Compare Homeowners Insurance Quotes In Maryland

On average, your neighbors pay $78 a month.

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Best Home Insurance Rates In Maryland

Maryland is also known as The Free State, because it was one of the first states to ratify the US Constitution. In modern times, The Chesapeake Bay State is the wealthiest state in the Union. However, extreme weather and hot summers make Maryland rich with homeowners insurance risks as well.

Average Maryland Homeowners Insurance Rates

Maryland’s average home insurance premiums are slightly lower than the rest of the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Maryland was $942, a bit lower than the national average of $1,132. There are 17 states with lower average home insurance rates than Maryland.

Maryland Average Annual Homeowners Insurance Rates
  2012 2013 2014
Maryland Annual Average $837 $904 $942
Maryland Price Per Month $70 $75 $78
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 34 33 34
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Maryland should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a homeowners insurance quotes comparison in Maryland from multiple companies.

Best Maryland Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Maryland. Out of the 14,079 Maryland homeowners that used QuoteWizard to request insurance quotes last year, 499 had no home insurance.

  1. Allstate Insurance
  2. Geico
  3. Nationwide
  4. Liberty Mutual
  5. Erie Insurance
  6. Progressive Casualty
  7. USAA
  8. Travelers Insurance
  9. AAA Insurance Co.
  10. Farmers
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Why contact every individual company in Maryland that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Maryland Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $206,364 13.9%
2 Travelers Companies Inc. $174,377 11.8%
3 Erie Insurance Company $144,689 9.8%
4 USAA Insurance Group $134,688 9.1%
5 Nationwide Mutual Group $128,186 8.6%
6 Liberty Mutual $117,981 8.0
7 Chubb Corp. $27,224 1.8%
8 American Family Mutual. $24,509 1.7%
9 Hartford Financial Services $20,260 1.4%

Financial Strength Ratings of Top Maryland Home Insurers

Source: A.M. Best (Ratings as of 8/24/2015)

  • Allstate: A+
  • Travelers Companies Inc.: A+
  • Erie Insurance Company: A+
  • USAA Insurance Group: A++
  • Nationwide Mutual Insurance Co.: A+
  • Liberty Mutual: A
  • Chubb Corp: A++
  • American Family Mutual: A
  • Hartford Financial Services: A+
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Rating Guide

Maryland Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Geico $976,995 9.9%
2 Allstate $753,251 7.6%
3 Nationwide Mutual Insurance Co. $645,451 6.5%
4 Erie Insurance Company $614,844 6.2%
5 Liberty Mutual $$542,500 5.5%
6 Travelers Companies Inc. $536,621 5.4%
7 United Service Automobile Assurance Co. $464,848 4.7%
8 Hartford Fire & Casualty Insurance Co. $298,405 3.0%
9 Progressive Group $249,843 2.5%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Maryland.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Maryland, the average listing price is $325,289 as of July 2015, somewhat higher than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Maryland’s average burglary rate was 538.9 per 100,000 people, which is slightly lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Maryland, there are 64.5 law enforcement personnel per 100,000 total citizens.

Home Insurance Hazards

Climate-wise, Maryland is split into three regions, east, central, and west. The further east you travel in Maryland, the more subtropical the climate gets. Because of this variability in temperature and precipitation, homeowners insurance hazards are different in different parts of the state.

Eastern Maryland experiences hot, humid summers, with mild winters, while the western region experiences similarly hot and humid summers, but colder winters, with the central region falling somewhere in between in winter.

Hot and humid summers: As previously mentioned, summers in Maryland are hot, especially in the central and eastern regions. These areas experience average daily highs of about 80 degrees through September, sometimes even into October. Throughout the state, humidity levels are about 80% from June through October or even November. Hot and humid conditions can be extremely dangerous, especially for young children and adults over 65, as the humidity prevents the human body from cooling itself down as effectively. And, as it heats up in the summer, people use the air conditioning more, which can lead to power outages and sky-high energy bills. On the western side of the state, summer is slightly cooler, but still quite humid.

Cold, but variable winters: Maryland winters are generally quite mild. The state as a whole averages 20 inches and 10 days of snow each year. However, the western region experiences a far snowier winter than the east. For example, the western city of Oakland averages 39 days of snow and 106 inches per year. Compared to Royal Oak on the east, which averages 6 days of snow and 15 inches per year, it’s clear that snow does not fall evenly in Maryland. Every few years the winter is more extreme than average. It’s crucial to prepare for these years so the cold and snow does not take you by surprise.

Year-long rainfall: Overall, Maryland averages 45 inches of rain per year. As is typical of the East Coast, the rain is fairly evenly spread throughout the year. Rainfall peaks between July and September, however. The western region receives far more rain than the east, both in terms of days with rain and inches of rainfall. For example, in September, one of the rainiest months,  Eastern Maryland averages about 8 days of rain, while the Western Maryland receives closer to 12—an increase of about 50%. The constant, mild rain can become a homeowners insurance hazard when it causes flooding. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Extreme storms: Because it sits on the Atlantic Coast, Maryland is affected by tropical storms and hurricanes. Luckily, the state of North Carolina, which sits directly south, provides something of a buffer from these storms. As such, Maryland rarely is hit by major hurricanes of category 3 or higher. Maryland averages 35 days of thunderstorms per year. The state also experiences tornadoes occasionally, but on average, there are only 3 per year. While this is not extremely high, tornadoes and hurricanes are violent and powerful storms. Even mild ones can cause massive property damage, so awareness and preparation are the only way to combat these potentially devastating weather events.

Maryland Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Al Redmer, Jr.
Insurance Hotline:
(800) 492 – 6116 (Ext. 2458)
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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