Insuring a home in Maryland will require a homeowners policy with coverage for the typical named perils, and flood insurance may be needed. The best way to find the right homeowners policy at the right price is to compare quotes from different providers.

Buying a home is one of the biggest investments you can make in your life. For this reason, it’s important to have the right homeowners insurance policy to keep your home protected in case of a fire, hailstorm, burglary, or another unexpected incident.

You should have a good understanding of what will and won’t be covered before signing on to a policy. That’s why

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and

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broker and comparison app

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has put together a guide to everything you need to know about Maryland homeowners insurance.

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What is homeowners insurance?

Homeowners insurance policies provide protection for your home, everything inside, and the surrounding property. These policies usually offer financial coverage for things like personal liability, property damage, or the loss of the home.

In the United States, the average cost of homeowners insurance is $115 per month, or $1,387 per year.

Basic components of homeowners insurance

Standard homeowners insurance policies usually contain the following coverages:

Coverage A (Structure): Covers repairs or replacement of the actual house.

Coverage B (Additional structures): Pays for repairs or replacements of other structures like sheds, fences, or pools.

Coverage C

(Personal property): Covers loss or destruction of personal belongings including furniture or electronics.

Coverage D (Additional expenses): Pays for expenses like a hotel room or food delivery if you lose part or all of your home. Also known as loss of use coverage.

Coverage E

(Personal liability): provides financial protection for legal expenses if someone is injured on your property.

You’ll be able to choose between a policy that covers actual cash value (ACV)—the amount your property is worth at the time of the loss—or a policy that covers replacement cost, the amount it will cost to replace the property with a comparable substitute. Most insurance companies generally make it mandatory for homeowners to buy coverage for at least 80% of the replacement cost.

MORE:

How do I calculate the replacement cost for my home?

Named perils

Homeowners insurance does not offer a standard comprehensive coverage. Your policy will only cover damages or losses caused by named perils, or the specific events listed within the policy, unless you have special coverage or endorsements. Typical named perils include:

Wind

Lightning

Hail

Fire

Explosions

Falling objects

Damage caused by vehicles

Vandalism

Theft

Riots

Make sure you carefully read over your homeowners insurance policy to understand what will—and won’t—be covered.

Is homeowners insurance required in Maryland?

The state of Maryland does not require homeowners insurance by law. However, most mortgage lenders will require you to purchase homeowners insurance as a condition of your mortgage.

How to get homeowners insurance

Whether you’re a first-time homeowner or looking for a new policy, the first thing you should do is compare quotes from different companies (download the

Jerry

app to make this easy!).

You should always get a quote for homeowners insurance from your car insurance provider, too. The premium listed may be a bit more expensive, but you should be able to save more money by

bundling home and auto insurance

policies.

Bundling discounts usually range from 5% to 15% or even higher, so it’s worth it to check out bundling options.

Recommended homeowners insurance in Maryland

The primary perils Maryland homeowners face are theft, hurricanes, and flooding. Basic homeowners policies should provide coverage for theft and hurricanes (at least the wind damage portion), but you may need to do extra work to be protected from flooding.

These are three methods to help protect your home against flood damage:

Water backup coverage can cover costs of water removal and repairs following a broken pipe.

Flood insurance

is available for purchase through FEMA’s

National Flood Insurance Program

(NFIP) or a referral. This coverage protects your house from flooding from an external source, like a torrential downpour.

HO-5 or open perils policies will cover any peril unless your policy specifically lists it as an excluded peril. Note that this option will be more costly.

MORE:

What are the major types of homeowners insurance?

Why is homeowners insurance in Maryland expensive?

The average cost of Maryland homeowners insurance falls just under the national average of $1,387 per year.

Premiums are based on some personalized factors, like marital status and credit score, but other factors common to all residents of the Old Line States also come into play.

Hurricanes

Maryland’s location on the east coast makes it vulnerable to hurricanes, which can result in home damage caused by wind and water. Hurricane season, and the insurance claims that typically come with it, is a contributing factor to higher homeowners insurance rates.

Theft and burglary

A fairly common claim in Maryland is burglary or theft. The higher the crime rates in your area, the higher you can expect your premiums to be.

Homeowners insurance discounts in Maryland

Insurance providers generally offer a selection of discounts for their customers. Take a look at the table below for examples of standard homeowners insurance discounts:

Discount	How to get it
Bundling	Bundling home and auto insurance may get you a significant discount on both policies.
First-time homeowner	You will most likely be offered a discount if this is your first home purchase.
Claims-free	Did you go a few years without any claims? You could be eligible for a discount.
Storm proofing	Putting in hurricane safety measures, like storm shutters or an upgraded roof, could result in a discounted rate.
Security system	Insurance companies can offer a discount if you have a security system to deter theft.
Upgraded fire alarm	If you set up your fire alarm to directly contact your local fire department, shorter response times may give you a discount.

How to save on home and car insurance

Buying a home can be stressful if it’s your first home or if you’re moving, but finding the right insurance policy doesn’t have to be. Shopping for insurance is easier than ever with

Jerry

Jerry is a licensed insurance broker and comparison app that will send you competitive quotes from top-rated insurance companies in under a minute. You can even look for

car insurance

policies at the same time you’re looking for

homeowners insurance

Choose the policy that best fits your needs, and Jerry will handle the rest, including helping to cancel your existing policy and fill out the paperwork for your new insurer.

If you ever have any questions along the way, Jerry’s team of knowledgeable and friendly agents are available by text or phone.

“
Jerry
let me customize my preferred auto and renters insurance so that I saved $100. I never even considered looking into Travelers but now they’re my policyholders! This app rocks.” —Jamie A.

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FAQs

Is flood coverage required in Maryland?

Flood insurance is not required by law, and it is not included in a standard homeowners insurance policy. It is recommended to purchase a separate flood insurance policy due to Maryland’s geographic location.

What is the average cost of homeowners insurance in Maryland?

In Maryland, the average cost of homeowners insurance is around $1,124 per year, or about $94 per month. Premiums will vary based on the homeowner and location, but this is the average rate.

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