Finding the Best Renters Insurance in Maryland
Are you ready to rent in a new rental home in Maryland? Or perhaps you already are and just become aware of how vital it is to get renters insurance. While there are no laws to hold a renter accountable for renter's insurance, there are many benefits it can offer. Especially when you examine how your landlord's insurance covers the big stuff while leaving your personal belongings vulnerable. An average landlord's insurance covers structural things like plumbing and structure, as well as appliances. Without renter's insurance, you may be held liable for injuries that take place within your house and garden or even if damages occur within the building. Moreover, what happens if the insurance covers damages that cause your home to be inhabitable? You'll have to vacate, but the landlord's insurance will not usually cover your interim housing. Renters insurance, on the other hand, could keep you safe and secure with a roof over your head when you're rendered homeless. A good renter's insurance will also cover additional living expenses incurred during a similar period. There are many reasons to invest in renter's insurance, but you can't even begin to place a value on the sense of security renter's insurance offers you and your family. That's why we're here to help you find the best renter's insurance in Maryland.
| Renters Insurance Costs in Maryland | Cost |
|---|---|
| Avg. Cost of Renters Insurance in Maryland Annually | $210.02 |
| Avg. Cost of Renters Insurance in Maryland Per Month | $17.50 |
A Summary of Renters Insurance in Maryland
Whether you want to relax in a rental in the Eastern countryside or shimmy in the suburbs, there are beautiful homes and lifestyles on offer in Maryland. The average cost for renters insurance in Maryland can vary depending on the area and the type of home you are renting. Did you know that most Maryland residents are renters? Statistics show that many renters in Maryland that do not have renter's insurance either do not know just how affordable the average cost of rental insurance in Maryland is, or they do not know what policies are available for renters. Are you not convinced that renters insurance is affordable? Despite being such a varied lifestyle, Maryland's average price of renter's insurance is just $187 a year- that's just $15 a month. The percentage of renters occupied units across Baltimore spending 30% or more on rent and utilities is sitting at around 57%- so the room for more insurance is thin. Luckily, rental insurance in Maryland can be affordable, even if your family is sitting in that 57% statistic. However, you will have to know where to look (and possibly where to live) as the cheapest annual premium for renters insurance can be found in Frederick, where the cost is an average of $173 per annum. In contrast, the most expensive sits at around $236 in the city of Suitland.
| City in Maryland | Costs Per Month for Renters Insurance | Average Costs Per Year for Renters Insurance |
|---|---|---|
| Baltimore, MD | $24.03 | $288.32 |
| Columbia, MD | $14.91 | $178.88 |
| Germantown, MD | $14.96 | $179.52 |
| Silver Spring, MD | $14.87 | $178.40 |
| Waldorf, MD | $18.88 | $226.56 |
| Frederick, MD | $13.73 | $164.80 |
| Ellicott City, MD | $15.32 | $183.84 |
| Glen Burnie, MD | $18.28 | $219.36 |
| Gaithersburg, MD | $15.04 | $180.48 |
| Rockville, MD | $14.67 | $176.00 |
| Bethesda, MD | $14.56 | $174.72 |
| Dundalk, MD | $18.57 | $222.88 |
| Towson, MD | $18.44 | $221.28 |
| Bowie, MD | $18.40 | $220.80 |
| Aspen Hill, MD | $14.68 | $176.16 |
| Wheaton, MD | $14.73 | $176.80 |
| North Bethesda, MD | $14.51 | $174.08 |
| Severn, MD | $17.48 | $209.76 |
| Bel Air South, MD | $19.12 | $229.44 |
| Potomac, MD | $14.55 | $174.56 |
| Catonsville, MD | $18.57 | $222.88 |
| Odenton, MD | $17.61 | $211.36 |
| Hagerstown, MD | $15.24 | $182.88 |
| Essex, MD | $18.37 | $220.48 |
| Woodlawn, MD | $19.11 | $229.28 |
| Clinton, MD | $19.03 | $228.32 |
| Annapolis, MD | $17.01 | $204.16 |
| Severna Park, MD | $17.64 | $211.68 |
| Chillum, MD | $18.17 | $218.08 |
| Olney, MD | $14.72 | $176.64 |
| Randallstown, MD | $19.44 | $233.28 |
| Owings Mills, MD | $18.57 | $222.88 |
| Montgomery Village, MD | $14.89 | $178.72 |
| Pikesville, MD | $19.33 | $232.00 |
| Salisbury, MD | $23.67 | $284.00 |
| College Park, MD | $18.28 | $219.36 |
| Eldersburg, MD | $15.04 | $180.48 |
| Parkville, MD | $18.24 | $218.88 |
| Bel Air North, MD | $19.16 | $229.92 |
| Carney, MD | $18.33 | $220.00 |
| Milford Mill, MD | $19.11 | $229.28 |
| Perry Hall, MD | $18.84 | $226.08 |
| Crofton, MD | $17.43 | $209.12 |
| Pasadena, MD | $18.80 | $225.60 |
| South Laurel, MD | $18.07 | $216.80 |
| Reisterstown, MD | $18.35 | $220.16 |
| Ilchester, MD | $15.19 | $182.24 |
| Lochearn, MD | $19.07 | $228.80 |
| Edgewood, MD | $19.71 | $236.48 |
| Laurel, MD | $17.07 | $204.80 |
Is Renters Insurance Required in Maryland
The renter's insurance required in Maryland is based on the landlord's discretion. While there are no state laws requiring renters to have insurance, landlords may need it as a prerequisite for potential renters. Maryland renters insurance requirements can vary among landlords. Still, the general gist is that landlords want to ensure their renters can pay for any damages incurred that are part of the renter's responsibility. As a renter, it is a good idea to have renters insurance as your personal possessions can be covered, as well as any damage that your landlord's coverage does not include. In the event of fire, theft, or burglary, would you be covered right now? Most landlord's house insurance will not cover things like burglaries or fire damage if there are renters. Without renters insurance, will you be able to handle these types of events? Renters insurance should cover your priceless possessions, like jewelry, watches, and other valuables like antiques or even family heirlooms. Some renters insurance offers medical payments, where you could be covered if an injury takes place in your home or garden.
