Insurance
Maryland Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: November 10, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Nov 20, 2024
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MONEYGEEK EXPERT TIP
Based on MoneyGeek’s extensive research, Travelers offers the cheapest homeowners insurance in Maryland with $250K in dwelling coverage.
However, if you’re looking for a good combination of affordability and service quality, MoneyGeek also picked out the best homeowners insurance in Maryland. Our analysis determined that State Farm is the top provider in the state.
How to Estimate the Cost of Your Homeowners Insurance Policy in Maryland
Several factors impact the cost of your homeowners insurance in Maryland. These include your home’s location, preferred coverage limit, credit history, and more.
Enter the required information into MoneyGeek’s home insurance calculator to get a personalized estimate of your insurance premiums.
Maryland
Insurance companies will look at how your state compares in terms of hazards and risks to measure how risky it is to insure your property. This information will then be used in calculating your insurance premiums. Fortunately, according to an FBI report, Maryland ranks 15th safest state in terms of the number of property crimes.
Dwelling Coverage
In Maryland, the average dwelling coverage limit is $250,000.
When choosing a dwelling coverage amount, you must primarily consider the actual value of your home. If your home is damaged due to a covered peril, dwelling coverage will pay for the costs of repairing or rebuilding your home.
Deductible
Your homeowners insurance deductible is the amount you’ll have to shoulder out-of-pocket before your insurer starts paying you for a claim.
Choosing a lower deductible may lead to higher premiums, but you’ll also be protected from significant financial burdens in the unfortunate event that your home is damaged or destroyed.
Liability
Personal liability coverage will cover your expenses if you accidentally cause damage to someone’s property or if someone gets injured on your property.
This amount will pay you for costs associated with legal fees, the replacement of property, medical bills, and death benefits.
To ensure adequate protection, MoneyGeek recommends that you select higher liability coverage limits which will only cost you a few extra dollars per month.
Personal Property
Your belongings inside your home may also be stolen or damaged. The personal property coverage in your policy protects you from unnecessary financial burdens by paying for the replacement of these damaged or stolen items.
Get a reliable estimate of how much coverage you need based on your personal property by using MoneyGeek’s calculator below.
Credit Score
The state of Maryland prohibits the use of credit scores in calculating homeowners insurance rates.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Clothes, shoes, bags, belts, hats, gloves, etc.
Average Cost of Home Insurance in Maryland
Homeowners in Maryland can expect to pay an average of $1,785 per year for $250K in dwelling coverage, which is 26% cheaper than the national average.
The average dwelling coverage limit in Maryland is $250,000. However, if you prefer a different dwelling coverage amount, you may refer to MoneyGeek’s table below to see the average rates for different coverage levels in the state.
Average Annual Premium in Maryland for Homeowners Insurance
| $100,000 | $955 |
| $250,000 | $1,785 |
| $500,000 | $3,305 |
| $750,000 | $4,939 |
| $1,000,000 | $6,572 |
| $2,000,000 | $12,917 |
| $3,000,000 | $19,300 |
MONEYGEEK EXPERT TIP
The most important part of your homeowners insurance policy is the dwelling coverage (also known as home replacement coverage). This will cover the cost of rebuilding your home in the event of total loss.
Several factors determine the replacement cost of your home. These include your home’s size, age, building materials and more. Make sure you’re getting enough dwelling coverage to fully rebuild your home by letting a professional appraiser determine the potential rebuilding costs.
You can also add extended or guaranteed replacement or inflation guard coverage.
Frequently Asked Questions About Home Insurance in Maryland
MoneyGeek helps you navigate the intricacies of homeowners insurance by answering your top questions about home insurance in Maryland.
How much does homeowners insurance cost in Maryland?
In Maryland, you should expect to pay an average of $1,785 annually for a homeowners insurance policy with $250K in dwelling coverage. This is 26% less than the national average and places the state in the 21st spot in terms of affordability of insuring a home.
How do I know how much dwelling coverage to get?
The average dwelling coverage in Maryland is $250,000, but you may need more or less depending on your house's age, size and other features. Make sure that you're getting the right dwelling coverage amount by getting an accurate appraisal of your home either from a real estate professional or from your insurance company.
Insurance
Methodology
To determine the average cost of homeowners insurance in Maryland, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
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.
sources
- The Southern Maryland Chronicle. "How the Property Crime Rate in Maryland Compares to the Nation." Accessed October 22, 2024.