Chevy Chase, MD Home Insurance Quotes!

In the great city of Chevy Chase, there are a total of 261,738 people living in a variety of different styles of properties from single-family homes, duplexes, condos and apartments. While there are roughly 12,851 housing units in the city of Chevy Chase, many of the ones that are currently occupied are in need of lower home insurance rates. In the majority of these Chevy Chase neighborhoods, the average family size is around 3 residents per house.

In Chevy Chase, the average household income is about $156,686. While this is a fairly high number, it is slightly below the national median. Luckily, the cost to purchase a home in Chevy Chase is affordable, the average real estate market price is $1,004,300, although home prices in this area continue to rise. An increase in home prices results in more risk for the insure to cover. Plus, the cost of living increases with the property taxes due to the cost of home prices going up. Saving money on your home insurance premium can help with your monthly budget and even lower your monthly mortgage payment. Let us help you shop and compare rates in Chevy Chase, MD today!

Lower Home Insurance Rates in Chevy Chase Helps with Savings

In addition to affordable housing, Chevy Chase homeowners insurance also has some great rates to help you save more money. Our average home insurance rates for Chevy Chase is around $793 per year, for smaller homes with less replacement value coverage and discounts, you can get rates for as low as $543. For larger homes over 1,800 sq. ft in Chevy Chase, you may see higher rates in the $1093 range due to increased dwelling coverage.

Chevy Chase Home Insurance By Policy Type

When it comes to Chevy Chase homeowners insurance policies, there are a few different policy types and each one is written for a certain type of structure. Having the correct policy type is essential to having the proper coverage on your home for added protection when you need it most.

Below we have featured the most common insurance types for homeowners living in or nearby Chevy Chase:

The most common of homeowners coverage is the HO-3. The majority of homeowners carry this type of policy and it covers damage that is caused by all perils unless they are excluded in the body of the policy. Damage that is caused by floods or earthquakes is always excluded on an HO-3 policy but there can be other exclusions as well.

Condos are becoming a popular housing option in Chevy Chase and if you have one, this is the policy type you need. In addition to condos, it also protects co-ops. This insurance offers coverage for your personal belongings as well as the components of the building that you actually own.

Chevy Chase is lucky to have a fair number of historical homes and if you own one, you may need an HO-8 policy. These policy types are specific to older homes where the replacement cost of the house may actually exceed the cash value of the home.

These policies are affordable because the payout levels are less than the actual replacement cost of the house. In most cases, the need for an HO-8 policy arises when the house is more than 40 years old and doesn’t qualify for a HO-3 policy. These policies only cover 11 perils.

This policy type was designed for people that rent an apartment. It is often referred to as renters insurance. An HO-4 policy will pay out for damage to your personal property in your apartment and it also offers liability protection in the event that someone is injured in your apartment.

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Average Rates Nearby Chevy Chase

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Home Insurance Rates by Zipcode in Chevy Chase, MD

Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Chevy Chase.

20815,     

Chevy Chase, MD Home Insurance Average Premiums

$543 /yr.

For the city of Chevy Chase, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.

What is the average home insurance cost for a home in Chevy Chase, MD?

What does it cost on average per month for home insurance in Chevy Chase, MD?

Chevy Chase, MD Coastal Wind, Hail & Flood Information

Chevy Chase is located in a coastal county which greatly increases the risk of hurricanes and windstorms. Our quoting process will include wind and hail coverage options to give you the best protection you need against high winds and storm damage.

Chevy Chase, MD - 2023 Housing Information

Homeowners insurance will help cover the cost to repair or replace your Chevy Chase home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:

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Saving Money Tips on Chevy Chase Home Insurance

A great way to save money on Chevy Chase homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:

Are you shopping for the best rate near or wihin the Chevy Chase area? Check out what homeowners are paying on average for Maryland homeowners insurance.

Elevation Review for Coastal Wind or Flooding Risk

» Elevation is crucial to a homeowners insurance policy because it determines the risk of your home being in a flood zone which is particularly important in a coastal state such as Chevy Chase, Maryland.

A standard homeowners policy does not cover flood damage. If you live in a flood prone area, you will need to purchase a separate flood to fully protect your home. Call Now for Flood Insurance Quotes: 888-620-1954!

Flood insurance can be purchased via the National Flood Insurance Program (NFIP) or in the private market. NFIP policies come with coverage caps and other restrictions so you may need to supplement your flood insurance coverage with a private market policy.

It's important to remember that flooding occurs in low and moderate risk areas as well. According to FEMA data, almost 25% of all flood claims come from low to moderate-risk areas.

To get online quotes on your home and compare rates on home insurance premiums in Chevy Chase, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Montgomery County.

Maryland Homeowners Insurance News & Information

While the odds of a major disaster hitting a specific home is the same regardless of whether the owner has a great credit score or one that puts them in a subprime category, their credit score will impact their rate in many states.  In most states, insurers are allowed to consider credit scores when setting […]

If you are switching insurance companies, you should always check the financial strength of any insurer you are seriously considering. While an affordable premium is always a plus, if your insurance company cannot afford to pay when you file a claim, the savings will certainly not be worth it.  A.M. Best is a credit rating […]

A bill in the U.S. House called the Natural Disaster Reinsurance Plan, hopes to lower insurance costs for policyholders in states that opt-in to the program which will scale back the requirements regarding the amount of reinsurance that insurance companies need to purchase.  Currently, a Broward commissioner is asking Congress to pass legislation he claims […]

North Carolina is a fantastic place to live with plenty of cultural activities, beautiful beaches, world-class cities as well as great restaurants and shopping. The only disadvantage to living in North Carolina, particularly if your home is located in coastal area is the cost of homeowners insurance. The average premium for a standard homeowners insurance […]

Making renovations to your home can have a major impact on your insurance coverages as your risk profile changes. Adding square footage, putting in a swimming pool, outbuilding or upgrading your electrical may change the value of your home which could leave your underinsured.  Major upgrades such as adding square footage to your home or […]

Chevy Chase, MD Dwelling Coverage Estimate

It is important to calculate your dwelling coverage for your home in Chevy Chase so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.

Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.

What is the average replacement cost coverage in Chevy Chase, MD?

- The average square footage in Chevy Chase is around 2,575 Sq. Ft. which would cost you around $1,004,300 to replace the home if you base the home on the price to build per square foot of $390.

Minimum Replacement Cost Total: $1,004,300

Location: Chevy Chase, Maryland (Montgomery County)

Average Building Cost Per Square Foot in Chevy Chase: $390 (low end)

Average Square Footage in Chevy Chase: 2,575 Sq. Ft.

The dwelling coverage is calculated by the average cost per square foot ($390) in Chevy Chase, Maryland times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $1,218,750 (Media price to build of $488 x 2500 sq. ft.) to cover the cost to rebuild your new home.

What is the difference between actual cash value and replacement cost value?

Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:

Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.

Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.

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