Getting a Condo Insurance Quote in Maryland
Many residents in Maryland choose the convenience of living in condos. Deciding on the right condo insurance from Maryland could be confusing, so we're here to help you by outlining a couple of important elements that you need to remember when negotiating the final price of your condo insurance so that you receive the ideal coverage for your needs at the ideal price. There are lots of factors that will influence how expensive or cheap your annual condo insurance quote is going to be; thus, we've made it our goal to help make the condo insurance buying process a breeze.
Maryland Condo Insurance Statistics at a Glance
Given the numerous factors which impact the price of condo insurance, and taking into account that home values are on the upswing, Maryland condo insurance policies can be over the expensive side. Maryland is ranked the 32nd most expensive country in the nation for condo insurance. Maryland residents pay an average of $88 per month or two $1,050.00 annually in condo insurance premiums. Although Marylanders are spending more on condo insurance, the fantastic news is that trends demonstrate that rates are getting cheaper. Overall most cities in Maryland have comparable average monthly rates, but Frederick, MD was found to be the cheapest cities at $515.00 annually or two $42.92 each month. On the flip side, Baltimore, MD, has the highest condo insurance rates in the state at $901.00 annually or two $75.08 per month. Different insurance companies have significant differences in rates, so it's necessary to shop around in the event that you're looking for condo insurance from Maryland.
$539
Average Annual Cost of Condo Insurance in Maryland
The average cost of condo insurance in Maryland on an annual basis is $539.
$45
Average Monthly Cost of Condo Insurance in Maryland
The cost of condo insurance in Maryland is roughly $45 per month.
28%
Percentage of Income on Ownership for Condos in Maryland
Residents of Maryland spend an average of 28% of their income on condo ownership.
27 years
Median Age of a Property Which Requires Maryland Condo Insurance
The average age of a property requiring condo insurance in Maryland is roughly 27 years.
What Affects the Costs of Your Condo Insurance in Maryland
There are quite a few factors that cause condo insurance policies in Maryland to change in price. Insurance companies use many factors to compute your personal risk and coverage requirements and to get you an accurate quote for your condo insurance coverage. But there are many factors out of your control that may influence the price of your condo insurance from Maryland. These factors may include things like the location of the condo, the age of your condo in Maryland, along with the construction quality of your condo. They might be able to see if you're eligible for discounts. Some factors in your control that can help or harm the final pricing of your Maryland condo insurance costs could be factors like your credit history, your claims history along with other condo insurance providers, your driving record, the sum of personal belongings that you have on your condo, the people that live on your condo, and whether you rent or own the condo. To be able to acquire the best possible quotation, we highly recommend that you have a good deal of this information ready before obtaining a condo insurance quote for the Maryland property.
Average Cost of Condo Insurance in Maryland by City
The most common type of condo insurance from Maryland is an HO6 insurance policy. Whether you're living the city life in Baltimore or Frederick or own a condo in a bigger town like Salisbury, you'll probably need H06 insurance for your condo in Maryland. To give you an idea of how much it will cost to cover the condo, we've supplied a full list of projected condo insurance quotes for your Maryland city. These averages are based on all insurance prices for your respective city or town in Maryland, so depending on where your condo is located in your area, your final cost could differ drastically than what's quoted under.
