Get the best homeowner’s insurance rates in Maryland and pay less! Although prices seem to typically rise each year, there are several options that will help you lower premiums, and put more money in your pocket. As one of your most important assets, you need to protect the value, and make certain major repairs and damage are covered. Get instant pricing online for any properties you own by using our free calculator.
Prices have been increasing in recent years, and some of the rate hikes have been substantial. Although coverage on the dwelling and contents grow to keep pace with inflation, premiums typically should not go up this fast. A combination of weather-related claims and higher incidences of theft have been partially to blame. 2023 prices have remained fairly level, or slightly increased. Coverage amounts on dwelling and personal property have also slightly increased to keep pace with inflation and building costs.
Nationally, Maryland rates rank 10th (from lowest to highest). The states with lowest average prices are Kansas, Oklahoma, Colorado, Missouri, Florida, Minnesota, Kentucky, Kansas, South Dakota, and Tennessee. The states with the highest average prices are Maine, Pennsylvania, Hawaii, Delaware, West Virginia, Utah, Idaho, Vermont, Nevada, and New Jersey.
There are many ways to save money on your homeowner’s insurance rates in Maryland. And no, selling your house and moving to an apartment is not one of them! We help explain these rate reductions and show you how you can reduce your premium, and still retain and leave unchanged the core components of your policy. Although we are better recognized for writing about the best auto insurance companies in Maryland, we believe you’ll find our list of home discounts quite helpful.
Bundle Up!
The multi-policy discount will benefit you in two ways. Firstly, you will immediately see a 10%-25% reduction in your rates (the discount fluctuates between carriers) when you insure your vehicle and home with the same company. And of course, your auto insurance premium will also reduce, possibly as much as $100-$300 per year. Since vehicle insurance rates are generally higher than homeowner’s premiums, the discount is very helpful. And the reduction remains level each year.
Secondarily, having several lines of business with a company somewhat insulates you against cancellation or termination of policies. Of course it won’t prevent your policy to be canceled after three house fires! But it will provide additional leverage if the number of claims you submit places you in a high-risk category for cancellation. Typically, three submitted claims within a 5-7 year period can create an underwriting flag that may result in a cancellation.
But if you currently insure your automobiles and house with separate companies, combining them could make a tremendous difference in what you pay. In addition to the multi-policy discount, it’s very possible that by simply comparing car insurance rates with multiple insurers, the savings could be hundreds of dollars of savings every six months when you receive the renewal statement. Combining contracts is often a big money-saver, and provides limited insulation from an underwriting cancellation.
Retired Discount
Discounts For Your Maryland Home Insurance
Another big premium-saver occurs if all of the adults in the household are retired. Usually, at least one of the household members must also be 55 or older. If someone works part-time, that still may be acceptable. The rate reduction is typically in the 5%-15% range, but it is applied every year, so it’s easy money that gets put back in your pocket. Generally, retirements before age 55 do not generate a discount.
Sometimes, there will be higher reductions for persons 65 or older. The assumption is that you spend more time inside the home. At this time, there is not a major reduction given to applicants over the age of 75. However, positive claims results may sway insurers to offer a price reduction. Discounts for home monitoring may also be introduced within the next few years.
As actuarial data is studied, it’s possible a change could be made in the next five years. The biggest concern is potential health-related issues that could cause or contribute to an accident or extra liability exposure. Condo and renters policies will often offer these same Senior discounts, although the amounts may be slightly less. One of the largest factors in determining renters policy premiums is the incidence of theft in the surrounding area of the policyholder, and of course, claims history.
Alarm Systems
Of course, an obvious money-saver is owning an alarm system, especially a system that is professional-monitored. Every major Maryland homeowner’s insurance carrier offers this discount. The “central” system will save the most money. Typically, this type will notify a local police and/or fire department if there is an attempted break-in or the smoke detectors go off. Usually this will reduce your premium about 15%. Occasionally, the reduction may be as much as 25%, depending on the effectiveness of the system.
Many system upgrades are offered by manufacturers, which could result in additional savings. SimpliSafe offers many alarm system packages that are easy to install, and provide discounts on most home policies.
A “local” alarm system is still armed by the owners of the home from a keypad usually located near a major entrance. However, additional keypads can also be purchased. If the alarm is tripped, an incredibly loud buzzer will go off. I know it’s loud because each of our children (when they were younger) reminded us of that (by accident)! Since the police are not automatically contacted, the discount may only be 5%. These types of systems can be easily upgraded, and installation is very simple..
