The Best Homeowners Insurance Companies in Maryland (2022)
The best home insurance companies in Maryland will have great claims ratings and financial stability, in addition to affordable rates and outstanding customer service. MoneyGeek reviewed home insurance providers throughout the state and found State Farm to be the best overall company. Ultimately, however, your specific needs and circumstances will determine the best insurer for you.
Because each homeowner has unique needs, MoneyGeek's analysis looked at the best insurance companies in Maryland for a wide range of people. In addition, our scoring system considered the coverage options and discounts of each home insurance company to find you the best fit.
State Farm is the best overall insurance provider. It is also the best in terms of affordability for expensive homes and policy bundling. If you belong to a military family, USAA is the best choice.
MoneyGeek also analyzed the cheapest homeowners insurance providers in Maryland for those more concerned with saving on their monthly bill.
The Best Homeowners Insurance in Maryland
The Best Overall Homeowners Insurance Companies in Maryland
In Maryland, homeowners insurance is not compulsory, except by most mortgage holders, but it’s a good idea to protect your home and finances. When analyzing Maryland's home insurance providers, MoneyGeek paid attention to affordability, claims reputation, customer satisfaction and financial stability.
The two best-rated home insurance companies in Maryland are:
- State Farm: MoneyGeek score of 87 out of 100
- Erie: MoneyGeek score of 85 out of 100
We excluded USAA from our top-rated list because it is exclusive to members of the military. With a score of 98 out of 100, however, USAA is the best home insurance company in the state for those who qualify.
The Top Home Insurance Companies in Maryland
With an average annual premium of $1,324, Erie ranks second as the best overall home insurance company in Maryland. It is first in financial stability, second in affordability and third in customer satisfaction. The company provides service line coverage, which most insurers do not regularly offer.
The service line coverage is optional and covers damage to underground service and utility lines that run from your house to the street. Its extended reimbursement coverage is included with your insurance policy. With this coverage, you’re completely protected — even if you need to rebuild your entire home — regardless of limits. Erie has a discount that isn’t offered by many insurers too. It’s their early payment discount, which means if you get a home insurance quote up to 60 days before your policy renews, the savings could be yours.
State Farm received a five-star rating for financial stability, came in third for affordability and first in customer satisfaction. State Farm's average annual home insurance premium in Maryland is $1,404. It provides optional add-on coverages that many insurers don’t, such as vacancy coverage.
You can choose from a number of add-on coverage options offered by State Farm. Vacancy coverage, for example, pays for damage caused by vandalism if your home is unoccupied for 30 days or more. With State Farm's energy-efficient upgrade coverage, you can get up to 150% of the cost of replacing your water heater, air conditioner or heating system with more energy-efficient equipment.
MoneyGeek collected quotes from home insurers across the country. We balanced these against property claims rating and customer satisfaction scores from J.D. Power. The results were used to find the best home insurance nationally and in Maryland.
However, your unique circumstances may affect the quotes you get and your customer experience with an insurance company. For further information, see MoneyGeek's methodology.
The Best Homeowners Companies in Maryland for Service Quality
For some homeowners, a positive claims experience and strong customer service are more important than the cost of home insurance. MoneyGeek scored the best home insurance companies in Maryland, based primarily on customer satisfaction and claims experience.
We found that the companies that offer best home insurance in Maryland, based on service quality, are:
- Chubb: MoneyGeek score of 82 out of 100
- State Farm: MoneyGeek score of 81 out of 100
USAA received the highest possible score of 100 out of 100; however, because it is exclusive to military families, it was not featured in our list of Maryland’s best home insurance companies based on service quality.
Below, MoneyGeek outlines why Chubb and State Farm scored the highest in this category and points out some of the unique coverage and discounts they offer.
The Top Home Insurance Companies in Maryland for Quality Service
State Farm has a perfect 5-star rating for financial stability, is first for customer satisfaction but has a low claims score. Home systems protection is one of the company's distinctive add-on coverages.
State Farm offers a range of unique add-on coverages. Its home system protection policy covers losses resulting from sudden failures of installed equipment such as your electrical and heating or cooling systems. Optional mold coverage protects your home up to $20,000 in the event of a mold or fungus infestation. Another add-on coverage not often seen can help HOA members. It provides coverage for your portion of a covered loss assessed by your Homeowners Association.