| City in Maryland | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Baltimore, MD | $75 | $901 |
| Columbia, MD | $47 | $559 |
| Germantown, MD | $47 | $561 |
| Silver Spring, MD | $46 | $558 |
| Waldorf, MD | $59 | $708 |
| Frederick, MD | $43 | $515 |
| Ellicott City, MD | $48 | $575 |
| Glen Burnie, MD | $57 | $686 |
| Gaithersburg, MD | $47 | $564 |
| Rockville, MD | $46 | $550 |
| Bethesda, MD | $46 | $546 |
| Dundalk, MD | $58 | $697 |
| Towson, MD | $58 | $692 |
| Bowie, MD | $58 | $690 |
| Aspen Hill, MD | $46 | $551 |
| Wheaton, MD | $46 | $553 |
| North Bethesda, MD | $45 | $544 |
| Severn, MD | $55 | $656 |
| Bel Air South, MD | $60 | $717 |
| Potomac, MD | $45 | $546 |
| Catonsville, MD | $58 | $697 |
| Odenton, MD | $55 | $661 |
| Hagerstown, MD | $48 | $572 |
| Essex, MD | $57 | $689 |
| Woodlawn, MD | $60 | $717 |
| Clinton, MD | $59 | $714 |
| Annapolis, MD | $53 | $638 |
| Severna Park, MD | $55 | $662 |
| Chillum, MD | $57 | $682 |
| Olney, MD | $46 | $552 |
| Randallstown, MD | $61 | $729 |
| Owings Mills, MD | $58 | $697 |
| Montgomery Village, MD | $47 | $559 |
| Pikesville, MD | $60 | $725 |
| Salisbury, MD | $74 | $888 |
| College Park, MD | $57 | $686 |
| Eldersburg, MD | $47 | $564 |
| Parkville, MD | $57 | $684 |
| Bel Air North, MD | $60 | $719 |
| Carney, MD | $57 | $688 |
| Milford Mill, MD | $60 | $717 |
| Perry Hall, MD | $59 | $707 |
| Crofton, MD | $54 | $654 |
| Pasadena, MD | $59 | $705 |
| South Laurel, MD | $56 | $678 |
| Reisterstown, MD | $57 | $688 |
| Ilchester, MD | $47 | $570 |
| Lochearn, MD | $60 | $715 |
| Edgewood, MD | $62 | $739 |
| Laurel, MD | $53 | $640 |
Choosing the Best Condo Insurance Company in Maryland for Your Needs
Ensuring that you set in time and effort to pick the ideal condo insurance company in Maryland to your requirements will provide you peace of mind in the long run. You're currently insuring yourself, your distance, and your valuables; spend that extra time to hunt for the most extensive insurance that you could find. Don't brief change your Maryland condo and the properties inside of it by settling for the most affordable one on the market. The ideal thing to do is to shop around and compare several businesses before making final decisions and choosing the ideal condo insurance company in Maryland to suit your requirements. Keep in mind that you will not be forced by a company that is dependable in making a decision quickly or pay that you simply don't want. Start looking for condo insurance businesses that reward their long-term customers with discounts, loyalty rewards or provide bundle insurance discounts. Finally, be sure your chosen provider is accredited. Check the Maryland Department of Insurance website to find out the licensing status, fiscal stability and complaint history of your chosen insurer.
The Top Rated Condo Insurance Companies in Maryland Based off Consumer Ratings
The top spot is held by state Farm at being the condo insurance provider in the USA for over 50 decades. In Maryland, a study done by JD Power revealed that State Farm was scored a 4 out of a 5 (higher than the average) from the policy offerings, charging and payment, customer support and claims. In Maryland, State Farm also obtained an NAIC complaint ratio of 0.2. Like many condo insurance providers in Maryland, they offer premium discounts on condos that have been made or renovated to withstand better any natural disasters that might happen from The Old Line State. When considering pure metrics of condo insurance firms in Maryland independently, Erie has the greatest JD Power score in the country at 5 while Nationwide has the lowest at 2. The condo insurance provider in Maryland, which has the lowest NAIC complaint ratio in Maryland, is USAA in 0.15, while Travelers has the highest NAIC complaint ratio at 0.44.
| Maryland Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Maryland | 4/5 | 0.2 |
| Allstate Ratings for Condo Insurance in Maryland | 3/5 | 0.31 |
| Erie Ratings for Condo Insurance in Maryland | 5/5 | 0.17 |
| USAA Ratings for Condo Insurance in Maryland | 5/5 | 0.15 |
| Travelers Ratings for Condo Insurance in Maryland | 2/5 | 0.44 |
| Nationwide Ratings for Condo Insurance in Maryland | 2/5 | 0.24 |
| Chubb Ratings for Condo Insurance in Maryland | 2/5 | 0.18 |
Maryland Condo Insurance Requirements
Beneath the Condominium Law, a condo unit owner in Maryland is allowed to receive insurance for their own benefit but is not required to do so. The Act states that if in the time of loss, the unit owner has an insurance policy that covers exactly the same danger as the association's policy, then the associations' policy will take precedence and offer the key insurance. Maryland law demands condominium institutions acquire insurance for the condominium building as a whole. However, condo unit owners might still want to consider buying insurance policies to cover any improvements that they personally install, their liability, their possessions, or any loss or event not insured by the association's policy.
