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For all Maryland residents living in a single family home, consider "The Old Line State" great location when comparing your homeowners insurance facts and statistics with the rest of the country. Did you know on average, Maryland homemowners pay only $800 on average for homeowners insurance making Maryland ranked number thirty in the nation. The nationwide average is around $978. Overall, Maryland is above average as 66.5 percent of housing units in the state of Maryland were owner occupied, the average was 63.5%. In 2013, some of the neighboring states like West Virginia, Delaware, Minnesota and Vermont had the highest percentage of owner-occupied housing units.
You may find it interesting that in 2012 Hawaii, California and New Jersey had the highest homeownership costs, based on the percentage of homes in which owners spent 30% or more of their income on home related expenses like mortgage payments, real estate taxes, property insurance, general utilities, oil, gas and fees. Maryland was a little below average at 33.2%, the United States average was 33.7%. It's very important that your home insurance coverage is affordable, but most of all benefical when you need to depend on insurance protection and quality service.
At GetHomeInsuranceQuotes.com, we provide quality service to our customers and you can find affordable premiums and great coverage from an agency that has been in Maryland for over 12+ years. Our Maryland licensed agents are ready to help you compare multiple home insurance quotes and review a variety of coverage options that best fit your needs. We can shop up to 12 top carriers in MD, which may include: Nationwide, Progressive, Safeco, Liberty Mutual, Travelers, Metlife, Foremost Insurance, Zurich, The Hartford, Chubb and Titan Insurance.
Give us a call today or easily start your Maryland home insurance quote now. Just enter your zip code above to start your free quote!
Average Homeowners Insurance Premiums in Maryland
With over 95% of all Americans are known to have homeowners insurance coverage, it's important to know what Maryland homeowners are paying on average. Did you know that the average homeowners insurance premium in Maryland is $1169? Maryland is now ranked 29 in the country. The country wide average for homeowners in the United States is $1,311. This means the average home insurance premium in Maryland is 10.83% less than the national average.
|Year||Average Annual Premium||Average Monthly Premium||State Rank (Overall)|
|2020||$1169 (3.9%)||$ 97||29|
|2019||$1125 (5%)||$ 94||31|
|2018||$1071 (3.23%)||$ 89||32|
|2017||$1037 (1.46%)||$ 86||30|
|2016||$1022 (3.99%)||$ 85||30|
When we combine the state averages over the last decade, the Maryland overall average is estimated to be around $990.00. Our homeowners insurance quoting and rating process helps you compare homeowners insurance quotes, coverages and premiums. Maryland current state rank compare to the rest of the country is #29. Consider shopping your Maryland home insurance with us so we can help you save up to 40% or more on your policy.
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Maryland Homeowners Insurance News & Information
Florida Homeowners Advance From Citizens into Private Companies Posted on Tuesday 5th December, 2023
Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
North Carolina Joint Underwriters and Wind Pool Map Explained Posted on Thursday 30th November, 2023
North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Holden Beach, Oak Island Beach, Calabash, Bald Head Island, […]
Did you know? Your Home Insurance Doesn’t Cover… Posted on Wednesday 29th November, 2023
While homeowners insurance covers a variety of perils and protects your home and personal possessions, it does come with a number of exclusions and coverage gaps that can result in you having to cover the cost of certain damage out of pocket. Let’s have a quick look at what your homeowners policy does and doesn’t […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
What Is the 80/20 Rule In Homeowners Insurance? Posted on Wednesday 8th November, 2023
If you are purchasing a home, your lender will require that you carry homeowners insurance to protect their investment in your home. Homeowners coverage will help cover the cost of repairing or replacing your home if it is damaged or destroyed by a covered peril. Covered perils can include items such as a hurricane or […]
Maryland Housing & Real Estate Data
|Total Housing Units||2378814|
|Occupied Housing Units||2156411|
|Vacant Housing Units||222403|
|Vacant Housing Units for Rent||61874|
|Vacant Housing Units Rented Not Occupied||3742|
|Vacant Housing Units For Sale||32883|
|Vacant Housing Units Sold Not Occupied||6586|
|Vacant Housing Units For Seasonal Occasional Use||55786|
|Vacant Housing Units All Other Vacants||61532|
|Housing Units Homeowner Vacancy Rate Percent||2.2|
|Housing Units Rental Vacancy Rate Percent||8.1|
|Housing Tenure Occupied Units||2156411|
|Housing Tenure Occupied Units Owner Occupied||1455775|
|Housing Tenure Occupied Units Owner Occupied Population||3940520|
|Housing Tenure Occupied Units Owner Occupied Averge Household Size||2.71|
|Housing Tenure Occupied Units Renter Occupied||700636|
|Housing Tenure Occupied Units Renter Occupied Population||1694657|
|Housing Tenure Occupied Units Renter Occupied Average Household Size||2.42|
Understanding Maryland Homeowners Insurance
When shopping for Maryland homeowners insurance quotes you should be aware of the various types of insurance policies that are available in your area:
- HO-3: This is the most common type of homeowers policy. This policy type protects your home against all perils, except ones that are specifically excluded. In most cases earthquake and flood damage are excluded.
- H0-6: This policy type is specifically written for condos or co-ops. If you own a condo or live in a co-op building this type of policy is a necessity. A HO-6 policy covers both your personal belongings and the structural parts of the building that you own. There are 16 disasters listed on a typical policy that HO-6 protects against.
- HO-4: If you are looking for Maryland renters insurance, a HO-4 policy is a great option. Renters insurance will cover your contents as well as offer liability coverage in the event a person is injured in your apartment.
While other types of policies exist, these are the most common ones. A HO-2 is a more basic policy that offers reduced coverage levels and a HO-5 is a high-end policy that offers increased protection.
If you are shopping for a new home in Maryland, homeowners insurance is a must do. We can help you find the perfect policy for your new home, regardless of whether you need a standard HO-3 policy, HO-6 or renters insurance, our site makes shopping for homeowners insurance quotes easy. Visit our online quoting application today and let us help you shop and compare up to 12 different Maryland rates and coverage options.