Homeowners Insurance in Baltimore

State-level average homeowners insurance costs provide useful insights but may not reflect city-specific variations. Urban areas often have higher premiums due to factors such as higher property values, denser populations, stricter building regulations, and weather risks. For a more accurate insurance rate, consider getting a quote tailored to your location. 

Receive a personalized estimate in just 60 seconds with Hippo and gain a clearer understanding of insurance rates in Baltimore today.

What factors influence my home insurance rate?

Statewide insurance trends have shown an increase in premiums due to inflation and more frequent severe weather events. Many factors affect the cost of homeowners insurance in Baltimore, MD. While you may address some of these to lower your average insurance premiums, others might be outside your influence. 

Here are a few common factors to consider:

Your home’s value

Is your home a large, new build? Or is it a modest ranch? The higher the rebuilding cost, the more your average insurance will cost.

The age of your home and roof

Older homes – especially with aging roofs – tend to have more issues. Replacing your roof or upgrading essential systems can help reduce your insurance risk and lower your average premiums.

Crime rates

Property crime is much more common than violent crime in the U.S., including Baltimore. 

In 2022, the FBI reported 1,954.4 property crimes for every 100,000 people, while there were only 380.7 violent crimes per 100,000 people.

Higher rates of break-ins, vandalism, and robbery in your area can increase your insurance costs, as insurers view these as higher risks.

Your credit score

Your credit score is a big factor in setting your average insurance rates. Insurers use it, along with your claims history and length of coverage, to determine how likely you are to file a claim. A higher credit score often means lower average premiums.

Claims history

If you have made frequent claims in the past, insurers may charge you higher rates. This is because they expect more claims in the future. However, the amount your rates increase depends on the number and type of claims.

Risky equipment

Your average insurance rates may increase if you have trampolines, swimming pools, or ponds on your property. These are considered "attractive nuisances" that could cause injuries. Make sure safety measures are in place, or consider removing unused items.

Supplemental coverages

Adding extra coverage options, such as endorsements or floaters, will increase your premiums. It’s best to review them and see if they’re still necessary for your current situation.

Increase in severe weather

Severe weather events are becoming more common in the U.S. – including Baltimore, Maryland. In 2023, the U.S. had 28 major weather disasters that caused $93 billion in damage. 

Insurance carriers cover these costs and pass them on to customers through higher average premiums.

Inflation

The cost of building materials and labor has risen faster than general inflation. For instance, in 2023, these costs went up 4.1%, compared to 3.2% overall inflation. 

This means insurance companies are paying more to fix homes and charging more average premiums to cover these expenses.

Common insurance discounts in Baltimore

In Baltimore, homeowners may benefit from state-mandated discounts on home insurance, depending on specific qualifications.

Here are some common home insurance discounts available in Baltimore:

Multi-policy or bundling discounts

If you purchase both your homeowners and other types of insurance (like auto) from the same provider, you can save money on your annual premiums. 

Bundling home and car insurance usually leads to the biggest savings, but the discount varies by provider and policy type.

Claims-free discounts

If you haven’t filed a home-related insurance claim in a certain period (such as three to five years), you could qualify for a claims-free discount. 

You may still be eligible even if you switch insurance providers. However, first-time homebuyers might not qualify right away.

Safety discounts

Installing safety features like a security alarm, smoke detectors, or a fire extinguisher can earn you a discount on your policy.

Paperless discounts

Many insurers offer a small discount if you decide to receive electronic statements instead of paper statements through mail. While the savings might be modest, they can add up when combined with other discounts.

New home or new buyer discounts

If you have purchased a newly constructed home or are a first-time homeowner, you might be eligible for a discount. The definition of "new home" varies by provider, so even if your home isn’t brand new, it’s worth asking. 

When getting quotes, be sure to mention if you're a first-time homebuyer.

New roof discounts

Replacing your roof can result in extended replacement costs, but it can also lower your average insurance premiums. 

If you recently replaced your roof or bought a new home, ask your provider if you qualify for a new roof discount.

Smart home discounts

You could also qualify for a discount if you have installed smart home technology, such as a smart thermostat, security system, or water and gas sensors. 

Some insurance companies even partner with smart home tech companies so that you may receive a free or discounted device along with the savings.

Loyalty discounts

The longer you stay with your insurance provider, the more you may save through a loyalty discount. However, shopping around each year is still a good idea to ensure you get the best rate.

Advance quote discounts

You can often get a discount by requesting a quote in advance—usually one or two weeks before your policy starts. Check with your carrier to see if this applies. 

What does home insurance in Baltimore cover?

Homeowners across Maryland need comprehensive coverage to protect against perils like hurricanes, wildfires, and flooding. Baltimore homeowners insurance can provide peace of mind if your personal property or home is damaged. Since coverage can vary by provider, choosing a policy that fits your specific needs is important. 

Here's a breakdown of what a standard home insurance policy in Baltimore, MD covers:

Dwelling

This policy helps cover the cost of repairing or replacing your home if it's damaged by perils such as fire, smoke, water, theft, vandalism, storms, or other risks listed in your policy.

Detached structures

Outbuildings such as sheds, garages, barns, and fences are typically covered under homeowners insurance. 

However, some policies may require additional coverage (an endorsement) for these structures. Therefore, it’s best to review your policy carefully.

Personal property

Your policy offers personal property coverage for items such as clothes, furniture, appliances, and electronics if they're damaged, stolen, or destroyed. 

High-value items may need additional coverage if they exceed the policy’s limits, and belongings stored off-site, like in a storage unit, may have lower coverage limits.