What's Covered with Your Condo Insurance in Maryland
When searching for condo insurance coverage, what you'll notice is that most condo insurance providers in Maryland will offer standard coverage, which can consist of building property coverage, personal property coverage, loss of use coverage and liability coverage. Building property coverage protects you financially from damage to the inside of your condo (floors, walls, tiles) and loss of permanent fixtures resulting from a covered event, such as fire. Personal property coverage protects your personal belongings, such as clothing, and furniture, electronic equipment, that are lost because of a covered event. If you're held accountable for property damage or harm with liability coverage, liability coverage provides financial protection for you. Usually, a condo insurance policy from Maryland covers $100,000 in liability damages. With the loss of use coverage: If your condo in Maryland becomes uninhabitable and you want to reside out of your condo because of a covered event and are paying more than you would live on your condo, then this feature will cover you for the increased living expenses.
| Average Costs of Condo Insurance in Maryland by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Allegany County, MD | $52 | $628 |
| Anne Arundel County, MD | $44 | $532 |
| Baltimore County, MD | $52 | $624 |
| Baltimore (city) County, MD | $68 | $817 |
| Calvert County, MD | $47 | $567 |
| Caroline County, MD | $50 | $598 |
| Carroll County, MD | $41 | $487 |
| Cecil County, MD | $45 | $542 |
| Charles County, MD | $52 | $629 |
| Dorchester County, MD | $57 | $686 |
| Frederick County, MD | $41 | $490 |
| Garrett County, MD | $51 | $612 |
| Harford County, MD | $53 | $633 |
| Howard County, MD | $41 | $490 |
| Kent County, MD | $46 | $556 |
| Montgomery County, MD | $39 | $473 |
| Prince George's County, MD | $56 | $674 |
| Queen Anne's County, MD | $46 | $554 |
| Somerset County, MD | $57 | $681 |
| St. Mary's County, MD | $53 | $632 |
| Talbot County, MD | $51 | $616 |
| Washington County, MD | $43 | $521 |
| Wicomico County, MD | $57 | $685 |
| Worcester County, MD | $76 | $908 |
How to Get Maryland Condo Insurance Discounts
Every insurance company in Maryland has its very own discount or dedication program. So make certain that while you're shopping around for a condo insurance quotation that you inquire about any discounts that may be available to your family members or you. Usually, there are many discounts offered on Maryland condo insurance policies. A couple of the discounts you can ask for are new customer discounts, multi-policy and bundled discounts, loyalty discounts and discounts that are paid in full.
| Condo Insurance Deductible | Average Maryland Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $90 |
| $1,000 | $84 |
| $1,500 | $79 |
| $2,000 | $73 |
| $5,000 | $62 |
Getting the Best Maryland Condo Insurance Rates
Shopping around is critical to determining if sufficient savings are obtainable to your Maryland condo insurance policy. All you need to do is telephone us and determine if any insurance companies can defeat what you are currently paying. You might be amazed at the savings that are readily available. You might ask a friend to refer you to their present condo insurance provider that might result in a referral discount. You can raise your month because the higher your deductible, the lower the price of your insurance. However, make sure that your deductible is not too high because you're responsible for paying any sum up in case of a loss. See as insurers offer discounts to clients bundle insurance policies with them if you're able to bundle many kinds of insurance policies along with your supplier. For example, check with your car insurance supplier and see if they can decrease your premium if you get condo insurance from them. They may offer discounts for long-time clients if you stay with the identical insurer for numerous decades then. A few of those discounts can save you up to 10% on your premiums. Pay attention and keep it high as insurance providers take that into account when deciding your condo insurance premium. Boost it keep it high to find a lower insurance premium.