The Cheapest Home Insurance in Maryland (2021)

Do you own a home in Maryland? Homeowners there pay an average of $95 a month. Let us help you to find a lower premium.

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The Cheapest Home Insurance in Maryland (2021)

Maryland homeowners pay an average of $95 a month for home insurance. Of the six most popular homeowners insurance providers in Maryland, Travelers has the lowest average rate of $64 a month. Where you live in Maryland, along with other factors such as the age and condition of your house, can affect your rate as well.

This article will cover:

How much is home insurance in Maryland?

The average cost of home insurance in Maryland is $1,140 a year, or $95 a month. This is 34% lower than the national average rate of $1,735 a year.

Maryland average home insurance rate vs. the national average
Region Annual rate Monthly rate
Maryland $1,140 $95
U.S. $1,735 $144
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

The cheapest home insurance companies in Maryland

Of the six largest providers of homeowners insurance in Maryland, Travelers has the lowest rate of $64 a month, 33% under the Maryland average rate of $95. State Farm offers the second-cheapest home insurance premium in Maryland at $78 a month.

Of the most popular home insurers in Maryland we studied, Allstate has the highest rate of $131 a month. They come in 38% higher than the Maryland average premium.

 

What are the best home insurance companies in Maryland?

In looking at the rates, policy offerings and customer care trends of the state's six most used providers, we noted Travelers, State Farm and Nationwide were the best homeowners insurance companies in Maryland for the following reasons:

Travelers: cheapest rates in Maryland and best for eco-friendly homes

Travelers has the cheapest average homeowners insurance premium in Mayland at $64 a month. The table below shows Travelers rates in Maryland's biggest cities:

Travelers average rates in Maryland's 10 largest cities
City Monthly rate
Annapolis $67
Baltimore $75
Bowie $65
College Park $55
Frederick $45
Gaithersburg $69
Hagerstown $44
Laurel $55
Rockville $53
Salisbury $70
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

On top of low rates, Travelers also offers great incentives for green homes. These include:

  • Reimbursing up to $10,000 to help pay the costs toward meeting green certification criteria after a rebuild.
  • Upwards of $25,000 toward recycling debris of property covered by policy using recycling facilities. Trees are excluded from this coverage.
  • Up to 10% of expenses covered to rebuild or fix with green materials and processes based on the loss amount paid.

Travelers also has an excellent track record for dealing with claims. The National Association of Insurance Commissioners (NAIC) Complaint Index reflects how well an insurer takes care of claims-related issues such as payout and response time. The lower the rating, the better. Travelers has a complaint index rating of 0.03%. Given that the national average complaint index rating is 1%, this puts Travelers on very strong ground.

State Farm: second-cheapest rates in Maryland and most popular home insurer

State Farm's average home insurance premium in Maryland is $78, $14 more a month than Travelers' average rate. Here are the average State Farm rates in Maryland's most populated cities:

State Farm's cheapest rates in Maryland's largest cities
City State Farm
Annapolis $70
Baltimore $86
Bowie $79
College Park $77
Frederick $69
Gaithersburg $72
Hagerstown $71
Laurel $71
Rockville $66
Salisbury $82
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Despite not having the lowest rates, State Farm is Maryland's most popular homeowners insurance company. State Farm carries 17.9% of the home insurance market share, with Allstate having the second-highest at 8.9%. 

Having been in business for just under a century now, State Farm has had a long time to build a strong reputation with its customer base. The company has a low complaint index rating of 0.06%. Furthermore, it has a ranking of 880 out of 1,000 in J.D. Power's 2021 Property Claim Satisfaction Study, just under the national average of 883. Despite being under the average, this is a surprisingly high ranking considering the size of the company.

Nationwide: best customer satisfaction

Nationwide's average home insurance rate of $94 a month is slightly below the state average, but that's not the company's key strength. Nationwide provides the best customer care of the Maryland insurers we surveyed.

In J.D. Power's Property Claim Satisfaction Study, Nationwide received a high rating of 892 out of 1,000. This is the highest rating of the Maryland home insurance providers we reviewed. The study is based on a company's capability to address factors such as settlement, estimation and repair processes and claim servicing. This puts Nationwide in a very strong position for customer satisfaction.

Furthermore, Nationwide has a 0.02% complaint index rating, based on its ability to deal with claim-based issues such as payout and speed of resolution. A rating this low under the national average of 1%, combined with their J.D. Power rating, puts them in the top spot for customer care in Maryland.

The cheapest home insurance rates in Maryland cities

The table below shows the average monthly rates of the top six providers in Maryland's biggest cities. Travelers has the lowest rate of $44 a month in Hagerstown, while Allstate has the highest rate of $173 a month in Salisbury.

Cheapest home insurance companies by city in Maryland
City Erie State Farm Nationwide Travelers USAA Allstate
Annapolis $76 $70 $83 $67 $99 $131
Baltimore $128 $86 $145 $75 $98 $170
Bowie $94 $79 $90 $65 $93 $129
College Park $92 $77 $91 $55 $95 $127
Frederick $60 $69 $80 $45 $81 $76
Gaithersburg $65 $72 $68 $69 $81 $92
Hagerstown $61 $71 $97 $44 $82 $83
Laurel $81 $71 $85 $55 $87 $131
Rockville $66 $66 $67 $53 $82 $92
Salisbury $125 $82 $104 $70 $132 $173
Grand Total $102 $79 $113 $67 $95 $140
Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary.

Methodology

We used Quadrant Information Services to generate thousands of home insurance quotes for every ZIP code in Maryland from the following providers: 

  • Allstate
  • Erie
  • Nationwide
  • State Farm
  • Travelers
  • USAA

Our sample home used the following policy specifications:

  • Dwelling coverage: $275,000
  • Personal property coverage: 50% of dwelling ($137,500)
  • Other structures coverage: 10% of dwelling ($27,500)
  • Loss of use coverage: 20% of dwelling ($55,000)
  • Liability coverage: $100,000

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