residents who own more than one home, you will need to suitably insure all of your properties. A house that does not serve as a primary residence has additional risk factors that insurance companies will take into consideration. Many vacation homes are left unoccupied and unattended for several months out of the year. This increases their property damage risks. If you own a vacation home that is frequently uninhabited, you may need to purchase vacant home insurance.

Second homes that are rented out to tenants, like the students at St. John’s College, have higher liability risks. If you are leasing out a house, you will need to cover it with a landlord insurance policy. Your local independent agent can help you find the best and most affordable policies to cover all of your properties.

Why Work with an Independent Insurance Agent?

Independent insurance agents make it easy to find the best policy to cover your Annapolis home. They can work with several different insurance providers to make sure you are getting your coverage at a competitive rate. 

Find an agent in or near Annapolis to learn more and you can soon be comparing customized home insurance quotes.

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http://www.naic.org/prod_serv/AUT-PB-14.pdf
https://www.census.gov
http://www.city-data.com