How Much Is Home Insurance In Maryland? 2025
The average homeowners insurance cost in Maryland is $1,903, which is $519 lower than the national average of $2,422.
We’ve saved shoppers an average of $450 per year on their home insurance.
The average cost of homeowners insurance in Maryland is lower than the national average of $2,422. However, home insurance rates in Maryland have risen by an average of 12.1% since 2022, according to S&P Global, so it’s important to compare options when shopping for coverage.
With over 20 years of experience in the industry, I’ve witnessed how factors like weather events and inflation have driven up home insurance costs. However, proper research and shopping around can help you find affordable options. Here’s everything you need to know about the cost of home insurance in Maryland.
Key Takeaways
State Farm offers the most affordable homeowners insurance in Maryland, with rates that are less than a third of what the most expensive provider offers.
In certain areas, home insurance policies may include a separate deductible for hurricanes or windstorms, which can impact rates.
Insurance companies are prohibited from using a person’s credit history when setting home insurance prices.
The best way to know how much you will pay for home insurance in Maryland is to get quotes from multiple companies.
How Much Is Homeowners Insurance In Maryland?
The average homeowners insurance cost in Maryland is $1,903, which is $519 lower than the national average of $2,422. The insurance provider you choose plays a big role in determining your premium, alongside the coverage you select. The most affordable insurance company in Maryland offers rates that are less than a third of what the priciest provider charges.
Average Home Insurance Cost In Maryland – By Insurance Carrier
The price of home insurance can vary widely between providers in Maryland. Different insurers may offer various levels of coverage or additional protections, such as coverage for floods, earthquakes, or valuables, which can affect the price.
Insurance companies also weigh various factors differently, leading to variation in rates. Here are some examples of average home insurance prices by insurance carriers.
| Insurance Carrier | Average Annual Premium |
| State Farm | $1,379 |
| USAA | $1,452 |
| Homesite | $1,413 |
| Chubb | $1,993 |
| Nationwide | $1,704 |
| Allstate | $2,493 |
| Travelers | $3,821 |
Note: Variations in how insurance companies assess risks can result in significant differences in premium prices, so it’s important for homeowners to compare different options.
Average Home Insurance Cost In Maryland – By Claims History
Your claims history is one factor that affects your home insurance cost. If you’ve never made a claim, you’ll typically pay less than someone with one or more claims. Homeowners in Maryland with 1 claim pay 32% more than those with no claims.
| Number of Claims | Average Annual Premium |
| None | $1,903 |
| 1 | $2,543 |
| 2 | $3,321 |
Note: Too many claims could lead to your insurer choosing not to renew your policy.
Average Home Insurance Cost In Maryland – By Credit Score
Maryland is among several states that do not factor credit history as heavily as other elements when determining homeowners insurance rates. In these states, insurers are restricted from using a person’s credit score to influence the price of their policy or decide whether to offer coverage.
This means that, in Maryland, your credit history won’t have the same impact on your insurance rate as it might in other states where insurers can use credit scores as a primary factor.
Average Home Insurance Cost For New Homes In Maryland
In Maryland, insuring a newly built home usually costs less than covering an older one because of modern materials and compliance with current building codes. The average yearly premium for a new home is less than the average cost for insuring an older home.
| Age of Home | Average Annual Premium |
| New | $1,001 |
| 10 | $1,903 |
| 20 | $2,751 |
| 30 | $4,005 |
Average Home Insurance Cost In Maryland – By Coverage Amount
If you live in Maryland, there are a few extra types of coverage to think about besides standard home insurance. Maryland is one of the states where hurricane deductibles are available. So coverage amount has a great impact on your home insurance rates.
| Coverage Limit | Average Annual Premium |
| $100,000 | $1,206 |
| $250,000 | $1,903 |
| $500,000 | $3,297 |
| $750,000 | $4,730 |
| $1,000,000 | $9,254 |
| $2,000,000 | $19,634 |
| $3,000,000 | $28,883 |
Average Home Insurance Cost For Different Cities In Maryland
Your location affects insurance premiums because of factors like crime rates and the risk of natural disasters. While living in a city is important, it’s only one factor, coverage levels and the features of your home also play a key role in setting your rates.
In more urban areas, like Baltimore, premiums might be higher due to factors such as population density and crime rates, while rural areas may have lower rates. Below are some examples of typical home insurance costs in different parts of Maryland.
| City | Average Annual Premium |
| Baltimore | $2,284 |
| Columbia | $1,725 |
| Dundalk | $1,766 |
| Gaithersburg | $1,464 |
| Hyattsville | $1,848 |
| Rockville | $1,433 |
| Silver Spring | $1,485 |
| Waldorf | $1,664 |
| Westminster | $1,446 |
How To Estimate Your Homeowners Insurance Policy Cost
Estimating the cost of your homeowners insurance policy is an important step in managing your home expenses. Understanding what factors influence your premium can help you make informed decisions about coverage and budgeting.
Some of the major factors that companies use to determine your insurance price are as follows:
- Location: Your home’s location, including the state, ZIP code, and local claims history, affects your insurance cost. Areas prone to natural disasters or with higher crime rates typically have higher premiums due to increased risk.
- Construction: The materials used to build your home impact your insurance rate. Homes made from durable, fire-resistant materials are usually cheaper to insure. Custom-built homes may require additional coverage due to their unique features and construction.
- Age of the House: Older homes may cost more to insure because they may have outdated systems or materials that are more likely to need repairs. However, if you’ve updated the home, such as installing a new roof or electrical system, it can help lower your premiums.
- Replacement Cost: The replacement cost is how much it would take to rebuild your home from scratch. This is determined by an appraiser and is usually higher than the home’s market value. It’s important to have enough coverage to rebuild in case of a total loss.
- Liability: Liability coverage helps protect you if someone gets hurt on your property or if you accidentally damage someone else’s property. It covers medical costs, legal fees, and repair expenses, so you’re financially covered in case of accidents.
- Deductible: A deductible is the amount you need to pay out of pocket before your insurance starts to pay for damages. It’s important to pick a deductible that fits your financial plan.
Note: It’s important to ensure your homeowners insurance covers the full replacement cost, not just the market value, to avoid being underinsured and facing out-of-pocket expenses during a rebuild.
How To Buy Home Insurance In Maryland
To start purchasing homeowners insurance in Maryland, follow these steps to ensure you're fully covered and getting the best deal.
Research Your Options
When shopping for homeowners insurance in Maryland, it’s essential to research various insurance providers and policies. Different companies offer a range of coverage options, so understanding what’s included is important.
Get Quotes From Multiple Providers
To ensure you’re getting the best deal on homeowners insurance in Maryland, it’s important to get quotes from multiple providers. Comparing quotes will give you a clearer idea of what’s available
Sign Application
Once you’ve reviewed and compared your quotes, and chosen the best homeowners insurance policy for your needs, the next step is to sign the application. This confirms your agreement to the terms and coverage outlined in the policy.
Review Policies
Before finalizing your homeowners insurance, it’s crucial to thoroughly review the policy. Carefully check the coverage details to ensure they align with your needs. Make sure you understand the limits, deductibles, and exclusions.
FAQs
Why is homeowners insurance in Maryland so expensive?:
While homeowners insurance in Maryland may seem costly, it is actually less expensive than the national average. The price can vary based on factors like location, the value of the home, and coverage options.
Some areas of Maryland may have higher premiums due to risks like severe weather or higher crime rates, but overall, Maryland’s home insurance costs are competitive compared to the rest of the country.
How much is homeowners insurance per month in Maryland?
The average cost of homeowners insurance in Maryland in 2024 was $160 per month.
