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Best homeowners insurance in Maryland for 2023

USAA, Chubb, Allstate, Travelers and State Farm are some of the top California home insurance carriers.
Updated Sep 01, 2023
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Mortgage

Leaving so soon? Your custom quotes are just minutes away.

Compare the best homeowners insurance companies in Maryland

Using data from Quadrant Information Services, AM Best and the 2022 J.D. Power Home Insurance Study, we've compiled our list of the best homeowners insurance companies in Maryland.

USAA
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info
AM Best
A++
J.D. Power
884
/1,000
Average monthly premium
$65
Average annual premium
$777
Get a quote
Chubb
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Info
AM Best
A++
J.D. Power
809
/1,000
Average monthly premium
$116
Average annual premium
$1,393
Get a quote
Allstate
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Info
AM Best
A+
J.D. Power
815
/1,000
Average monthly premium
$119
Average annual premium
$1,430
Get a quote
Travelers
Rating: 3.3 stars out of 5
3.3
Bankrate Score
Info
AM Best
A++
J.D. Power
794
/1,000
Average monthly premium
$73
Average annual premium
$880
Get a quote
State Farm
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A++
J.D. Power
829
/1,000
Average monthly premium
$86
Average annual premium
$1,033
Read review
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

*Not officially ranked by J.D. Power due to eligibility restrictions

The top 5 home insurance companies in Maryland

USAA, Chubb, Allstate, Travelers and State Farm are among the best Maryland home insurance companies, according to our research. These companies earned high Bankrate Scores, indicating impressive customer service and financial strength ratings among other key factors. On top of that, the companies offer lower average annual premiums, allowing policyholders to find great coverage at a favorable price. If you're shopping for the best homeowners insurance in Maryland, you may want to consider comparing home insurance quotes from these four providers.

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

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.

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

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.

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

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.

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

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.

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

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.

How Bankrate chose the best home insurance companies in Maryland

When searching for the best homeowners insurance in Maryland, Bankrate's insurance editorial team started by reviewing the largest home insurance companies by market share in the state. We analyzed average premiums obtained from Quadrant Information Services, but we also reviewed coverage offerings, discounts, customer satisfaction scores from the J.D. Power 2022 U.S. Home Insurance Study and financial strength ratings from AM Best. We combined these metrics into a Bankrate Score on a scale of 0.0 to 5.0, which higher Scores meaning a more highly-rated company. Everyone's insurance needs are different, so it is important to understand what company may best fit your unique situation. Our Bankrate Score method can help you quickly see if a company could fit your needs.

Clock Wait
46
years of industry expertise
Search
122
carriers reviewed
Location
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

How much is homeowners insurance in Maryland?

The average cost of homeowners insurance in Maryland is $1,164 annually for a policy with $250,000 in dwelling coverage. That is less than the national average premium of $1,428 for the same coverage amounts, despite the state being more vulnerable to damaging weather events like hurricanes than Mid-Atlantic or Eastern states that are farther inland, like Pennsylvania. This may reflect lower prices for home repairs and related costs due to the state's ports, local resources, and other trade avenues. However, rates can vary even by ZIP code, so you may pay more or less based on your specific location within Maryland.

Average annual premium by dwelling coverage level in Maryland

$150K
$578
$250K
$777
$350K
$957
$450K
$1,130
$750K
$1,626
$150K
$924
$250K
$1,393
$350K
$1,852
$450K
$2,306
$750K
$3,722
$150K
$975
$250K
$1,430
$350K
$2,039
$450K
$2,679
$750K
$4,595
$150K
$604
$250K
$880
$350K
$1,142
$450K
$1,444
$750K
$2,661
$150K
$733
$250K
$1,033
$350K
$1,259
$450K
$1,556
$750K
$2,429
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Insurance prices vary across cities as they do across states. Based on our research, we've compiled five of the cheapest cities for homeowners insurance in Maryland. Along with each city's average annual rate, based on a policy with $250,000 in dwelling coverage, we've calculated how much cheaper each city is compared to the state average.

