With a central position on the coast and a border with the capital, Maryland is a great place to live with a lot of nearby opportunity, so it stands to reason that many people such as yourself buy or build homes there. Yet a fire, crime, or natural disaster can sweep your home out from under you. Fortunately, Maryland has plenty of different insurance options available to choose from, and Maryland is also one of the cheapest states in the union to get insurance. To demonstrate and inform you, we scoured the market to find you the best options.
Here are the four cheapest homeowners insurance providers operating in Maryland:
The Four Cheapest Quotes:
Maryland homes vary across the state, and further still homes closer to the coast might have higher rates due to higher risks.
The number listed next to each provider is the average annual rate for a standard policy.
1) Safeco: $651
Safeco, a well-known provider of affordable insurance owned by Liberty Mutual, is the cheapest option for Maryland, usually working through a network of independent agents who will also show you the alternatives, so you’ll be able to make the comparison for yourself. They generally provide suitable policies that will cover your home from most dangers, depending on what package and options you choose.
Yet with Safeco, we can safely say you get what you pay for, as they don’t necessarily have the best record when it comes to customer satisfaction, customer service, or financial stability. Poor reviews all-around may give you pause, especially when there are other options that are just slightly more expensive.
You can expect the following working with Safeco:
- Plenty of different discounts opportunities to work with, including those for having a new home, bundling policies, and selecting a higher deductible.
- Itemized coverage options so that you will never have to worry about your most valuable possessions getting covered.
- Plenty of different optional coverage types and customization options.
2) Lilitz Mutual Insurance Company: $665
Lilitz Mutual Insurance Company has been around since 1888 and works through a series of independent agents which will let you know if Lilitz Mutual is the right choice for you and your home. A company rooted in strong values that above all else remains strong and stable for its policyholders, you can expect personal service and a policy that will take care of most of the problems you might worry about.
Unfortunately, being a somewhat smaller insurance provider, Lilitz Mutual doesn’t have as much pull as some insurance providers, and you may also not find all the online convenience options larger names might have. You will need to decide the cost of convenience and whether your annual rate and other benefits outweigh these disadvantages.
You can expect the following working with Lilitz Mutual Insurance Company:
- Several different base plans to choose from, depending on how many premium features and coverages you want for your home.
- A plan that provides protection against loss for your home, belongings, and other buildings on your property. It will also provide liability coverage.
- Other types of property insurance available such as farm, rental dwellings, and umbrella should you need them.
3) Harleysville Insurance (Nationwide): $757
While you may know them as Harleysville Insurance in Maryland, Nationwide bought the company and now should you deal with either you’ll be working with Nationwide staff and can base your expectations off of that. Fortunately, Nationwide is an excellent provider that provides customers with more customization options than they might know what to do with and is usually affordable in Maryland.
If you work with them, know that you might run into some expensive optional coverages, so if you have those particular needs, you’ll want to compare prices before signing any paperwork. Otherwise, there aren’t too many issues outside of the standard customer complaints in the industry.
You can expect the following working with Harleysville Insurance (Nationwide):
- Plenty of different discounts to keep your average annual rate low.
- Strong replacement coverage should the worse happen to your home.
- Quick claims processing so you can move on with your plans and life as soon as possible.
4) Farmers: $814
The most expensive choice on this list, albeit not by a heavily noticeable margin, Farmers is a company that is well known for its homeowners insurance offerings and provides an excellent customer service experience, among the best of the large national providers. An excellent choice for anyone who seeks such service or for new homeowners, Farmers customers will also get to enjoy a bevy of customization options to remove waste from your plan or help you get the special coverage levels you need.
Yet you can still run into issues if you are expecting a perfect experience, as not every customer is satisfied with their coverage, and quite a few are surprised with rate hikes after the initial policy period is over. We would ask you to read over your policy carefully before signing.
You can expect the following working with Farmers:
- Three different base packages to choose from, each with some level of customizability.
- Options specifically for townhomes, condos, and other types of housing.
- Coverage for trees, shrubs, and other landscaping concerns.
With a wealth of cheap options available to you in Maryland, you won’t have to worry about getting a policy so much as choosing the right company for you. We recommend reviewing the above choices (or others, if you have additional ideas) and narrowing them down. After this, review your priorities, get quotes, and feel free to make a few calls. You don’t have to commit when you’re getting information, and you’ll be glad you made the right call should you need to file a claim.