Many new and inexpensive alarm systems have become available within the last five years. Several popular options are Frontpoint, Vivint, ADT, SimpliSafe (see above), Protect America, Link Interactive, Scout, Nest Secure, LifeShield, and Brinks. Homes without alarm systems are three times more likely to be burglarized than homes with an alarm system. “Ring” doorbell/alarm systems are very inexpensive and can be quickly installed with easy exterior door and window coverage.
Central System Is Best
A “central” alarm may not cost anything to install, but there will be a monthly monitoring fee. This can range from as little as $25 to as much as $150. Usually, these fees are negotiable, so shop around if you are considering buying this type of system. A local experienced company will likely offer you the best service. Never purchase a system from any type of telemarketing call you receive. Their sole purpose for calling is to obtain your credit card information.
And what about the fake alarm stickers and cameras you can purchase to place around the perimeter of your home? I don’t know of any carriers that will consider them, but it may not be a bad idea if you can’t afford an alarm. You can probably order a set of four or eight stickers very inexpensively. And the fake alarm camera does look real and is typically high enough that nobody will want to touch it. However, after about three years of snow, rain, wind and hail, your fake “system” may need to be replaced.
Look Above Your Head
This Is A Very Expensive Roof!
Are you thinking of getting a new roof? If you need one, and actually replace your existing roof, many home and auto insurance companies in Maryland will cut your premium. The main reason is that the risk of damage to the roof will have reduced, and often there are warranties from the roofing companies that may pay some damages, if the shingles were faulty. Each roofer is different and, of course, don’t buy a new roof just for the discount!
A new home (as well as a new roof) generates a big discount, often as much as 25%. Newer houses typically translate into fewer claims and a smaller chance of problems. Therefore, your rate is substantially reduced. Also, newer, and more modern shingle designs provide more protection and last longer, which helps reduce your premium.
Impact-resistant roofing materials are also a great way to cut down on potential claims. Hail claims are greatly diminished since pellets typically bounce off the roof without causing damage. It’s also possible that fallen small and medium-sized branches will not cause harm either. Each carrier has their own set of underwriting criteria, so check with the carrier before making changes to the roof.
There are also multiple options regarding how comprehensive you want your roof coverage to be. By electing a separate deductible and/or higher out-of-pocket expenses (if you submit a roof claim), you’ll save money each year, since roof claims are among the most common. However, all carriers do not offer this benefit option and the amount of premium reduction varies.
Additional Unusual Discounts
Although not as common, several companies offer a credit if most (or all) of your wiring has been recently inspected and upgraded. Since the risk of fire reduces, everybody wins. Expect about a 2%-5% reduction every year. Proof of service and installation will probably be required. And of course, a professional electrician would have to handle the installation. Adding LED lighting will also save money, and provide more exterior light at no extra cost.
A “claim-free” reward is offered by almost every carrier, and it can easily save hundreds of dollars each year. Although larger claims must be filed, often it’s better to raise your deductible since it’s not advisable to constantly submit smaller claims. Multiple weather or natural disaster claims are treated more favorably by underwriters than fires, thefts, and vandalism.
Many years ago, a $100 or $250 deductible was common, and recommended by most companies and brokers. But now, a $500 or $1,000 deductible is much more cost-effective since it’s unlikely you will be submitting claims under the $250 threshold. As earlier mentioned, the quantity of submitted claims, as opposed to the amount of claim dollars spent, is often what underwriters take into consideration when determining to renew or cancel an in-force policy.
If you reside in a gated community (not a condominium community), because of the increased safety, a small discount may be applied to your policy. If your vehicle is parked under a roof or in a garage, the auto insurance policy may reduce. Home improvements occasionally will lower the premium if the structure becomes more safe.
And finally, scheduled jewelry riders are expensive. Depending on how many pieces you insure, and their combined value, you could easily add hundreds of dollars of extra premium to your policy every year. Check and verify that you still own all of the jewelry and want it scheduled. Also consider cheaper riders that provide extra coverage without all-risk coverage.
Although storing your jewelry in a safety deposit box isn’t fancy, and of course, not very accessible, the cost is fairly low (sometimes free, depending on how much business you have with the bank). Safety is not an issue and you don’t necessarily have to schedule the items on your policy since they are protected. The annual cost is approximately $50-$100. Certificate of Deposit holders may earn a waiver of the fee.