Chubb received a five-star rating for financial stability and ranked first in claims ratings. However, it received a low customer satisfaction score. Still, the insurer offers coverages rarely offered by other companies and includes many for which others require additional payment.
One unique optional add-on coverage is cash settlement. With this coverage, you’ll get a cash settlement up to your policy limit if you don’t rebuild (or rebuild at a different location) after a total loss. Another add-on option is to have risk consultants visit your home to ensure you’re fully protected. Coverages included in your policy are contents replacement cost, cyber event or ID theft, and sewer or drain backup.
The Best Homeowners Companies in Maryland on a Budget
Most homeowners in Maryland are concerned about the cost of home insurance. MoneyGeek ranked the state's best providers if you want great customer service but also want to save on your monthly bill.
MoneyGeek's analysis indicates that the best home insurance companies in Maryland for budget-conscious homeowners are:
- State Farm: MoneyGeek score of 92 out of 100
- Erie: MoneyGeek score of 91 out of 100
State Farm's average home insurance policy costs $1,404 per year. Meanwhile, the average cost of home insurance from Erie is $1,324.
USAA achieved the highest rating of 97 out of 100, but due to its exclusivity for military families, is not included in our list of Maryland's best home insurance providers based on affordability.
MoneyGeek evaluated why State Farm is the best home insurance company in Maryland for homeowners on a budget and analyzed some of the insurer's unique coverages and discounts.
The Top Home Insurance Companies in Maryland on a Budget
Affordable home insurance coverage at $1,404 per year
Discounts include new home, protective device, bundling, claims-free and home renovation
Customer satisfaction rating of 4.01 out of 5
State Farm is rated the best home insurance company in Maryland because of its affordability and range of discounts. For example, you can save money by combining your home and auto insurance plans or by staying claims-free. Furthermore, homeowners who have just built a house or have a newer home are eligible for a discount and there are savings connected with installing fire, smoke or burglary detection devices in your home.
State Farm also offers discounts that not every insurer does. If you have been with State Farm for a long time, for instance, you may be eligible for a continuously insured discount. Some policyholders (depending on which state you’re in) may qualify for significant premium discounts by using impact-resistant roofing products, which protect your roof from hail, high winds and flying debris.
The Best Homeowners Companies in Maryland for Expensive Homes
The higher the value of your property, the more insurance coverage it requires due to its replacement cost. MoneyGeek weighed the cost of insuring a home that would cost $2 million to replace against customer satisfaction.
We found that Maryland's top-rated home insurance companies for luxury homes are:
- State Farm: MoneyGeek score of 85 out of 100
- Erie: MoneyGeek score of 84 out of 100
To further explain why State Farm received the top score among the companies offering home insurance for expensive homes, MoneyGeek broke down its unique coverages which can help homeowners who need a lot of coverage.
Despite achieving the highest possible score of 100 out of 100, USAA didn't make the list of best insurers for expensive homes because it is only available to members of the military and their families.
The Top Home Insurance Companies in Maryland for High-Value Homes
A high MoneyGeek affordability score of 4.76 out of 5 for expensive homes
A high customer satisfaction score of 4.09 out of 5.
State Farm was voted the best insurance company in Maryland for expensive homes because of its high customer satisfaction, affordability and financial stability. Owners of expensive homes may further benefit from State Farm's add-on coverages. Scheduled personal property, for example, covers your personal property listed on the insurance policy, such as jewelry, silverware, business property and firearms. The insurer offers optional coverages for cyber events, ID theft, home rental and vacancy insurance.
The Best Homeowners Companies in Maryland for Veterans
MoneyGeek compared the major insurance companies in the state to see which would be the best fit for military families. MoneyGeek gave USAA a top score of 98, making it the best home insurance company for veterans in Maryland. USAA ranks highly in affordability and received a MoneyGeek score of 5 out of 5 for customer satisfaction and financial stability.
Military people and their families may choose from the coverage options designed specifically for them by USAA. Maryland homeowners can expect to pay an average of $1,486 per year for a USAA policy.
