- Best condo insurance companies in Maryland
- Average condo insurance cost in Maryland
- Condo insurance rates in Maryland by company and coverage level
- Condo insurance rates by company in Maryland
- Compare condo insurance rates by city in Maryland
- Methodology
- FAQ
- Compare Maryland condo insurance rates with other states
Best condo insurance companies in Maryland
There are many companies offering condo insurance coverage in Maryland. State Farm is the best condo insurance company in Maryland based on our analysis. Our insurance experts reviewed prices and ratings from trusted sources like the National Association of Insurance Commissioners (NAIC) and AM Best.
Based on our research, here are the best condo insurance companies in Maryland.
| Company | Annual annual premium | AM Best | NAIC | Insurance.com rating |
|---|---|---|---|---|
| State Farm | $339 | A+ | 1.15 | |
| Travelers | $564 | A++ | 0.91 | |
| Nationwide | $501 | A | 1.34 | |
| Erie Insurance | $768 | A | 0.46 | |
| Allstate | $868 | A+ | 1.26 | |
| American Family | $1,108 | A | 1.07 | |
| USAA | $799 | A++ | 0.46 |
Average condo insurance cost in Maryland
The average cost of condo insurance in Maryland is $735 per year or $61 per month for $60,000 in personal property coverage, $300,000 in liability coverage and a $1,000 deductible. Your actual annual premium will vary depending on:
- Where you live
- Coverage limits and deductible
- Age of the building and construction materials
- Your claims history and credit score
To find the cheapest company for you, compare quotes from multiple insurance providers and choose the coverage that fits your needs.
| Average annual premium | $735 |
| Average monthly premium | $61 |
Condo insurance rates in Maryland by company and coverage level
State Farm offers the lowest condo insurance rates in Maryland for coverage limits of $60,000 for personal property and $300,000 for liability with a $1,000 deductible.
The second most affordable option is Nationwide at $501 per year. However, prices will vary depending on the coverage level you choose.
The table below shows condo insurance rates from top companies at different coverage levels.
| Company | $40,000 contents/$100,000 liability | $40,000 contents/$300,000 liability | $60,000 contents/$100,000 liability | $60,000 contents/$300,000 liability | $80,000 contents/$100,000 liability | $80,000 contents/$300,000 liability | $100,000 contents/$100,000 liability | $100,000 contents/$300,000 liability |
|---|---|---|---|---|---|---|---|---|
| State Farm | $299 | $306 | $332 | $339 | $357 | $364 | $382 | $389 |
| Nationwide | $461 | $464 | $498 | $501 | $528 | $531 | $569 | $572 |
| Travelers | $473 | $487 | $550 | $566 | $622 | $640 | $717 | $739 |
| Erie Insurance | $517 | $588 | $673 | $768 | $792 | $914 | $915 | $1,055 |
| Allstate | $739 | $760 | $848 | $868 | $937 | $958 | $1,011 | $1,031 |
| American Family | $923 | $936 | $1,097 | $1,110 | $1,270 | $1,284 | $1,444 | $1,458 |
| USAA | $719 | $719 | $799 | $799 | $868 | $868 | $922 | $922 |
Condo insurance rates by company in Maryland
The most affordable company is State Farm, with Nationwide and Travelers ranking as the second and third cheapest. Since condo insurance rates in Maryland vary by company, it is important to compare quotes to find the best deal.
The table below lists the condo insurance rates from major companies in Maryland.
| Company | Average annual premium | Average monthly premium |
|---|---|---|
| State Farm | $339 | $28 |
| Nationwide | $501 | $42 |
| Travelers | $566 | $47 |
| Erie Insurance | $768 | $64 |
| Allstate | $868 | $72 |
| American Family | $1,110 | $93 |
| USAA | $799 | $67 |
Compare condo insurance rates by city in Maryland
Condo insurance rates in Maryland vary by city, with factors such as weather and crime rates influencing pricing. To find the most affordable and reliable condo insurance in your city, take these factors into account and compare quotes from multiple insurance companies.
City Annual insurance premium
Methodology
Insurance.com compared condo insurance rates provided by Quadrant Information Services across all 50 states and Washington, D.C.
Average condo insurance rates are based on:
- $60,000 in personal property coverage
- $300,000 in liability coverage
- $1,000 deductible
- Good credit
Rates were also fielded at varying personal property and liability coverage levels for comparison.
FAQ
Is condo insurance required in Maryland?
No, condo insurance is not require by law in Maryland, but your mortgage company will require it.
What does condo insurance typically cover in Maryland?
Condo insurance covers your personal property, the interior of your unit, loss of use and personal liability.
How can I lower my condo insurance premium in Maryland?
To lower your rates, shop around, ask about discounts and bundle your condo and auto insurance.
