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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 homeowners. Use this resource to find the most affordable condo insurance company in Maryland under your budget.

KEY TAKEAWAYS
  • Condo owners in Maryland pay an average of $369 per year or $31 per month in condo(HO6) insurance.
  • Nationwide is the cheapest condo insurance company in Maryland at only $150 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.

  • USAA
  • Erie
  • State Farm
  • Allstate
  • Farmers

Compare best condo insurance companies in Maryland

USAA is our top pick for the best condo insurance company in Maryland. It has earned 882 scores out of 1000 from J.D. Power, the highest among the carriers surveyed. Although the services offered by USAA can be availed only by military officials, veterans and their families. Apart from USAA, Erie can be your best bet for condo insurance in Maryland. It has received 835 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.
CompanyJ.D. Power scoreAM Best rating
USAA882A++
Erie835A+
State Farm835A++
Allstate829A+
Farmers813A
Nationwide812A+
Travelers800A++
Homesite779-

Average cost of condo insurance in Maryland

The average cost of condo insurance in Maryland is $369 per year or $31 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 premiumAverage monthly premium
$369$31

CONDO INSURANCE CALCULATOR

Average condo insurance rates in MARYLAND

$60,000
$1,000
$100,000
21216 - Baltimore
Personal Property Coverage $60,000, Deductible $1,000 and Liability $100,000.

AVERAGE RATE: $486

HIGHEST RATE: $1,034 LOWEST RATE: $221

Most & least expensive zip codes for condo insurance in Maryland

Most Expensive

Zip CodeCityHighest Rate
20784Hyattsville$496
20747District Heights$495
20745Forest Heights$494
20746Camp Springs$493

Least Expensive

Zip CodeCityLowest Rate
21917Colora$398
21911Rising Sun$398
21930Georgetown$399
21903Perryville$399

Condo insurance rates by companies in Maryland

Based on Insurance.com's rate analysis, Nationwide is the cheapest condo insurance company among the carriers surveyed. Its average annual premium is $150---$219 less than the state average ($369). Apart from Nationwide, Erie and Allstate are the other two 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 a list of the best condo insurance providers and their average annual premium for Maryland residents.

CompanyAverage annual premium
Nationwide$150
Erie$264
Allstate$283
Standard Fire$291
Travelers$291
Farmers$313
State Farm$483
USAA$597
Homesite$624

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