Ocean City’s homeowners insurance costs are 43 percent more expensive than the state average, according to a recent study conducted by Value Penguin, a personal finance research company.
Maryland is the 20th cheapest area for homeowners insurance in the United States. At the same time, Ocean City homeowners pay an average of $1,766 per year and are number one in the state for highest homeowners insurance.
A major reason for that is obvious: Ocean City residents are paying more for homeowners insurance because of its location. The city is nestled along the Atlantic coast and many properties are within miles of the beach. Large storms and hurricanes come up the coastline bringing damaging wind and rain, which can make homes a liability and dramatically raise the costs to protect.
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DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
1 comment:
I remember my dad driving our family down to the Ocean City bridge (not allowed to cross) right after the 1962 storm and sitting in the car on this side of the bridge watching the still ongoing devastation. Several houses were floating out in the bay. I remember thinking, if dad could get his big boat in Public Landing up here he could get a rope on one of those houses and drag it back down there, then we could have a nice modern home. The ocean had washed out about a blocks worth of buildings and sand several blocks north of the bridge. It looked like the ocean was rolling right over Ocean City for good. They apparently filled that area back in after the storm subsided? I wouldn't want to have to insure Ocean City, Maryland with my money after seeing that first hand.
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