If you own a condo, it is important to have the best condo insurance. This type of insurance will protect your home and belongings in case of a disaster or other event. In addition to protecting your belongings from damage or destruction, condo insurance also provides liability coverage that could provide protection in the event of an accident.
Condo insurance is a great way to protect your investment from any potential damage. It covers your condo's interior structure, belongings that are not covered by your homeowners association (HOA) insurance policy.
This guide will help you know about the best condo insurance companies in Maryland, also find out the least and most expensive zip codes for Maryland condo owners. Use this resource to find the most affordable condo insurance company in Maryland under your budget.
Key takeaways
- The residents of Maryland pay an average of $580 per year for condo insurance for a coverage level of $600,000 for personal property, $300,000 for liability protection with a $1,000 deductible.
- Based on the analysis by Insurance.com, USAA is the top pick for the best condo insurance company in Maryland.
- State Farm offers the cheapest condo insurance in Maryland at an average of $373 per year.
Best condo insurance companies in Maryland
In Maryland, you have a lot of options when it comes to finding the best condo insurance company. To make your task easier, our insurance experts have analyzed premiums, coverage offerings, J.D Power score and customer satisfaction rating of all the major insurers across Maryland. Below are the best condo insurance companies in Maryland based on Insurance.com's analysis.
| Company | Average rating(out of 5) |
|---|---|
| USAA | 4.4 |
| State Farm | 4.3 |
| Allstate | 3.7 |
| Travelers | 3.5 |
| Nationwide | 3.4 |
| Erie Insurance | 3.2 |
| Farmers | 3.1 |
| American Family | 2.6 |
Compare best condo insurance companies in Maryland
USAA is our top pick for the best condo insurance company in Maryland. It has earned 4.4 scores out of 1000 from J.D. Power, the highest among the carriers surveyed. Although, Apart from USAA, State Farm can be your best bet for condo insurance in Maryland. It has received 4.3 scores out of 1000 from J.D. Power and an A++ rating from AM Best.
Buying condo insurance is different from getting a standard homeowners insurance policy. Condo insurance and single-family homeowners insurance seem to be the same thing. Just like a traditional home insurance policy, condominium insurance covers-
- Personal property coverage- This covers your personal belongings such as furniture, electronics, clothing, and jewelry.
- Liability protection- This provides protection if someone is hurt or injured on your property, or you damage someone else's property.
- Dwelling coverage- It protects the building itself and any structures in it.
| Company | J.D. Power Score | AM Best Rating |
|---|---|---|
| USAA | 884 | A++ |
| American Family | 842 | A |
| Erie Insurance | 827 | A+ |
| State Farm | 829 | A++ |
| Nationwide | 816 | A+ |
| Travelers | 794 | A++ |
| Allstate | 815 | A+ |
| Farmers | 792 | A |
Average cost of condo insurance in Maryland
The average cost of condo insurance in Maryland is $580 per year or $48 per month for $40,000 as personal property coverage with a $1,000 deductible and $100,000 in liability protection. However, rates can vary, based on the insurance company you choose and the zip code you live in.
If you are looking to buy a condominium, condo insurance is an important consideration. Not only does it provide coverage for common areas and appliances in the building but also provides protection for personal belongings and the interior of the unit against damage caused by fire or theft, vandalism, or natural disasters.
Investing in a condo is one of the largest investments you'll make in your lifetime. Therefore, it makes sense to protect this investment with condo insurance.
| Average Annual Premium | Average Monthly Premium |
|---|---|
| $580 | $48 |
CONDO INSURANCE CALCULATOR
Average condo insurance rates in MARYLAND
AVERAGE RATE: $669
Most & least expensive zip codes for condo insurance in Maryland
Most Expensive
| Zip Code | City | Highest Rate |
|---|---|---|
| 21862 | Showell | $697 |
| 21213 | Baltimore | $688 |
| 20661 | Mount Victoria | $680 |
| 20682 | Rock Point | $679 |
Least Expensive
| Zip Code | City | Lowest Rate |
|---|---|---|
| 21755 | Jefferson | $491 |
| 21777 | Point of Rocks | $492 |
| 21758 | Brunswick | $493 |
| 21754 | Ijamsville | $494 |
Condo insurance rates by companies in Maryland
Based on Insurance.com's rate analysis, State Farm is the cheapest condo insurance company among the carriers surveyed. Its average annual premium is $373. Apart from >State Farm, Allstate, Farmers, and Travelers are the other top three cheap insurance companies in Maryland for condo insurance.
Condo insurance rates can vary based on where you live, how much liability protection you need and how comprehensive your condo insurance coverage is. In order to find the perfect condo insurance policy, it's important that you get a number of quotes and compare rates. This is one of the best ways to get a great condo insurance policy in Maryland.
Below is the list of best condo insurance providers and their average annual premium for Maryland residents.
| Company | Average Annual Rate |
|---|---|
| State Farm | $373 |
| Allstate | $399 |
| Farmers | $408 |
| Travelers | $488 |
| Nationwide | $551 |
| USAA | $648 |
| Erie Insurance | $673 |
| American Family | $892 |
Methodology
Insurance.com compared condo insurance rates in 2022 provided by Quadrant Data Solutions for $60,000 personal property coverage with a $1000 deductible and $300,000 liability coverage for all available ZIP codes. ZIP codes were ranked based on the average rates for personal property coverage of $60,000, liability coverage of $300,000, and a $1,000 deductible and included good credit ratings. Content was updated in 2023.
