Baltimore, MD Home Insurance Quotes!
Baltimore is the largest city in Maryland and the economic engine that drives the state. It's also a great place to call home and raise a family. Our city is well known for its stunning harbor and museums. Baltimore is also home to one of the most cutting edge and respected hospitals in the nation, John Hopkins. One of the most fantastic features of Baltimore is our wide variety of individual and quirky neighborhoods. Our city truly has tons of housing options at a wide variety of price points.
Baltimore Facts
Baltimore is the largest city in Maryland and the 26th most populous in the country. As of 2013, the city of Baltimore was home to 622,000 residents while the Baltimore Metro Area has a population of roughly 2.7 million, making it the 20th largest area in the country. Baltimore is often referred to as the "city of neighborhoods" due to the hundreds of identified districts that make up the city.
According to Trulia the median home sale price in Baltimore is a very affordable $174,000, which equates to roughly $145 per square foot. If you are searching in Canton expect to pay a bit more, the average there was a whopping $390,000. Prices dropped roughly 4.7 percent from last year, which is great news if you are a homebuyer but not so great if you are looking to sell your home.
Homeowners Insurance in Baltimore
Residents of Baltimore and Maryland fall just about in the middle when it comes to homeowners insurance. Baltimore ranked 22nd in a study of homeowners insurance cost. The average annual premium was a pretty affordable $645.
While homeowners insurance in Baltimore and the surrounding areas is fairly reasonable, it is possible to push your premium even lower. Bundling your home and car insurance can result in a discount up to 20 percent. Even small changes can add up, going green and getting your bills via email will result in a small 5 percent discount.
If you can afford it, pay your entire premium in one payment. This will garner you another small discount but they all add up, and before you know it you have shaved 15 percent off your bill.
Factors to Consider in Baltimore
There is no other way to say it, the crime rate in Baltimore is significantly higher than the rest of Maryland, which can affect your homeowners rates, especially if you live in the wrong neighborhood. Violent crime rates in Baltimore are over three times the rate in the rest of Maryland. Before you settle down in one of Baltimore's unique neighborhoods be sure to check crime rates. It is also a good idea to have an agent give you a quote for any house you are considering.
It doesn't matter if you are moving into Baltimore proper or the surrounding areas such as Catonsville, Woodlawn, Middle River or Essex, we can help you find a great homeowners policy. Our process is free, quick and easy. Our insurance partners in Maryland include top rated carriers such as Nationwide, Progressive, Safeco, Liberty Mutual, Travelers, Metlife, Foremost Insurance, Zurich, The Hartford, Chubb and Titan Insurance.
Cities With Very Competitive Home Insurance Rates
Popular cities in Maryland where our rates are very competitive include: Baltimore, Hyattsville, Silver Spring, Gaithersburg, Upper Marlboro, Ellicott City, Frederick, Chevy Chase, Rockville, Pasadena, Temple Hills, Annapolis, Laurel, Suitland, Capitol Heights, Gwynn Oak, Bowie, Towson, Dundalk and College Park. These are the top 20 major cities where in most cases higher populated areas drive up rates, but many of our carriers have more affordable premiums in these areas which allows us to provide multiple quotes to compare the best premium and coverage plan for you.
Compare Homeowners Insurance Rates in Baltimore, MD!
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Average Rates Nearby Baltimore
Are you looking for homeowners insurance in a city near Baltimore? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
Home Insurance Rates by Zipcode in Baltimore, MD
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Baltimore.
21201, 21202, 21205, 21206, 21209, 21210, 21211, 21212, 21213, 21214, 21215, 21216, 21217, 21218, 21223, 21224, 21229, 21230, 21231, 21239, 21250, 21251,
Baltimore, MD Home Insurance Average Premiums
$627 /yr.
For the city of Baltimore, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
| Coverage Amount: | Annual Premium |
|---|---|
| 1800 sq. ft. or below (discounts applied) | $627 /yr. |
| Average Coverage: | $877 /yr. |
| 2600 sq. ft. or higher (all discounts applied) | $1177 /yr. |
What is the average home insurance cost for a home in Baltimore, MD?
