Best homeowners insurance in Maryland for 2024

Compare the best homeowners insurance companies in Maryland

Using data from Quadrant Information Services, AM Best and the 2023 J.D. Power Home Insurance Study, we've compiled our list of the best homeowners insurance companies in Maryland.

The top 5 home insurance companies in Maryland

Additional Maryland home insurance companies to consider

Erie

PURE

How Bankrate chose the best home insurance companies in Maryland

When searching for the best Maryland homeowners insurance, Bankrate's insurance editorial team started by reviewing the largest home insurance companies by market share in the state. We analyzed average premiums obtained from Quadrant Information Services, but we also reviewed coverage offerings, discounts, customer satisfaction scores from the J.D. Power 2023 U.S. Home Insurance Study and financial strength ratings from AM Best. We combined these metrics into a Bankrate Score on a scale of 0.0 to 5.0. Our Bankrate Score model may help you quickly see how the various companies stack up.

Cheapest home insurance companies in Maryland

The following home insurance companies are the cheapest home insurance companies in Maryland of larger insurers, based on rates from Quadrant Information Services. If you’re looking for a more affordable premium, consider starting your search with the carriers below.

How to get cheap Maryland home insurance

Home insurance is often required by lenders when mortgages are involved, but a home insurance policy can be useful even for homes bought in full. There are several coverage types and options, each geared towards helping to protect against the financial loss caused by various potential covered perils and disasters. Without a homeowners insurance policy, homeowners are likely to end up paying out of pocket for the necessary repairs or replacements to their property from these damages. The following steps may be helpful when searching for a home insurance policy:

1. Evaluate your options and needs. Consider what you want from your policy. For instance, do you need extended coverage for unattached structures, like a garage or a high-quality shed? Are you in a flood zone? Compare what you need from your policy to the types and amounts of coverage you might want.
2. Consider multiple insurers. Shopping around between companies can give you a better idea of price range and coverage options. It also helps to focus on companies with strong financial and customer satisfaction ratings. Request free quotes from several home insurance companies that offer coverage in your area.
3. Look for discounts. Rather than only considering the base quote, be sure to view each company's listed discounts to see where you might save. Keep in mind that some discounts may already be factored into quotes.
4. Select the best fit for you. Based on cost, coverage options and amounts (and any other important variables to you), select the company that best fits your needs as determined in the first step. If that company is priced outside your budget, you may need to reduce coverage or select a runner-up company with lower costs.
5. Apply for a policy. Once you've selected your insurer, it's time to apply for your policy. Most companies offer online applications, but you can also usually apply in person or over the phone with an agent.

Best home insurance discounts in Maryland

Maryland requires that insurers offer at least one discount and does not limit how many they offer, as some states do. Some examples of home insurance discounts in Maryland include:

How to save on home insurance policy renewals in Maryland

After initially securing your homeowner’s policy at a given monthly premium, you may be able to save money and lower your premium upon renewing your policy. 

• Limited claims history: Consider minimizing the frequency of your claims if possible. Doing so indicates to insurers that you are a less risky policyholder, potentially prompting the insurer to reduce your future rates.
• Home renovations: If you've upgraded your home's safety features since purchasing your policy, you might be eligible for a reduced premium. Contact your insurance provider to get a new assessment.
• Review coverage limits: Upon policy renewal, assess your coverage thresholds and consider reducing them to cut down on premiums. If you opt for this, make sure you have sufficient financial cushion to pay out of pocket if anything happens to your home.

How much is home insurance in Maryland?

The average cost of homeowners insurance in Maryland is $1,561 annually for a policy with $300,000 in dwelling coverage. That is less than the national average premium of $2,304 for the same coverage amounts, despite the state being more vulnerable to damaging weather events like hurricanes than Mid-Atlantic or Eastern states that are farther inland, like Pennsylvania. This may reflect lower prices for home repairs and related costs due to the state's ports, local resources, and other trade avenues. However, rates can vary even by ZIP code, so you may pay more or less based on your specific location within Maryland.

Maryland homeowners insurance rates by city

The cost of homeowner’s insurance in Maryland can vary depending on the exact city you live in. To find out what a homeowner’s policy might look like in your specific city, check out the below map and table for more personalized data for your circumstances.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in Maryland?

Homeowners in Maryland should be aware of the standard coverage offered in their homeowner’s policy, and seek out additional coverage as needed to keep them financially protected. The most common type of homeowners insurance in Maryland is an HO-3 policy. Standard HO-3 insurance policies cover a home’s structure as well as its contents, liability coverage, and medical coverage for incidents on your property.

Below are some of the common damages that homeowners face in Maryland. We’ll take a look at whether or not these damages are typically covered by home insurance policies, or if you’ll need to secure extra coverage to better protect your property.

• Flood damage: For Maryland homeowners who live near the coast, there is always a risk of flooding, especially during major storms. Water damage from flooding typically isn’t covered in a standard homeowner’s policy and may require an additional endorsement or policy in order to get protection.
• Wind damage: Maryland homeowners may experience heavy hurricane-force winds, and the resulting damage from this wind is often covered in a standard home policy
• Theft: Those that live in larger metropolitan areas like Baltimore may be at an increased risk of property damage or loss from theft. Though this is often covered by your homeowner’s policy, you may secure additional coverage for high-value items and possessions

Additional home insurance coverage types in Maryland

If you live in Maryland, there are several coverage types you may want to consider in addition to the standard home insurance coverage. Maryland is one of the states that allow for hurricane deductibles, but the specifics will depend on your insurer. Whether closer to the coast and in danger of hurricanes or farther inland and in a flood zone, there are several coverage types to help deal with the potential home perils in Maryland. These include:

• Flood insurance: From flash floods to hurricanes, many Maryland homes are at a higher risk of flooding. Standard homeowners insurance does not cover flood damage, so you might look into purchasing a private flood insurance policy or buying coverage through FEMA’s National Flood Insurance Program (NFIP). Keep in mind that Maryland renters can also purchase flood insurance.
• Water backup coverage: If a sewer or drain line backs up and causes flood damage to your home’s structure or personal belongings, this coverage pays for the damage. It also covers the cost to repair the sewer line and remove the water from your home.
• Identity theft coverage: It can be expensive to restore your identity, so insurance companies often offer this endorsement. Identity theft coverage typically pays up to a specified amount after your identity has been stolen.

When shopping for home insurance, talking to a licensed agent can be helpful. An agent familiar with the needs of Maryland homeowners may be able to help guide you to appropriate coverage.

Common Maryland home insurance problems

If you’re a Maryland homeowner trying to secure a home insurance policy, you may face some difficulties finding affordable policies that fit your needs based on the growing risk of flooding and adverse weather events in the state. At the same time, rising inflation in the overall economy is driving prices up for nearly all products and services, including insurance.

• Rising rates: The rising costs for materials and labor can make home replacements and repairs more expensive, causing greater payouts from insurers when a claim is accepted which can drive up premiums in turn
• Severe weather: Maryland homeowners can experience hurricanes, tropical storms, heavy rain and severe winter storms, all of which increase the perceived risk to insurers of covering certain homeowners, resulting in higher rates or being ineligible for coverage altogether
  

Frequently asked questions

Additional profiles:

• Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
• Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

Bankrate Scores 

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.