Maryland Homeowners Insurance

Maryland homeowners insurance rates average at $54/mo for a standard policy, but additional coverage and riders can raise your monthly premiums. Get cheaper Maryland home insurance by installing alarms and home security systems to deter burglars or by comparing insurance quotes online. Enter your ZIP code below to start comparing Maryland homeowners insurance quotes for free.

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Chris Tepedino is a feature writer that has written extensively about home, life, and car insurance for numerous websites. He has a college degree in communication from the University of Tennessee and has experience reporting, researching investigative pieces, and crafting detailed, data-driven features. His works have been featured on CB Blog Nation, Flow Words, Healing Law, WIBW Kansas, and C...

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Laura Walker graduated college with a BS in Criminal Justice with a minor in Political Science. She married her husband and began working in the family insurance business in 2005. She became a licensed agent and wrote P&C business focusing on personal lines insurance for 10 years. Laura serviced existing business and wrote new business. She now uses her insurance background to help educate...

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Reviewed by Laura Walker
Former Licensed Agent Laura Walker

UPDATED: Jul 16, 2021

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Home owners in Maryland are faced with a number of possible perils every year, and you need to be aware of what they are and how they can impact your life. The average cost of your premiums will be around $637/yr or $54/mo, and includes four primary sections of coverage, along with additional coverages such as liability insurance to pay for injuries people outside your immediate family may suffer while on the property.

  1. Dwelling
    The dwelling portion of a home insurance policy covers the actual structure of the home and any buildings that are permanently built into it. For example, a room that was added on after the home was built is part of the dwelling, but a guest cottage on another part of the property is not.
  2. Other Structures
    Buildings that are not attached to the home fall into the category of other structures. This can include buildings that are connected by a sidewalk, or free standing structures elsewhere on the insured property, such as a workshop, pump house, or even a boat dock.
  3. Personal Property
    Your personal belongings are considered everything you own on the property that are not covered by the dwelling or other structures portions of the policy. It is important to keep a current home inventory to make sure that you are properly protected, because most home insurance policies only cover a few thousand dollars worth of personal effects. If your personal property coverage is too low, you can increase the limits or purchase a separate personal property policy altogether.
  4. Loss of Use
    If you are unable to use all or part of the home due to a covered occurrence such as the roof being damaged by a major storm, you can be reimbursed for any costs associated with maintaining your accustomed standard of living. It is not necessary for the entire home to be uninhabitable, only a portion, but you can only claim expenses that are directly related to the portion you are not able to use.

Average Maryland Homeowner Insurance Rates vs. US

Source: USCB

Cheaper Maryland Home Insurance

Your home does not have to be one of the 6.33 out of every 1000 homes that are burglarized every year, and reducing that risk can also save you money on your premiums. You can also save money on insurance by performing regular home maintenance and improving your personal credit score. The cost of insurance is based on risks, and the less risky you are to insure, the less you will pay for insurance of all types, including your home coverage.

  • Home Security
    Deadbolts are a good way to improve your home security and earn a discount on your home insurance. Another one is to have a fence installed around your property to keep unwanted visitors from even coming near your house. Taking apart in protecting your home is seen as the acts of a responsible person, and your insurance will reward with discounts representing the money you save the company.
  • Reduce Insurance Risks
    Quit smoking, and you will lead a healthier life which includes the satisfaction of knowing that you have earned a discount on home insurance by taking better care of yourself. You can also get a discount by earning yourself a degree from the local community college, because insurance companies offer discounts to home owners with a Bachelor’s degree or better.
  • Credit Score and Insurance Risk
    Monitor your credit score. If a problem shows up, get it resolved as soon as possible. Insurance companies prefer doing business with people with a credit score of 650 or better, and the higher your credit score is, easier it will be to get affordable prices on home insurance.

Home Characteristics Affecting Maryland Insurance Rates

The cost of home insurance is affected by a number of characteristics. For example, the average age of a Maryland home is 35 years, which could add to your premiums if the house is not properly maintained. And the cost of the home itself is a major factor, whether your home is worth more or less than the state average home value of $318,600.

Local Natural Disasters Maryland Homeowners Should Consider Protecting Against

Each state has a different set of local natural disasters to contend with. Some states experience hurricanes and wildfires, while others have regular snowstorms or even major disasters such as earthquakes. In Maryland, you have floods, hurricanes, tropical storms and winter storms.

  • Earthquakes
    Ranked at 47 out of 51, Maryland is actually less likely to experience an earthquake than most. You could purchase earthquake coverage if you want, but the odds are good that you would only be buying unneeded insurance.
  • Flood
    Maryland flood claims in 2009 were 319 claims, one of the highest occurrences in the nation. because of this, flood insurance may not be available through your insurance company at all, leaving you to buy coverage from a high risk insurer, or contact your state Department of Insurance concerning how to sign up for FAIR coverage or the Maryland equivalent of the high risk insurance pool.
  • Hail
    Hail can happen in any state, and hail damage is usually covered in a standard policy. To be safe, read through your policy carefully, because states with a high ratio of hail damage may cause insurance companies to specifically exclude hail from coverage.
  • Hurricanes
    Hurricanes can strike Maryland, but they do so very infrequently. As long as you have flood insurance, the rest is covered by your standard insurance policy.
  • Tornadoes
    Only 7 tornadoes touch down in Maryland each year, making them one of the least likely perils in the state outside of earthquakes. Wind damage, the primary damage related to tornadoes, is part of a standard home policy, so you probably won’t need to buy any special coverage.
  • Wildfires
    Any number of the NATLWILDFIRE] wildfires that affect our country each year could spark up in Maryland. However, unless your policy specifically excludes wildfires, you are covered by default under the fire protection of your standard policy.

Maryland Homeowners Insurance Optional Coverages

Personal injury coverage and personal property coverage are both areas where the average home policy falls short. Both of these coverages are included in a standard policy, but usually at minimal levels that quickly reach their limits and leave you wanting for more. Both types of coverage limits can be increased in your policy or purchased separately from another source.

Important Contact Information

Maryland Department of Insurance
200 St. Paul Place
Suite 2700
Baltimore, MD 21202
Phone: (800) 492-6116
Website

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