  • Elkridge: $1,018 — 12.5 percent below the state average
  • Clear Spring: $1,047 — 10.1 percent below the state average
  • Hancock: $1,050 — 8.8 percent below the state average
  • Hagerstown: $1,052 — 8.6 percent below the state average
  • Rohrersville: $1,052 — 8.6 percent below the state average

The five cities below are among the among the most expensive for home insurance in Maryland, on average.

  • Riverdale: $1,299 — 11.6 percent above the state average
  • Charlotte: $1,284 — 10.3 percent above the state average
  • Tilghman: $1,284 — 10.3 percent above the state average
  • Saint Mary’s City: $1,274 — 9.5 percent above the state average
  • Cobb Island: $1,272 — 9.3 percent above the state average

How to find the best cheap home insurance in Maryland

Home insurance is often required by lenders when mortgages are involved, but a home insurance policy can be useful even for homes bought in full. There are several coverage types and options, each geared towards helping to protect against the financial loss caused by various potential covered perils and disasters. Without a homeowners policy, owners are likely to end up paying out of pocket for the necessary repairs or replacements to their property from these damages. The following steps may be helpful when searching for a home insurance policy:

  1. Evaluate your options and needs. Consider what you want from your policy. For instance, do you need extended coverage for unattached structures, like a garage or a high-quality shed? Are you in a flood zone? Compare what you need from your policy to the types and amounts of coverage you might want.
  2. Consider multiple insurers. Shopping around between companies can give you a better idea of price range and coverage options. It also helps to focus on companies with strong financial and customer satisfaction ratings. Request free quotes from several home insurance companies that offer coverage in your area.
  3. Look for discounts. Rather than only considering the base quote, be sure to view each company's listed discounts to see where you might save. Keep in mind that some discounts may already be factored into quotes.
  4. Select the best fit for you. Based on cost, coverage options and amounts (and any other important variables to you), select the company that best fits your needs as determined in the first step. If that company is priced outside your budget, you may need to reduce coverage or select a runner-up company with lower costs.
  5. Apply for a policy. Once you've selected your insurer, it's time to apply for your policy. Most companies offer online applications, but you can also usually apply in-person or over the phone with an agent.
Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
Mortgage

Leaving so soon? Your custom quotes are just minutes away.

Common home insurance discounts in Maryland

Maryland requires that insurers offer at least one discount and does not limit how many they offer, as some states do. Some examples of home insurance discounts in Maryland include:

Home insurance coverage options in Maryland

If you live in Maryland, there are several additional coverage types you may want to consider in addition to the standard home insurance coverage. Maryland is one of the states that allow for hurricane deductibles, but the specifics will depend on your insurer. Whether closer to the coast and in danger of hurricanes, or farther inland and in a flood zone, there are several coverage types to help deal with the potential home perils in Maryland. These include:

  • Flood insurance: Most counties in Maryland are at an increased risk of experiencing a flood event, according to the Federal Emergency Management Agency (FEMA). Flood damage is not covered by homeowners insurance. You must purchase a separate flood insurance policy to obtain coverage through FEMA's National Flood Insurance Program or private insurers. If your home is damaged from hurricane-caused storm surges or flooding, flood insurance can often help with the costs.
  • Water backup coverage: This endorsement is designed to pay for the damages to your home's structure, your personal property or both if you experience water damage caused by a sewer or drain line backup. This most commonly happens in basements when sump pumps cannot keep up in heavy rain, but it can also happen from any sewer or drain line.
  • Identity theft coverage: Many homeowners insurance companies offer this endorsement, which helps pay for the cost of restoring your identity if it is stolen.

When shopping for home insurance, talking to a licensed agent can be helpful. An agent familiar with the needs of Maryland homeowners may be able to help guide you to appropriate coverage.

Frequently asked questions

Written by
Cate Deventer
Former Writer & Editor, Insurance
Cate Deventer is a writer, editor and insurance professional with over a decade of experience in the insurance industry as a licensed insurance agent.
Edited by Editor, Insurance
Reviewed by Director of corporate communications, Insurance Information Institute