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Maryland Homeowners Insurance Quotes
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.
Find Local MD Homeowners Insurance Quotes & Coverage
For more information on homeowners insurance in your area, choose a county below:
Maryland Homeowners Insurance News & Information
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Homeowners Below a 580 Credit Score Pay 35% More for Home Insurance Posted on Monday 15th April, 2024
While the odds of a major disaster hitting a specific home is the same regardless of whether the owner has a great credit score or one that puts them in a subprime category, their credit score will impact their rate in many states. In most states, insurers are allowed to consider credit scores when setting […]
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The Best Way to Check the Financial Strength of Home Insurance Companies Posted on Wednesday 3rd April, 2024
If you are switching insurance companies, you should always check the financial strength of any insurer you are seriously considering. While an affordable premium is always a plus, if your insurance company cannot afford to pay when you file a claim, the savings will certainly not be worth it. A.M. Best is a credit rating […]
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Florida’s Broward Commissioner is Asking Congress to Lower Insurance Rates Posted on Monday 1st April, 2024
A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase. Currently, a Broward commissioner is asking Congress to pass legislation he claims […]
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North Carolina Coastal Home Insurance Rates Posted on Friday 29th March, 2024
North Carolina is a fantastic place to live with plenty of cultural activities, beautiful beaches, world-class cities as well as great restaurants and shopping. The only disadvantage to living in North Carolina, particularly if your home is located in coastal area is the cost of homeowners insurance. The average premium for a standard homeowners insurance […]
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How Do Renovations Impact Home Insurance? (2024 Guide) Posted on Friday 15th March, 2024
Making renovations to your home can have a major impact on your insurance coverages as your risk profile changes. Adding square footage, putting in a swimming pool, outbuilding or upgrading your electrical may change the value of your home which could leave your underinsured. Major upgrades such as adding square footage to your home or […]
Maryland Housing & Real Estate Data
| Details: | Staticstics |
|---|---|
| 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.