Homeowners Insurance in Maryland
Quote in 60 SecondsMaryland is known for an abundance of forests, fishing spots and plenty of delicious crabs. But its residents? You’ll be hard-pressed to find a crabby one in the bunch. Maryland residents are the friendly type — their airport was even named Friendship International Airport for quite some time (now called the Baltimore/Washington International Airport). A state this friendly deserves something great in return, right? That’s where we come in, offering modern homeowners insurance policies in Maryland.
Since we began to offer home insurance in Maryland, we’ve enjoyed getting to work in one of the happiest states in America. We like to think we’ve helped increase this happiness too, given Hippo helps Maryland residents save money on their policies. Read on for more info on how much you can save and the coverage you need.
How much is Maryland homeowners insurance?
Home insurance in Maryland will cost residents an average of $1,165 a year, not a far cry from the nationwide average of $1,200. However, when you consider just how many Ravens or Orioles tickets that can get you for a year of total home protection, it becomes well worth the cost (10 Ravens tickets or 38 Orioles tickets, to be exact).
Is home insurance required in Maryland?
The state of Maryland doesn't require you to get home insurance. However, your mortgage lender likely will, so it's a good idea to shop around for a policy if you plan on buying a home.
What factors influence my home insurance rate?
However, if you receive your yearly premium from your insurance company and find that the cost is slightly different than the one above, don’t panic. Home insurance premiums can differ depending on your home’s location, age and current condition. If you’re in a high-risk area (read: near the coast where hurricanes are more damaging and flooding is more common), you can expect to see a higher premium to reflect this risk.
Maryland Home Insurance Premiums
What does Maryland home insurance cover?
Like the wild horses that cover Maryland’s Assateague Island, your home insurance policy does the same for your home. A typical home insurance policy covers your home’s structure and its contents. It’ll also cover additional structures on your property, your personal liability and even any living expenses should you need to stay somewhere else while repairs are completed on your property.
You’ll be thankful your home insurance policy covers so much when you begin to experience the extremes of Maryland weather. The state is prone to snow, flooding, hurricane and tornado damage every year, so having an insurance company that has your back is key to life in the Chesapeake Bay State. It’s also worth noting that the state government requires all insurance providers to offer homeowners water backup coverage.
Maryland Insurance Coverage Options
Traditional coverage
Structure
Expenses
Protection
Structures
Possessions
Supplemental coverage
Tips for lowering home insurance rates
Layering up in the winter to avoid extremely high heating bills isn’t the only way to go about saving money in Maryland. Luckily, there are plenty of other avenues to explore that’ll save you enough money to crank up that heater with abandon whenever you need it.
First, making sure to winterize your home properly is crucial. Updating your roof, wrapping your pipes and installing a smart thermostat can not only save you money on your insurance premiums but also on your monthly utility bill. Other ways to save include installing smart home devices and making updates to your home (which can also improve your mental health) to improve its resilience to extreme weather.
Maryland home insurance resources
It’s no surprise that a state rated fifth for economic opportunity has plenty of home insurance resources for its residents. Whether you live on the Baltimore coastline or in-land in Hagerstown, the Maryland Insurance Administration is available to answer any questions you have, define confusing insurance terms and offer assistance when deciding on a policy.
But in case you don’t want to dig through their site to find the answers you need, we’ve also highlighted a few key things you need to know about home insurance in Maryland below. Have more questions? Just give us a call.
National Flood Insurance Program
Like every other state in the country, Maryland’s home insurance policies don’t offer flood insurance. To get this coverage — which a coastal state like Maryland definitely needs — you’ll have to go through the National Flood Insurance Program (NFIP). The NFIP is a government-run program that contracts out flood insurance policies to various insurance providers, meaning all you’ll need to do is let your insurance provider know you want this coverage. They’ll be able to take care of it from there.
Maryland Fair Access to Insurance Requirements Plan
If you find yourself dropped from your current policy or you’ve received multiple rejections from independent insurance providers, don’t worry. The Maryland FAIR plan, run by the Joint Insurance Association, was set up for this very situation. FAIR offers baseline coverage to homeowners who are unable to secure coverage anywhere else. But given how minimal FAIR coverage can be, it should be considered a last resort to protect the investment you made in your home.
We know that Maryland residents are smart. After all, one of the first few colleges in the United States resides in Annapolis. That’s why we offer the smartest homeowners insurance coverage possible, with more protection for the things you really care about, like your tech and collector’s items. Ready to make the smarter switch? Just enter your address, and you’ll get a quote in as little as 60 seconds.
