Maryland Home Insurance

Home insurance premiums are influenced by a number of different factors including home values, location, and threats from natural disaster and crime, to name a few. In Maryland, homeowner’s insurance premiums have remained lower than the national average in recent years. For more information, check out the following statistics.

Enter Your Zip Code:

Stats in Your State

Maryland's home values have consistently come in under the national average, and have dipped even lower in recent years. This is reflected in the amount residents pay in homeowner's insurance premiums. Renters in the state also pay significantly lower premiums than the U.S. average.

Homeowner Insurance Premiums

These facts and figures were collected by the U.S. Census Bureau and compare home insurance premiums in the state to national statistics. In 2008, Maryland homeowners paid an average of $637 for insurance coverage, while national figures came in at $791 for the year.

Renter Insurance Premiums

Renters in Maryland also enjoy lower than average insurance premiums. In fact, in 2008, figures from the U.S. Census Bureau estimate renters in the state paid an average of $132 for the year compared to $176 nationally.

Existing Home Sales

In 2010, the average sale price for existing homes in Maryland was $74,500. This was after reaching a decade high of $140,600 in 2004. Home values in Maryland were significantly less than the national average of $98,160 in 2008.

Flood Insurance in Region

It's important to understand that a traditional homeowner's insurance policy doesn't usually cover flood damage; rather, a separate policy should be purchased if you live in an at-risk area. From October 2011 through September 2012, 800 claims for flood damage were filed in Maryland, totaling $10,597,000 in damages.

Homes Built

While the demand for newer construction homes is stronger in Maryland than some other states, structures built before 1999 makeup up nearly 90% of homes. Still, regardless of the year your home was built, you should be sure to complete a home inspection prior to finalizing a sale. Understanding the features of your home more fully will also help you when shopping around for home insurance coverage.

Rules in Your State

While you are still making mortgage payments, your lender will require you to have insurance to cover the replacement cost of the house in case of disaster. However, even if you have paid off your home, this is likely one of the largest investments you have made and should be adequately protected. Insurance will not only protect the structure of your home, but also your personal belongings should you suffer a loss as the result of crime, natural disaster, or other unfortunate event.

Joint Insurance Association: The Maryland Joint Insurance Association was created in response to federal legislations requiring fair access to insurance. If you have been denied coverage by a private insurance company, you may qualify for limited protection through the Maryland Property Insurance Availability Program.

Important Consumer Notifications: Consumers are entitled to these important notifications regarding their homeowner's insurance: --An Annual Summary of Coverages and Exclusions: This summarizes what exactly is covered and what is not covered under your home insurance policy. You should receive this statement when you initially purchase your policy and each time you renew. --Notice Regarding Flood Insurance and Statement of Additional Optional Coverages: Insurance companies must notify you that flood insurance is not covered under a standard home insurance policy and inform you of your options for this supplemental coverage when you purchase a new policy.

Representatives & Resources in Your State

If you have further questions about homeowner's insurance coverage or your rights as a consumer, below are a few resources to check out. In addition, if you feel you need to file a complaint, you can do so through the Maryland Insurance Administration, online or by mail.

Maryland Insurance Administration
200 St. Paul Place
Suite 2700
Baltimore, MD 21202
Get Directions
410-468-2000
1-800-492-6116
File a complaint

Joint Insurance Association
170 W. Ridgely Road, Suite 230
Lutherville, MD 21093
Get Directions
410-539-6808
1-800-492-5670