Sample Homeowner’s Insurance Rates In Maryland (Annual)
Washington County (Hagerstown) – Home insured for $198,900 with $1,000 deductible and $300,000 liability
$462 – Donegal Mutual
$494 – Cumberland Mutual
$497 – Farmers Insurance
$510 – Farmers Mutual
$512 – NGM Insurance
$569 – Unitrin
$570 – Cincinnati Casualty
$608 – Travelers
$629 – Teachers Insurance
$632 – Penn National
$655 – Allstate
$656 – CSAA
$774 – Erie
$782 – State Farm
$903 – Amica
Harford County (Bel Air) – Home insured for $278,100 with $1,000 deductible and $300,000 liability
$535 – Unitrin
$616 – NGM Insurance
$631 – Farmers
$651 – Donegal Mutual
$690 – Travelers
$714 – Cumberland Mutual
$732 – Cincinnati Casualty
$741 – Penn National
$799 – Frederick Mutual
$823 – Teachers Insurance
$826 – Hartford
$842 – Nationwide
$854 – Safeco
$880 – Mutual Benefit
$883 – CSAA General
Anne Arundel County – Home insured for $370,000 with $500 deductible and multi-policy discount
$464 – Safeco
$723 – Brethren Mutual
$780 – Farmers
$910 – Frederick Mutual
$971 – Peninsula
$1,002 – Teachers Insurance
$1,048 – AIG
$1,148 – Travelers
$1,174 – Esurance
$1,187 – Horace Mann
$1,213 – Erie
$1,296 – State Farm
$1,394 – Allstate
$1,457 – Nationwide
$1,491 – Amica
Carroll County – Home insured for $350,000 with $500 deductible and multi-policy discount
$464 – Safeco
$583 – Brethren Mutual
$762 – Farmers
$793 – Frederick Mutual
$898 – Erie
$846 – Travelers
$847 – Pharmacists Mutual
$915 – Penn National
$960 – Liberty Insurance
$987 – AIG
$1,071 – Unitrin
$1,123 – Esurance
$1,212 – State Farm
$1,237 – Cincinnati
$1,627 – USAA
Baltimore County – Home insured for $247,000 with $1,000 deductible
$701 – Pharmacists Mutual
$721 – NGM Insurance
$725 – Erie
$728 – Donegal Mutual
$763 – Farmers
$799 – Cumberland Mutual
$800 – Penn National
$831 – Esurance
$843 – Travelers
$852 – Teachers Insurance
$863 – Liberty Insurance
$895 – Unitrin
$910 – Horace Mann
$955 – Encompass
$1,008 – State Farm
Sample Condominium Insurance Rates In Maryland (Annual)
Queen Anne’s County (Stevensville) Contents covered for $50,000 with $500 deductible and $100,000 liability
$185 – Selective Insurance
$207 – Teachers Insurance
$219 – Horace Mann
$230 – State Farm
$233 – Penn National
$248 – NGM Insurance
$251 – Allstate
$251 – Cincinnati
$279 – Mutual Benefit
$284 – American Property And Casualty
$291 – Encompass
$308 – Chubb National
$313 – Hartford Fire
$358 – USAA Casualty
$389 – Nationwide
Talbot County (Easton) Contents covered for $50,000 with $500 deductible and $100,000 liability
$176 – Cincinnati
$207 – Teachers Insurance
$219 – Horace Mann
$230 – State Farm
$233 – Penn National
$237 – NGM Insurance
$257 – Allstate
$257 – Meridian Security
$279 – Mutual Benefit
$285 – AIG
$296 – Donegal Mutual
$313 – Hartford Fire
$321 – Encompass
$326 – Travelers
$338 – Lititz Mutual
Cheap homeowner’s insurance rates in Maryland are available and we’re committed to helping you find the lowest prices. Through a combination of smart shopping and utilization of available discounts, we are confident you’ll save money. Of course, when you bundle your home and auto policies with the same company, expect a generous discount.
The MD Homeowner’s Insurance Administration Guide released current annual rates which we have listed above. Prices are updated each year. Topics of the guide include tips for buying a policy, obligations after a loss, types of policies, coverage included in policies, factors in the cost of coverage, force-place coverage by lenders, why coverage is needed, and assistance for persons that can not secure coverage.