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  • Mark Hesseloff
    Mark Hesseloff

The 5 Best Homeowners Insurance Companies in Maryland

Price is not the only factor that you should consider while looking for home insurance in Maryland. You should also evaluate features like each carrier’s quality of customer support, coverage options and ability to pay claims to obtain the best homeowners insurance for your house.

To help you get dependable yet cheap homeowners insurance in Maryland, MoneyGeek ranked the top five companies based on their cost of coverage in the state, J.D. Power customer satisfaction scores and the ability to pay claims as indicated by AM Best’s financial stability rating.


1

USAAScore: 97

4.7/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability


USAA's home insurance policies cover perils such as liability, hail or windstorm, vandalism, theft, smoke damage, civil commotion or riot, lightning or fire, explosion, damage caused by vehicles and damage caused by aircraft. You can add flood insurance if you feel your property may flood. Extra coverage can be provided for expensive electronics, jewelry and other costly items.

2

TravelersScore: 93

5/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability


Travelers offers tools like a mobile app, online claim application and bill payment and rate calculator. Besides standard coverage, you can include options like replacement and additional replacement cost, valuable items plus, special coverage for contents, water backup, personal articles floater, green home and identity fraud.

Read MoneyGeek's Travelers Home Insurance Review

3

ErieScore: 93

4.9/5

Affordability

4.3/5

User Satisfaction

4.5/5

Financial Stability


Erie offers home insurance coverage features such as structure coverage, liability coverage, personal property, guaranteed replacement cost, water backup and sump overflow, identity recovery, service line protection and more. You can save money by getting credit for sprinkler, burglary alarm and fire Systems. Discounts are also available for obtaining an advanced quote or for selecting multi-policy coverages.

Read MoneyGeek's Erie Home Insurance Review

4

State FarmScore: 92

4.8/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability


State Farm's home insurance coverage protects home and garden items, hobby items and keepsakes. Its policies cover you from threats like severe weather conditions and damage from other causes like malfunctioning plumbing or electrical systems. State Farm's medical and liability coverage offers protection for covered lawsuits or liability claims.

Read MoneyGeek's State Farm Home Insurance Review

5

MetLifeScore: 91

4.9/5

Affordability

4/5

User Satisfaction

4.5/5

Financial Stability


MetLife's homeowners insurance policies shield you if you have to reconstruct your home and replace damaged or lost property, with no gaps or hidden costs in coverage. You can obtain additional features that can cover the entire expenses of rebuilding your home if needed, even if the cost is more than your house's insured amount. Liability coverage pays for your legal fees if you're sued for an accident on your property. You can bundle and save by getting multi-policy discounts.

Read MoneyGeek's MetLife Home Insurance Review

What Is the Average Cost of Homeowners Insurance in Maryland?

$0
$0

home insurance is 0.0% more than the average.

The average yearly premium of home insurance in Maryland is $1,671 for an average dwelling cost of $250,000. This average annual price is 20.5% lower than the national average of $2,103. The $250,000 dwelling coverage can pay for repairing your home if it suffers damage because of an accident or natural calamity.

Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Maryland

Factors related to your region and your individual circumstances can affect your homeowners insurance cost. Providers estimate homeowners insurance in Maryland based on several factors, including your property’s dwelling value, roof quality, age, location and more

moneygeek-logo

Home Insurance Calculator

State

Maryland

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
moneygeek-logo

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Cheapest Homeowners Insurance Quotes in Maryland

Travelers is a great option if you’re looking for cheap homeowners insurance in Maryland. Travelers’ average annual rate is $1,229 for an average dwelling cost of $250,000. This average yearly premium is $442 or 26.4% lower than the state average. To get the best coverage and rates for your house, you should compare homeowners insurance quotes from several providers.

Cheapest Homeowners Insurance by Dwelling Coverage

Dwelling Coverage:

$250,000

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  • Company
    Amountper year
  • 1. Travelers
    $1,229
  • 2. Erie
    $1,324
  • 3. MetLife
    $1,344
  • 4. State Farm
    $1,404
  • 5. Chubb
    $1,446

Best Cheap Homeowners Insurance Companies for Expensive Homes

A cheap homeowners insurance policy may not be enough for a high-end home. For a $2 million home in Maryland, USAA offers the cheapest coverage. But this company only serves military members and their families. State Farm is the next most affordable provider with an average yearly rate of $8,261. As other carriers’ cost is much more, you should compare home insurance quotes to improve your chances of saving money.

