Maryland’s four-season weather and proximity to the coast means that homeowners can expect everything from winter storms to coastal weather events, all of which can cause significant damage to homes.
Despite the varying weather-related risks, the average cost of homeowners insurance in Maryland is $1,539 per year or $128 a month. This is around 12% lower than the national average of $1,754.
Compare the best homeowners insurance companies in Maryland
Of the companies we looked at, State Farm has the lowest home insurance rates in Maryland, with an average annual policy cost of $1,311 per year — a little less than half of the state average. Erie has the next lowest average rates at $1,423 per year.
Policygenius analyzed thousands of quotes from the 5 largest Maryland insurers to find the average cost of homeowners insurance with each company in 2022. We then looked at 2021 J.D. Power customer satisfaction scores and compared that with the coverage needs of Maryland residents to find the best homeowners insurance in Maryland.
Company | Average monthly cost | Policygenius rating | |
|---|---|---|---|
$122 | 4.8 out of 5 | ||
$209 | 4.5 out of 5 | ||
$180 | 4.5 out of 5 | ||
$127 | 4.5 out of 5 | ||
$172 | 4.4 out of 5 |
Methodology & why you can trust our rates
Policygenius has analyzed home insurance rates provided by Quadrant Information Services in March 2022 for ZIP codes in all 50 states plus Washington, D.C., for a 40-year-old female homeowner with no claim history, good credit, a $1,000 deductible, and the following coverage limits:
Dwelling: $300,000
Other structures: $30,000
Personal property: $150,000
Loss of use: $60,000
Liability: $300,000
Medical: $1,000
All rates based on the above coverage limits except where otherwise noted.
Some carriers may be represented by affiliates or subsidiaries. Rates provided are a sample of costs. Your actual quotes may differ.
Best company for cheap average rates: State Farm
2024 Policygenius award winner
State Farm
4.8
Bundle home & auto
Offers extended replacement cost
Offers flood insurance
Offers earthquake insurance
Wind/hail deductible
Offers wildfire insurance
Why we chose it
State Farm is one of the best home insurance companies in Maryland thanks to its large selection of policy options, high customer service marks, and industry-best financial stability ratings.
Pros and cons
Pros
Top-tier coverage add-ons, including extended replacement cost coverage
High customer satisfaction and financial strength ratings
Cons
No discounts for first-time homebuyers
More details
Why we chose State Farm
State Farm is one of the best home insurance companies in Maryland, especially if you want to add coverage to a basic policy. State Farm lets homeowners get extended replacement cost coverage for their homes, replacement cost coverage for their personal property, water backup protection, and more.
State Farm's customer service is highly rated, too. The company has received high ratings from policyholders, according to J.D. Power’s 2022 customer satisfaction, claims, and digital experience surveys. It has also received the highest rating possible from A.M. Best for financial strength and stability.
How do State Farm home insurance rates compare to the Maryland average?
The average cost of home insurance from State Farm in Maryland is $1,311 per year, which is 15% cheaper than the statewide average.
How to get a quote
Online through State Farm or by contacting your local State Farm agent.
Best for customer service: Erie
2024 Policygenius award winner
Erie
4.5
Mobile app
Bundle home & auto
Why we chose it
Erie's wide range of coverage options, industry-best customer service ratings, and affordable rates make it one of the best home insurance companies in Maryland.
Pros and cons
Pros
Guaranteed replacement cost comes standard on Erie policies
Excellent customer service and claims satisfaction ratings
Cheap rates
Cons
Just three available discounts
Can’t get quotes or file claims online
More details
Why we chose Erie
Erie is one of the best homeowners insurance companies in Maryland for residents who want to add more protection to a basic policy, get top-rated customer service, and pay cheaper-than-average premiums.
Home insurance policies from Erie come standard with guaranteed replacement cost coverage — which you often have to pay extra for at other companies. A basic policy also covers lost and misplaced items, jewelry, and gift cards to closed businesses.
Erie also offers a range of add-ons that you can purchase, like short-term rental coverage, equipment breakdown coverage, water backup protection, underground service line coverage, and more.
How do Erie home insurance rates compare to the average in Maryland?
The average cost of Erie home insurance in Maryland is $1,423 per year, which is 8% cheaper than the state average of $1,539 per year.
How to get a quote
Online through Erie
Best for coverage options: Nationwide
2024 Policygenius award winner
Nationwide
4.5
Bundle home & auto
Mobile app
New homebuyer discount
Offers extended replacement cost
Why we chose it
Nationwide is one of the best homeowners insurance companies in Maryland for people who want complete coverage. You can strengthen a basic Nationwide policy with the company's range of coverage add-ons.
