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In Maryland, homeowners can keep several considerations in mind when planning a budget for home insurance. Insurance policy rates vary based on the type of property covered and the number of perils, or losses, that the homeowner seeks coverage for. In this state, you can choose to have coverage for specific mishaps, such as fire, wind, hail, vandalism, or theft, or open coverage, which covers all categories of potential loss unless a loss is specifically excluded. Open coverage plans are generally more expensive up front, as they afford the most coverage in the event of a loss. Keep in mind that most Maryland home insurance plans do not extend coverage for flood damage, but you may be able to get additional flood damage coverage through the federal government.
When shopping around for insurance policies to meet your needs and budget, be aware that you may be eligible for better prices based on certain conditions. Brick houses in Maryland are less expensive to insure that frame houses because they are less susceptible to damage from wind. Newer homes cost less to insure than older homes. Rates for Maryland home insurance vary based on access to and quality of local fire protection; your insurance rate will be lower if you live close to a fire hydrant, and living in a town with a high-quality local fire department will lower your premium rates.Sometimes, home insurance companies offer discounts for certain conditions. You might be entitled to a lower premium payment if your house has anti-theft mechanisms installed, such as deadbolt locks and a security system. You may get a higher discount on your premium if you have an alarm system that is connected to a local police or fire station. Purchasing multiple policies from the same company (such as home and car) can save money, as can being a long-term policy holder (in other words, staying with the same company for several years). Some insurance companies offer a discount if you insure a new home through them. Be sure to ask about coverage for other items of value to you, such as jewelry, antiques, and collectibles. You may need to purchase additional special coverage for these items. You should also inquire about coverage for mold damage, and whether or not the policy you are considering has separate deductibles for wind, hurricanes, and other storms.
Maryland insurers cannot adjust premium rates for several factors, including your prior claim history, your credit history, and whether or not you have been the victim of a violent crime in the past. Whatever plan you choose to go with, make sure that your dwelling policy limits are at least 80 percent of the home’s replacement cost.