Cheapest Homeowners Insurance Companies for High-Value Homes

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  • Company
    Amountper year
  • 1. USAA
    $5,582
  • 2. State Farm
    $8,261
  • 3. Travelers
    $9,129
  • 4. Chubb
    $9,245
  • 5. Homesite
    $9,431

Best Homeowners Insurance Companies if You Have a Pool

A pool is a great add-on for any property, but it can raise home insurance costs since it requires diligent maintenance. Travelers offers the most affordable Maryland homeowners insurance rates for pool houses with an average dwelling cost of $250,000. Travelers’ average annual price is $1,392.

Cheapest Homeowners Insurance for Pool Home

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  • Company
    Amountper year
  • 1. Travelers
    $1,392
  • 2. Chubb
    $1,446
  • 3. Allstate
    $1,452
  • 4. USAA
    $1,484
  • 5. State Farm
    $1,536

Cheapest Home Insurance in Maryland if You Have Poor Credit

In most states, your credit score is one of the factors considered by home insurance companies to calculate your price. However, Maryland prohibits home insurance providers from using a property owner’s credit score as a factor in determining their premium. Travelers offers the cheapest home insurance rate in Maryland for house owners with poor credit. Its average annual price is $1,229 for an average dwelling baseline cost of $250,000.

Cheapest Homeowners Insurance for Poor Credit

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  • Company
    Amountper year
  • 1. Travelers
    $1,229
  • 2. Erie
    $1,324
  • 3. MetLife
    $1,344
  • 4. Chubb
    $1,446
  • 5. Homesite
    $1,698

How to Get Homeowners Insurance Quotes in Maryland

To obtain home insurance quotes in Maryland, you need to provide the required information to your carrier. These details include your home’s age, current condition, market value, estimated cost to reconstruct it, location, proximity to a fire department, and if you have taken a mortgage and others. Discuss the amount of coverage you need and the costs. To get an accurate policy for your requirements, you should compare customized quotes from several providers.

Insurance Rates

Compare Home Insurance Rates

Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

Other Considerations for Homeowners Insurance in Maryland

Consider the weather when you try to get home insurance in Maryland. Get the needed protection by preparing for emergencies and hazardous weather conditions. Utilizing the proper insurance options can provide you the coverage needed to help pay for property repair costs if required.


Do You Need Hurricane Insurance in Maryland?This is an icon

Maryland ranks 11th for the risk of hurricane damage. In the state, the average rebuilding cost of homes at risk of a category 3 hurricane is $23,658.

Do You Need Hail Insurance in Maryland?This is an icon

Maryland ranks 33rd for the number of hail events. Therefore, if you live in this state, you may want to get coverage for possible hail damage.

Expert Advice on Home Insurance in Maryland

  1. What advice would you give for first-time buyers looking for homeowners insurance in your state?

    As a consumer, you have options, and I would highly recommend getting more than one quote as the market pricing can vary greatly. Make sure you talk with a licensed agent in detail about your specific coverage needs today and, in the future, to ensure your policies are right for you going forward.

    I would encourage a first-time homebuyer to work with a trusted insurance agent. I would also advise them to make sure that they focus on coverage and less on price. Your home is typically the most valuable asset that you own and you want to make sure that you have adequate coverage even if it comes at a higher premium.

  2. How do regulations and laws in your state impact the amount or type of coverage a homeowner should buy?

    A standard homeowners insurance policy (policy form H-O3) in Maryland will include the standard coverages. It is up to the consumer and their licensed insurance agent to ensure that the appropriate levels of coverage and endorsements are included in the policy. Therefore, it is very important to work with an agent that you feel comfortable with.

    In the state of Maryland, we are mandated by The Commercial Law Article of Maryland in sections 12-312 and 12-410 to provide our insured with the actual replacement cost of their real property.

  3. Are there any environmental factors homeowners should consider when selecting a home insurance plan in your state?

    Where your home is in Maryland can determine if you need to consider environmental factors. One of the main factors to consider would be flood insurance. As we discussed, flood insurance may not be required for your home loan. However, adding a flood insurance policy can be a great option that is relatively inexpensive.


Mark Hesseloff
Mark HesseloffAgency Owner, Goosehead Agency
Ashley Deadwyler-Jones
Ashley Deadwyler-JonesInsurance Agency Owner

Methodology

MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Maryland that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Maryland. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.

About the Author


expert-profile

The MoneyGeek editorial team has decades of combined experience in writing and publishing information about how people should manage money and credit. Our editors have worked with numerous publications including The Washington Post, The Daily Business Review, HealthDay, and Time, Inc., and have won numerous journalism awards. Our talented team of contributing writers include mortgage experts, veteran financial reporters, and award-winning journalists. Learn more about the MoneyGeek team.


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