Best Cheap Home Insurance In Baltimore
Just under half of Baltimore, Maryland residents own homes, and most properties are valued between $ 180,000 and $ 250,000. For a home insured for $ 250,000 in housing coverage, Baltimore homeowners pay an average of $ 1,390 per year for insurance.
Home insurance can help Baltimore homeowners financially in the event of a covered loss. To find the best cheap home insurance companies available in Baltimore, we compared quotes and analyzed coverage options, available discounts, financial ratings, and third party ratings.
Best Cheap Home Insurance Companies Baltimore
The table below shows the best cheap home insurance companies offering coverage in Baltimore. These companies are among the largest insurers in terms of market share available in the region. Bankrate then narrowed down the list of insurers based on customer satisfaction scores and cheapest rates provided by Quadrant Information Services for $ 250,000 of housing coverage.
Of all the home insurance companies listed, USAA has the cheapest annual rates for homeowners in Baltimore at $ 940 per year for $ 250,000 of homeowners coverage. However, the USAA limits membership only to current and former military personnel, their spouses, and children. In the JD Power Insurance studies, USAA outperforms other insurers but does not meet the criteria for ranking in the study due to its eligibility restrictions.
USAA caters to serving military personnel with discounts available for those who must deploy and leave their families behind. In addition to standard homeowner coverage, USAA policyholders have access to optional coverage, such as roommate and earthquake coverage.
Learn more: USAA Insurance Review
According to Bankrate’s assessment, Travelers offers the second cheapest home insurance rates in Baltimore for $ 250,000 of home coverage. Homeowners can customize their home insurance with special coverage for personal property, valuables plus coverage, water reserve insurance, and additional replacement cost.
One way that Travelers is able to offer cheap rates for home insurance in Baltimore is the discounts it offers. Homeowners can take advantage of multiple policies, a homebuyer, loss-free protection features, and a green home discount with Travelers home insurance.
Learn more: Traveler insurance review
State Farm is the largest property and casualty insurer in the United States, with 9.1% of the total market share. Although the State Farm homeowner rate is higher than that of Travelers and the USAA, it still provides Baltimore homeowners with less insurance than the average annual rate for housing coverage of $ 250,000.
State Farm offers a bundled discount option to policyholders who insure their vehicles and home with them, as well as reduced homeowners’ insurance costs to have an impact resistant roof. State Farm’s superior financial strength and responsiveness to claims are just a few of the reasons the company is highly regarded.
Learn more: State agricultural insurance review
American Family, or AmFam, is another real estate insurer offering Baltimore homeowners ways to customize their insurance. In addition to standard homeowners coverage, American Family offers optional coverage for water protection, mechanical equipment failure, identity theft, and matching coating protection. This unique coverage provides up to $ 20,000 to replace undamaged siding if it does not match the siding replaced after a covered loss. While many home insurers only offer a rebate on a home purchase for the first year of purchase, AmFam is extending the rebate to three years, making it easier for recent homeowners to get rates on. cheaper home insurance.
Learn more: American Family Insurance Review
In the 2020 JD Power U.S. Home Insurance Study, Erie ranks fourth for overall customer satisfaction. Erie’s basic home insurance policy comes standard with guaranteed replacement cost for home and personal property coverage, with higher limits for valuables coverage and fewer exclusions for lost or misplaced items. Erie also gets a big discount on several policies, depending on the state you live in, to bundle your home and auto insurance with them.
Learn more: Erie Insurance Review
Home Insurance Coverage Options in Baltimore
Maryland, or any other state, doesn’t require homeowners to have home insurance, but lenders typically require coverage to meet loan requirements. Even if you don’t have to buy home insurance, it is one of the best ways to protect your finances in the event of a claimed event, such as fire, theft or an event. severe weather.
Homeowners in Baltimore could benefit from blankets to protect the investment they made in buying a home:
- Housing coverage: This coverage helps pay to repair structural damage to your home caused by a covered claim. Homeowners with guaranteed replacement cost home coverage can have their home repaired or rebuilt with today’s materials and labor costs.
- Personal Property Coverage: Your home insurance should have sufficient personal property coverage to replace your belongings in the event of a major disaster. If you want to replace older goods with new goods, find out about the guaranteed replacement cost of goods.
- Emergency water cover: Also referred to as Sewer and Drain Back-up, Water Back-Up Cover is an optional cover that will pay if the contents of the water or sewer back up into your home’s drains and sewer lines, causing damage. at home and your belongings.
Discounts on home insurance in Baltimore
With an average annual home insurance cost of $ 1,390 for home insurance coverage of $ 250,000, Baltimore homeowners can lower their rates even further by including discounts on their policies. Discounts can be stacked for maximum savings, such as:
- Multi-policy: Bundle your auto and home insurance with the same insurer for maximum savings on both policies.
- Home alert discount: Protecting your home with a burglar or fire alarm can reduce the cost of home insurance.
- Without complaint: The more time you spend without filing a home insurance claim, in general, the more you can save on your home insurance policy.
- Advanced quote: Obtaining home insurance coverage from a new insurer before your current policy expires can help you save on home insurance.
Most home insurance companies offer a standard set of discounts, but each sets the percentage you can save. Usually, Multi-Policy, Home Alert, and Loss-Free discounts provide the most savings. The best way to find cheap home insurance in Baltimore is to get several quotes from different home insurers to compare them.
Frequently Asked Questions
What is the best home insurance company?
The best home insurance company is different for everyone, depending on the coverage or the needs that are most important to them. In addition to price, consider coverage offers, available discounts, third-party ratings, and financial strength to pay claims to find the right home insurance company for you.
How much does home insurance cost in Baltimore?
The average annual cost of home insurance in Baltimore is $ 1,390 for $ 250,000 in home coverage. Your rate will vary depending on the age of your home, your coverage needs, any discounts you are entitled to, and your claim history.
Bankrate uses Quadrant Information Services to analyze 2021 rates for all zip codes and carriers in all 50 states and Washington, DC Rates shown are based on 40 year old male and female owners with a clean claim history , good credit and the following coverage limits:
- Coverage A, Housing: $ 250,000
- Cover B, Other structures: $ 25,000
- Coverage C, Personal Property: $ 125,000
- Coverage D, Loss of use: $ 50,000
- Cover E, liability: $ 300,000
- Coverage F, Medical Payments: $ 1,000
Homeowners also have a $ 1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should only be used for comparison purposes. Your quotes will be different.