- • The average homeowners insurance premium paid annually for a home in Baltimore is around $877 per year.
What does it cost on average per month for home insurance in Baltimore, MD?
- • Homeowners in Baltimore pay an average cost per month around $73.00 for insurance coverage.
Baltimore, MD Coastal Wind, Hail & Flood Information
Baltimore is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.
Flood Zone Notice: The beautiful coastal city of Baltimore is know for it's beautiful beaches and waterways. Because Baltimore city (FIPS: 24510) has a shoreline and is in a coastal area it is important to purchase flood insurance. The risk is very high in this area and we will work with you to provide the best flood insurance coverage you need for your home in Baltimore, MD.
Baltimore, MD - 2023 Housing Information
| Month | Current Home Value (2023) | Last Year Home Value (2022) |
|---|---|---|
| January | $174,245 | $165,518 |
| February | $176,400 | $168,236 |
| March | $177,743 | $170,789 |
| April | $177,234 | $172,831 |
Homeowners insurance will help cover the cost to repair or replace your Baltimore home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Baltimore
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
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Saving Money Tips on Baltimore Home Insurance
A great way to save money on Baltimore homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Baltimore area? Check out what homeowners are paying on average for Maryland homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
| Elevation | Details | Homeowners Tips |
|---|---|---|
| 202 ft. | This is the average home elevation in Baltimore, MD | » Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Baltimore, Maryland. A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy. It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas. |
To get online quotes on your home and compare rates on home insurance premiums in Baltimore, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Baltimore City County.
Maryland Homeowners Insurance News & Information
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$4.5B Estimated In Insured Losses After 2024 Florida Hurricanes Posted on Wednesday 13th November, 2024
According to the Florida Office of Insurance Regulation, the three hurricanes that made landfall this year have caused more than $4.5 billion in estimated insured losses. Hurricane Debby, Helene and Milton all hit the state within two months of each other Helene and Milton struck just two weeks apart. State data show that over 269,000 […]
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I can’t afford my home insurance, what do I do? Posted on Saturday 9th November, 2024
According to data from the National Association of Realtors (NAR), the average U.S. insurance rate is $2,377 a year. The data also suggest that homeowners could see a 6% rise in rates by the end of the year which is in addition to the 20% increase over the two previous years. As climate change pushes […]
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How to Get the Best Homeowners Insurance Policy for Your Needs Posted on Wednesday 6th November, 2024
Having the proper insurance coverages in place is a critical part of owning a home, it protects your investment and finances in the event your home is destroyed by an unexpected disaster such as a fire, flood or severe storm. Understanding the different coverages that are available to homeowners is key to making sure you […]
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Homeowners Shopping Rates Due to Rise in Premiums Posted on Monday 23rd September, 2024
According to the recently released J.D. Power 2024 U.S. Home Insurance Study a nationwide rise in premiums has driven many customers to shop for new policies as their rates are now too high. “’The average shopping rate among home insurance customers has climbed to a record high of 6.8% through the second quarter of 2024, […]
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Where is it cheaper to rent than to buy a home in the United States? Posted on Thursday 5th September, 2024
According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
Baltimore, MD Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Baltimore so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Baltimore, MD?
- The average square footage in Baltimore is around 900 Sq. Ft. which would cost you around $170,979 to replace the home if you base the home on the price to build per square foot of $190.
Minimum Replacement Cost Total: $170,979
Location: Baltimore, Maryland (Baltimore City County)
Average Building Cost Per Square Foot in Baltimore: $190 (low end)
Average Square Footage in Baltimore: 900 Sq. Ft.
| Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
|---|---|---|
| None or Very Minor Improvements | $190 | $170,979 |
| Some Additional Upgrades | $238 | $213,723 |
| Major Home Updates or Advancements | $285 | $256,468 |
The dwelling coverage is calculated by the average cost per square foot ($190) in Baltimore, Maryland times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $593,750 (Media price to build of $238 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.