Insurance carriers calculate the cost of a home insurance policy by asking "how likely is it that something bad will happen?" The more likely it is that something bad will happen, the more expensive the home insurance policy will be, and vice versa. We call these potential disasters "risk." Let’s take a look at how risky Maryland is compared to the rest of the US.
Even though the crime rate in Maryland is slightly lower than the national average, homeowners still have to be aware of the risk. Some parts of the state are more susceptible to crime than others.
- Average number of burglaries per 1,000 homes in MD: 4.10
- Average number of burglaries per 1,000 homes in the US: 4.69
Hurricanes and tropical storms that make landfall along the Eastern seaboard can cause big problems for homeowners in this state. Make certain that your home insurance policy covers you against hurricane damage, and be sure to supplement your coverage with a suitable flood insurance policy.
- Number of federally declared disasters since 1953: 32
- Most common cause of disasters in the state: Flood
- Average number of tornados in the state per year: 9.9
- Amount paid in home insurance claims in 2016: $836,597,000
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Maryland, the average home value is much higher than the national average, and this may lead to increased costs in some of this state’s more affluent cities.
- Average home value in MD: $306,900
- Average home value in the US: $188,900