Average homeowners insurance cost in Maryland

Why you can trust Insure.com

Quality Verified

At Insure.com, we are committed to providing the timely, accurate and expert information consumers need to make smart insurance decisions. All our content is written and reviewed by industry professionals and insurance experts. Our team carefully vets our rate data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data gathering. We maintain strict editorial independence to ensure unbiased coverage of the insurance industry.

Whether you’re buying a new home or safeguarding the one you already own, it’s important to have comprehensive homeowners insurance. However, the amount you’ll pay depends on the insurance company and the coverage limits you choose.

Homeowners insurance in Maryland costs an average of $1,707 a year, according to Insure.com’s study.

Read this guide to learn more about the average homeowners insurance rates in Maryland by insurance company and ZIP code.

Key Takeaways

Homeowners insurance costs an average of $1,707 a year, based on our analysis.
Of all the ZIP codes in Maryland, 20852 has the most affordable home insurance rates at around $1,363 annually.
In Maryland, State Farm provides the most affordable home insurance at an average annual premium of $1,119.

Average home insurance cost in Maryland by coverage level

In Maryland, the annual homeowners insurance cost is $1,707, on average for the limits of $100,000 in liability, $300,000 in dwelling coverage and a $1000 deductible.

Increasing your dwelling coverage from $300,000 to $400,000 will raise your annual homeowners insurance premium to $2,123 in Maryland, with $100,000 in liability protection and a $1,000 deductible. Below are the average costs for homeowners insurance in Maryland based on dwelling coverage limits of $300,000, $400,000, and $500,000.

Coverage	Average annual rate	Average monthly rate
$200,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$1,311	$109
$200,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$1,318	$110
$300,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$1,707	$142
$300,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$1,715	$143
$400,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$2,123	$177
$400,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$2,131	$178
$600,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$3,019	$252
$600,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$3,028	$252
$1,000,000 with $1,000 Deductible and $100,000 Liability and 2% Deductible	$4,833	$403
$1,000,000 with $1,000 Deductible and $300,000 Liability and 2% Deductible	$4,843	$404

In Maryland, homeowners insurance companies set rates by assessing various risk factors. Your location, claims history and coverage limit all affect your premium.

If multiple claims have been filed in your neighborhood over the past few years, you’ll likely face higher home insurance rates than areas with fewer claims.

According to S&P Global Market Intelligence’s RateWatch application, the average homeowners insurance premium for owner-occupied homes nationwide increased by over 11% in 2023.

Best homeowners insurance companies in Maryland

It’s always a good idea to shop around and compare prices before purchasing homeowners insurance. Several factors come into play when choosing the best homeowners insurance company.

We evaluated homeowners insurance providers in Maryland by comparing their NAIC scores and AM Best ratings and compiled a list of the top insurers in the state. Based on Insure.com’s analysis, Travelers received the lowest NAIC score and an AM Best rating of A++. A lower NAIC score signifies fewer complaints relative to the company’s size, indicating greater customer satisfaction.

Company	Average annual premium	AM Best rating	NAIC Complaint Index	Overall score
Travelers	$1,452	A++	0.54	5
Farmers	$1,548	A	0.54	4.68
Chubb	$2,258	A++	0.18	4.63
State Farm	$1,119	A++	0.95	4.63
American Family	$1,900	A	0.37	4.56
Allstate	$1,651	A+	0.9	3.94
Nationwide	$1,902	A+	0.87	3.66

Average homeowners insurance cost by company in Maryland

State Farm provides the most affordable homeowners insurance in Maryland, with an average annual premium of $1,119. Travelers and Farmers also offer cheap home insurance rates.

Shopping around for homeowners insurance can help you save hundreds of dollars annually.

Here are the average annual and monthly insurance rates for homeowners in Maryland with a policy that provides $300,000 in dwelling coverage, $100,000 in liability protection, and a $1,000 deductible.

