Baltimore Homeowners Insurance

Your Complete Guide to Baltimore, MD Homeowners Insurance

Find the right homeowners insurance policy for you.

The largest city in Maryland, Baltimore is home to more than 600,000 people. This city is divided into hundreds of districts, each with its own distinct neighborhood feel and flavor. There is something for everyone in this diverse and lively port city. If you own a home in Baltimore, you will want to be sure to safeguard your investment with a reliable home insurance policy. When you are shopping for insurance for your Baltimore home, an independent insurance agent can help you find the best and most affordable policy. Contact an agent near you to learn more.

How Much Does Homeowners Insurance Cost in Baltimore?

Maryland is the 32nd most expensive state for home insurance. The average home insurance rate in Baltimore is higher than throughout much of the state but still lower than the national average.

  • National yearly premium average: $1,173
  • Maryland yearly premium average: $982
  • Baltimore yearly premium average: $1,108

Insurance companies calculate rates individually. They are based on several factors such as the age, size and value of your home, the crime rate and weather risks in the ZIP code where your house is located, and, sometimes, even your credit score. If you bundle your home coverage with other insurance, like car insurance or life insurance, you can usually get all of your policies at a lower rate. An independent agent in Baltimore can help you find the best price for a comprehensive home insurance policy.

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Burglary Rate in Baltimore, MD

The burglary rate in Maryland is lower than the national average, but in Baltimore, the rate is very high. There are more than 7,000 burglaries reported in this city in a typical year.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in MD: 4.10
  • Number of burglaries per 1,000 homes in Baltimore: 11.10

If your house is broken into, first make sure that you and your family are safe, and then call the police. You will need a copy of the police report when you file an insurance claim so that you can be reimbursed for your losses. In the meantime, there are preventive measures you can take to lower you risk of a robbery. Home security systems are highly effective theft deterrents, and many insurance companies offer discounts to policyholders who have burglar alarms installed in their homes. Your independent agent can explain more about this and other potential policy discounts.

Catastrophic Events in Maryland

Your homeowners property insurance is divided into two parts: building and contents. One covers the structure of your home itself, and the other covers your personal belongings. You will want to be sure to have enough coverage in each category so that you can afford to rebuild and replace if your house is badly damaged by a catastrophic event like a structure fire or hurricane.

  • 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.

Homeowners insurance is designed to cover you against many of the hazards you are likely to face as a property owner in Baltimore. However, it will not cover you against floods, and many homes in this city are at risk for flood damage, particularly when hurricanes cause storm surges. Fortunately, your independent agent can help you supplement your coverage with a flood insurance policy.

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Liability Coverage for Baltimore Homeowners

All homeowners insurance policies also include liability insurance. This insurance, which absorbs the costs associated with most personal liability lawsuits, can prevent an unfortunate accident from causing you to lose your house. Examples of times your homeowners liability insurance can come in handy include:

  • If a tree on your property falls onto your neighbor’s house or car
  • If your dog bites a delivery man
  • If a guest in your home is severely injured on your property and sues for medical expenses
  • If your child causes significant damage to another person's property
  • If you are accused of libel or slander

Some homeowners in Baltimore want more liability coverage than their home insurance can provide. An affordable umbrella insurance policy can boost your liability coverage to much higher levels to help you further protect your assets. Also, because of the increased liability risks, your home insurance company may charge more for your coverage if your property includes a swimming pool or if you own a dangerous breed of dog. You can learn more by talking to an independent agent.

Second Home and Vacation Home Insurance

Some residents of Baltimore own more than one house. When you are insuring a property that is not your primary residence, insurance companies need to take additional risk factors into consideration. Often, this results in an increase in your coverage costs. Second homes that are occupied by tenants have higher liability risks and need to be covered by landlord insurance policies. 

Vacation homes are frequently left unoccupied and unattended for long periods and therefore have higher risks of property damage. In that case, they may need to be covered by vacant home insurance. Local independent agents can identify the various coverage needs associated with all of your properties. They can then help you find the best and most affordable insurance policies to cover them.

Why Work with an Independent Insurance Agent?

Local independent agents make comparison shopping easy. They are available to help you with all of your insurance coverage needs. Find an agent in Baltimore to learn more, and start comparing quotes for customized, competitively priced homeowners insurance.

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