Maryland Landlord Insurance
- Maryland Landlord Insurance
Many places in Maryland are well-suited for rental properties. That makes the Old Line State perfect for investing in real estate to rent out to other people. Whether you’re renting out a single-family home, multi-family home, a handful of units in a single apartment building or some other form of property, Maryland landlord insurance can help you protect your investment properly.
Landlord insurance in Maryland comes with a slew of protections. Some of the most notable are sufficient coverage for the structure in case it’s damaged or destroyed by a covered peril like a home fire. If you have a shed, detached garage or another structure unconnected to the home on the property, there’s coverage for that, too.
Plus, if that covered peril forces tenants to move out unexpectedly, Maryland landlord insurance could help pay for lost income while the unit is being rebuilt or repaired. To get a quote from multiple carriers in the state in a single place, simply use Clovered’s intuitive quoting platform to get a policy in minutes.
What’s Covered With a Maryland Landlord Insurance Policy?
This covers the actual structure of your home and the components that make it, such as the roof, siding, windows, countertops and flooring. Since you’re not the one living in the home and taking care of it full time, the landlord’s dwelling coverage should be equal to or a little more than your home’s actual value.
Depending on the type of property you own, other structures coverage may or may not apply. If you rent out a house, this coverage extends to things like fences, sheds, carports and detached garages, and is typically up to 10 percent of the dwelling amount. However, if you’re renting one or a few units in a condo complex, there’s a good chance you won’t own any of these types of coverage and, therefore, don’t truly need it.
If you store on the rental property things like a lawnmower, tools for working on the home or other items that directly help you maintain your rental unit, these items would be covered under the personal belongings portion of your landlord policy. Unfortunately, your tenants’ belongings are not covered.
It’s a good idea to maintain adequate landlord liability protection in the event one of your tenants or their guest is injured on the property and you’re held liable. This could happen for a number of reasons, including a broken stair that wasn’t repaired or a faulty fix. This coverage helps to pay for medical bills and legal expenses up to your policy’s limits.
What Are Some Extra Maryland Landlord Coverages to Consider?
Landlord Contents: For those landlords who furnish part or all of their rental properties, there’s an optional landlord contents coverage you’ll want to opt in to. This covers the belongings you keep in the unit, like furniture, electronics and appliances.
Construction: If the building codes change or you’re working on renovations, you’ll want to make sure you have coverage for your rental property that’s under construction. This helps mend the money until the home is ready for occupation again.
Loss of Income: If your rental property is hit by a covered peril and your tenants are forced to temporarily move out of the home, you’re not getting a rent payment each month. Luckily, this can help pay you the money you’re losing out on each month until the home is repaired and tenants are able to move back in.
Burglary & Vandalism: If your rental property is broken into and damaged or vandalized, purchasing additional coverage for burglary and vandalism will quickly become your best friend. This can help repair parts of your home that have been damaged or replace your property that was stolen.
What’s the Average Cost of Maryland Landlord Insurance?
Landlord insurance in Maryland averages about $1,300 per year, which is a very reasonable price when you consider the amount of coverage you get. It’s a bit below the national average, so this allows you to put more money in your pocket each month than in many other states across the U.S.
- Average Cost of Landlord Insurance in Maryland: $2,300 per year
Compare and Buy the Best Landlord Insurance in Maryland
If you’re a landlord in the Old Line State, you need to protect your property and financial wellbeing with adequate Maryland landlord insurance. Getting a quote is easy with Clovered. Just input your address, answer a few quick questions about your property and you’ll be on your way to getting a landlord insurance policy in minutes — one that meets your coverage needs and your budget.
You've worked hard to buy your rental property. Protect it with a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.