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Best Home Insurance in Maryland 2022

Home insurance is essential for protecting your home against all types of damages — from wildfires to when a tree branch falls on your roof. Fortunately, Maryland homeowners pay less on home insurance compared to other states. Costing $977.01 per year, on average, for $250,000 dwelling coverage, Maryland home insurance is slightly less than the national annual average of $1,213.89.

Stuck on choosing which insurance carrier is right for you? SmartFinancial analyzed rates, coverages and customer satisfaction to bring you the top home insurance in Maryland.

Best Home Insurance Companies in Maryland

When determining our recommendations for the top insurance companies in Maryland, SmartFinancial considered rates, coverages and JD Power customer satisfaction scores. The average rates from each company below are based on $250,000 dwelling coverage.

Company

Best for

Score*

Travelers

Best overall policy

800

Brethren Mutual

Best for cheap rates

Not rated

USAA

Best for military families

882

*Companies were chosen based on reviews and JD Power scores out of 1,000.

Costing $977.01 per year, on average, Maryland home insurance is slightly less than the national annual average of $1,213.89.

Best Overall Policy: Travelers

We dub Travelers as the best overall policy in Maryland for its affordability, coverage and customer satisfaction. A Travelers home insurance policy costs $873.01 per year, on average — the runner-up for cheapest home insurance rates based on our analysis. Homeowners also have the option to add coverages based on their needs, including identity theft protection. Travelers received an NAIC complaint index of 0.27, which is below what is expected for a company its size — this suggests Travelers policyholders are satisfied with their service.

  • Discounts: Bundle with another policy; new home; claims-free history; security devices; green home

Best for Cheap Rates: Brethren Mutual

If affordability is your top priority, then Brethren Mutual may help you save money on home insurance. Costing $670.00 per year, on average, Brethren Mutual customers pay 31% less than the statewide average ($977.01). Homeowners should keep note that Brethren Mutual does not underwrite their insurance policies directly. Instead, they partner with independent insurance agents authorized to sell home, auto, business and other policies to Brethren Mutual customers.

  • Discounts: Bundle home and auto

Best for Military Families: USAA

In 2020, over 384,662 veterans lived in Maryland, accounting for 7% of the population. If you come from a military family, you may qualify for Maryland homeowners insurance with USAA. A USAA home insurance policy costs $1,139.27 per year, on average. While this is slightly above the statewide average, USAA customers enjoy unique benefits. Active military, for example, can get their deductibles waived when their uniform or equipment is damaged or stolen due to a covered loss.

  • Discounts: Bundle home and auto insurance; home security systems; claims-free history

Cost of Homeowners Insurance in Maryland

Home insurance costs $977 per year, on average, in Maryland. Compared to the national annual average ($1,213.89), Maryland homeowners pay generally 20% less on home insurance. Actual insurance premiums can vary by the homeowners insurance company, your home's dwelling value and your county. The average premiums below should be used for comparative purposes.

A Travelers home insurance policy costs $873.01 per year, on average.

Cheapest Homeowners Insurance Companies in Maryland

SmartFinancial analyzed hundreds of homeowners insurance quotes from 11 companies. Brethren Mutual returned the cheapest quotes, on average, at $670 per year — 31% below the statewide average. Conversely, Erie Insurance charges the most for home insurance, on average. Costing $1,548.39 per year, on average, Erie homeowners in Maryland pay 58% more on home insurance.

Company

Average Annual Premium for $250,000 Dwelling Coverage

Brethren Mutual

$670.00

Travelers

$873.01

Metropolitan

$964.70

Penn National

$1,050.66

USAA

$1,139.27

State Farm

$1,232.71

Donegal Mutual 

$1,240.49

Chubb

$1,382.35

Allstate

$1,405.25

Nationwide

$1,509.71

Erie

$1,548.39

Average Cost by Dwelling Value

Your home's dwelling value — the cost to rebuild it after a covered loss — will affect how much you pay in home insurance. A home in Maryland with $150,000 dwelling coverage costs just $651.19 per year, on average. If increasing your dwelling coverage to $450,000, your average yearly rate rises to $1,570.04 per year, on average — slightly above a $900 difference.

average annual premium by dwelling value for maryland

Average Cost by County

SmartFinancial analyzed insurance quotes across 24 counties and found a wide range of insurance premiums. Frederick County returned the cheapest quotes, on average, at $718 per year — 27% below the statewide average. Meanwhile, homeowners in Baltimore City pay the highest rates, on average — $1,174.67 per year. This is 20% more than the statewide average.

