Updated: November 21, 2024
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The average cost of homeowners insurance in Maryland in 2024 is $1,916. This figure is $507 less than the national average of $2,423.
Aside from the amount of coverage you get on your home, the insurance provider has the largest impact on premiums. In Maryland, the difference between the lowest and highest premium can be as much as $3,310.
If your rates have recently increased, we've also analyzed the cheapest policies in Maryland. Switching providers could lead to more manageable premiums.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Nov 21, 2024
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Table of Contents
To establish the average cost of homeowners insurance in Maryland, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of home insurance in Maryland as of 2024.
In Maryland, the average annual premium for homeowners insurance with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage stands at $1,916. This is less than the national average home insurance rate of $2,423.
When considering how much coverage you need, it's essential to cover the cost of rebuilding your home in the event of a total loss. This includes insuring personal property and ensuring you have the means to live elsewhere if necessary during home repairs. For example, a policy with $100K in dwelling coverage costs $1,206 annually in Maryland. If you own a larger property and need $500K in dwelling coverage, the premium increases to $3,297 annually.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,206 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,916 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $3,297 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $4,730 |
Premiums for homeowners insurance in Maryland can vary significantly among providers, even for similar coverage levels. For instance, Farmers offers an annual premium of $1,072, while Travelers' equivalent coverage comes in at $3,821. This disparity underscores the importance of shopping around.
Maryland homeowners can find a variety of great providers, each with unique underwriting standards that influence their rates. Differences in underwriting can lead to substantial variations in premium costs, making it essential for homeowners to compare options.
| Farmers | $1,072 |
| State Farm | $1,379 |
| Homesite | $1,413 |
| USAA | $1,452 |
| Nationwide | $1,704 |
| Chubb | $1,993 |
| Allstate | $2,493 |
| Travelers | $3,821 |
The type of roof on your home influences your homeowners insurance premium to some extent, with certain materials offering more durability and protection. For instance, in Maryland, homes with tile roofing typically see lower insurance costs due to their resilience, while premiums for homes with shake-treated roofs may be higher.
Construction materials also play a role in determining insurance rates. Homes built with superior materials that are more resistant to common perils, like fire, can often secure lower insurance premiums. Conversely, standard frame construction, which is less resistant to weather-related damage, might lead to higher insurance costs.
To see how premiums change based on your home's materials, adjust the options in the table below.
| $100K Dwelling / $50K Personal Property / $100K Liability | $1,206 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $1,916 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $3,297 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $4,730 |
| $1M Dwelling / $500K Personal Property / $1M Liability | $6,222 |
Insuring a newly constructed home in Maryland typically costs less than an existing home due to updated materials and adherence to current building standards. The average annual premium for a new home is $1,000, which is $916 lower than the state average for existing homes. The table below illustrates the premium differences for new versus existing construction, allowing you to adjust the coverage amount you need.
| Existing Construction (2000) | $1,916 |
| New Construction (2023) | $1,000 |
In Maryland, homeowners with a spotless claims record for five or more years pay an average annual premium of $1,916. This jumps to $2,547 for those with one claim in the past five years and escalates further to $3,308 for homeowners with two claims within the same period. These figures reflect a $631 and $1,392 increase from the baseline average, respectively, underscoring the financial impact that claims history can have on insurance costs.
| Claim free for 5+ years | $1,916 |
| 1 claim in past 5 years | $2,547 |
| 2 claims in past 5 years | $3,308 |
In Maryland, hurricanes and winter storms pose risks to homeowners. While homeowners insurance typically covers wind damage from hurricanes, it often does not cover flooding.
For the cities we analyzed, we found premiums ranged from $1,724 to $2,287. In Baltimore, homeowners might pay around $2,287 annually, which is $371 above the state average. Conversely, Columbia residents could see rates closer to $1,724, saving them $192 compared to the average.
Location impacts premiums due to factors like crime rates and the likelihood of natural disasters. While city location is significant, it's just one aspect; coverage amounts and home features also play pivotal roles in determining costs.
| Baltimore | $2,287 |
| Columbia | $1,724 |
Shopping for home insurance in Maryland doesn't have to be a daunting task. In fact, many homeowners find that with the right approach, securing a policy that fits their needs and budget is quite manageable. Remember, a good deal isn't just a low price—it's about finding the best value for your specific situation. Here's how to find the best deal for you.
Ask about bundles and discounts when shopping.
Choose an insurance provider with a good reputation.
Pick a deductible that fits your financial plan.
Purchase your policy and keep your home safe.
In Maryland, homeowners can unlock savings by bundling their home and auto insurance policies. MoneyGeek's analysis reveals that residents could save between $308 and $764, with an average percentage savings of roughly 12%. These savings represent a reduction in the combined cost of both auto and home insurance premiums when opting for a multipolicy bundle. For a more detailed breakdown of the best and cheapest home and auto bundle companies in Maryland, consider our comprehensive bundle analysis.
Maryland homeowners can tap into various insurance discounts to trim their premiums.
For comprehensive insights into how to save with discounts, explore our guide on home insurance discounts. Remember, to maximize savings, always inquire about available discounts when requesting a quote.
Farmers offers the lowest average premium at $1,072. For more options, explore cheap national providers.
Flooding is not typically covered. For flood coverage, consider purchasing separate flood insurance. Learn more about coverage for natural disasters.
The insurance provider is the biggest factor, with premiums ranging from $1,072 to $3,821.
Bundling can save you an average of 12%.
When considering homeowners insurance in Maryland, it's important to have access to reliable resources that can guide you through the nuances of coverage, pricing and regulations. Here's a list of valuable tools and information that can help you navigate the complexities of homeowners insurance in the Old Line State:
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
