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Are you looking for a Maryland homeowners insurance quote?
At Insurance Geek, we strive to provide homeowners with a policy that is second to none. A variety of quotes are presented to homeowners to provide the cheapest homeowners insurance rate in the industry while still offering the best protection in the state.
From the right home insurance rate and home insurance company for you, we will provide you with a thorough guide on coverage options, home insurance costs, and terms that could benefit you.
So, let’s dig in a little deeper and find out how a Maryland insurance policy can help keep your mind at ease!
Maryland Home Insurance: The Basics
We love Maryland – and what’s not to love? They don’t call Baltimore “Charm City” for nothing. Between the quaint, quirky neighborhoods of Fells Point and Federal Harbor to the rolling hills of western Maryland, it’s easy to fall in love with this state.
As much as we love Baltimore, it is one of the cities with the highest crime in the nation – with 500 reported violent crimes per 100,000 people.
This pushes up the crime rate of what is overall a generally safe state.
In this regard, the state of Maryland still has lower crime rates than some states like New Mexico, Arkansas, or South Carolina, but the problem cannot be neglected.
While crime is one of the major issues Maryland homeowners are faced with, hurricanes such as 2003’s Isobel present a threat, even for inland areas.
This could cause premiums to increase as home insurance companies assess the risk factors. The average annual home insurance rate is a bit higher than in some other states, but as we will explain shortly, your homeowners insurance cost will depend on many other elements.
A PERIL is a common term used often in the homeowners insurance world.
It refers to anything that could cause damage to your home. In other words, perils are the potential causes of a loss.
For those perils that are included in your homeowners insurance policy, you can file a claim, and the homeowners insurance company will reimburse the expenses for your loss that occurred due to a peril.
Some of the most notable perils in Maryland include natural disasters such as wind, lightning, hail, and fire – just to name a few – as well as property damage to others (a big one to mention). Sewer and water backup are also some of the costliest repairs that a homeowner might endure.
How are Premiums Determined in Maryland?
As mentioned above, the average cost of homeowners insurance in Maryland may be slightly higher than in other states, but there are many more things that come into the equation.
Here are some examples of factors that affect your home insurance rates:
Your credit score is not the most important element that will affect your home insurance rates, but the insurance company will definitely have a look into it.
The reason is simple: Insurance companies want to make sure that you are punctual with your payments, whether it is bills, previous loans, or anything similar.
The insurance rates will also vary from one insurance company to another.
We offer competitive rates in Maryland from carriers Progressive, Safeco, and Nationwide to help you save money and find the best homeowners insurance option for you.
Value of your home;
The value of your home is one of the paramount factors, as your homeowners insurance policy will be based on the replacement cost of it. This is the money needed to repair or rebuilt your home to its current state, and it varies from the actual cash value of the house.
Should you need more info on the replacement cost of your home, check out our guide on RCV vs. ACV.
If your property is claim-free, it’s a sign to insurance companies that perils do not cause damage frequently, so it may score you a lower premium.
You can earn discounts if you get more types of insurance policies with the same insurance company (e.g., auto insurance + home insurance policy).
Also, burglar or fire alarms in your home may score you a discount and help those of you seeking lower home insurance costs.
Keep in mind that these are just a few things – many other factors need to be taken into account.
What is the Best Option for Home Insurance in Maryland?
Your Maryland homeowners insurance policy will differ depending on the product that you get. In general, you can check the information about your policy on the declarations page.
There are two basic types of insurance policies you can get – a named and an all peril one. Let’s what the differences are.
A NAMED policy requires that every peril included has to be named, that is, stated. If a peril isn’t explicitly stated, then you aren’t protected against it.
On the other hand, ALL PERIL coverage presumes all the perils unless one is explicitly omitted. Thus, an ALL PERIL policy comes in handy for when any of the above problems mentioned in Maryland arise.
We suggest getting all peril policies for your home unless you are only looking to fill in the gaps in your existing home insurance policy, in which case a named one might suit you better. If the latter is the case, you can share your policy with us, and our expert agents will assess it and help you determine whether you lack protection for any potential risks.
Get Home Insurance Quotes Today
Insurance Geek is the best way to find the homeowners insurance coverages you’re looking for here in Maryland. Our agents utilize the Fat Agent App to provide you with the best possible price.
Check out our pricing tool, and get a quote instantly!
Here’s how to use our comparison service.
Tell us some basic info, such as your ZIP code, address, and what kind of policy you are looking for. It will take you around a minute to fill in the form.
Then, we will get in touch with our carriers who offer home insurance products and find the best home insurance rates for your particular case.
You can compare the rates and decide which insurance company has the policy that you wish.
Our customer service and expert agents are standing by to assist you with any questions you might have!
If you are getting Maryland home insurance, you may be eligible for various types of homeowners insurance discounts.
One of the best ways to reduce your homeowners insurance cost is to bundle up multiple kinds of policies (e.g., home & car insurance) with the same insurance company.
Top Cities & Metro Suburbs in Maryland for Homeowners
Our customers who are property owners live all around the state of Maryland, including the biggest cities:
- Silver Spring
- Glen Burnie
- Ellicott City
It’s worth mentioning that homeowners insurance costs higher in the cities, so many Maryland homeowners decide to move to the suburbs.