Company	Average annual rate	Average monthly rate
State Farm	$1,119	$93
Travelers	$1,452	$121
Farmers	$1,548	$129
Allstate	$1,651	$138
Erie Insurance	$1,675	$140
American Family	$1,900	$158
Nationwide	$1,902	$158
Chubb	$2,258	$188
USAA*	$1,780	$148

*USAA is only available to military community members and their families.

Maryland homeowners insurance rates by ZIP code

Insurance providers in Maryland factor in the risk of a given location when determining rates. ZIP codes with higher crime rates or frequent natural disasters are typically classified as high-risk, leading to increased premiums. Additionally, the cost of rebuilding or repairing homes in that area can affect your homeowners insurance costs.

To get the best deal on homeowners insurance rates in Maryland, take the time to shop around and compare quotes from multiple insurers. Additionally, don’t forget to ask about potential discounts, like bundling policies or a smart home discount.

Most affordable ZIP codes for home insurance rates in Maryland

Not every area in Maryland has the same home insurance cost. How much you pay for homeowners insurance in Maryland depends on many factors, including your ZIP code. Our data shows that 20852 ZIP has low-cost home insurance rates in Maryland, at about $1,363 a year or $114 monthly.

Below you can find homeowners insurance rates for some of the most affordable ZIP codes in Maryland.

ZIP code	Average annual rate	Average monthly rate
20852	$1,363	$114
20814	$1,364	$114
20850	$1,370	$114
20832	$1,373	$114
20851	$1,375	$115
20817	$1,376	$115
21771	$1,377	$115
21157	$1,379	$115
20841	$1,380	$115
20833	$1,382	$115

Most expensive ZIP codes for home insurance rates in Maryland

Your ZIP code plays a significant role in determining the cost of your homeowners insurance. In Maryland, some areas face higher premiums due to factors like high crime rates, greater risk of natural disasters and higher living expenses.

In Maryland, 21824 has the highest homeowners insurance rates, at $2,665 per year.

Here, we’ve highlighted some of the most expensive ZIP codes in Maryland for homeowners insurance:

ZIP code	Average annual rate	Average monthly rate
21824	$2,665	$222
21842	$2,626	$219
21864	$2,476	$206
21817	$2,471	$206
21829	$2,433	$203
21862	$2,432	$203
21811	$2,394	$200
21866	$2,371	$198
21813	$2,357	$196
21841	$2,336	$195

Home insurance rates vary from one city to another. But with Insure.com, finding the right home insurance policy is easy. Learn more about homeowners insurance costs for different cities below.

Home insurance rates in Maryland by city

See rates in your city

Home insurance rate trend in Maryland

We analyzed home insurance rate trends in Maryland and found that homeowners insurance rates experienced an overall increase of 5% or $85, from 2022 to 2023.

The following data highlights the changes in homeowners insurance rates since 2019.

2019 rates	2022 rates	2023 rates
$1,459	$1,622	$1,707

Finding the right homeowners insurance requires thorough research and comparing rates from different insurers, as each has its own way of assessing risk. By gathering quotes from at least three companies, you can increase your chances of getting the most affordable coverage in Maryland.

Resources & methodology

Source

S&P Global. “US homeowners insurance rates jump by double digits in 2023.” Accessed September 2024.

Methodology

Insure.com worked with Quadrant Information Service to get homeowners insurance data. We analyzed 20,739,560 insurance quotes from 82 national and regional insurance companies across 34,588 ZIP codes to determine the average premiums.

The insurance rates are based on a sample profile of a homeowner with good credit and the following coverage level:

$300,000 dwelling coverage
$100,000 liability protection
$1000 deductible

We have taken into account 3 important factors such as average annual cost, NAIC score and AM Best rating, to determine the list of best homeowners insurance companies. The quoted insurance rates are for comparison purposes, and your individual rates may vary.

Shivani Gite

Contributing Writer

Shivani Gite is a personal finance and insurance writer with a degree in journalism and mass communication. She is passionate about making insurance topics easy to understand for people and helping them make better financial decisions.