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Home insurance rates in Maryland can vary widely depending upon a number of different factors. Although there are laws in place that prevent insurance companies from charging exorbitant rates to insure your home, different insurance companies can charge more or less for the same coverage.
One of the obvious factors that goes into determining your premium is the amount of coverage you buy. A house worth a $1,000,000 will cost more to insure than one worth $200,000. Your rates can also be affected by the size of the deductible you choose. A lower deductible usually equates to a higher premium.
The age and type of construction of your home will also factor into the amount you pay to have your home insured. Typically, more things go wrong with an older home than a newer home. A roof is more likely to fail. A pipe is more likely to leak or burst. Insurance companies charge a little more for older homes to cover the additional risk.
In addition to your home creating a greater risk because it is old, it can present more of a risk depending on whether it is made out of brick, concrete, or wood. Brick and concrete are less susceptible to fire damage than wood.
Where you live also matters. If you live in a safe neighborhood, with a low crime rate, there is less chance of theft or vandalism to your home than if you lived in a high-crime area. Living close to a fire station will be a point in your favor for keeping premiums down.
If you have a swimming pool, an aggressive breed of dog, or other unique risk factors, your home insurance rates may be higher. If you have a history of filing frequent claims, that will definitely raise a red flag and may cause a hike in your premium. Studies show that people with good credit scores are more responsible and file fewer claims. So, if you have a good credit score, you may be rewarded with lower rates.