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By: Ramu Garuda  September, 09, 2019

Homeowners in Baltimore, Maryland, pay an average homeowner’s insurance rate of $1,370 per annum according to a Gavop study. This insurance rate is higher than the national average of $1228, mainly because Baltimore has one of the highest crime rates in the US, and high crime rates translate to high insurance costs. In fact, about 99% of the neighborhoods in Maryland have a lower crime rate than Baltimore. Annually, Baltimore reports about 5,893 robberies and over 30,661 crimes targeted at properties, which includes 17,393 thefts and 8,062 burglaries.A resident of Baltimore has a one in 15 chance of becoming a victim of either violent or property crime.

According to the year-end crime statistics, 342 murders were committed in Baltimore in 2018. Violent crime statistics vary significantly for different neighborhoods of the city, with economically developed areas reporting lower crime rates than other neighborhoods of the city.  Areas with higher education levels also experience a comparatively lower crime rate.

Chinquapin Park-Belvedere is one of the safest neighborhoods in Baltimore. Here, the typical value of a home is $232,125 and the typical replacement value is $239,887. Education rate in Baltimore is much lower than that in the rest of the country, with less than 30% of the residents having a bachelor’s degree or higher education. Canton and Better Waverly are neighborhoods with the lowest average home value and replacement cost at $28,800 and $34,270 respectively.

Sandtown-Winchester is one of Baltimore's most dangerous neighborhoods. Sandtown has experienced an economic recession, housing abandonment and crime since the second half of the 20^th century. Druid Heights and Grover Park are neighborhoods with the highest average home value at $575,700 and the highest average replacement value at $512,370.

Research by Gavop reveals how Baltimore homeowners can lower their homeowner's insurance costs by enhancing the safety features of their properties Having better safety features on properties will not only give homeowners better security but will also help them lower their home insurance rates. Installing deadbolt locks can get Baltimore homeowners a discount of $47 on their homeowner's insurance. Homes with burglar alarms (smart alarm sensors, indoor cameras, outdoor cameras, smart locks, sky control panel) can get an additional discount of $40. Fire extinguishers can earn Baltimore homeowners a discount of about $114 on their insurance.

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