Baltimore, MD Homeowners Insurance - Best and Cheapest (2021)

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Baltimore, MD Homeowners Insurance (2021)

About 40 miles northeast of Washington, DC, above the Chesapeake Bay, lies Baltimore, Maryland. The home of the Orioles and the Ravens, Baltimore is treasured among its over 619,000 residents and the capital of Maryland. But with any large city comes high crime rates and higher home insurance premiums.

Don’t let the statistics get you down. Baltimore is experiencing a surge in home sales, even in the seller’s market that it’s seeing. That takes homeownership to grand heights. And, whether you are a new home buyer or refinancing your home, you have Insurify on your side to find the right homeowners insurance in Baltimore.

No matter your insurance needs or background, Insurify makes it easy to get the cheapest and best home insurance in your area, fast and easy.

Cheapest Insurance Companies for Homeowners in Baltimore (2021)

For homeowners in Baltimore, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.

To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Baltimore. The following are the best insurance rates from carriers that offer homeowners insurance in Baltimore.

Cheapest Companies
brethren-mutual

Brethren Mutual

$450/yr
penn-national

Penn National

$834/yr
donegal

Donegal

$851/yr
homesite

Homesite

$974/yr
travelers

Travelers

$985/yr

How to Find Cheap Home Insurance in Baltimore

Finding the appropriate Baltimore, Maryland, home insurance is so vital at this stage. Why? Well, you just made one of the most massive financial investments of your lifetime. Investment and risk go hand in hand. But there are steps to take as a homeowner, to minimize the risk of investing in your home. And you can keep your investment protected for years to come.

Homeowners insurance is the first step towards protecting your property. Though not required by law, you get the reassurance of financial liability for your property and belongings with home insurance in Baltimore. This financial liability protects you from natural disasters and theft. There are different coverage levels available depending on the property type, location, and other factors of your home.

Keep reading as we provide you a full guide on Baltimore home insurance.

Cheapest Home Insurance in Baltimore by Company

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.

As of 2021, the average home insurance premium in Baltimore costs $1,080 annually, and the median home value is $152,180.

$152,180$1,080

Average Annual Homeowners Insurance Premium in Baltimore by Company

Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage

  • Average Annual Cost

Cheapest ZIP Codes in Baltimore for Home Insurance

Property costs vary, and so does the price of home insurance. Dependent on the area of the city you reside in, specific ZIP code–specific variables determine the price. Volumes of claims filed nearby, crime rates, property costs, and risk variables, like natural disaster frequency determine price as well. It could come down to your specific neighborhood in Baltimore to determine if you pay more or less on annual premiums.

Rates in Baltimore vary from relatively high to low compared to the national average, and all depends on the area in which you own property.

Home Insurance Coverage Types in Baltimore

There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:

HO-1: Basic
HO-2: Broad Form
HO-3: Special Form
HO-4: Tenant’s Form
HO-5: Comprehensive
HO-6: Condo Form
HO-7: Mobile Home Form
HO-8: Older Home

For more detailed Maryland city level guides, check out these below.

Natural Disasters and Home Insurance Rates in Baltimore

Natural disasters happen, no matter what city you live in. Homeowners in Baltimore must be prepared for the unknown all year round. Hurricanes, winter storms, extreme cold, thunderstorms, tornadoes, extreme heat, and flooding are the most common in the city and have contributed to higher premiums.

In Baltimore, summers are scorching and winters are cold, making severe weather and hurricanes a common occurrence. Baltimore has 52 miles of shoreline that can rise, depending on weather conditions, and exacerbate flooding. Though most home insurance providers cover living expenses, medical expenses, and liability protection in case of flooding, going with flood insurance is better than no protection. This is true even if you live in a low-risk flood area.

Dwelling coverage will handle falling objects, wind damage, and lightning, though most homeowners insurance policies do not cover costs due to flooding or earthquakes. You should have separate flood insurance, especially if you live in a flood zone in Baltimore. Some considerations could change your overall home insurance policy premium. For example, your property may be in a flood plain or a flood insurance zone that applies to your property, affecting your insurance policy rates.

You would have to get an additional rider or policy to cover those risks and additional living expenses. Whether you pick Erie, Allstate, or State Farm, it’s wise to find separate flood insurance through the National Flood Insurance Program.

Crime Rate and Home Insurance Rates in Baltimore

The unfortunate truth is that Baltimore is ranked as the fourth “Most Dangerous City in America.” Year after year, Baltimore is ranked higher than the national average in crime rates. In 2019, the city recorded 348 homicides. The high crime rate includes violent crimes, break-ins, and vandalism to private residences as well.

Baltimore’s high crime rate directly affects how homeowners insurance companies decide insurance premiums. The more risk involved with insuring your property, the higher the homeowners insurance cost. Take into account your ZIP code’s crime rates before purchasing your home.

Also, check with your insurance agent about home insurance discounts by installing security devices such as burglar alarms. Depending on the insurance carrier, you may get a significantly lower home insurance quote by including security installed on your property.

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How to Find the Cheapest Home Insurance in Baltimore

Baltimore is rich in history and things to do, from ballparks to art museums. Enjoy your city; don’t let high crime rates and extreme weather make you think that getting the best and cheapest homeowners insurance premium is impossible. It’s possible! With some research and the proper tools, you will be on your way to savings on homeowners coverage in no time.

Use Insurify to compare home insurance quotes for your property in Baltimore.

Baltimore Homeowners Insurance FAQ

Why is home insurance so expensive in Baltimore?

Higher crime rates than the national average and volatile weather directly impact the average premium on your homeowners policy. Thankfully, there are ways to save. Compare quotes from top insurance carriers in seconds with Insurify to get the best homeowners insurance in Baltimore available at the cheapest rate.

Do homeowners insurance companies in Baltimore offer bundling options with auto insurance policies?

Yes. Insurance companies in Baltimore offer bundling on home insurance with car insurance and life insurance products. Check for special discounts on bundled insurance products as well as coverage options.

Does USAA insure homes in Baltimore?

Yes, USAA does insure homes in Baltimore. USAA is J.D. Power rated in excellent customer satisfaction. If you or a family member is active in the U.S. military or a veteran, you could qualify for Baltimore, Maryland, homeowners insurance from USAA.

Insurify Rate Comparison Methodology

The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced.