For people looking to get a homeowner insurance quote in Maryland for a house, condo ,or mobile home, you have come to the right place. Homeowner insurance coverage in Maryland is one of the pricier insurance rates in the country. The range of annual premiums is from $639 to $721.
There are three factors that have contributed to the higher homeowner insurance rates in the state. These are:
· High population density – States with a larger population tend to have higher insurance premiums because the occurrence of disasters such as fire would lead to greater damage on account of homes being built closer together.
· Proximity to the coast – Properties near the coast are at great risk for flood damage.
· Proximity to Washington, D.C. – Homeowners of Montgomery County situated along the Maryland-Washington, D.C. border pay higher insurance premiums compared to other cities and states in the state.
Because the coastal areas and certain parts of Maryland are prone to floods, a homeowner should invest in flood coverage. A flood rider could be added to the basic policy at extra cost. The better option, however, would be to get a separate policy from the National Flood Insurance Program which has better terms in comparison to flood coverage offered by private insurance companies.
Before purchasing a homeowner insurance policy in Maryland, it is advisable to compare the rates of various insurance providers in the area. Once an insurance company has been selected, the next step is to work with their agent in coming up with a policy that would meet the homeowner’s coverage requirements and financial budget.
The standard Maryland homeowner insurance policy consists of the following components:
· Coverage Amount: The face value of the policy, this is the amount that the homeowner will receive if his or her property is destroyed.
· Liability Coverage: Provides protection from lawsuits or claims resulting from bodily injury or property damage which the court deems the homeowner and his household are responsible for.
· Deductibles: This is the portion of the claim that the homeowner must pay out of his or her own pocket.
How much coverage do I need?
Upon discussion with the insurance agent, one could minimize premium costs by taking into account the above mentioned components. In the case of the Coverage Amount, it is the rule of thumb of homeowner insurance applicants in all states not to insure the property for its real estate value (which includes the value of the land on which the home is built). The home should be insured at the cost of rebuilding the home at current market prices. Liability Coverage could be kept low by buying, instead, larger umbrella liability coverage. Premiums could also be kept at a low cost by setting deductibles as high as the homeowner could afford. The danger, however, to a high deductible is that the homeowner may eventually end up paying for the greater cost of repairing and rebuilding the home, instead of letting the insurance company cover the heavier financial burden.
When it comes to homeowner insurance in Maryland, one should not forget to inquire about discounts which could lower premiums by up to 20%. One way to qualify for discounts is by installing fire alarms and security devices such as burglar alarms and deadbolts to doors and windows.
Find homeowner insurance rates in each of these Maryland cities
Aberdeen – Accokeek – Adelphi – Andrews AFB – Annapolis – Arbutus – Arnold – Aspen Hill – Ballenger Creek – Baltimore – Bel Air – Bel Air North – Bel Air South – Beltsville – Bennsville – Bethesda – Bladensburg – Bowie – Bowleys Quarters – Brooklyn Park – Burtonsville – California – Calverton – Cambridge – Camp Springs – Cape St. Claire – Carney – Catonsville – Chesapeake Ranch Estates-Drum Point – Cheverly – Chevy Chase – Chillum – Clinton – Cloverly – Cockeysville – Colesville – College Park – Columbia – Coral Hills – Crofton – Cumberland – Damascus – Darnestown – Dundalk – East Riverdale – Easton – Edgemere – Edgewood – Eldersburg – Elkridge – Elkton – Ellicott City – Essex – Fairland – Fallston – Ferndale – Forest Glen – Forestville – Fort Meade – Fort Washington – Frederick – Friendly – Frostburg – Gaithersburg – Garrison – Germantown – Glen Burnie – Glenarden – Glenn Dale – Greater Landover – Greater Upper Marlboro – Green Haven – Green Valley – Greenbelt – Hagerstown – Halfway – Havre de Grace – Hillcrest Heights – Hyattsville – Jessup – Joppatowne – Kemp Mill – Kettering – La Plata – Lake Arbor – Lake Shore – Langley Park – Lanham-Seabrook – Lansdowne-Baltimore Highlands – Largo – Laurel – Lexington Park – Linganore-Bartonsville – Linthicum – Lochearn – Londontowne – Lutherville-Timonium – Marlow Heights – Marlton – Maryland City – Mays Chapel – Middle River – Milford Mill – Mitchellville – Montgomery Village – Mount Airy – Mount Rainier – New Carrollton – North Bethesda – North Kensington – North Laurel – North Potomac – Ocean City – Ocean Pines – Odenton – Olney – Overlea – Owings Mills – Oxon Hill-Glassmanor – Parkville – Parole – Pasadena – Perry Hall – Pikesville – Potomac – Randallstown – Redland – Reisterstown – Riverdale Park – Riverside – Riviera Beach – Rockville – Rosaryville – Rosedale – Rossmoor – Rossville – Salisbury – Savage-Guilford – Severn – Severna Park – Silver Spring – South Gate – South Kensington – South Laurel – St. Charles – Suitland-Silver Hill – Takoma Park – Temple Hills – Towson – Travilah – Waldorf – Walker Mill – Westminster – Wheaton-Glenmont – White Marsh – White Oak – Woodlawn – Woodmore
Homeowner insurance in Maryland provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property. The right homeowner insurance plan can help you make the best choices about this important protection for you and your family. Get free quotes on home owner insurance in Maryland above.