Best Homeowners Insurance in Maryland (2024)

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Updated: December 4, 2024

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Chubb is the top home insurance provider in Maryland, with services tailored to individual needs. If you prioritize cost over service, State Farm is the most affordable choice. It is also the best option for those with high-value estates. Nationwide is the best insurer for new homes.

We typically used a $100,000 dwelling coverage limit to compare quotes accurately. The amount of dwelling coverage you need influences your premium. MoneyGeek also evaluated the cheapest home insurance in Maryland for those prioritizing budget, irrespective of service quality.

Key Takeaways

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In Maryland, Chubb stands out as the best overall homeowners insurance provider, boasting a MoneyGeek score of 96 out of 100, praised for its exceptional service quality. The runner-up is State Farm, with a MoneyGeek score of 94 out of 100, known for offering the best balance between affordability and coverage, especially for budget-conscious homeowners. These options present Maryland homeowners with a choice between superior service and cost efficiency, ensuring financial protection and reliable customer support.

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For budget-conscious homeowners in Maryland, State Farm offers the most affordable homeowners insurance at $719 per year, balancing cost and coverage effectively. While prioritizing budget, it's also valuable to consider Chubb, the runner-up, known for its excellent service and reliability.

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In Maryland, Chubb is the best homeowners insurance provider for customer service, boasting a MoneyGeek score of 96 out of 100, with an annual premium of $936. The runner-up is Nationwide, with a MoneyGeek score of 81 out of 100 and an annual cost of $1,029.

Why Trust MoneyGeek? To determine the best homeowners insurance options in Maryland, we compiled quotes and information from the Maryland Insurance Administration and Quadrant Information Services, ensuring that data and industry standards back our recommendations.

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Home insurance rates in Maryland represent the latest quotes as of July 2024.

172,800Quotes Analyzed
 
8Companies Compared
 
8ZIP Codes

Overall Best Homeowners Insurance in Maryland

Chubb offers the best homeowners insurance in Maryland. Homeowners looking for reliable coverage should consider these top two options:

  • Chubb: MoneyGeek score of 94 out of 100 ($936 per year)
  • State Farm: MoneyGeek score of 91 out of 100 ($719 per year)

Maryland homeowners have a variety of companies to choose from, each offering various cost and service levels. Striking the right balance between affordability and quality service to meet your unique needs is crucial. With careful consideration, you can find a policy that provides both financial protection and excellent customer support.

Company logo for Chubb
Best OverallChubb
MoneyGeek Score:
94/ of 100
Overview

Chubb tops the Maryland home insurance market and is a leader in customer satisfaction. With an average annual premium of $936, it offers a blend of quality and value.

Chubb's cash settlement provides a cash-out option in case of a total loss. This coverage allows homeowners flexibility to decide how best to proceed without the pressure to rebuild. Its risk consulting provides complimentary, expert advice on home safety, potentially preventing losses before they happen. These offerings give homeowners unique advantages and peace of mind.

Best Homeowners Insurance in Maryland for Customer Service

Chubb is the best home insurance provider in Maryland due to its exceptional service quality. These are the top two insurers for homeowners looking for top-tier service in the Old Line State:

  • Chubb: MoneyGeek score of 96 out of 100 ($936 per year)
  • Nationwide: MoneyGeek score of 81 out of 100 ($1,029 per year)

Valuing service quality in a home insurance provider ensures prompt and caring responses when you need them the most, such as during a distressing event like a house fire or burglary. Opting for providers with a high service quality score can mean the difference between a seamless claims process and a drawn-out, stressful ordeal.

Company logo for Chubb
Best for ServiceChubb
MoneyGeek Score:
96/ of 100
Overview

Chubb achieves a perfect customer satisfaction score in Maryland, indicating outstanding service quality. Its average annual premium is $936, balancing cost with exceptional service.

Chubb provides guaranteed replacement cost coverage, which ensures full home rebuilding regardless of policy limits. Its cash settlement option grants flexibility and offers homeowners a cash payout in the event of a total loss. These coverages deliver both peace of mind and practical benefits, solidifying Chubb's value in home insurance.

Best Cheap Homeowners Insurance in Maryland

State Farm offers the cheapest homeowners insurance in Maryland for budget-conscious homeowners, delivering the right balance between cost and coverage. These are the best and cheapest home insurance providers for those on a budget:

  • State Farm: MoneyGeek score of 94 out of 100 ($719 per year)
  • Chubb: MoneyGeek score of 93 out of 100 ($936 per year)

Competitively low premiums don't always mean you can expect the best service. Considering the average cost of homeowners insurance in Maryland, savvy homeowners should prioritize a provider that ensures both wallet-friendly rates and reliable service to avoid future issues like a delayed claims process after a storm.

Company logo for State Farm
Best CheapState Farm
MoneyGeek Score:
94/ of 100
Overview

State Farm shines in Maryland with an impressive affordability score, offering homeowners on a budget an average annual premium of $719.

State Farm assists in reducing costs with discounts like bundling and protective device. Bundling allows homeowners to save when they combine home and auto policies. Its protective device discount rewards those who install safety features like smoke detectors and burglar alarms. The company also offers additional coverages like scheduled personal property, which protects valuables such as cameras and musical instruments. Its building ordinance or law covers the extra costs of rebuilding to current codes if your home is damaged.

