Homeowners Insurance Maryland Cost: Average Rates & What Drives Them

Maryland packs a lot of different housing into a small state: Baltimore rowhouses, suburban Montgomery County, Chesapeake waterfront homes, and farms on the Eastern Shore. Insurers price each of those differently, so the statewide average is a blend rather than a number most owners will see on their own quote.

This page walks through the averages from two sources, the spread between Baltimore and its suburbs, what a bigger dwelling limit adds, and the companies with the lowest quoted rates in NerdWallet's data.

The city figures show how much location matters. Baltimore averages $3,630/yr, Annapolis averages $2,980/yr, and Rockville averages $2,515/yr.

Baltimore is the costliest of the three. The source gives no cause, but older homes, dense blocks, and local claim history are common pricing inputs. Annapolis sits on the Chesapeake, where wind and storm exposure may enter the calculation as well.

The more it would cost to rebuild your house, the higher the premium. NerdWallet shows $1,890/yr at a 300,000 dollar limit and $3,835/yr at 700,000 dollars.

Brick and masonry construction, finished basements, and custom millwork can lift rebuild costs above what the market price of a home suggests. An insurance agent can help you set a limit that matches the actual rebuild cost.

The two figures are not measuring the same policy. NerdWallet prices a 500,000 dollar dwelling limit with 300,000 dollars of liability. MoneyGeek prices a 250,000 dollar dwelling limit. A smaller limit means a smaller premium, so MoneyGeek's $2,628/yr would be expected to land under NerdWallet's $2,845/yr.

Both sources assume a deductible of 1,000 dollars and a household with good credit and no recent claims, so a home with a claim or weaker credit could cost more.

Much of Maryland touches tidal water, and tropical storms and nor'easters can bring wind and surge. A standard homeowners policy generally covers wind damage but not flooding. If your home sits near the Bay or a tidal river, ask a licensed insurance agent whether a separate flood policy makes sense and whether your policy has a separate wind or named-storm deductible. Neither cost is included in the averages here.

Travelers shows $2,100/yr, Donegal shows $2,325/yr, and State Farm shows $2,445/yr. These figures reflect one sample home with good credit. Your own quote could rank them in a different order.

Two quotes with the same bottom line can protect you very differently. Ask each insurer to put the following in writing.

• Whether the dwelling limit pays full replacement cost or a depreciated value on the roof.
• Whether wind and hail carry a separate or percentage-based deductible.
• How the policy treats sewer or sump pump backup, which matters in older basements.
• What happens to the premium after one claim.
• Which discounts are already included, such as bundling, a monitored alarm, or a newer roof.

A cheaper premium that comes with a roof payout schedule or a higher storm deductible may cost more after a loss.

NerdWallet's national average for its sample home is $3,005/yr, and Maryland's $2,845/yr sits close to it, a little under. That makes Maryland a mid-range state on this measure, although the city and coverage numbers above show that individual results can vary a lot.