Best and Cheapest Homeowners Insurance in Maryland for 2024

Your home is likely one of your most valuable assets so it’s important to find a reputable insurance company to protect it. From unexpected natural disasters to theft or vandalism, homeowners insurance comes in handy in many cases. In the event you may need to file a claim, don’t you want to feel confident you’ve protected your home with one of the best Maryland homeowners insurance companies?

To help you be more confident in your homeowners insurance company, we have reviews and rankings for hundreds of homeowners insurance companies so you can evaluate and compare the best Maryland home insurance companies. In the table above, you can sort through every homeowners insurance company ranked on Clearsurance. Next to each insurer you’ll find the company’s rating, which is based exclusively on the reviews and ratings provided by customers. Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the rankings of the best Maryland homeowners insurance companies.

If you’re looking for additional information on one of the best homeowners insurance companies in Maryland, you can visit the company’s profile page where you’ll learn about the company, additional coverages and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.

On this page:

• Cheapest homeowners insurance rates in Maryland for a $200K dwelling
• Cheapest homeowners insurance rates in Maryland for a $400K dwelling
• Maryland property crime statistics
• Maryland disaster statistics

Who offers the best homeowners insurance rates in Maryland for a $200K home?

On average for a $200k home in Maryland, Travelers offers the cheapest home insurance among the most popular Maryland companies.

In the table below, you can see the top five largest homeowners insurance companies in Maryland, and the average cost of homeowners insurance policies from them.

These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Maryland will differ. Rate data is provided by Quadrant Information Services.

Who offers the best homeowners insurance rates in Maryland for a $400K home?

For a Maryland home around $400K, Travelers is, on average, the cheapest homeowners insurance option among the companies analyzed.

In the table below, you can see the average homeowners insurance rates from the top five largest homeowners insurance companies in Maryland.

These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Maryland will differ. Rate data is provided by Quadrant Information Services.

What do Maryland property crime statistics indicate?

Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in Maryland compare to other states around the country? The FBI published the following statistics on crime in Maryland for 2016:

• Property crime - 137,445
• Burglary - 24,692
• Larceny theft - 100,919

All three statistics for Maryland, when compared to the national average rate per 100,000 inhabitants, rank slightly below the national average.

What do Maryland disaster statistics indicate?

Weather-related incidents are typically among the costliest homeowners insurance claims. FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Maryland federally declared disasters since 1953:

• Flood - 9
• Hurricane - 8
• Severe storm - 7
• Snow - 7
• Tornado - 1

How are homeowners insurance rates calculated in Maryland?

Ever wonder why you pay what you do for home insurance in Maryland? Some things may be obvious, like the age of your home. But other factors that contribute to the price of homeowners insurance may not be as obvious. Here’s a list of some of the things homeowners insurance companies consider when quoting you a rate:

• The level of coverage required
• The size of your mortgage
• The square footage of your home
• The geographic location of your home in Maryland
• The condition of your home
• The age of your home
• The proximity of your home to a fire station
• Your previous claims record
• The amount of your deductible
• Optional add-ons like umbrella insurance

Note that unlike nearly every other state in the country, Maryland doesn’t allow homeowners insurance companies to use your credit score to determine your rates.

Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.

Homeowners in Maryland pay less than the national average cost of homeowners insurance. Compared to neighbouring states, home insurance premiums in Maryland are higher, mainly due to its location on the coast. The state is more prone to damaging weather events such as hurricanes, however, rates can vary by ZIP code, so you may pay more or less depending on your location in Maryland. Each state has its own features when it comes to determining rates and coverage choices. You may choose optional coverage in addition to standard coverage such as flood insurance, water backup coverage, identity theft coverage.

Talking to a licensed insurance agent may help you get the appropriate coverages. A standard policy should include dwelling coverage for the structure of your home, liability coverage to protect the policy owner and their family members, personal property coverage to pay for the cost to replace or repair your belongings and additional living expenses to cover the cost of staying elsewhere if your home is uninhabitable.

How does Clearsurance rate and rank the best homeowners insurance companies in Maryland?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Homeowners Insurance Guide

Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best Maryland homeowners insurance companies. But beyond just picking a company, it’s crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?

At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!