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Maryland Home Insurance - What's Happening

When it comes to Maryland home insurance, residents aren’t dishing out high premiums for coverage. Average premiums for Maryland home insurance were around $738 in Q2 of 2014, which is lower than the national average of $829. The state’s relatively tame weather may be a contributor to their mild premiums.

Despite Maryland’s spot on the East Coast, the state faces few natural disasters. Severe thunderstorms, flooding, winter weather and occasional hurricanes are the area’s main threats. While many perils are covered by standard home insurance, flooding is not. Many Northeast residents learned that the hard way when Super Storm Sandy hit. It’s always a good idea to work with a licensed agent when choosing your policy and setting your coverage.

The licensed agents at HomeInsurance.com are a great resource to help you find the right policy for your needs. Simply call the number on your screen or enter your ZIP code above and one of our knowledgeable agents will help you get started with Maryland home insurance.

Curious about car insurance? Click here to learn more about auto insurance in Maryland.


Maryland Home Insurance Report Card

We get that buying home insurance is complicated. We've demystified it by assigning each state grades based on information collected from HomeInsurance.com customers about their houses. It's a coloring-outside-the-lines approach that shows how factors about a home can affect what you pay for coverage.


A+

Home Grade

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A+

Property Grade

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A+

Bonus Grade

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A

Overall Grade

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Home (Grades related to the house itself)

On average, Maryland homes are smaller and relatively newer than homes in other states. Both of those factors served the state well in the realm of home insurance. Other benefits to homeownership in Maryland are low building costs and a high percentage of sump pumps.

A

Average year built

Built in 1979, the average Maryland home is only 1 year older than the average U.S. home.

A

Average home size

The average size of a MD home is 1,859 square feet, which is a bit smaller than the national average of 1,971 sq. ft.

A

Average replacement cost

At $268,999, the average replacement cost for a Maryland home is less than the U.S. average of $278,576.

A+

% of homes with sump pump

On average 43% of MD homes have a sump pump, compared with the U.S. average of 15%.

Property (Factors related to the property and location)

Property factors were a strong point for the state of Maryland. MD homeowners managed to avoid certain liability risks such as swimming pools and ATVs. On average, only 2.5% of MD homeowners have swimming pools, and even fewer own ATVs. Property features such as swimming pools and ATVs, while they may seem fun, can increase home insurance premiums due to their added risk of injuries and lawsuits. MD homeowners are smart to avoid them.

Another plus for Maryland was the state’s average insured cost of other structures (such as garages, fences, etc.), which is only $10,652 – substantially below the national average of $26,165.

Bonus (Other factors that influence your home insurance premiums)

B

% of homes with fire extinguishers

92% of MD homes reported having fire extinguishers, just a tad more than the U.S. average of 91.4%.

A

% of homes with dead bolt locks on exterior doors

97% of homes in the state have dead bolt locks – a boost for home security.

C

% of homes with smoke detectors

97% of KY homes have smoke detectors, which is about 1% below the national average. Smoke detectors can help keep small fires small.

A+

% of homes with security alarms

22% of homes reported having security alarms, higher than the U.S. average of 19.7%.

Overall Grade - A (top notch)

In terms of home insurance, the state of Maryland is an ‘A’ student. The Old Line State has smaller homes and low building costs, both of which are positives in the world of home insurance. MD also impresses with the amount of homes with sump pumps – useful in preventing water damage. Marylanders also take home safety precautions such as installing security alarms and deadbolt locks.

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