Maryland (MD) home insurance
A strong homeowners insurance policy offers peace of mind with financial security after a big storm, a burglary or another disaster that damages your home.
Navigating the Maryland homeowners insurance market can seem like a daunting task. If you do your research and know the facts about home insurance requirements in Maryland, you’ll be able to make the right purchasing decision for your home’s needs. There are a lot of factors that go into choosing the right home insurance in Maryland, such as your home type, budget and the potential hazards in the state. VIU by HUB can help you compare multiple offers when looking for a homeowners policy.
Maryland is a small state geographically, but it still has two large metropolitan regions: Baltimore and Washington, D.C., with many residents needing the right homeowners insurance coverage for their residences.
Maryland is also home to suburban neighborhoods and vast farmland. The most populous counties in Maryland include Baltimore County, Montgomery County, Prince George’s County and Anne Arundel County. Rural areas, like Washington and Somerset County, may have higher home insurance rates due to less infrastructure, such as fewer fire hydrants. As the population increases, there will continue to be a greater need for home insurance.
The median value of a home in Maryland is $338,500, with more than 67% of the homes in Maryland being owner-occupied. There are lots of different types of properties in Maryland, including townhouses, rowhomes, single-family homes, condominiums and multi-family dwellings. As in other parts of the nation, Maryland’s property values continue to increase, making housing more expensive for the average homeowner. Property owners need Maryland homeowners insurance to help maintain peace of mind, no matter what type of property they own.
The Chesapeake Bay and the Gulf Stream impact Maryland’s climate and temperature with hot, humid summers and moderately cold winters with occasional snow. Earthquakes and severe tornadoes aren’t common in Maryland. However, hurricanes can reach as far north as Maryland and may bring heavy rain, gusty winds or flooding, which is the costliest environmental hazard for homeowners in the state.
Having the right kind of home insurance policy allows Maryland homeowners to limit their financial risk to some of the state’s weather extremes. Since 2000, the most significant natural disasters in the state were Hurricane Sandy, Hurricane Ida, the 2012 heat wave, Hurricane Ivan and Hurricane Michael. These weather events caused billions of dollars in property damage for Marylanders.
There is no state law that requires homeowners to carry home insurance in Maryland. However, if you have a mortgage, your lender typically mandates a homeowners insurance policy to protect the investment. The Maryland Insurance Administration is a state-run agency that regulates the insurance industry in the state.
VIU by HUB allows homeowners to check out Maryland homeowners insurance rates and quotes so they have proper protection. With rising global temperatures, the weather may become more unpredictable in Maryland, leading to more extreme storms and heat waves.
Before you get homeowners insurance quotes in Maryland, you have to decide what type of coverage fits your needs. VIU by HUB works with consumers to build a policy that offers protection for their property and peace of mind.
At the heart of any homeowners insurance policy is the coverage for your dwelling. For most people, their home is their largest and most valuable asset. Maryland residents can choose broad forms of Dwelling Coverage to cover the costs of their home in case damage. Examples of covered perils include fire, lightning, hail, wind, ice, explosion, civil commotion and more.
If you live in a condominium, you may get coverage through a different type of policy. Condominium Coverage includes the walls, floors and ceiling of your unit only. The roof and exterior of the condominium building get coverage from the condominium association's own commercial policy.
Personal Property coverage is also included in many policies. This covers the costs of repair or replacement for personal belongings inside the home.
Another essential element of a Maryland home insurance policy is Personal Liability coverage. If someone who doesn’t live with you injures themselves on your property, liability coverage helps with the associated costs. Liability may also cover the costs of other property damage you’re liable for.
Flood Insurance is an extra type of coverage that many homeowners in Maryland should have. Water damage from floods is usually not covered in a standard homeowners insurance policy. Flood coverage is available in a separate policy from an insurance company or from the National Flood Insurance Program.
Homeowners may also consider adding extras like Loss of Use coverage, which offers reimbursements for your temporary hotel or rental stays during insurance home repair. Another coverage to consider adding is Other Structures coverage, which covers fences, sheds or detached garages on the property.
The average yearly cost of homeowners insurance in Maryland is $1,320, or $110 a month. This is lower than the national average cost of homeowners insurance, which is $1,855 per year. This puts Maryland around the middle of the 50 states for annual insurance cost. Some factors that influence the cost of your homeowners insurance are:
• Value of the property.
• Deductible options.
• Size of the home.
• Age of the home.
• Type of construction.
• Additional home security options.
• History of prior claims.
• Access to the local fire department and fire hydrants.
With VIU by HUB, Maryland residents can check out different coverage levels for their homes and get quotes for policies. Homeowners can see homeowners coverage quotes in Maryland in an easy-to-read format and make the right decision for their financial future and to protect this valuable investment.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
