Best Renters Insurance in Maryland
- Best Renters Insurance in Maryland
If you rent a home, townhome, or apartment, you have no better way to protect your belongings than with renters insurance. For under $20 per month, you can safeguard your finances with several hundred thousand dollars of protection.
To make your renters insurance work for you at all times, you must get the right policy at the right price. We created this guide to help you do just that. Keep reading for information on average rates, cheap companies, crucial cost factors, and more you should keep in mind to find the best renters insurance in Maryland.
How Much Is Renters Insurance in Maryland?
The average renters insurance in Maryland costs about $212 per year or about $18 per month. Average rates from some of the largest renters insurance companies in the state ranged from $12 to $27 per month.
Many factors influence your renters insurance rate, which makes giving an exact number you can expect difficult. Your premium will vary based on your location within Maryland, your rental property features, and many more considerations we’ll discuss later.
Maryland Renters Insurance Rates by Company
Avg. Annual Rate
Avg. Monthly Rate
Companies With Cheap Renters Insurance in Maryland
According to our analysis, State Farm and Travelers offer some cheap renters insurance in Maryland. They were both over $60 below the annual state average rate.
We reviewed five of the largest renters insurance companies in the state, but there are many more. You may find cheaper coverage from another carrier we didn’t mention.
Another tip when looking for the cheapest renters insurance in Maryland: always ask what discounts you may qualify for. Many companies offer discounts for students and military veterans. You may also be able to bundle some of your insurance policies with a carrier to save even more. Most companies offer discounts for paying in full rather than monthly, also.
In addition to the companies we mentioned above, you can search online or ask for recommendations from friends, family, and neighbors on other companies they like for renters insurance. If you live in an apartment complex, the property managers may have some suggestions for reliable providers, too.
What Does Renters Insurance in Maryland Cover?
Regardless of what company you choose, renters insurance in Maryland covers your personal belongings, liability, and additional living expenses in case you’re forced out of your rental property. Policies typically protect against certain sources of damage, called perils. Theft, water damage, and fire damage are some of the most common perils that can cause property loss to renters.
Personal Property Coverage
Personal property coverage financially guards your belongings in and around your rental, such as your clothes, furniture, jewelry, electronics, art, tools, and more. If these get damaged by a covered peril on stolen, your insurer can reimburse you.
Loss of Use Coverage
Loss of use coverage covers expenses you would incur if you’re forced to move out of your rental after significant damage, such as from a fire or hurricane. Your insurance company can cover groceries, lodging, gas, and more through loss of use coverage while you’re displaced.
Liability coverage protects your financial liability if a visitor gets injured and sues you for damages. Liability coverage covers medical expenses and legal fees.
Medical Payments Coverage
Medical payments to others is a coverage similar to liability coverage, but on a much smaller scale. Medical payments covers minor injuries someone can suffer on your property. Liability coverage is for more serious injuries.
How to Choose the Best Renters Insurance in Maryland
To get the best renters insurance in Maryland, understand the typical coverages in a policy and make sure your plan covers everything you need. This may involve raising limits or purchasing additional protection. You’ll need to find a balance between coverage and price.
Personal Property Coverage Limits
When you get renters insurance quotes, you’ll be asked how much personal property and liability coverage you want. Determining proper coverage limits is crucial to making sure you’re fully protected. We recommend creating a home inventory list to get a dollar value for all your belongings. Your personal property coverage limit should be enough to cover everything you have.
The more coverage you request, the higher your average cost of renters insurance in Maryland will be. Knowing the value of your belongings prevents you from getting more coverage than you need and unnecessarily overpaying.
Actual Cash Value vs. Replacement Cost
Be aware of how your personal property insurance covers you. Renters policies have two ways of paying out: actual cash value and replacement cost. Replacement cost is the more comprehensive and costly option.
Having actual cash value coverage means your insurer will deduct depreciation before reimbursing you for your items during a claim. Everything depreciates over time, meaning you’ll never recoup what you paid for an item with actual cash value coverage.
Replacement cost coverage, on the other hand, means your insurer will reimburse you about what you paid or the fair market value for a replacement item during a claim. Replacement cost gives you more money. It is also more expensive than actual cash value coverage, so determine which one you want and ask your insurer about each.
Liability Coverage Limits
For liability coverage, you should get limits that would help you out in a worst-case scenario. Most insurers require policyholders to have at least $100,000 in limits, but this could leave you very exposed if you’re on the hook for medical expenses and legal fees after a major accident.
Hospital and care bills pile up very quickly. Having to pay for these out of pocket if your liability limits run out would be detrimental to most. Consider raising your liability limits to at least $300,000 to $500,000 and maybe more if you’re wealthy with several hundred thousand dollars in assets.
You should also raise your liability limits above the minimum if you have a large dog. Liability insurance covers dog bites and dog-related incidents. Even friendly dogs can jump on an elderly person and knock them over, resulting in tens of thousands in damages. It’s better to be safe than sorry when it comes to liability coverage.
Cost Factors of Maryland Renters Insurance
Many factors affect the average cost of renters insurance in Maryland. Companies must consider many variables about you and your property to determine your risk level accurately. Riskier policyholders have higher premiums.
The most significant cost factors of renters insurance are:
Location: The location of your rental property plays a big role in your risk profile. Renters in high-crime zones will likely have higher premiums. For instance, Baltimore has the highest property crime rates in the state, so renters in Baltimore may see higher rates than renters in other cities.
Any area with a heightened risk of property damage could see higher average renters insurance in Maryland. Renters on Maryland’s Atlantic coast could see some higher rates due to their greater risk of a tropical storm or flood damage.
Property condition: Renters in older homes or buildings may have higher premiums than renters in new places because older dwellings have more issues that can lead to claims due to wear and tear or potential negligence. Having an old roof, pipes, HVAC, and more can lead to higher rates.
Policy details: As we mentioned earlier, opting for higher policy limits will raise premiums. Purchasing additional coverage, known as endorsements, will also raise rates. You can also adjust your deductible to raise or lower your premiums.
Is Renters Insurance Required in Maryland?
No, renters insurance isn’t required by law in Maryland. However, some landlords or property management companies will require tenants to have renters insurance as part of signing a lease.
Listing a landlord as an additional interest means they’ll be notified if you change or cancel your policy. It’s a way for your landlord to verify that you keep your renters insurance for the life of your lease. Additional interests don’t receive any coverage and can’t file claims.
How to Get Renters Insurance Quotes in Maryland
You should always compare your options from several insurance companies when getting renters insurance quotes in Maryland. At Clovered, make shopping around for insurance easy. Use our quoting tool to compare policies from the best renters insurance companies in Maryland.
As an independent insurance agency, we partner with several companies in Maryland, so we can present you with choices to choose from. You can also consult one of our licensed, in-house agents for help with your quote at 833-255-4117 during business hours. You could also shoot us an email at firstname.lastname@example.org.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.