Best & Cheapest Homeowners Insurance in Baltimore, MD April, 2024

For homeowners in Baltimore, State Farm provides the most inexpensive home insurance option, with an average annual quote of $2,342.

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Updated: 19 March 2024
Written by
Bob Phillips
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In our comprehensive assessment of home insurance providers in Baltimore, Maryland, State Farm emerges as the most budget-friendly option, with an average yearly rate of $2,342. However, it’s essential to recognize that the best insurer can vary depending on your individual circumstances and needs.

For example, if you own a newly built home, USAA provides the most cost-effective solution at $1,648 per year. Conversely, if you have an older home, Allstate stands out with competitive rates of $1,942 annually and comprehensive coverage.

On the other hand, if your credit score has been negatively impacted, Chubb offers the most economical choice with an average annual premium of $2,698. And for those with a history of claims, USAA again offers an affordable and accommodating option at $2,813 annually.

Moreover, if you possess valuable personal belongings requiring protection, State Farm once again proves to be the top pick, providing extensive coverage at a reasonable rate of $2,399 per year.

Our thorough analysis at Insuranceopedia aims to assist you in finding the perfect fit for your home insurance needs. By comparing customer ratings, evaluating personal experiences, and presenting comparison charts, we strive to provide you with all the necessary information to make a well-informed decision.

How much is homeowners insurance in Baltimore, MD?

In Baltimore, MD, State Farm provides the most affordable homeowners insurance rate, priced at $2,342 per year.

As shown below, rates in Baltimore are higher than both the national average and the average rate for the state of Maryland.

Area Average Monthly Rate
National $1,820
Maryland $1,680
Baltimore $3,135

It’s important to acknowledge that insurance rates aren’t consistent; they can vary significantly based on various factors.

For example, your personal driving history is crucial; having a record of traffic violations or accidents typically results in higher premiums compared to having a clean record. The type and make of your vehicle also play a role, as high-performance or luxury cars often incur higher insurance costs.

Furthermore, your location can influence rates, with densely populated urban areas typically experiencing higher premiums due to increased risks of theft or accidents. Additionally, factors such as age and marital status can impact your car insurance premiums.

Cheapest Homeowners Insurance in Baltimore, MD

Our Methodology

To pinpoint the most cost-effective home insurance rates in Baltimore, we conducted an analysis using data from multiple home insurance review platforms. Some of these platforms assessed rates sourced from public filings obtained by Quadrant Information Services. We calculated an average of these rates for this review. However, it's important to acknowledge that the rates provided by each company can change regularly and may vary depending on your unique circumstances. Furthermore, our comprehensive rating considers my subjective opinion, drawing from fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

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Quotes Analyzed

15+

Years Of Industry Experience

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Brands Reviewed

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Research Hours

Cheapest Homeowners Insurance in Baltimore, MD

State Farm stands out as the most economical option for homeowners insurance in Baltimore, MD, offering an average annual rate of $2,342.

Company Annual Premium
State Farm $2,342
Chubb $2,740
Allstate $3,216
Farmers $4,181
Nationwide $5,846

The cost of your policy depends on several factors, including your location, your home’s value, and your claims history. State Farm provides a balanced mix of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have an Older Home

For older homes, Allstate offers the most affordable rates, averaging $1,942 per year.

Insurance Company Average Annual Premium
Allstate $1,942
Chubb $2,089
Nationwide $2,540
PURE $3,136
Travelers $12,740

Older homes often come with unique risks and maintenance challenges, which can potentially increase insurance expenses. However, Allstate offers competitive rates and comprehensive coverage tailored to meet the specific needs of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

For newly constructed homes, USAA provides the most affordable option, with an average annual rate of $1,648.

Insurance Company Average Annual Premium
USAA $1,648
State Farm $1,760
Allstate $2,170
Chubb $2,431
Nationwide $4,599

Newly constructed homes often demand different coverage compared to older ones, and USAA excels in providing affordable policies tailored to these specific requirements.

Cheapest Homeowners Insurance If You Have Poor Credit

If you have a poor credit score, Chubb provides the most affordable solution, with an average annual rate of $2,698.

Insurance Company Average Annual Premium
Chubb $2,698
USAA $2,873
Allstate $3,207
Farmers $4,181
State Farm $5,270

Your credit score can significantly influence your insurance rates as insurers use it to evaluate risk. Chubb recognizes the importance of offering fair coverage to everyone, regardless of their financial history.

