Home Insurance in Maryland
Maryland's median home value is $419,900.
The typical home in Maryland was built around 1979. Aging wiring, roofing and plumbing in older homes can push up the cost to insure or rebuild them. About 26% of homes were built before 1960.
The housing stock in Maryland is 72% single-family homes, 23% apartments in buildings with 5+ units and 1% mobile or manufactured homes.
About 71% of owner-occupied homes in Maryland have a mortgage. Lenders require hazard (homeowners) insurance on any home carrying a mortgage.
Maryland has an owner-occupancy rate of 68% and a vacancy rate of 8%; unoccupied homes typically need a different coverage form.
44% of homes in Maryland are primarily heated with electricity. Homes heated with fuel oil can carry added fire risk. Fuel-tank leaks and spills are often excluded from standard homeowners policies.
The statewide average premium for a standard HO-3 homeowners policy in Maryland is $1,578 per year, according to the NAIC homeowners insurance report (2023 data).
Key figures
| Median home value | $419,900 |
|---|---|
| Median year built | 1979 |
| Owner-occupied share | 68% |
| Share of owner-occupied homes with a mortgage | 71% |
| Home insurance premium | $1,578 - statewide average (NAIC, 2023 data) |
Counties
- Allegany County
- Anne Arundel County
- Baltimore County
- Baltimore city
- Calvert County
- Caroline County
- Carroll County
- Cecil County
- Charles County
- Dorchester County
- Frederick County
- Garrett County
- Harford County
- Howard County
- Kent County
- Montgomery County
- Prince George's County
- Queen Anne's County
- Somerset County
- St. Mary's County
- Talbot County
- Washington County
- Wicomico County
- Worcester County