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Maryland Homeowners Insurance Quotes - Best and Cheapest (2022)

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Insurify Staff

By: Insurify Staff

Last Updated February 25, 2022

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Maryland Average Cost of Homeowners Insurance Rates (2022)

According to 2021 rates, the average cost of homeowners insurance in Maryland is $1289 per year and $107 per month. Maryland homeowners insurance rates are $109 per year less then the national average and about 8% less annually. When compared to the other US states that makes the cost of homeowners insurance in Maryland the 23rd most expensive in the country, based on 2021 data.

For shoppers, the best way to find a homeowners insurance policy in Maryland is to evaluate all of the quotes from individual insurance providers and then decide on the policy that fits your requirements and budget level. Fortunately finding the right homeowners insurance coverage is easy with a tool like Insurify.

Insurify provides easy and fast home insurance quote comparisons for all kinds of homeowners nationwide. Insurify has helped thousands of customers receive accurate homeowners quotes for your property in Maryland in minutes.

Maryland Average Homeowners Insurance Rates
Average Cost Per Month$107
Average Annual Premium$1289
State Rank (Most Expensive)23rd

Cheapest Insurance Companies for Homeowners in Maryland (2022)

For homeowners in Maryland, 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 Maryland. The following are the best insurance rates from carriers that offer homeowners insurance in Maryland.

Cheapest CompaniesQuotes
Allstate$1,104
Travelers$847
USAA$1,713
Nationwide$1,376
Farmers$903

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How to Get Affordable Home Insurance in Maryland

Buying a home is no small feat. With the financial investment that comes with purchasing a home, it’s important to make sure it is protected from the risks and perils of life in Maryland. While homeowners can’t always prevent break-ins or get out of the way of storms, there are steps you can take to minimize risk and protect your investment.

The first step to protecting your property is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters or theft.

Maryland homeowners are fortunate to have relatively cheap average premiums compared to the national average. But every home—and every homeowner—has different coverage needs. Maryland’s property crime rates are slightly lower than the nation’s average, but these rates increase around cities like Baltimore and Elkton. The state also faces various catastrophic storms year-round, including thunderstorms, tornadoes, hurricanes, and severe summer heat and winter weather.

Keep reading for a full guide on Maryland home insurance and tools to help you find the coverage you need at a premium you’ll love.

Homeowners Insurance Quotes in Maryland by Company

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.

As of 2021, the average cost of homeowners insurance in Maryland is $1,080 annually, and the median home value is $312,990.

That’s a lot of money. How can you be expected to pay all of these costs and still provide for you and your family? Living expenses in Maryland can get pricey, but with Insurify, you can find insurance costs at affordable prices.

Average Annual Homeowners Insurance Premium in Maryland by Company

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

Travelers
$847
Farmers
$903
Allstate
$1,104
Nationwide
$1,376
USAA
$1,713

Home Insurance Rates in Maryland by City

Like property costs, home insurance varies in price from city to city. Pricing is determined on ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on annual premiums.

Rates in Maryland can be relatively high or low compared to the national average; it all depends on which town you live in. Here are the most and least expensive ZIP codes in Maryland for home insurance.

Even if homeowners insurance premiums are high in your neighborhood, there are still ways you can save on insurance policy costs. Most homeowners insurance companies—from Allstate to Erie Insurance to J.D. Power—offer other insurance coverage, too. Talk to your insurance agent to see if bundling your insurance products (like homeowners insurance, auto insurance, and even add-ons like flood insurance) will help you save on your homeowners insurance premium.

CityAverage Annual Cost
Annapolis$1,386
Berlin$1,634
Columbia$1,589
Frederick$1,209
Owings Mills$1,206
Silver Spring$1,685
Waldorf$1,373

What Does Home Insurance Cover in Maryland?

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

  • The simplest and least comprehensive type of homeowners insurance.

    Provides coverage for a handful of potential problems including:

    • Natural disasters (storms, fires, wind lightning, volcanic eruption)
    • Explosions
    • Theft
    • Damage from vehicles
    • Civil commotion
  • Broad form homeowners insurance policies include all basic form coverage, plus:

    • Protection from falling objects
    • Damage from the weight of ice, snow, or sleet
    • Freezing of household systems including HVAC and pipes
    • Sudden and accidental damage to pipes and other household systems from artificially generated electrical current
    • Accidental discharge or overflow of water or steam
    • HO-2 policies typically cover both dwelling protection and personal property.
    • In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
    • The most common form of homeowners insurance is known as a “special form” policy.
    • While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
    • HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
    • Tenant’s form policies typically cover all the same dangers as HO-2 policies.
    • Tenant’s form policies typically cover all the same dangers as HO-2 policies.
    • These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
    • Some HO-4 policies may also include loss of use coverage for the tenants.
    • Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies.
    • The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
    • An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
    • HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property such as jewelry and artwork.
    • Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
    • They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
    • These policies also include personal property and liability coverage and may include loss of use coverage.
    • If you own a mobile home or manufactured home, you likely have an HO-7 policy.
    • Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
    • Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
    • HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
    • Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
    • HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
    • Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home to enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

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

Flood Insurance in Maryland

Maryland has already faced severe thunderstorms this summer, leaving many homes flooded and without power. With the risk of more storms and floods this year, along with the area’s potential for hurricanes, flood insurance is likely an important addition to your Maryland homeowners insurance policy.

