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Baltimore, MD Homeowners Insurance
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 Home Insurance Companies in Baltimore
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||Quotes 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.|
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.
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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.
|Average Home Cost in Baltimore 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.||Average Annual Insurance Premium in Baltimore 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.|
Average Annual Home Insurance Premium in Baltimore by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
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:
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),
- damage from vehicles,
- or 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,
- sudden and accidental damage.
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.
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 policy.
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 that would 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.
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.
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.
Frequently Asked Questions
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.
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.
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.
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