Best Maryland Homeowners Insurance (2024)
- Expertise: Auto insurance, home insurance and renters insurance
- Education: Sonoma State University (BA in English)
Aaron Besson has worked at LendingTree for more than seven years and has been a staff writer for the last five years. He specializes in producing research-backed content about auto, home and renters insurance. Aaron enjoys the deep dig into insurance data to get the right answers to hard questions. His work has been cited by CBS, iHeart Radio, the Sacramento Bee and Yahoo.
Erie is Maryland’s best home insurance company overall. Allstate has the best policy discounts, while USAA is the best choice for military members.
Travelers has the cheapest home insurance rate in Maryland, at an average of $1,384 a year. State Farm comes in second, at $1,448.
Maryland’s cheapest home insurance companies
Travelers is the cheapest home insurance option in Maryland, offering an average rate of $1,384 a year. State Farm is the second-cheapest home insurance company in Maryland, at $1,448 a year.
For comparison, the average homeowners insurance rate in Maryland is $1,810 a year.
Cheapest home insurance companies in Maryland
| Company | Average annual rate |
|---|---|
| Travelers | $1,384 |
| State Farm | $1,448 |
| Erie | $1,663 |
| State average | $1,810 |
| Nationwide | $1,838 |
| Allstate | $2,173 |
| Chubb | $2,407 |
| USAA* | $1,759 |
To get the cheapest home insurance for you, compare home insurance quotes from multiple companies while you shop.
Best homeowners insurance companies in Maryland
Erie is the best homeowners insurance company in Maryland, offering the best combo of cost and coverage.
Travelers has the state’s cheapest home insurance, with an average rate of $1,384 a year. Meanwhile, Allstate has the best selection of home insurance discounts. USAA has the best policy perks for military members, with Chubb best for coverage of luxury homes.
Maryland home insurance company comparison
| Company | Average annual rate | Overall satisfaction (higher is better) | Complaint index (lower is better) |
|---|---|---|---|
| Best overall: Erie | $1,663 | 888 (above average) | 0.50 (above average) |
| Cheapest rate and best for green homes: Travelers | $1,384 | 845 (below average) | 1.26 (below average) |
| Best discounts: Allstate | $2,173 | 868 (below average) | 1.81 (below average) |
| Best for military: USAA | $1,759 | 899 (above average) | 0.50 (above average) |
| Best for expensive homes: Chubb | $2,407 | 876 (above average) | 0.09 (above average) |
Sources: J.D. Power’s 2024 Property Claims Satisfaction Study and 2023 complaint data from the National Association of Insurance Commissioners (NAIC).
Best overall: Erie
Combining home insurance cost and coverage, Erie comes out on top in Maryland. Erie has an average rate of $1,663 a year, the third-cheapest rate in the state. It’s also one of the few companies in Maryland with an NAIC complaint index above the 1.0 average rating. This suggests it does a good job of resolving claim-related complaints.
| Pros | Cons |
|---|---|
| Below-average home insurance rates | Not many discounts |
| Good dwelling replacement coverage | Can’t file claim through app |
| Above-average complaint index rating | Few add-on coverage options |
Cheapest rate and best for eco-friendly homes: Travelers
Travelers has the cheapest average home insurance rate in Maryland, at $1,384 a year. It’s also an excellent choice if you have a green home, or are planning on going green. You can get a 5% discount if your house has Leadership in Energy and Environmental Design (LEED) certification.
| Pros | Cons |
|---|---|
| Cheap rates | Below-average customer satisfaction and complaint index |
| Good benefits for green homes | Low bundling discount (15%) compared to other companies |
| 24/7 customer service | May have a banned dog list |
Best discounts: Allstate
Allstate has an average home insurance rate of $2,173 in Maryland. But while this is above the state average of $1,810 a year, Allstate does offer a wide variety of discounts to lower your premium. For example, if you bundle a car or life insurance policy with your Allstate home policy and save up to 25% on your insurance costs.
Other discounts you may qualify for include:
- Being claim-free
- Automatic payment signup
- Early policy signup
- Buying a new home
| Pros | Cons |
|---|---|
| Great discounts | Below-average complaint index |
| Identity theft restoration coverage | No extended replacement cost coverage |
| Water backup coverage | Below average overall satisfaction |
| No banned dog list |
Best for military members: USAA
USAA has home insurance perks aimed at active-duty and veteran military members. This includes no deductible on personal property claims for personally-owned military equipment, such as uniforms.
| Pros | Cons |
|---|---|
| Excellent customer satisfaction rating | Only available to active duty and retired military, as well as their families |
| Easy online quote process | May get a different agent each time you contact USAA |
| Personal property coverage at replacement cost |
Best for high-value homes: Chubb
Chubb specializes in covering luxury homes. It offers benefits like extended replacement cost coverage if a rebuild goes over your policy limit, as well as the ability to use your own contractor.
| Pros | Cons |
|---|---|
| Extended dwelling replacement cost coverage | High average rate in Maryland |
| Good customer satisfaction and complaint index ratings | Need to call for a quote |
| You can use your own contractor | Few discounts in standard policy |
Maryland home insurance rates by coverage amounts
Your policy’s dwelling coverage limit affects your premium. There’s a $437 difference in cost between a $350,000 and a $450,000 home insurance policy in Maryland. That breaks down to $36 more a month.
Average annual rate by dwelling coverage
| Dwelling coverage limit | Average annual rate |
|---|---|
| $350,000 | $1,598 |
| $400,000 | $1,810 |
| $450,000 | $2,035 |
Cost of homeowners insurance in Maryland
The average cost of homeowners insurance in Maryland is $1,810 a year. This is 35% lower than the national average cost of home insurance, which is $2,801.
Other factors that can affect your final home insurance quote include:
- The age of the home
- Your ZIP code
- The construction materials used
- Your claim history
Home insurance providers use different risk values when calculating your quote. For example, one company may think your home’s age is more of a risk than another company, and that could raise your rate.
To get the best combination of cost and coverage, compare several different home insurance companies online before buying a policy.
Maryland home insurance rates by city
Of the 15 most populated cities in Maryland, Frederick has the lowest average home insurance rate of $1,336 a year. Baltimore has the highest average rate of $2,224 a year.
Average cost of home insurance by city
| City | Average annual rate |
|---|---|
| Baltimore | $2,224 |
| Bel Air South | $1,708 |
| Bethesda | $1,430 |
| Columbia | $1,445 |
| Dundalk | $1,774 |
| Ellicott City | $1,501 |
| Frederick | $1,336 |
| Gaithersburg | $1,515 |
| Germantown | $1,501 |
| Glen Burnie | $1,720 |
| Rockville | $1,430 |
| Severn | $1,667 |
| Silver Spring | $1,454 |
| Towson | $1,743 |
| Waldorf | $1,884 |
Methodology
The rates shown in this article are based on nonbinding quotes collected from Quadrant Information Services. Your rates may vary. Average rates were compiled from rates in Maryland.
The following coverages and deductible were used unless otherwise noted:
- $400,000 dwelling coverage
- $40,000 other structures
- $200,000 personal property
- $80,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible
*USAA is only available to active-duty and veteran military members and their families.