For property owners, Maryland home insurance is one of the most important steps you can take to protect this financial asset. Even the most well-built homes in the safest areas can't account for the entire range of potential hazards that face homes today. On the other hand, you also need to make sure your home insurance policy offers coverage that makes sense for your home and your annual budget. We can find Maryland home insurance companies for you as soon as you're ready, but if you need a basic understanding of how home insurance works, take a moment to review this information.
Average Cost of Maryland Home Insurance Quotes
According to the National Association of Insurance Commissioners, the average cost of insurance in Maryland was $721 in 2006, the last year for which comprehensive data is available. This compares to a national rate of $804 for the same time period. Moreover, these lower rates are achieved despite higher than average home values in the state of Maryland. And, according to homeinsurance.com, Maryland home insurance quotes are on their way down, possibly dipping below $600 this year. Of course, these averages may not reflect your insurance costs, particularly if you own a more expensive home, an older home, or if you choose higher coverage limits and lower deductibles. Like other forms of insurance, you will also be considered a higher insurance risk if you've made claims in the past.
Maryland Home Insurance Policies and Discounts
There are three main types of home insurance. The first type of policy, HO-1, is known as the basic home insurance policy and includes coverage of these basic perils: fire or lightning, windstorm or hail, riot or civil commotion, explosions, damage from vehicles, damage from aircraft, smoke damage, vandalism, theft, volcanic eruption, glass or safety-glazing material damage. The second type, HO-2, is known as the broad policy and includes additional coverage for: frozen pipes, falling objects, snow/ice/sleet damage, accidental discharge of water, electrical surge damage, and rupture or bursting of steam or hot water heating systems. The third type, HO-3, covers everything that is not explicitly enumerated as an exclusion in the policy. Typical exclusions include war, natural disasters, fraud, and governmental action.
Supplemental Maryland Home Insurance Quotes
A large number of Maryland homes are located in a hurricane-prone area, a floodplain, or both. Few standard home insurance policies cover these home perils. Even the more comprehensive HO-3 home insurance policy may include exclusions for these types of natural disasters. Thus, it's often a good idea, if not absolutely necessary, to buy supplement home insurance. You should also make sure this insurance covers replacement costs, rather than the market value of your home. With depressed home values in many Maryland neighborhoods, this discrepancy in value has never been higher. Finally, take some time to review the fine print and look for auxiliary benefits that can make a huge impact if making a claim becomes necessary. Most home insurance companies, for example, will put you up in a hotel if home repairs of any considerable duration are needed.
How to Shop for Maryland Home Insurance Quotes
It's not hard to find Maryland home insurance quotes, but looking through the phonebook, stopping in at the first insurance office you see, or even using the first online referral service you find is rarely the best way to generate insurance quotes. You should look to become more informed about the particulars of home insurance before you make a purchasing decision. Along the same lines, cold-calling an insurance agent or walking into his or her office surrenders the home-field advantage. Rarely will you make the best insurance decision if you feel pressured or flustered in the face of high-pressure sales tactics. By using NetQuote, you can review our database of consumer-based knowledge and tips, as well as our quick and user-friendly online request form.