Homeowners Insurance in Maryland

Posted June 28th, 2019 by Amy Danise

Maryland’s location makes it vulnerable to a wide range of natural disasters, including hurricanes, floods, tornadoes and severe winter storms.

Homeowners in Maryland often need more than just home insurance in order to cover the potential damage they can get.

How do I get hurricane insurance in Maryland?

You’ll need two kinds of policies to properly cover hurricane damage:

Wind: Wind damage is covered under typical Maine home insurance policies. But your policy may have a “hurricane deductible,” which is the amount deducted from any hurricane-related home insurance claims. Maryland law allows insurers to apply a hurricane deductible in the entire state if there is a hurricane warning in any part of the state.

Generally a Maryland hurricane deductible can’t be more than 5% of the total coverage amount. So if your house is insured for $200,000, and your hurricane deductible is 5%, that amounts to $10,000 that the insurer won’t pay.

Water: Homeowners insurance policies do not have coverage for water damage due to floods, including hurricane flooding. Flood insurance is available from the National Flood Insurance Program (NFIP).

Maryland home insurance

What does Maryland home insurance cover?

A typical home insurance policy in Maryland includes six coverage types, with additional options available:

  1. Dwelling coverage pays when a house damaged or destroyed by a problem covered by the policy, such as a fire, wind, lightning, vandalism and the weight of snow and ice.
  2. Other structures coverage pays for buildings and structures not attached to a house, such as garages, storage sheds and fences.
  3. Personal property coverage pays for belongings (such as furniture, clothing and kitchen items) that are damaged, stolen or destroyed.
  4. Loss of use coverage pays for additional living expenses if you can’t live at home due to damage.
  5. Personal liability coverage pays if you are legally responsible for someone else’s property damage or injuries. It also covers your defense costs for liability lawsuits.
  6. Medical payments to others coverage is for medical bills of people injured on your property. 

How much is Maryland home insurance?

Maryland homeowners insurance costs an average of $1,022 a year for a typical policy, according to the National Association of Insurance Commissioners. The nationwide average is $1,192 a year.

20 largest Maryland homeowners insurance companies

Rank in Maryland Company Market share % in the state
1 State Farm 18.09
2 Allstate Corp. 11.8
3 Erie Insurance 11.22
4 USAA 11
5 Travelers 9.77
6 Liberty Mutual 8.18
7 Nationwide 7.47
8 American Family Insurance 4.3
9 Chubb 2.61
10 The Hartford 1.34
11 Farmers Insurance 1.07
12 Brethren Mutual Insurance Co. 0.87
13 QBE 0.86
14 Assurant 0.83
15 Amica 0.8
16 Donegal 0.79
17 CSAA Insurance Exchange 0.74
18 MetLife 0.71
19 The Cincinnati Insurance Cos. 0.66
20 State Auto 0.6
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.

What if I can’t find Maryland home insurance?

Maryland homeowners who can’t find a company that will sell them coverage can turn to the Maryland Joint Insurance Association. Any licensed Maryland property/casualty insurance agent can help you apply for a policy through the association.