Jamie is a meticulous researcher who has published 2,000+ personal finance articles. Her expertise is trusted by major brands like Bankrate and Rocket Mortgage.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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The average cost of homeowners insurance in Maryland is $1,670 for a policy with a $1,000 deductible and $300,000 in dwelling coverage, which is below the national average of $2,377. Maryland homeowners need to protect their property from tornadoes, hurricanes, and flooding. And 1 in 4 flood insurance claims come from moderate-to-low-risk areas, so Maryland homeowners may want to purchase a separate flood insurance policy.[1]
The cheapest home insurance companies in Maryland are Brethren Mutual, Armed Forces Insurance Exchange, and Erie.
The state of Maryland is at risk for flooding, hurricanes, and tornadoes, so you need adequate insurance coverage.
Standard home insurance policies don’t cover flood damage, so if you’re in a high-risk area, you’ll need to purchase separate coverage from the National Flood Insurance Program (NFIP) or a private insurer.
Best home insurance companies in Maryland
With many quality insurers serving Maryland homeowners, it can be hard to evaluate all your options. The best homeowners policy will depend on your situation and needs, but the companies below are Insurify’s top picks for the best home insurance companies in Maryland.
Insurance Company
▲▼
IQ Score
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
▲▼
Average Annual Premium
▲▼
Best For
▲▼
Brethren Mutual
NR
$827
Cheapest rates
Armed Forces Insurance Exchange
NR
$1,103
Military families
Erie
7.4
$1,108
Flood insurance
Travelers
7.8
$1,193
Eco-friendly options
Our editorial team spent more than 350 hours developing the Insurify Quality (IQ) Score and scoring insurance companies. The IQ Score objectively analyzes and calculates a score for insurers using more than 15 crucial criteria. The team weighted criteria by importance to the consumer — factors such as customer reviews and affordability influence the score more than availability and third-party ratings.
We rate each company on a 1 to 10 scale based on five categories: financial ratings, customer satisfaction, affordability, customer support and transparency, and availability. Insurify updates ratings once a year or as more recent information becomes available.
Third-party financial ratings: Insurify uses data from AM Best, S&P, Moody’s, and more to compare insurance companies’ credit and ability to pay out future claims.
Customer satisfaction: To calculate this score, Insurify analyzed more than 28,000 customer reviews across 155 car insurance companies. We also consider third-party ratings from J.D. Power, the National Association of Insurance Commissioners, and Trustpilot.
Affordability: Our data scientists analyzed more than 90 million real-time auto insurance rates from our partners across the U.S., as well as available discounts, to calculate an affordability score.
Customer support and transparency: This measures coverage options, ease of claims filing, and the insurer's transparency surrounding discounts, coverages, and claims process.
Availability and reach: Insurify scores availability and reach by identifying the number of states in which insurers offer coverage and company size by market share.
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
NR
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
Not rated
With an average annual premium of $827, Brethren Mutual is the cheapest option for Maryland homeowners. The company has been serving customers since 1897 and has headquarters in Hagerstown, Maryland. Brethren Mutual offers a variety of home and auto insurance products but provides minimal information about coverage options and discounts on its website.
Pros
Cheapest homeowners insurance option in Maryland
A+ rating from the Better Business Bureau
Cons
Very little information on company website
Quotes only available through company agents
Best insurer for military families: Armed Forces Insurance Exchange
Armed Forces Insurance (AFI) Exchange offers insurance policies to veterans, active-duty military members, and their families. While not everyone is eligible for coverage, Maryland’s roughly 360,000 veterans and 100,000 active-duty service members could benefit from an insurance policy with AFI.[2] The company offers dwelling, personal property, loss of use, and liability coverage.
Pros
Optional flood, water backup, and identify theft coverage
Available discounts for having a new roof, a new home, or living in a gated community
Cons
Only available to military members and their families
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.0/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
870
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$88/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$134/mo
Just 1 inch of flood water can cause $25,000 in damages, which is why it’s a good idea to have flood insurance. In addition to providing homeowners insurance, Erie offers a separate flood insurance policy. This coverage protects your home and foundation, electrical and plumbing systems, appliances, and personal possessions.
Pros
Top J.D. Power customer satisfaction and claims satisfaction ratings
Extensive coverage for replacing your personal property and stolen items
The Insurify Quality (IQ) Score uses more than 15 criteria to objectively rate insurance companies on a one-to-ten scale. The Insurify editorial team researches insurer data to determine the final scores.
9.0/10
JD Power
J.D. Power data measures overall customer satisfaction and claims satisfaction based on a 1,000-point scale.
829
$300,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $300,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$89/mo
$500,000 Dwelling
A standard HO-3 home insurance policy typically includes dwelling, personal property, and liability coverage. The average rate displayed here reflects a policy with the following coverage limits: $500,000 dwelling; $25,000 personal property; $300,000 personal liability; $30,000 loss of use; and a $1,000 deductible for medical payments to others.
$140/mo
When you take out a home insurance policy through Travelers, you’ll receive standard coverage options like dwelling, loss of use, and personal property coverage. The company’s additional coverage options can help replace your jewelry and valuables and any detached structures on your property.
And if you purchase green home coverage, Travelers will pay to replace or repair your home with green materials after a covered loss, making this insurer a good option for eco-friendly homeowners in Maryland.
Pros
Quotes available online
Will repair or replace your home with green materials if you have green home coverage
Cons
Not as many available discounts as competitors
Below-average J.D. Power customer satisfaction rating
Cheapest home insurance in Maryland
Your home’s construction, age, and access to the local fire department are just a few factors that determine your home insurance premiums. You can also expect to pay more if you’ve filed any recent insurance claims.