Most home insurance policies do not include flood insurance, but that doesn’t mean Maryland homeowners shouldn’t consider the additional coverage. Insurance producers can help homeowners purchase flood policies through the National Flood Insurance Program (NFIP), even for some not located in a floodplain.

The Maryland Insurance Administration advises homeowners to check the coverage of their flood policies, as some do not cover the cost of replacing personal property or the contents of a home in the event of a flood.

Insurance Coverage for Property Crime in Maryland

Property crime rates have been decreasing in Maryland, but some cities, including Baltimore, Cambridge, and Elkton, are still hot spots for property crimes.

Most homeowners insurance policies cover property crimes like theft and vandalism, helping offset replacement costs for damaged or stolen property. Still, some basic insurance policies only offer partial coverage for replacement costs, and some require receipts or proof of ownership prior to the peril.

For Maryland homeowners looking for complete coverage in the case of property crimes, it is best to ask your insurance provider about what additional coverage options are available. While these policies will come with higher premiums, they provide higher coverage and peace of mind for homeowners.

Special Home Insurance Situations in Maryland

Unique elements of your home may affect homeowners insurance prices. Check out these quotes for some special situations that may impact your home insurance in Maryland.

Cheapest Home Insurance for Houses Near Fire Department in Maryland

If your home is within a certain distance from a fire department or fire hydrant your rates may decrease. The same applies for the opposite. If your home is far from fire safety, you may pay more for homeowners insurance.

Insurance CompanyAverage Annual Premium
Allstate$1,128
Donegal$851
Encompass$1,389
State Farm$1,309

Cheapest Home Insurance for Houses Less Than 20 Years Old in Maryland

The age of your home and its major systems may affect the policy rate you're quoted by insurance companies

Insurance CompanyAverage Annual Premium
Erie$1,147
Farmers$1,153
Nationwide$991
Travelers$917

Buying a home is stressful enough—don’t let insuring it get in the way of enjoying your new property.

How to Find the Cheapest Home Insurance in Maryland

Insuring a home can be a difficult and expensive process. But finding good deals and great coverage doesn’t have to be hard; it just takes a little bit of time and a good amount of research.
Use Insurify for the best way to compare home insurance for your property in Maryland. Our comparison tools make homeowners insurance shopping (and saving) simple so you can be on your way to enjoying your newly insured home in no time.

Maryland Homeowners Insurance FAQ

  • The average cost of homeowners insurance in Maryland is just over $1,000. But Maryland homeowners insurance policies vary in cost depending on the homeowner, the age and location of the home being insured, and the amount of protection you are seeking for your home.

    Overall, Maryland homeowners insurance is cheaper than the national average. The best way to find the cheapest home insurance policy in Maryland is using Insurify’s comparison tools.

  • Yes, most basic insurance policies will cover the cost of repairing a home after a hurricane. This coverage, though, does not include the cost of repairing any flood damage caused by a hurricane. To make sure your home is covered in the event of a flood, no matter the cause, purchase flood insurance through the NFIP or your private insurance provider.

  • Yes, the standard homeowners insurance policy will cover damages caused by windstorms, including tornadoes. Your home insurance policy is also likely to include dwelling coverage, which provides coverage for damages caused by wind, hail, lightning, and fire.

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Methodology

The car insurance quotes displayed are based on an analysis of Insurify’s database of over 40 million quotes from 500 ZIP codes nationwide. To obtain representative rates, Insurify’s data science team performs frequent comprehensive analyses of the factors car insurance providers weigh to calculate rates including driver demographics, driving record, credit score, desired coverage level, and more.

Insurify’s analysis also incorporates the Insurify Composite Score (ICS) assigned to each insurance provider. The ICS is a proprietary rating that weighs multiple factors reflecting the quality, reliability, and health of an insurance company. Ratings used to calculate the ICS include Financial Strength Ratings from A.M. Best, Standard & Poor’s, Moody’s, and Fitch; J.D. Power ratings; Consumer Reports customer satisfaction surveys and customer complaints; mobile app reviews; and user-generated company reviews. 

With the above insights and ranking methods, Insurify is able to offer car insurance shoppers insight into how various insurance providers compare to one another in terms of both cost and quality. Note, actual quotes will vary based on unique attributes including the policyholder’s driver history and their garaging address.

Insurify Staff
Insurify Staff

Content Specialist at Insurify

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