How Much is Renters Insurance in Maryland
Renters insurance rates in Maryland look similar to the rest of the nation, although some may place Maryland in the more expensive percentile. However, low-cost renters insurance in Maryland is easy to come by, as long as you choose the right insurance company and are not living in some of the most expensive cities in the state. Different cities dictate the varying averages in cost, although you can expect to pay between $175 and $236 per annum for renters insurance. Other factors that affect what average renters insurance in Maryland costs include the condition of the building or property (the building's age is factored in as well), your coverage, and the area or city you live in. The average price of renters insurance in Maryland is on par with the rest of the nation. Still, the state itself can have cities offering expensive renters insurance and others that provide renters insurance that sits well below the average cost. Some insurance companies will offer more affordable coverage than others. Statefarm and Travelers are two of the more affordable options (coverage starting from between $130 and $150 per annum). At the same time, All-State and Nationwide are some of the more expensive rental insurance providers in the state. Before you sign off on the cheapest renters insurance in Maryland, make sure you know what type of coverage you are getting.
| Costs of Renters Insurance in Maryland by County | Price Per Month | Price Per Year |
|---|---|---|
| Allegany County, MD | $20.92 | $251.00 |
| Anne Arundel County, MD | $17.72 | $212.60 |
| Baltimore County, MD | $20.80 | $249.60 |
| Baltimore (city) County, MD | $27.22 | $326.60 |
| Calvert County, MD | $18.90 | $226.80 |
| Caroline County, MD | $19.92 | $239.00 |
| Carroll County, MD | $16.23 | $194.80 |
| Cecil County, MD | $18.07 | $216.80 |
| Charles County, MD | $20.95 | $251.40 |
| Dorchester County, MD | $22.85 | $274.20 |
| Frederick County, MD | $16.32 | $195.80 |
| Garrett County, MD | $20.38 | $244.60 |
| Harford County, MD | $21.10 | $253.20 |
| Howard County, MD | $16.32 | $195.80 |
| Kent County, MD | $18.52 | $222.20 |
| Montgomery County, MD | $15.77 | $189.20 |
| Prince George's County, MD | $22.45 | $269.40 |
| Queen Anne's County, MD | $18.47 | $221.60 |
| Somerset County, MD | $22.68 | $272.20 |
| St. Mary's County, MD | $21.05 | $252.60 |
| Talbot County, MD | $20.52 | $246.20 |
| Washington County, MD | $17.37 | $208.40 |
| Wicomico County, MD | $22.83 | $274.00 |
| Worcester County, MD | $30.27 | $363.20 |
What Does Renters Insurance Cover in Maryland
Different plans will offer varying coverage. While each company will offer different options, you can expect the following to be covered under most standard renters insurance: Water Backup, Protection, Replacement Cost Coverage, Equipment Breakdown, Identity Theft Coverage, and Decreasing Deductible.
Best Renters Insurance Companies in Maryland Based on Consumer Ratings
So, you know you want to invest in renters insurance, and now the question is, which are the best renters insurance companies in Maryland? You've seen the most affordable options and the most expensive, but you shouldn't be basing your judgements on the figures alone. It doesn't help to get the cheapest without getting the coverage you need. The trick is to find the best renters insurance companies in Maryland that offer you the most value. Here are some of the most affordable comprehensive options for Maryland renters: Travelers offers some of the most comprehensive and complete coverage options at competitive rates. Consumers rate this insurance company as the best for those who want to be able to customize their coverage. With a long list of add-ons, Travellers offers their clients a way to get the most value out of their monthly premium. However, when it comes to customer service, consumers have mixed feelings over the quality and service values shared by the company's employees. State Farm offers a wide range of options to suit most people's requirements. Consumers love this insurance company for its consistent quality customer service. On the other hand, consumers would like to see improvements in adjusting their coverage plans to be better tailored for their unique needs. Liberty Mutual offers attractive, affordable coverage options for the younger demographic. Young adults often find this insurance company more accommodating for their demographic.
| Maryland Renters Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Allstate Ratings for Renters Insurance in Maryland | 3/5 | 0.31 |
| Erie Ratings for Renters Insurance in Maryland | 5/5 | 0.17 |
| Nationwide Ratings for Renters Insurance in Maryland | 2/5 | 0.24 |
| State Farm Ratings for Renters Insurance in Maryland | 4/5 | 0.2 |
| Travelers Ratings for Renters Insurance in Maryland | 2/5 | 0.44 |
| USAA Ratings for Renters Insurance in Maryland | 5/5 | 0.15 |
| Chubb Ratings for Renters Insurance in Maryland | 2/5 | 0.18 |
Compare Renters Insurance in Maryland for the Best Rates
As you can see, your options for affordable renters insurance in Maryland are many. Always compare renters insurance in Maryland before committing to a policy. By viewing all your options, you'll be able to find the best renters insurance in Maryland and perhaps even tailor it to suit your needs. Whether you seek premium coverage with the highest coverage or a simple plan to save the things you hold most dear, an insurance company can help you with your renter's insurance in Maryland.