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There are different types of homeowners insurance policies available that are authorized to be sold in the state of Maryland.

Huge factors influencing the type and rates of homeowners insurance policy offered include the type of property and the amount of coverage needed. Specifically, there is a policy for named perils that is officially classified as HO-2 Broad Form. This particular policy offers coverage for fire, windstorm, theft, vehicle or aircraft damage to property, collapse of all or one part of the building, and the like. Then there are policies for all other nonspecified causes of loss, often termed as the open perils policies or HO-3 Special Form. Those who have older homes may also acquire homeowners insurance policy with Modified Coverage Form. Under state provisions, there are also insurance policies for renters and owners of condominium units, designed to convey protection to personal property. In one aspect, all insurance companies in Maryland do not offer their own coverage for flood insurance. However, this type of insurance may be purchased through the National Flood Insurance Program offered by the federal government.

Apart from coverage for property damage, legal liability, and medical payments, there is also available coverage for additional living expenses in case the policyholder and his or her family needs to live elsewhere temporarily. The state of Maryland stipulates that this particular coverage must last for at least twelve months, subject to a certain amount limit.

There are several things to remember when one purchases a homeowners insurance policy. One is to fully understand the coverage being purchased, to check if the amount agreed beforehand is really the amount contained in the policy (this information is found in the Declaration Page), and to consider additional coverage for other valuables such as jewelry and antiques.

In the event that a potential policyholder is unable to purchase a homeowner’s insurance policy from a private insurance, he or she can approach the Joint Insurance Association and enroll with the Maryland Property Insurance Availability Program. Though this program may not be as comprehensive as those offered by private insurers, it still offers some form of protection to homeowners.