Pros and cons
Pros
Multiple high-quality coverage options
Highly rated for claims satisfaction with J.D. Power
Cons
Rates are higher than average
Below-average customer satisfaction and digital experience ratings
More details
Why we chose Nationwide
Nationwide is the best homeowners insurance company for those who can take advantage of its large selection of coverage options. These include guaranteed and extended replacement cost coverage, better roof replacement, new belongings coverage, water backup protection, and equipment breakdown coverage.
Nationwide has also received high ratings from J.D. Power for claims satisfaction, and it ranks fifth on J.D. Power's Property Claims Satisfaction Study from 2022. The company also receives far fewer complaints than other insurers, according to the National Association of Insurance Commissioners.
Although we found that Nationwide's rates are more expensive than average in Maryland, you might be able to lower your premiums with the company's discounts. These include discounts for bundling, renovating your home, buying a new home, and others.
How do Nationwide home insurance rates compare to the Maryland average?
The average cost of Nationwide home insurance in Maryland is $1,694 per year, which is 10% more expensive than the state average of $1,539 per year.
How to get a quote
Online through Policygenius or Nationwide
Best for water backup protection: Homesite
Homesite
4.3
Bundle home & auto
New homebuyer discount
Offers flood insurance
Offers earthquake insurance
Offers extended replacement cost
Offers wildfire insurance
Why we chose it
Even though it's more expensive than average in the state, Homesite has some of the best home insurance in Maryland. You can choose from 15 policy add-ons to ensure your home is fully protected.
Pros and cons
Pros
15 policy add-ons for extra protection, including extended replacement cost coverage
Offers flood and earthquake insurance, plus complimentary wildfire protection and mitigation services
Cons
Low score in J.D. Power’s claims satisfaction study
Rates are more expensive than average
More details
Why we chose it
We chose Homesite as one of the best home insurance companies in Maryland because of its range of coverage options. These include guaranteed and extended replacement cost coverage, water backup protection, equipment breakdown coverage, and others.
Homesite also has decent customer service scores. The company scored below average on the J.D. Power Claims Satisfaction study, but it receives fewer complaints than expected according to the National Association of Insurance Commissioners.
How much does Homesite home insurance cost in Maryland?
The average cost of Homesite home insurance in Maryland is $1,713 per year, which is 11% higher than the statewide average.
How to get a quote
You can get a quote from Homesite by visiting Homesite’s website or by calling the company.
Best for short-term rental owners: Travelers
Travelers
4.4
Bundle home & auto
New homebuyer discount
Mobile app
Offers extended replacement cost
Offers flood insurance
Why we chose it
Travelers offers some of the best homeowners insurance in Maryland despite higher-than-average rates thanks to industry-best financial ratings and flexible policy options for most home types.
Pros and cons
Pros
Green home coverage and discounts
Offers short-term rental coverage for Airbnb hosts
Doesn’t require prior insurance on the home
Cons
Subpar customer service ratings with J.D. Power
Underwhelming number of available discounts
Higher than average rates
More details
Why we chose Travelers
Travelers is a reputable home insurance provider that offers comprehensive policy options. One of Travelers's benefits is its willingness to cover risks that other insurance companies won't. These risks include no prior insurance coverage, coverage for short term rentals, and liability protection for trampoline injuries if its fitted with protective netting.
How do Travelers home insurance rates compare to the Maryland state average?
The average cost of Travelers home insurance in Maryland is $4,189 per year, which is more expensive than the state average annual premium of $1,539.
How to get a quote
Online through Policygenius or Travelers
How much is homeowners insurance in Maryland?
The average cost of homeowners insurance in Maryland is $1,539 per year, or roughly $128 a month, for an insurance policy with $300,000 in dwelling coverage. This is 12% lower than the national average of $1,754 per year.
Maryland homeowners insurance rates by city
Looking at average home insurance costs for the 15 most popular insurers in Maryland, we found that the cheapest homeowners insurance company in almost every city in the state is State Farm. While insurance companies will consider many factors when determining your home insurance rates, your home’s location has perhaps the biggest impact on your final premium. But even if home insurance is expensive where you live, you can often find affordable coverage in Maryland.
Here’s a look at the average cost of home insurance in the 20 largest cities in Maryland.