Here’s the list of the most popular suburbs in Maryland for homeowners:
- North Potomac
- North Bethesda
- Takoma Park
So, what’s your ZIP code? Use our quote tool, and we will connect you to homeowners insurance companies in Maryland!
Who Should Get Maryland Homeowners Insurance?
Damages and perils, whether manmade or natural, do not discriminate. That’s why it is recommended that both new and existing homeowners get the proper coverage.
Homeowners insurance will not only protect you from financial harm if something happens to your house, but it will also protect you in case you are found guilty of an accident or if someone gets injured on your property.
Also, your mortgage lender will require proof that you have home insurance. They need to make sure that your home is protected while you are paying off your loan.
What Does Home Insurance Coverage Include?
What does home coverage in a policy look like?
Your policy features different coverage options, and the structure of a policy includes the following::
- Coverage A – Dwelling Coverage
Dwelling coverage equals protection for the physical structure of the home. In other words, the dwelling amount relates to your flooring, roof, and things like the built-in water heater, etc.
Dwelling coverage limits should be calculated vis-à-vis the replacement cost of your home to ensure that it can get repaired and rebuilt under any circumstances.
- Coverage B – Separate Structures
While Coverage A deals with the actual structure for your home, Coverage B encapsulates those structures that aren’t included in it (aka detached structures).
This can include anything, from mailboxes and garages to fences, pools, and gazebos – in short, all of the structures that sometimes get overlooked but can also be affected by a peril.
- Coverage C – Personal Property
Personal property coverage accounts for your personal belongings that can get damaged inside the house. These are things like your clothes, appliances, furniture, or even dishes.
For your most valuable personal property items (jewelry, antiques, watches, collectibles), different insurance companies may offer add-on options with higher coverage limits.
For example, our carrier, Nationwide, has a Valuables Plus option, and Safeco has Valuable Articles Coverage. Progressive offers higher sub-limits for your most valuable belongings (gold, silverware, furs, and precious stones, musical instruments, etc.)
- Coverage D – Loss of Use
Loss of use covers costs that arise when you are not able to use your home due to damage from a peril.
During that time, you will inevitably face some additional expenses, such as renting an apartment or a hotel, dining at restaurants, or using public transport more than you usually do.
Your insurance company will require proof for higher expenses, so keep the bills for all of these in order to file a successful loss of use claim.
- Coverage E – Personal Liability Coverage
This may come as a surprise, but your homeowners insurance also protects you if you or your family member are found liable for damages. It kicks in if a suit is brought against you due to a covered occurrence.
Personal liability insurance, thus, can cover things like attorney cost, protection for judgments, and medical or property fees that you cause.
- Coverage F – Medical Payments
In case someone is injured on your insured property, they are covered via the Medical Payment part portion of the policy.
The most common claims here include ambulance patient transport services, X-rays, and minor interventions.
What Isn’t Included in Your Home Policy?
Your homeowners insurance is the best way to protect yourself against potential damages, but sometimes it may not provide coverage for all of the events you need.
That’s why you might want to consider some other popular kinds of coverage:
Flood insurance. Although flood insurance has to be obtained separately, you can protect your home from water damage via purchasing drain, sewer, and water backup that Safeco, Nationwide, and Progressive offer.
Life insurance. This type of insurance is unrelated to protecting your home, but every individual needs adequate life insurance. We can secure you instant life insurance quotes through our carriers, too.
Car insurance (auto insurance). Your vehicle is among your most valuable assets in addition to your home, so you should consider getting car insurance (also known as auto insurance). Auto insurance protects you and your passengers on the road and defrays the cost of any vehicle damages. Our carriers offer great car insurance options, and we can generate instant auto insurance quotes for you.
Other types of coverage. Some of the popular insurance products include identity theft protection and insurance on your credit cards. With frequent data breaches that occur nowadays, it’s wise to get these options, too. Another cheap add-on is the equipment breakdown coverage that protects you against mechanical and electrical failure on machinery or equipment.
Insurance Geek agents can guide you through all the broader coverage options in search of those ones that you can benefit from.
Home Insurance in Maryland: FAQ
Q: How much is homeowners insurance in Maryland?
A: The average cost of homeowners insurance in Maryland is $1,270 per year, which puts it slightly above the national average annual. The higher cost is due to higher crime rates and the possibility of some natural disasters. That said, the average homeowners insurance rate isn’t fixed since the cost of your Maryland insurance policy will depend on many personalized factors, including the state of your home, your credit score, and assessed risks. There’s also a possibility to get various discounts. To get an estimate of how much your policy is going to cost, you can run our quote engine tool above.
Q: What are the best homeowners insurance companies in Maryland?
A: As of now, Progressive, Nationwide, and Safeco are the best insurance companies to get your Maryland insurance from. This isn’t just our opinion – their actions speak louder than words. High J. D. Power customer satisfaction rating, excellent customer service, and varied insurance products are a real testimony to their quality.
You now possess all the knowledge needed to protect your home in Maryland by obtaining a homeowners policy.
To find the best home insurance option for you, use our comparison tool that will allow you to generate and compare the quotes. Tell us about your specific housing situation, and we’ll get you a tailored solution.
For any further info, contact our customer service, and we’ll gladly assist you!