The Top Home Insurance Companies in Maryland for Veterans
Policies are tailored to military families and their specific requirements
MoneyGeek customer satisfaction score of 5 out of 5
MoneyGeek affordability score of 4.72 out of 5
Not accessible to homeowners without a military background
USAA consistently beats other providers in terms of customer satisfaction and affordability. However, because they exclusively serve members of the military and their families, their services are not widely available.
The insurer includes contents replacement cost coverage in your homeowner's policy; it’s not an add-on. This covers your personal belongings at today's replacement cost, with no depreciation. You can choose to add optional home rental coverage at an additional cost. Also called home-sharing coverage, it protects you and your guests whether you’re renting out your entire house or just a room. Both coverages are of added value to military families, who may relocate frequently and have to rent out their Maryland-based homes.
The Best Homeowners Companies in Maryland for Bundling
Generally, bundling your home and auto insurance policies result in a reduction in your premiums. If you're interested in bundling Maryland's best auto insurance and home insurance plans, MoneyGeek has evaluated the companies that offer this service.
In Maryland, the following two providers offer the best value when bundling home and auto insurance policies:
- State Farm: MoneyGeek score of 85 out of 100
- Allstate: MoneyGeek score of 84 out of 100
Bundling your home and auto insurance policies generally qualifies you for additional savings. Bundling also gives you the convenience of having both plans with the same company.
The Top Home Insurance Companies in Maryland for Bundling
Home MoneyGeek score of 4.35 out of 5
Auto MoneyGeek score of 4 out of 5
21% home and auto insurance bundling discount
Discount score of 4.46 out of 5
State Farm ranks well for both home and auto insurance in Maryland. By bundling your home and car insurance policies with the insurer, you can get additional savings.
Home insurance policyholders can opt for loss assessment optional add-on coverage offered by State Farm. It covers your portion of a covered loss assessed by your Homeowners Association.
State Farm's auto insurance policy can be supplemented with optional coverage too. One add-on offered is rideshare insurance. This coverage makes sure that medical, emergency roadside assistance and rental car reimbursement in your personal auto policy remains in effect when you’re working for a ridesharing company. It also puts your personal policy deductible into effect.
How to Find the Best Home Insurance in Maryland
If you’re looking for the best home insurance in Maryland, it's important to balance the cost, the company's service reputation and its financial stability. MoneyGeek developed a list of the top-rated home insurance providers in Maryland based on this information. You can, however, go through the process yourself.
Research Customer Service Reputations in Maryland
MoneyGeek analyzed the customer satisfaction ratings of various Maryland home insurance providers. You can see these at J.D. Power and find the complaint ratios at the NAIC. If you want to do more research, see the Maryland Insurance Administration website.
Compare Quotes for Yourself
Using a sample homeowner's profile, MoneyGeek obtained quotes from home insurance companies across Maryland, but not from every zip code. Your insurance costs can vary depending on where you live and what your own profile looks like. Comparing quotes from at least three insurance companies to get a good idea of how much home insurance will cost you.
Make Sure the Company Has Coverages You Want in Maryland
The home insurance company you're considering should be able to provide you with the type of coverages and discounts you want. It’s important to verify this because sometimes these features aren’t extended to every state.
Double-Check Financial Stability Ratings
Remember to take each insurer’s financial stability ratings into consideration. Those of regional or smaller insurance companies tend to be lower, while ratings for larger insurance companies are usually higher. The financial strength of an insurance company is directly related to its claims payouts.
FAQs About the Best Home Insurance in Maryland
When looking for the best home insurance in Maryland, there are several things to keep in mind. MoneyGeek provides answers to a few of the most frequently asked questions.
MoneyGeek scores for homeowners insurance in Maryland were calculated by using a scaled and weighted average of J.D. Power Property Claims and Customer Satisfaction Scores, real homeowners insurance quotes and financial stability ratings from AM Best. Our scoring system weighted J.D. Power scores 60%, affordability 30% and financial stability 10%, adjusting weightings in the sections focused on affordability and service experience specifically.
MoneyGeek analyzed homeowners insurance quotes from 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.
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