Best Homeowners Insurance in Maryland for Expensive Homes

State Farm is the top choice for homeowners with expensive homes in Maryland. The providers below are the best home insurance options for those needing $1 million in dwelling coverage.

  • State Farm: MoneyGeek score of 92 out of 100 ($3,820 per year)
  • Nationwide: MoneyGeek score of 84 out of 100 ($5,271 per year)

State Farm leads with the highest MoneyGeek score and boasts a perfect affordability score. If you own an expensive home, it's essential to secure adequate coverage and find a provider that delivers an ideal mix of value and quality.

Company logo for State Farm
Best for Expensive HomesState Farm
MoneyGeek Score:
92/ of 100
Overview

With a perfect affordability score, State Farm is the premier insurance provider for those with high-end homes in Maryland. Homeowners can expect an average annual premium of $3,820.

State Farm offers common discounts like the protective device discount, which offers additional savings by securing your property with alarms and safety devices. The company also has coverages like scheduled personal property for valuables and building ordinance or law add-on to comply with local building requirements. These offerings safeguard your investment and prized possessions.

Best Homeowners Insurance in Maryland for New Homes

Nationwide is the best choice for those with new homes seeking top-notch home insurance in Maryland. These are the top two providers offering homeowners insurance with a $500K dwelling coverage in Maryland, presenting an excellent blend of value and quality for your new home.

  • Nationwide: MoneyGeek score of 79 out of 100 ($1,425 per year)
  • Chubb: MoneyGeek score of 57 out of 100 ($3,264 per year)

Nationwide leads with a perfect affordability score and a robust service score, creating a winning mix for homeowners prioritizing both cost efficiency and dependable service.

Company logo for Nationwide
Best for New HomesNationwide
MoneyGeek Score:
79/ of 100
Overview

Nationwide is the premier home insurance provider for homeowners with new dwellings in Maryland, boasting a perfect affordability score and an average annual premium of $1,425.

Nationwide's guaranteed replacement cost offers a safety net for homeowners, covering up to two times the dwelling limit to fully rebuild your home. Homeowners can also capitalize on the company's home renovation discount when updating plumbing, heating, electrical or ventilation systems. Its gated community discount also offers additional savings. These incentives encourage home improvements and reward secure living environments.

Best Homeowners Insurance in Maryland for Veterans

For veterans seeking homeowners insurance, USAA is the best provider in Maryland. It offers policies exclusively to military members, veterans and their families. These are the best and most affordable homeowners insurance providers in Maryland for veterans and military families:

  • USAA: MoneyGeek score of 89 out of 100 ($953 per year)
  • Chubb: MoneyGeek score of 87 out of 100 ($936 per year)

The right homeowners insurance company for veterans knows their distinct needs and circumstances, like frequent moves and the possibility of deployment. These providers ensure that homes and possessions are safeguarded no matter the situation.

Company logo for USAA
Best for VeteransUSAA
MoneyGeek Score:
89/ of 100
Overview

USAA caters exclusively to military members and their families, offering a valuable service. In Maryland, USAA boasts high affordability and perfect customer satisfaction scores. Its average annual premium is $953.

USAA offerings include personal property replacement cost coverage, which ensures that lost or damaged items are replaced at their current market value. This coverage provides a financial shield against property loss for homeowners.

The connected home discount and loyalty savings are among the savings opportunities for USAA policyholders. The connected home discount rewards policyholders for using smart home devices that can mitigate risk. Loyalty savings offers savings for long-term customers, reflecting USAA's appreciation for ongoing patronage.

How to Find the Best Homeowners Insurance in Maryland for You

The best homeowners insurance providers deliver comprehensive coverage and exceptional customer service at an affordable premium. Finding the ideal policy hinges on your requirements, which include property specifics and personal preferences for risk management. These steps will help you pinpoint the homeowners insurance tailored to your situation, directing you to safeguard your home while respecting your budget.

  1. 1

    Assess Your Insurance Needs

    Initiate the process by determining how much home insurance coverage you need. Consider the value of your home, personal belongings and any specific risks associated with your location.

  2. 2

    Research Various Providers

    Take time to investigate numerous insurance companies. Look for a range of providers, considering their reputation, the breadth of coverage options, customer service records and any unique benefits.

  3. 3

    Compare Coverage and Costs

    Diligently examining the offerings from different insurers is crucial. Assess the extent of coverage, deductible amounts and premium costs. Utilize tools to compare home insurance quotes efficiently.

  4. 4

    Understand the Policy Details

    It's essential to gain a comprehensive understanding of the nuances of policy details. Focus on what is and isn't covered, the policy's limitations and procedures for filing a claim.

  5. 5

    Consult With an Independent Agent

    Consult an independent insurance agent to ensure you've made the most informed decision. They can provide personalized advice, help reconcile differences between policies and may uncover discounts or options you hadn't considered.

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DOES HOME INSURANCE COVER FLOOD DAMAGE IN MARYLAND?

Maryland does not mandate flood insurance for homeowners. Still, investing in flood insurance in Maryland is wise for those living in areas prone to flooding.

FAQ: Homeowners Insurance in Maryland

Choosing the best homeowners insurance provider in Maryland is a personalized decision that reflects your unique coverage requirements and financial situation. Review these frequently asked questions for insights into Maryland's top homeowners insurance options, tailored to help you make an informed choice.

Which insurance company is best for home insurance in Maryland?

Who has the most affordable homeowners insurance in Maryland?

About Mark Fitzpatrick

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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.

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