Homeowners in Maryland with a $300,000 home insurance policy pay an average of $1,670 annually. Here are the biggest factors affecting the price of homeowners insurance:[3]
Previous claims: If you’ve filed any previous claims on your home insurance policy, your home insurance rates will be higher.
Construction: The construction of the house also affects your insurance premiums. For example, frame houses tend to cost more than brick houses.
Age: Newer homes usually cost less to insure than older homes, and many insurers will offer you a discount for insuring a new house.
Coverage amount: The more coverage you purchase, the more you’ll pay for home insurance each month.
Deductible: The lower your deductible, the more you’ll pay for your home insurance premiums, and vice versa.
Cost of homeowners insurance by dwelling coverage amount
Dwelling coverage pays to repair or replace your home’s structure if a fire, flood, or other covered peril listed in your policy damages or destroys it. The higher your dwelling coverage, the more you’ll pay for homeowners insurance.
See how the coverage limit you choose in Maryland can affect your yearly home insurance premiums. Rates shown below are for a policy with a $1,000 deductible.
Coverage Limit
▲▼
Average Annual Premium
▲▼
$100,000
$858
$200,000
$1,293
$300,000
$1,670
$400,000
$2,133
$500,000
$2,619
Cost of homeowners insurance by deductible
Your home insurance deductible is the out-of-pocket expense you’ll pay before your insurance coverage kicks in. Choosing a higher deductible means your insurance company pays less on your claim, so a high deductible will lead to lower premiums.
The table below shows how different deductible amounts can affect your yearly home insurance rates for a policy with $300,000 in dwelling coverage.
Deductible Amount
▲▼
Average Annual Premium
▲▼
$500
$1,732
$1,000
$1,670
How to get cheap homeowners insurance in Maryland
The exact cost of homeowners insurance can vary depending on the size of your home and the amount of coverage you purchase. If you’re looking for ways to save, here are four ways to get cheaper homeowners insurance in Maryland:[4]
Increase your deductible. Most insurance companies require a minimum $500 deductible, but you could save up to 25% by increasing your deductible to $1,000. Just make sure you can afford to pay this amount out of pocket if you have to file a claim.
Use safety features. Many insurance companies will give you a discount for using certain safety features in your home. For example, you could receive a discount for installing a sprinkler system or a home security system.
Bundle your policies. You can also save money by bundling multiple policies with the same insurer. Many insurance companies will give you a discount between 5% and 15% forbundling your home and auto insurance.
Shop around. The best way to save on home insurance is by receiving quotes and comparing policies from different insurers. When you use a comparison website like Insurify, you’ll apply once and receive quotes from multiple insurers.
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How much homeowners insurance do you need in Maryland?
If you take out a mortgage on your home, your lender will require you to purchase homeowners insurance. It’s important to understand exactly what your home insurance policy covers when you buy it so you know you have adequate financial protection.
The Maryland Insurance Administration recommends dwelling coverage limits of at least 80% of the replacement cost of your home. You may also want to ask about additional coverage options, like water backup coverage and extra coverage for your personal belongings.
You may also want to purchase a separate flood insurance policy to protect your home from flood damage. If your insurance company doesn’t offer this coverage, you can purchase a policy from the National Flood Insurance Program (NFIP).
What are some of the biggest risks when owning a home in Maryland?
Here are three common perils Marylanders encounter and how you can protect yourself:
Floods
Floods are one of the most common weather hazards in Maryland.[5] You may be able to purchase flood insurance as an endorsement through your insurance company. If not, you can buy a policy through the NFIP to protect your home from water damage.
Hurricanes
Maryland has 3,190 miles of coastline, making hurricanes a real threat. But it’s not just coastal areas in Maryland that are at risk, since hurricanes can cause damage up to several hundred miles inland.[6] Hurricanes cause wind damage and flooding, so adequate dwelling coverage and flood insurance are essential.
Tornadoes
Maryland experiences several tornadoes per year. They often occur in rural areas, so, while not a huge threat, they do happen. A standard homeowners insurance policy should cover any property damage from a tornado or storm.
Maryland homeowners insurance FAQs
If you’re shopping for a home insurance policy in Maryland, this additional information may help as you research your coverage options.
How much is home insurance in Maryland?
Home insurance in Maryland costs an average of $1,670 per year for a policy with a $1,000 deductible and $300,000 in dwelling coverage, Insurify data shows. But your premiums will depend on many factors, including your ZIP code, age of your home, square footage of your home, and the coverage levels you choose.
Which company has the cheapest homeowners insurance in Maryland?
Brethren Mutual has the cheapest homeowners insurance in Maryland, with annual premiums of $827. Other affordable insurers include Armed Forces Insurance Exchange and Erie, with respective annual premiums of $1,103 and $1,108.
Does Maryland require homeowners insurance?
No. Maryland doesn’t require homeowners insurance, but your lender will require it if you have a mortgage on your home. Even if you don’t have a mortgage, it’s important to carry home insurance coverage. It protects you financially if something damages or destroys your home and you have to make costly repairs or rebuild.
What is the most common type of homeowners insurance policy?
An HO-3, or special form, policy is the most common type of homeowners insurance policy. It covers the physical structure of your home, your personal belongings, liability if someone is injured on your property, and living expenses if you have to temporarily move out of your home while it undergoes repairs.
Jamie Johnson is a Kansas City-based personal finance writer whose work has been featured on several of the top finance and business sites in the country, including Insider, Credit Karma, Bankrate, Rocket Mortgage, Fox Business, Quicken Loans, and The Balance. For the past six years, she's dedicated more than 10,000 hours of research and writing to more than 2,000 articles about personal finance topics.
5+ years in insurance and personal finance content
Ashley is a seasoned personal finance editor who’s produced a variety of digital content, including insurance, credit cards, mortgages, and consumer lending products.
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Brethren Mutual
Erie Insurance
Travelers
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