County

Average Annual Premium for $250,000 Dwelling Coverage

Allegany

$779.06

Anne Arundel

$844.32

Baltimore

$1,062.19

Baltimore City

$1,174.67

Calvert

$1,018.48

Caroline

$985.03

Carroll

$727.89

Cecil

$799.10

Charles

$1,017.55

Dorchester

$940.53

Frederick

$718.83

Garrett

$728.33

Harford

$779.87

Howard

$826.99

Kent

$1,008.00

Montgomery

$795.55

Prince Georges

$1,145.33

Queen Annes

$906.54

Saint Marys

$913.49

Somerset

$864.36

Talbot

$1,093.20

Washington

$730.94

Wicomico

$934.75

Worcester

$1,091.47

Compare Home Insurance Rates in Maryland

Homeowners Insurance in Maryland

A basic home insurance policy will cover Maryland homeowners against common perils, including windstorms, fires, falling objects, theft and more, but up to the coverage limits. Generally, you're covered against most perils not listed as exclusions in your policy. Typically, a basic HO-3 policy will not cover flooding, earthquakes and mold.

Below, we've explained each type of coverage gained in a standard home insurance policy. We all call out a few home insurance coverage options worth your attention.

Coverage

Description

Dwelling

Pays to rebuild or repair your home following a covered loss, such as a fire, falling object, or windstorm.

Additional structures

Pays to repair other structures on your property, such as sheds, detached garages and fences.

Personal property

Covers the contents of your home, such as clothes and belongings. You are typically reimbursed for your personal property at actual cash value (your item's value after depreciation) up to the coverage limits.

Liability

If you're sued due to somebody suffering bodily injury or property damage while on your property, liability coverage pays for legal expenses, such as lawyer fees.

Loss of use

Pays for additional living expenses if your home is inaccessible following a covered claim (e.g., your home is being rebuilt after a fire).

Medical payments to others (optional coverage)

Pays for another person's medical expenses if they are injured while on your property. Coverage does not extend to yourself.

Flood (separate policy)

Pays for flood damage. This additional coverage is not included with home insurance and you'll need to buy a standalone policy or insurance rider to be protected.

Hurricane (separate deductible)

Pays for hurricane-related damages. Maryland homeowners are typically required to pay a separate deductible.

What Maryland Homeowners Need To Know

Maryland can experience tropic storms throughout the year, which can lead to damages by strong winds, hurricanes and floods. Homeowners should keep these perils in mind when customizing their homeowners insurance policies.

Fortunately, wind damage is covered under most basic home insurance policies under the "windstorm" coverage. With strong hurricanes, however, your insurance carrier may require you to pay a separate hurricane deductible.

Does homeowners insurance cover flooding?

A flood insurance policy may be worth considering since it is rarely covered in a basic home insurance policy. If you live in a high-risk area, your mortgage lender may even require you to buy home insurance.

Floods can occur in many ways in Maryland, such as overflow of tidal waters, mudflow and excess runoffs. Proper coverage can help you avoid costly flood-related repairs: Just one inch of floodwater can cause $25,000 in damages according to the Federal Emergency Management Agency (FEMA).

Costing $670.00 per year, on average, Brethren Mutual customers pay 31% less than the statewide average ($977.01).

How To Find Home Insurance in Maryland

There are many insurance companies — national and regional — that sell homeowners insurance policies in Maryland. Rather than availability, choosing the right policy is the real challenge that homeowners commonly face.

National homeowners insurance companies are often used for their financial strength and brand reputation. However, regional carriers can offer insurance products that directly address coverage needs in Maryland. Our recommendations above can serve as a starting point in your research.

Flood Insurance

As mentioned, your insurance carrier may require you to buy flood coverage if you live in a high-risk flood zone. Flood insurance is available from the National Flood Insurance Program (NFIP). If you choose an NFIP flood policy, take heed of the 30-day waiting period — you will not be covered during this time. Another option is to ask your private insurer if they sell a private flood policy, which may be cheaper.

While paying slightly more than the statewide average, USAA customers enjoy unique benefits for military families.

Maryland Home Insurance FAQs

Is home insurance required in Maryland?

There is no legislation requiring home insurance in Maryland, unlike auto insurance. However, you will likely need to supply proof of insurance to your lender if you're financing your home with a mortgage loan.

What is a normal amount for homeowners insurance?

Maryland homeowners insurance costs $977.01 per year, on average, for $250,000 dwelling coverage. Compared to the national annual average of $1,213.89 per year, Maryland homeowners pay 20% less on home insurance. Actual rates, however, can vary based on your insurance carrier, policy features, location, claims history and more.

What is the cheapest homeowners insurance in Maryland?

Brethren Mutual offers the cheapest home insurance in Maryland. Costing $670 per year, on average, for $250,000 dwelling coverage, Brethren Mutual customers pay 31% less on home insurance compared to the statewide annual average ($977.01).

Find the Best Homeowners Insurance in the Old Line State

Your home is one of your biggest assets so make sure your investment is adequately protected against natural disasters, theft and more. While home insurance is generally cheaper in the Old Line State than elsewhere, you still don't want to pay more than you have to for the best coverage.

SmartFinancial can help match you with the policy that best fits your budget and needs after comparing rates from over 200 insurance partners. To receive your free personalized quote, just enter your zip code below and complete a quick questionnaire.

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