In Frederick, Maryland, High-End Home Insurance Premiums Are Offered by Privilege Underwriters, Standard Guaranty, and American Security
By: Ajay kumar Medagani Oct.12, 2018
A Gavop analysis of home-insurance premiums for frame and masonry homes in Frederick, Maryland, showed that Privilege Underwriters Reciprocal Exchange, Standard Guaranty Insurance, and American Security Insurance are among the top 5 providers of high-end home insurance for both types of constructions. Among the top 5 providers of low-end home insurance are Farmers Insurance Exchange, Cumberland Mutual Fire Insurance, and Brethren Mutual Insurance.
This study was conducted using information from the Maryland Insurance Administration. Premiums offered by home insurance providers are influenced by multiple factors such as the age of the homes, deductibles, and home values. Gavop’s analysis focuses on homes that are 10–75 years old, with home values ranging from $120,000 to $580,000. The deductible values range between $500 and $1000.
Analysis of the low-end premiums shows that Safeco Insurance offers the cheapest rate for frame houses, at $429. Farmers Insurance offers the cheapest rate for masonry, at $717. For frame houses, the latter occupies the second position with a premium of $105 less, at $612. Cumberland Mutual Fire Insurance offers the third cheapest rate for both frame and masonry houses. For frame houses, it offers a premium of $705, while for masonry, it offers a premium of $39 more, at $744. Brethren Mutual Insurance offers the fourth cheapest insurance rate for masonry houses at $749, while it offers the fifth cheapest premium for frame house at $3 more ($752).
The following graph compares the five cheapest home insurance premiums for the two types of constructions, in Frederick, Maryland.
A similar analysis of high-end premiums shows that the same companies occupy the position for the top five places, although at different ranking positions. Privilege Underwriters is the most expensive company for frame constructions, with a premium of $3,959. This company offers the third-most expensive premium for masonry constructions, at $1,460 less ($2,499). Standard Guaranty Insurance offers the most expensive rate for masonry constructions at $3,258. It offers the second-most expensive premium at $405 more for frame house ($3,663). American Security is in the second place in the list of most expensive companies for masonry and in the third for frame houses. For masonry houses, it offers a rate of $2,575 while for frame houses, it offers a premium of $317 more at $2,892.
The following graph compares the five most expensive home insurance premiums for the two types of constructions, in Frederick, Maryland.
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ABOUT THE AUTHOR
Ajay Kumar Medagani
Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.