Cheapest Home Insurance for a History of Claims

For homeowners with a history of claims, USAA offers an affordable solution, with an average annual rate of $2,813.

Insurance Company Average Annual Premium
USAA $2,813
Chubb $2,840
Allstate $4,798
Nationwide $5,850
Travelers $21,877

A history of claims can suggest higher risk for insurers, which often results in increased premiums. However, USAA believes in giving individuals with past claims a second chance and offers reasonable rates to accommodate them.

Cheapest Home Insurance Rates for Lots of Personal Property

If you own a substantial amount of personal property, State Farm provides the most affordable rates, averaging $2,399 annually.

Insurance Company Average Annual Premium
State Farm $2,399
Allstate $3,254
Chubb $3,427
Farmers $4,498
Nationwide $6,560

As your personal property increases, your coverage needs may also rise, potentially resulting in higher premiums. However, State Farm provides comprehensive coverage at reasonable rates, ensuring that all your belongings are adequately protected.

Best Homeowners Insurance Companies in Baltimore, MD

Selecting the right homeowners insurance isn’t just necessary; it’s a strategic decision. With Baltimore’s rich history, its homes are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates becomes crucial.

To simplify your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Baltimore, MD. These companies have been evaluated based on criteria such as annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below to find the perfect match for your home insurance needs.

  Company Annual Premium
1. State Farm $2,342
2. Chubb $2,740
3. Erie $2,701
4. MetLife $2,778
5. Homesite $3,042
6. Allstate $3,216
7. Farmers $4,181
8. Travelers $4,840
9. Nationwide $5,846

Average Home Insurance Rates by Zip Codes

Homeowners insurance costs in Baltimore, MD can vary significantly depending on the zip code. Below are tables displaying rates for various zip codes in Baltimore, including the cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
21215 $1,803
21206 $1,996
21229 $1,767
21217 $1,807
21224 $1,966
21239 $1,778

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
21250 $1,615
21287 $1,669
21229 $1,767
21205 $1,799
21201 $1,765

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
21230 $1,968
21211 $1,940
21225 $1,896
21213 $1,865
21206 $1,996

Average Home Insurance Rates in Baltimore, MD by Deductible Amount

The chosen deductible amount for a homeowners insurance policy has a significant impact on premium rates in Baltimore, MD. Here’s how the average home insurance rates fluctuate for different deductible amounts:

Deductible Amount Average Annual Premium
$500 $1,498
$1,000 $1,396
$1,500 $1,307
$2,000 $1,256

Average Home Insurance Rates in Baltimore, MD By Coverage Amount

One crucial factor affecting your premium is the dwelling coverage amount. This figure represents the maximum sum your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.

Below is a comparison chart illustrating the average annual homeowners insurance premiums for various dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$200,000 $1,417
$250,000 $1,670
$300,000 $1,836
$350,000 $1,998
$400,000 $2,260

Average Home Insurance Rates in Baltimore, MD by Company

Here’s a comparison of annual premiums from top insurance providers in Baltimore

Company Annual Premium
State Farm $2,342
Chubb $2,740
Erie $2,701
MetLife $2,778
Homesite $3,042
Allstate $3,216
Farmers $4,181
Travelers $4,840
Nationwide $5,846

How Much is Homeowners Insurance for Other Cities in Baltimore?

Here’s a comprehensive comparison chart displaying the most affordable annual premiums across different cities in Baltimore.

City Annual Premium
Dayton $1,965
Ewell $2,270
Fairmount Heights $1,698

Getting Online Homeowners Insurance Quotes in Maryland

With informative platforms like Insuranceopedia, finding the perfect coverage for your specific needs is just a few clicks away. By offering quick online quotes from various top-rated insurers, Insuranceopedia allows you to effortlessly compare rates.

Simply enter your details, and let us do the work for you by presenting a range of options customized to your requirements. This empowers you to confidently choose a policy that offers the best value, striking a balance between cost and comprehensive coverage.

 

FAQs

Who has the cheapest home insurance in Baltimore, MD?

State Farm offers the most budget-friendly home insurance option in Baltimore, Maryland, with an annual premium of $2,342.

What is the average cost of home insurance in Baltimore, MD?

On average, homeowners insurance in Baltimore, Maryland typically costs around $3,135 annually.

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