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Best homeowners insurance in Maryland of 2022

Updated Dec 05, 2022
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How Bankrate chose the best home insurance companies in Maryland

When searching for the best home 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.

Best home insurance companies in Maryland

USAA, State Farm and Chubb are among the best Maryland home insurance companies, according to our research. These companies earned stellar Bankrate Scores, indicating impressive customer service and financial strength ratings. 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 with these four providers:

USAA
Rating: 4.8 stars out of 5
4.8
Bankrate Score
Info Hover for more
AM Best
A++
J.D. Power
884
/1,000
Average monthly premium*
$67
Average annual premium*
$807
Get a quote
State Farm
Rating: 4.7 stars out of 5
4.7
Bankrate Score
Info Hover for more
AM Best
A++
J.D. Power
829
/1,000
Average monthly premium*
$85
Average annual premium*
$1,025
Read review
Chubb
Rating: 4.4 stars out of 5
4.4
Bankrate Score
Info Hover for more
AM Best
A++
J.D. Power
809
/1,000
Average monthly premium*
$113
Average annual premium*
$1,357
Get a quote
Allstate
Rating: 3.9 stars out of 5
3.9
Bankrate Score
Info Hover for more
AM Best
A+
J.D. Power
815
/1,000
Average monthly premium*
$117
Average annual premium*
$1,398
Get a quote
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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.

*Premiums are for $250K in dwelling coverage

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

Best home insurance company for military-focused coverage

J.D. Power:
884 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 807
USAA Insurance rview

Explore Bankrate's review

Best home insurance company for local agencies

J.D. Power:
829 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 1,025
State Farm Insurance rview

Explore Bankrate's review

Best home insurance company for high-value homes

J.D. Power:
809 /1,000
AM Best:
A ++
Avg. annual premium for 250k dwelling
$ 1,357
Chubb Insurance rview

Explore Bankrate's review

Best home insurance company for personalized coverage

J.D. Power:
815 /1,000
AM Best:
A +
Avg. annual premium for 250k dwelling
$ 1,398
Allstate Insurance rview

Explore Bankrate's review

How much is homeowners insurance in Maryland?

The average cost of homeowners insurance in Maryland is $1,136 annually for a policy with $250,000 in dwelling coverage. This is less than the national average premium of $1,383 for the same coverage amounts. The higher average cost for home insurance in Maryland may be due in part to its location on the Atlantic coast. The state is more vulnerable to damaging weather events like hurricanes than Mid-Atlantic or Eastern states that are farther inland, like Pennsylvania. However, rates can vary even by ZIP code, so you may pay more or less based on your specific location within Maryland.

Home insurance in Maryland

Each state has its own unique set of features that impact premiums and coverage choices. If you live in Maryland, being aware of these geographical factors can help you tailor your insurance coverage to your needs.

Common causes of loss in Maryland

If you live in Maryland, you should be aware of what kind of losses might affect your home. Some common causes of damage include:

  • Hurricanes: Maryland’s position on the coast leaves it vulnerable to hurricanes. In fact, over 427,000 Maryland homes are at risk for storm surge damage from Category 1 through Category 5 hurricanes, according to the Insurance Information Institute.
  • Theft and burglary: Nearly 73,000 larceny or theft crimes occurred in Maryland in 2020. Although that is a decrease of about 1https://health.maryland.gov/phpa/ohpetup/Shared%20Documents/EIP-RESOURCE/HomeFires.pdf9 percent from 2019, it is still a noteworthy number of incidents.
  • Fires: In 2014, the most recent year with compiled data, home fires in Maryland caused over $166 billion in structural and contents damage. Fires can start for a number of reasons and can cause devastating damage.
  • Water: In July and August, Maryland had thunderstorms once every five days, on average. These storms could cause water damage to homes if water enters through a damaged roof or siding. Additionally, water damage can happen when pipes freeze and burst during cold winters or when water backs up into a drain line in heavy rains.

Understanding the common losses in your specific area might help you to choose appropriate property insurance coverage.

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. 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.
  • 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.

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
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$382/year
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Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
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need insurance before getting a mortgage
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Written by
Cate Deventer
Insurance Writer & Editor
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 Managing Editor
Reviewed by Director of corporate communications, Insurance Information Institute