Cheapest Homeowners Insurance in Maryland (2024 Rates)

In Maryland, Farmers offers the cheapest overall insurance. Still, State Farm is the most affordable for insuring high-value homes or those looking for the cheapest bundled insurance. Review MoneyGeek's extensive analysis of quotes from various providers to see which is best for your home.

For homeowners in Maryland, Farmers is the most affordable home insurance provider, charging an average of $511 annually for $100K in dwelling coverage. However, rates can change by dwelling coverage, which is the primary driver of insurance premiums.

Farmers is also the cheapest insurer in Maryland across different dwelling coverage levels. Review how rates can change with Farmers below:

• Cheapest for $100,000: Farmers at $511 per year
• Cheapest for $250,000: Farmers at $1,072 per year
• Cheapest for $500,000: Farmers at $2,193 per year

Dive into cheap home insurance in MoneyGeek's table to see how costs fluctuate by dwelling coverage.

In Maryland, the best approach for economical home insurance is to compare rates from various companies. MoneyGeek's home insurance calculator provides Maryland quotes quickly, without requiring personal details upfront.

State Farm is the most affordable provider for Maryland homeowners who live in high-value homes that require higher dwelling coverage limits, with $750K in dwelling coverage costing an average of $3,110 annually. Typically, higher dwelling coverage limits result in higher premiums.

Here’s a snapshot of the cheapest options in Maryland for higher limits:

• Cheapest for $750,000: State Farm at $3,110 per year
• Cheapest for $1,000,000: State Farm at $3,937 per year

If you have a high-value home, purchase dwelling coverage according to your home's replacement cost rather than its property value. Check MoneyGeek's table for more on how costs differ by dwelling coverage.

Farmers is the cheapest home insurance provider in Maryland for new properties with $100K in dwelling coverage, charging $279 annually. Since new homes are built with new materials and have modern safety measures, insurance costs are typically lower.

Here are the most affordable insurance companies for differing coverage amounts in Maryland:

• Cheapest for $100,000: Farmers at $279 per year
• Cheapest for $250,000: Farmers at $562 per year
• Cheapest for $500,000: Farmers at $1,149 per year

To better understand how costs might change with different levels of dwelling coverage for a newly constructed home, refer to the table provided by MoneyGeek.

In Maryland, State Farm offers the lowest home insurance premiums for homeowners with at least one claim in the past five years, charging an average of $741 per year for $100K in dwelling coverage. Homeowners with past claims usually face higher premiums due to the perceived risk of future claims.

Here's a breakdown of the cheapest providers in Maryland if you have at least one claim in the past five years by dwelling coverage:

• Cheapest for $100,000: State Farm at $741 per year
• Cheapest for $250,000: State Farm at $1,379 per year
• Cheapest for $500,000: State Farm at $2,255 per year

In Maryland, having a claim can result in higher home insurance premiums. For instance, having at least two claims in the past five years can cost $990 more than if you had no claims.

Your home's construction type and roofing materials significantly affect your insurance costs. In Maryland, a frame construction house with a shake-treated roof is the cheapest to insure with Farmers, costing $511 annually. Frame construction and shake-treated roofs tend to have higher insurance premiums due to the increased risk associated with these materials.

Here's a rundown of the most affordable home insurance in Maryland for various coverage values:

• Cheapest for $100,000: Farmers at $511 per year
• Cheapest for $250,000: Farmers at $1,072 per year
• Cheapest for $500,000: Farmers at $2,193 per year

When comparing prices, a home built with superior construction and equipped with a tile roof costs $222 less in premiums every year than a frame home with a shake-treated roof. This indicates the significant influence of construction type and roof material on insurance costs. Maryland residents can benefit from lower insurance premiums by opting for superior construction and tile roofing.

A high deductible can reduce your monthly premiums and save you hundreds yearly. For example, in Maryland, the cheapest home insurance for a $2,000 deductible is with Farmers, costing $429 annually. Farmers is also the cheapest provider for a $500 deductible, costing $583 annually.

See how rates can change by deductible for $100K in dwelling coverage with the cheapest provider in Maryland, Farmers:

• $2,000 deductible: Farmers at $429 per year
• $1,500 deductible: Farmers at $511 per year
• $1,000 deductible: Farmers at $511 per year
• $500 deductible: Farmers at $583 per year

In home insurance, a deductible is what you pay out-of-pocket before coverage applies. Interestingly, a $2,000 deductible averages $200 less than a $500 deductible across all insurers.

Bundling home and auto insurance can lead to significant savings. State Farm offers the cheapest bundle in Maryland at $2,839 per year. Some home insurance providers offer discounts if you insure your home and vehicle with them. Below are the cheapest bundles in Maryland:

• State Farm at $2,839 per year
• Nationwide at $3,275 per year

By bundling, you can manage both policies with just one provider, creating a streamlined process for your insurance needs. Dig deeper and understand how this works as you explore the best Maryland insurance bundle.

Farmers offers the most affordable home insurance across numerous Maryland cities, with rates ranging from $436 to $629. Costs can vary from city to city due to various aspects, such as building codes, crime rates and weather vulnerabilities. For instance:

• Columbia has the cheapest rate, with the most affordable insurer being Farmers at $436 per year.
• Homeowners in Baltimore pay the most for insurance in Maryland, with the cheapest insurer being farmers at $629 per year.

Therefore, shopping around is crucial, as insurers' rate calculations can differ significantly across geographic areas, thus presenting possible savings opportunities.