Getting Home Insurance in Baltimore
Home insurance in Baltimore helps protect local homeowners from financial loss if their home and/or its contents are damaged or destroyed because of perils like fire or severe weather. It may also provide additional living expenses coverage, which takes care of any extra expenses you incur for food, lodging, and storage if you are displaced from your home while it is being repaired or replaced after a disaster.
Finally, coverage often provides liability coverage to protect you from claims and lawsuits if you or a family member causes injury to someone on your property. The average premium in Maryland is $779, which is lower than the U.S. average of $880, according to the Insurance Information Institute.
Factors of Home Insurance Rates in Baltimore
When determining what rate to charge customers, insurance providers in Baltimore look at a variety of factors concerning your home. Some of those factors include how much it would cost to replace your home, your home’s condition and age, how your home was constructed, your home’s claims history, the claims history of homes nearby, and your home’s proximity to water sources like fire hydrants and fire protection services, according to the National Association of Insurance Commissioners (NAIC) Consumer’s Guide to Home Insurance. In general, older homes cost more to insure because they often do not meet modern building codes and have aging infrastructure. Wood homes are also generally more costly to insure because they are exposed to greater fire risk than brick or masonry homes.
Insurers also take into account crime rates in your particular Baltimore neighborhood. High rates of burglary, theft, and vandalism in your area could mean a higher premium, since insurance covers these specific perils. To get an idea of Baltimore crime, consider the following chart:
When it comes to fire protection, Baltimore residents do enjoy access to excellent municipal fire protection services. Since insurers take into account the quality of local fire protection when setting rates, this can work in a Baltimore homeowner’s favor. The Baltimore City Fire Department has 38 fire stations throughout the city that are strategically placed, according to the department’s website. This is advantageous for Baltimore homeowners who may pay a lower average cost of insurance in this area than more rural Marylanders who live further from high-quality fire protection.