Liability

If you or someone in your household (including pets) are responsible for damaging someone’s property or causing an injury, liability coverage can help pay for legal costs and damages.

Medical payments to others

If someone gets hurt on your property, this coverage helps with their medical expenses, typically ranging from $1,000 to $5,000.

Additional living expenses (ALE)

If your home becomes uninhabitable due to a covered event, ALE helps pay for temporary living costs such as hotel stays, meals, and parking fees – usually for a limited time and up to a specific dollar amount.

Additional Baltimore insurance coverage options

If you live in Baltimore, you may want to consider several additional types of coverage besides standard homeowners insurance. 

The state of Maryland is one of the few states that allow for hurricane deductibles, and the details will vary by insurer. Whether you live near the coast or in a flood zone, here are some key coverage options you should consider:

Hurricanes and tropical storms

If you reside near the Baltimore coast, you should have enough coverage for wind and flood damage caused by hurricanes. Wind damage is usually included in standard homeowners insurance, but flood damage is not.

While wind damage is often covered, check your policy for a separate wind deductible. This may be a flat rate, like $1,000, or a percentage of your dwelling coverage. 

For instance, if you have $250,000 in dwelling coverage and a 1% wind deductible, you would pay the first $2,500 in wind damage.

Flooding

According to one report, Baltimore is prone to flooding from several different sources. 

Standard homeowners insurance in Baltimore doesn’t cover flood damage. You may need separate flood insurance if you live in a flood-prone area or near the Chesapeake Bay.

To assess your risk, check state and FEMA’s flood maps or visit RiskFactor.com. Even in low-risk areas, flood insurance can provide extra peace of mind. 

While homeowners can buy flood coverage anytime, it typically has a 30-day waiting period before it takes effect.

Winter weather

A standard home insurance policy covers most winter storm damage, but some types of winter weather damage may require additional coverage. 

For example, a flood policy may need to cover water seepage from melting snow. Also, damage caused by neglect, like frozen pipes due to inadequate heating, may not be covered.

Wildfires

Wildfires are common in Maryland, including Baltimore. Each year, the Maryland Forest Service responds to about 500 wildfires, which burn over 4,000 acres of land.

Homeowners insurance generally covers fire damage, including wildfires. However, review your dwelling coverage limit to ensure it’s enough to rebuild your home in the event of a total loss. 

It's best to confirm that your coverage is sufficient if you're in an area prone to wildfires. 

What Baltimore residents need to know 

Baltimore homeowners should stay informed about the unique risks and considerations specific to their area:

• Weather risks: Baltimore experiences hurricanes, thunderstorms, and heavy snowfall yearly. Therefore, ensuring your home is adequately protected from these weather-related risks is essential.
• Neighborhood safety: Some areas of Baltimore have higher crime rates, so homeowners in those areas may want to invest in more robust home security systems to qualify for discounts and better coverage.
• State regulations and building codes: Baltimore’s building codes and state regulations may require specific upgrades to older homes, affecting your home’s insurability and coverage needs.

How to lower your Baltimore home insurance premium

The state of your home’s maintenance, such as the roof and foundation, can significantly impact your insurance premiums. Once you secure your homeowner’s insurance at a certain monthly rate, you may be able to lower your average premium when renewing. 

Here are some practical tips to help reduce your Baltimore home insurance costs:

• Install protective devices: Consider adding a leak protection system with a water shutoff valve. These systems detect leaks and can automatically shut off the water, preventing costly water damage. Other helpful devices include sprinkler systems, fire alarms, and flood vents.
• Review your coverage: As rates change, you must ensure you’re not paying for unnecessary coverage. Review your policy annually to see if you need to adjust it. For example, you might no longer need coverage for valuables you’ve sold or may have made home updates that reduce risk. Contact your insurer to explore cost-saving changes.
• Increase your deductible: Raising your deductible can lower your average premium. Just be sure the deductible is still affordable in case you need to make a claim.
• Bundle policies: Bundling your home and auto insurance is a popular way to save. Many companies offer discounts for having multiple policies with them. If your current insurer doesn’t offer the best rate, shop around for better home insurance quotes in Baltimore. However, make sure the coverage still meets your needs.
• Limit your claims: If possible, reduce the number of claims you file. A clean claims history can signal to insurers that you’re a lower-risk customer, which may lead to lower rates.
• Home renovations: If you have home renovations or added safety features like upgraded wiring or a new roof, let your insurer know. These improvements may make you eligible for lower average premiums.

Still have questions?

Want to learn more about homeowners insurance in Baltimore? Here are some frequently asked questions:

Is Baltimore home insurance required by law?

Maryland doesn’t require homeowners insurance, but if you’re financing your home, your mortgage lender will likely require coverage to protect their investment. 

Even if you don’t have a mortgage, you should get home insurance to protect yourself in a disaster or accident.

Who is responsible for condo insurance coverage in Baltimore?

In a condo, the building’s master insurance policy usually covers the common areas and structure of the property. 

However, individual condo owners are responsible for insuring their units and belongings, typically through a condominium insurance policy (HO-6).

Does Baltimore homeowners insurance provide coverage for storm-related damage?

Yes, most standard homeowners insurance policies in Baltimore cover storm-related damage, including wind, hail, and lightning. However, flood and earthquake damage require separate coverage.

Which Baltimore insurance company offers the most affordable home insurance?

The cost of average homeowners insurance can vary widely between insurance companies. To find the most affordable option, it's best to shop around and get quotes from multiple providers.