Best homeowners insurance in Maryland for 2023

USAA

Best for military-focused coverage

Rating: 3.7 stars out of 5

3.7 Bankrate Score

JD Power: 884/1,000 AM Best: A++

Average annual premium

^$ 777 for $250k dwelling coverage

USAA Review Get a personalized quote

Average annual premium

^$ 777 for $250k dwelling coverage

USAA Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city

Why USAA made our list: USAA does not qualify for official ranking with J.D. Power because its membership is limited to military members, veterans and their qualifying family members. However, the company consistently receives high scores for customer satisfaction and traditionally offers low average rates for its insurance products. As such, it may be worth considering this insurance company if you qualify for membership. If you are a member of the military community, you may get some of the lowest rates in Maryland, as well as have access to military-focused coverage types like uniform coverage.

Who USAA may be good for: USSA may be good for eligible members who are interested in low average rates or who are looking for military-focused coverage.

Pros

• Home insurance premiums are lower than average
• Excellent third-party scores and ratings

Cons

• Eligibility limited to military members, veterans and their immediate families
• Mostly handles policy needs online or by phone

Maryland city	USAA avg. annual premium for 250K dwelling
Baltimore	$739
Ellicott City	$718
Glen Burnie	$759
Silver Spring	$762
Towson	$725

Chubb

Best for high-value homes

Rating: 3.5 stars out of 5

3.5 Bankrate Score

JD Power: 809/1,000 AM Best: A++

Average annual premium

^$ 1,393 for $250k dwelling coverage

Chubb Review Get a personalized quote

Average annual premium

^$ 1,393 for $250k dwelling coverage

Chubb Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city

Why Chubb made our list: Chubb's average Maryland premium is higher than the state's average, but the company provides more standard coverage options than the other companies on our list. Electronic data restoration, lock replacement and tree removal coverage are standard with Chubb. If you have a high-value home, Chubb may be a good fit; the company offers options tailored to the needs of luxury homeowners.

Who Chubb may be good for: Chubb could be a good choice for policies on luxury and other high-value homes.

Pros

• Coverage tailored to high-value homes
• Trained risk consultants available to inspect the home for preventative damage

Cons

• Average premiums are more expensive
• Eligibility restrictions may be apply based on dwelling coverage amount

Maryland city	Chubb avg. annual premium for 250K dwelling
Baltimore	$1,515
Ellicott City	$1,092
Glen Burnie	$1,409
Silver Spring	$1,433
Towson	$1,386

Allstate

Best for personalized coverage

Rating: 3.5 stars out of 5

3.5 Bankrate Score

JD Power: 815/1,000 AM Best: A+

Average annual premium

^$ 1,430 for $250k dwelling coverage

Allstate Review Get a personalized quote

Average annual premium

^$ 1,430 for $250k dwelling coverage

Allstate Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city

Why Allstate made our list: Although its average rates are higher than Maryland's average, Allstate may make up for the higher premium by offering a wide range of coverage types to help you round out your policy. You may be interested in adding yard and garden coverage, electronic data recovery coverage or business property coverage. The company also offers several discounts, including savings for new homebuyers, security systems, auto and home insurance bundle discount and claims-free customers.

Who Allstate may be good for:  Allstate offers extensive coverage options on its policies and may be a good choice when looking for a highly tailored policy.

Pros

• Several digital tools available
• Policies available online and through local agents in the state

Cons

• J.D. Power score is lower-than-average
• Coverage is more expensive, on average

Maryland city	Allstate avg. annual premium for 250K dwelling
Baltimore	$1,598
Ellicott City	$1,462
Glen Burnie	$1,574
Silver Spring	$1,346
Towson	$1,488

Travelers

Best for discounts

Rating: 3.3 stars out of 5

3.3 Bankrate Score

JD Power: 794/1,000 AM Best: A++

Average annual premium

^$ 880 for $250k dwelling coverage

Travelers Review Get a personalized quote

Average annual premium

^$ 880 for $250k dwelling coverage

Travelers Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city

Why Travelers made our list: Travelers provides many savings opportunities for homeowners and may be a good option for homeowners seeking robust coverage. Maryland homeowners may save by recently purchasing a home, having protective devices installed, having a certified green home and other ways. In addition to having a strong financial rating, Travelers also provides tools like OpenHouse for homeowners to gain insights into their home or a home you may be considering purchasing. 

Who Travelers may be good for: Travelers may be good for homeowners looking for a robust policy at an affordable price. Travelers offers multiple discounts that can help you save on coverage, even if you opt for additional protection.

Pros

• Superior financial strength rating from AM Best
• Additional tools and benefits through its partnership with BuildFax to enable homeowners to gain property insights

Cons

• Discount availability varies by state, so you may need to confirm discount availability with an agent
• Below average J.D. Power score

Maryland city	Travelers avg. annual premium for 250K dwelling
Baltimore	$937
Ellicott City	$830
Glen Burnie	$724
Silver Spring	$873
Towson	$762

State Farm

Best for local agencies

Rating: 3.2 stars out of 5

3.2 Bankrate Score

JD Power: 829/1,000 AM Best: A++

Average annual premium

^$ 1,033 for $250k dwelling coverage

State Farm Review Get a personalized quote

Average annual premium

^$ 1,033 for $250k dwelling coverage

State Farm Review Get a personalized quote

• Overview
• Pros and cons
• Average annual premium by city

Why State Farm made our list: State Farm has local exclusive agents across Maryland, so if you prefer to handle your insurance needs in person, the company might be a good fit. Additionally, State Farm offers solid online resources, including an informative blog and home inventory tool. State Farm does not offer as many discounts as many of its competitors, but you may save by insuring multiple policies, having a newer roof or installing a security system.

Who State Farm may be good for: State Farm may be a good choice for people who prefer dealing with live local agents in person.

Pros

• Local in-person agencies, online, mobile app and over-the-phone options
• Good coverage options without high deductibles

Cons

• Higher-than-average complaints tracked by the National Association of Insurance Commissioners (NAIC)
• Does not offer as many home insurance discounts as some other companies

Maryland city	State Farm avg. annual premium for 250K dwelling
Baltimore	$1,041
Ellicott City	$935
Glen Burnie	$1,103
Silver Spring	$950
Towson	$987

• Maryland home insurance rates methodology

  Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. 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.

• Bankrate Score methodology

  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.

• What is the cheapest homeowners insurance in Maryland?

  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.

• How do I get homeowners insurance in Maryland?

  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.

• Do I need homeowners insurance in Maryland?

  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.

• Can I get homeowners insurance in Maryland if I have bad credit?

  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.