Best homeowners insurance in Maryland for 2023

Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:

• Coverage A, Dwelling: $150,000, $250,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
• Coverage F, Medical Payments: $1,000

The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).

These are sample rates and should be used for comparative purposes only. Your quotes will differ.

Our 2023 Bankrate Score considers variables our insurance editorial team determined impacts policyholders' experiences with an insurance company. These rating factors include a robust assessment of each company's product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company's total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.

• Tier 1 (Cost & ratings): To determine how well auto and home insurance companies satisfy these priorities, 2023 quoted premiums from Quadrant Information Services (if available), as well as any of the latest third-party agency ratings from J.D. Power, AM Best and the NAIC, were analyzed.
• Tier 2 (Coverage & savings): We assessed companies' coverage options and availability to help policyholders find a provider that balances cost with coverage. Additionally, we evaluated each company's discount options listed on its website.
• Tier 3 (Support): To encompass the many ways a home insurance company can support policyholders, we analyzed avenues of customer accessibility along with community support. This analysis incorporated additional financial strength ratings from S&P and Moody's and factored a company's corporate sustainability efforts.

The cheapest home insurance in Maryland for you will depend on a variety of factors. Your home insurance premium is determined by factors including the age of your home, your claims history, what coverage options you choose and what discounts you qualify for. Getting quotes from several carriers might help you compare prices to see which company offers the coverage you need at a price that fits your budget.

You will first need to get a homeowners insurance quote. To do this, you may be able to access an online quoting tool, call an insurance company or visit a local agency. You will need your address, your date of birth, the year your home was built and an idea of the coverage you would like to purchase. You may also need information about your home’s features, like if you have upgraded kitchen cabinets or custom features. Once you have received a quote and decided to proceed, a representative from the company will let you know the next steps. These may involve signing an application and making a premium payment, unless your policy is paid from your escrow account and billed to your mortgage company.

Homeowners insurance coverage is not legally required in Maryland or any other state. However, your lender will likely require you to obtain a home insurance policy if you have a mortgage loan on your home. It’s worth noting, though, that having a policy in place could be beneficial even if your home loan is paid off or the property was purchased with cash. Not only does a homeowners insurance policy help protect your finances from covered losses that require repairs or rebuilds, but it could also provide liability and personal property coverage, or other optional coverage.

Yes. Maryland, along with a few other states, do not use credit as a rating factor in the same way as many other states. Maryland uses some credit-related information when rating auto insurance policies but does not use credit as a factor for homeowners insurance policies.