Maryland Home Insurance

If you own or rent a home in Maryland, you may want to consider purchasing a homeowners insurance policy to protect your property and liability. Homeowners insurance is not required by law in Maryland, but your mortgage lender may require it as a condition of your loan. Renters and condominium unit owners should also think about getting insurance to cover their personal belongings and liability.

Homeowners insurance policies vary according to the types of property they cover and the number of perils (causes of loss) they cover. Some policies are of the named peril type, which means they only cover losses caused by specific events listed in the policy, such as fire, windstorm, hail, vandalism, theft, etc. Other policies are of the open perils type, which means they cover losses caused by any event unless it is specifically excluded in the policy.

There are different types of homeowners policies available to fit your housing situation. For example, there are policies for single-family homes, condominiums, mobile homes, farms, and renters. Each policy provides different levels of coverage for the dwelling, other structures, personal property, loss of use, personal liability, and medical payments to others.

The cost of homeowners insurance depends on many factors, such as the type and amount of coverage you choose, the deductible you select, the location and condition of your home, and your claims history. You can shop around for the best price and coverage by comparing quotes from different insurers. You can also look for discounts that may lower your premium, such as having multiple policies with the same insurer, installing security devices, or having a good credit score.

Some of the best homeowners insurance companies in Maryland based on customer satisfaction ratings are USAA, Erie Insurance, State Farm, Allstate, and Nationwide. However, you should also consider other factors when choosing an insurer, such as financial strength, customer service, claims handling, and policy options.

Homeowners insurance can help you recover from the financial effects of a covered loss and protect you from lawsuits if someone is injured on your property or by your actions. It is important to understand what your policy covers and excludes, and to review it periodically to make sure it meets your needs. If you have any questions or complaints about your homeowners insurance policy or insurer, you can contact the Maryland Insurance Administration for assistance.