City | Average monthly cost | Average annual cost | Difference from state average (%) |
|---|---|---|---|
Baltimore | $152 | $1,826 | 19% |
Frederick | $116 | $1,392 | -10% |
Gaithersburg | $113 | $1,352 | -12% |
Rockville | $112 | $1,342 | -13% |
Bowie | $126 | $1,514 | -2% |
Hagerstown | $122 | $1,464 | -5% |
Annapolis | $120 | $1,445 | -6% |
College Park | $139 | $1,664 | 8% |
Salisbury | $130 | $1,563 | 2% |
Laurel | $133 | $1,591 | 3% |
Greenbelt | $137 | $1,642 | 7% |
Hyattsville | $134 | $1,613 | 5% |
Westminster | $116 | $1,392 | -10% |
Cumberland | $129 | $1,542 | 0% |
Takoma Park | $118 | $1,415 | -8% |
Easton | $137 | $1,648 | 7% |
Aberdeen | $126 | $1,513 | -2% |
Elkton | $130 | $1,557 | 1% |
Cambridge | $143 | $1,711 | 11% |
La Plata | $135 | $1,622 | 5% |
Maryland homeowners insurance rates by coverage amount
The table below highlights the average annual premium in Maryland for five different levels of dwelling coverage, which is the part of your policy that covers structural damage to your home.
Generally speaking, more dwelling coverage means higher homeowners insurance rates, as shown in the table below.
Dwelling coverage limit | Average annual cost |
|---|---|
$100,000 | $818 |
$200,000 | $1,182 |
$300,000 | $1,539 |
$400,000 | $1,917 |
$500,000 | $2,358 |
Cheapest homeowners insurance companies in Maryland
The amount you pay for homeowners insurance primarily depends on your home's replacement cost and how much dwelling coverage it requires. Companies also set rates differently depending on how much coverage is in your policy. For example, a company that offers cheapest home insurance rates for a home with a low dwelling coverage limit may charge relatively high premiums for a home with high dwelling coverage limits. That's why it's so important to compare quotes from multiple companies.
Here's the average annual premium from 15 insurance companies in Maryland.
Company | Average annual cost |
|---|---|
Brethern Mutual | $681 |
$736 | |
$1,065 | |
Penn National Insurance | $1,176 |
$1,311 | |
$1,357 | |
$1,384 | |
$1,423 | |
Donegal Insurance | $1,432 |
$1,607 | |
$1,694 | |
$1,713 | |
$1,817 | |
$2,385 | |
$4,189 |
Cheapest Maryland homeowners insurance if you have an older home
The age of your home is one of the factors that impacts your insurance rates. Here are the rates for older homes in Maryland by company.
Company | Average annual cost |
|---|---|
Brethern Mutual | $702 |
Farmers | $943 |
Penn National Insurance | $1,193 |
Armed Forces Insurance | $1,357 |
State Farm | $1,464 |
Donegal Insurance | $1,492 |
Allstate | $1,514 |
USAA | $1,522 |
Erie | $1,559 |
Nationwide | $1,707 |
Homesite | $1,713 |
Chubb | $2,036 |
Pure Insurance | $2,385 |
State Auto | $2,702 |
Travelers | $12,344 |
Cheapest Maryland homeowners insurance if you have a history of claims
Filing multiple claims can impact your homeowners insurance rates. Here are the average rates for homeowners who have filed multiple claims.
Company | Average annual cost |
|---|---|
Brethern Mutual | $911 |
Armed Forces Insurance | $1,357 |
Donegal Insurance | $1,432 |
State Farm | $1,464 |
Penn National Insurance | $1,543 |
Farmers | $2,120 |
USAA | $2,247 |
Chubb | $2,744 |
Erie | $2,793 |
Homesite | $2,843 |
Nationwide | $3,133 |
Pure Insurance | $3,512 |
Allstate | $3,621 |
State Auto | $4,448 |
Travelers | $20,597 |
How to buy homeowners insurance in Maryland
With so many options for homeowners insurance in Maryland, shopping for homeowners insurance can seem overwhelming, which is why we provided Maryland homeowners with the insights and expert advice they need for a more convenient and informed comparison.
Frequently asked questions
How much does the average homeowners policy cost in Maryland?
The average home insurance rate in Maryland is about $144 a month or $1,733 a year —$19 lower than the national average of $1,754 for a home with $300,000 in dwelling coverage.
Do you need homeowners insurance in Maryland?
Homeowners insurance is not legally required in Maryland. However, if you have a mortgage on your property, your lender may require you to have home insurance to protect their investment in the property until the loan is paid off.
Why do some insurance companies charge higher home insurance rates to customers with a swimming pool?
Insurance companies consider swimming pools to be “an attractive nuisance,” which is a term used by insurers to describe anything that might be hazardous or cause harm to a child. Because of the liability risk a pool causes, insurance companies charge homeowners higher rates.
