Home Insurance in Maryland
Everyone knows the value of quality homeowners insurance in Maryland, especially when there is a need to file a claim. However, it’s never beneficial to overpay for it. Finding cheap homeowners insurance is possible if you know the Maryland homeowners requirements and the options available to you for lowering rates. Here’s what you should know.
Home Insurance Companies in Maryland
Most people need a quality policy that’s priced well. The best home insurance companies in Maryland can do that for you. However, it’s up to you to compare policy options and coverage differences among the top rated homeowners insurance companies in Maryland to find the ideal plan for you. The homeowners insurance agencies in Maryland offer a range of discounts and packages to lower your costs. With the help of independent home insurance agents in Maryland, you can even compare policies among numerous insurers.
How to Get the Best Rates for Home Insurance in Maryland
With that in mind, how can you get the best rates? It starts with knowing which insurers are available in Maryland. Enter your zip code on this page and you’ll receive a list of companies you can request quotes from for more information.
<zipcode>Find The Cheapest Home Insurance In Your Area:</zipcode>
How Much Does Homeowners Insurance Cost in Maryland?
Home insurance in Maryland tends to be quite affordable. The average annual premium in Maryland for the most common type of policy - HO-3 - is $892. That’s well below the national average of $1,173. Home insurance quotes in Maryland can help you get the right pricing for your home.
<twitter>The average annual premium in Maryland for the most common type of policy - HO-3 - is $892. That’s well below the national average of $1,173.</twitter>
List of Homeowners Insurance Companies in Maryland
Take a moment to enter your zip code on this page. When you do, you will receive a full list of available insurers who can help you protect your property.
How Homeowners Insurance Is Calculated in Maryland
Everyone’s property receives a customized quote from each insurer. Most of them will take into consideration the size and features of the property. Other risk factors matter, too. Those include the following.
<qa>1;Crime;One of the reasons Maryland is affordable is because of its moderate crime rates. The crime rate per 1,000 people for violent crimes is 5 in Maryland. That’s above the national average of 4. Property crimes in the state - which impact home insurance rates the most - are 22.22 per 1,000 residents. That’s under the national average of 24.</qa>
<qa>2;Weather/Climate;Maryland’s climate is mild in terms of severe weather. Thunderstorms and hail can cause some damage here. Extreme heat and coastal flooding are also climate-related concerns. Yet, overall, there are few risks to homes in the area.</qa>
<qa>3;Home Values;Home values in Maryland are a bit above average. This can mean paying a bit more for coverage than other areas. The median home value in Maryland as of March of 2019 is $291,000.</qa>
Home Insurance Requirements in Maryland
Maryland’s homes are historic, new, and charming. Take a look at some common questions people have about insuring them.
Is Homeowners Insurance Required in Maryland?
The law does not require you to have home insurance in Maryland. However, nearly all mortgage lenders in the United States do. If you have a loan, you need coverage. Keep in mind, though, that home insurance may be required by those who live in homeowners’ associations, too.
What Does Home Insurance Cover?
Home insurance offers several types of coverage. The first is structural coverage for the home. It covers damage to your home in cases of fire, vandalism, or windstorms, for example. If one of those or other covered events occur, it also covers any loss of personal property you have. Policies include liability insurance, too. If someone falls down your steps, it may help pay for their medical bills, for example.
Homeowners Insurance for New Properties in Maryland
Building a new home here nearly always requires the use of a mortgage. New homes have values above $500,000 in some areas. That means a more expensive home insurance policy.
Homeowners Insurance for Old Properties in Maryland
Homeowners with an older property still need coverage. It can help protect against risks you cannot control such as damage to your roof or theft. It’s wise for all property owners to maintain it.
Renters Insurance in Maryland
In nearly all situations, landlords in Maryland require renter’s insurance from those they rent a home to. It provides protection for the renter, not the property owner. This is not a legal requirement, but most companies renting homes, apartments, and condos here require it.
Renter’s insurance in Maryland is generally very affordable. It covers any damage or loss of your property in a covered incident, such as a fire. It also provides you with liability insurance to cover the claims other people make.
<zipcode>Compare Renters Insurance in Maryland</zipcode>
Compare Home Insurance in Maryland by City
It’s always valuable for you to have the right coverage for you. Costs vary by city, though. To find the cheapest home insurance in Maryland, consider these largest cities. Compare home insurance quotes in your city to find the best rate for you.
<qa>1;Home Insurance Quotes in Baltimore, Maryland;Baltimore is a large, urban community. It’s home to 786,741 people. This community, even though it is quite large, has median home values of $119,200. Suburban areas have higher valued properties here.</qa>
<qa>2;Home Insurance Quotes in Dundalk, Maryland;The second largest city is Dundalk, and though lesser known, it is still home to 71,293 people. Home values here are moderate at $137,500.</qa>
<qa>3;Home Insurance Quotes in Bethesda, Maryland;There are about 63,022 people who live in Bethesda, one of the most often sought-after locations in the state. Home values here are some of the highest in the country at $864,700.</qa>
<qa>4;Home Insurance Quotes in Columbia, Maryland;Columbia is a popular area for its educational institutions and history. It’s home to about 52,518 people. Home values in Columbia are about $346,400.</qa>
<qa>5;Home Insurance Quotes in Towson, Maryland;The city of Towson is home to about 51,083 people. It is an up-and-coming area. The median home price in this community is $352,600.</qa>
Bonus: Most Expensive Homes in Maryland
You likely spend a lot on home insurance, but can you imagine the costs in these homes? These are the most expensive homes in Maryland.
- 9 Chevy Chase Circle, in Chevy Chase, is valued at $22.5 million.
- A large, 170-acre property at 765 Mechanics Valley Road in North East is valued at $20 million.
- You could choose a 9-bedroom home at 725 Lands End Road in Centreville for $13.1 million.