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Monday, October 13, 2014

Who Has the Cheapest Homeowners Insurance in Maryland?

While Maryland is the 20th cheapest state for homeowners insurance in the US, there are a handful of areas which are more expensive than others in the state. ValuePenguin conducted a recent analysis on these rates in Maryland to help determine which cities had the most affordable rates (and which were the most expensive)! Overall, the average rate in the state (assuming $100,000 in liability coverage) was $1,236 with the most expensive city costing $1,766 and the cheapest costing $649.
Most Expensive Cities in Maryland for Homeowners Insurance

Looking at the 5 most expensive cities in Maryland for home insurance, you'll notice that they are all (with the exception of Rockville) coastal cities that touch the Atlantic Ocean or Chesapeake Bay. Because of this these towns are more exposed to large storms and even hurricanes that work their way up the eastern seaboard bringing with them damaging wind and rain.

Rank City County Average Rate % Increase vs. MD Avg
1 Ocean City Worcester $1,766 43%
2 Rockville Montgomery $1,713 39%
3 Centreville Queen Anne's $1,632 32%
4 Prince Frederick Calvert $1,613 31%
5 Easton Talbot $1,609 30%


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