Maryland Homeowners Insurance Guide
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Maryland Homeowners Insurance
Explore Maryland Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Old Line State is one of several states nestled along the east coast of the U.S. in what is dubbed the Mid-Atlantic region. Characterized by its abundance of waterways, Maryland has a significant history of being a prosperous seaport. Now a day, the Chesapeake Bay and Atlantic Ocean provide incredible views for those visiting the state, and Marylanders that are lucky enough to have secured property along its shores. Given the majority of Maryland is inland, it hasn’t borne the brunt of many catastrophes. Tropical storms and hurricanes that move up the Atlantic coast do impact some of the property within Maryland through resulting floods, but the severity is typically manageable from an insurance carrier’s standpoint.
What Does Homeowners and Renters Insurance Cover, and How Much Does It Cost?
Marylanders on average pay far less than the average American for homeowners and renters insurance. Which is fairly intuitive given the lack of true catastrophic risk the state presents.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Maryland | $1,037 | $161 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
The Old Line State occasionally endures losses from flooding or perhaps even wildfires. But the overwhelming majority of its property losses derive from those perils a standard homeowners or renters policy will cover; fire, vandalism, wind, etc. As a result, there are several regional and national insurance carriers competing for each Marylander’s premium. The abundance of insurance carrier choices places even more emphasis on Marylanders to compare coverages and pricing in efforts to find the company and coverage package that best suits their needs.
Which Insurance Carrier Should I Choose?
Given Maryland does not experience many catastrophic losses, both regional and national carriers are more than capable of satisfying the typical property owners’ needs regarding insurance coverage. Financial stability is always a concern when choosing an insurance carrier. However, it takes on less weight regarding the decision process in the Maryland region, given the chances a carrier will go under due to a catastrophic loss are reasonably low. Below lists those players with the largest presence in the region.
Top 5 Home Insurance Carriers in Maryland
| Company | Market Share |
| State Farm | 17.6% |
| USAA Insurance Corp. | 12.2% |
| Allstate Corp. | 11.4% |
| Erie Insurance Group | 10.8% |
| Travelers Companies Inc. | 10.2% |
Source: Insurance Information Institute (2019)
Maryland’s competitive homeowners insurance environment is exemplified by the fact that the top five insurance carriers in the Old Line State all have double-digit market share. In fact, the difference between the 2nd and 5thposition is only two percentage points. Ultimately, Marylanders are the benefactors of this healthy fight over their business, given carriers are incented to offer great coverage at competitive prices if they want to increase their market share.
Owning property in Maryland, or calling the Old Line State home, provides the best of both worlds. On one hand, you’re afforded waterfront property along the Chesapeake Bay and the Atlantic, and on the other, you can secure adequate coverage at great rates!
Maryland Regulating Agencies And References
