Maryland Renters Insurance

Protect Your Assets with Renters Insurance While You Rent in Maryland

Maryland is a state steeped in history. Residents of the state enjoy its historical offerings, along with its beautiful landscapes and cultural offerings. The state has mountains, ocean access, and is close to a number of other states, giving residents the option to travel between states easily.

One very important fact about Maryland is that property is expensive. It is so expensive, in fact, that many people decide to rent instead of buying a home. However, Maryland has high crime rates, along with a history of hurricanes. Many renters believe that as long as their property is within the rental, it's covered by the landlord's insurance. Unfortunately, this is untrue. Your belongings are not covered unless you have renters insurance.

Maryland Renter Statistics

  • There were 161,737 property crimes in 2012.
  • The average price for one month's rent in a one bedroom apartment in Maryland is $1,300. 
  • Townhouses are the most popular type of rentals in Maryland.
  • Over 40% of renters neglect to purchase insurance when renting.

Renters insurance can cover you for a variety of risks. It's an important part of being a responsible renter. It not only protects you from losing your assets, but it also protects you from hefty financial loss stemming from a lawsuit.

What is Renters Insurance in Maryland?

Renters insurance is a set of policies put in place to protect you from the most common risks that renters face in MD. A typical renters insurance policy may resemble the following:

  • Renters liability insurance: This insurance is designed to help protect you from lawsuits. Unfortunately, we live in a litigious society. Even a minor slip and fall can spell financial disaster. A liability insurance policy can help you pay for legal defense, and may even help you pay judgements.
  • Renters property insurance: This coverage protects your assets from damage such as fire, wind, rain, and theft. The average renter has $20,000 in assets, so it's important to make sure your belongings are fully covered.
  • Relocation assistance: Maryland is prone to hurricanes and damaging rain/snow. If your apartment is damaged from a natural disaster or accident, and it's deemed uninhabitable, this insurance can help you afford temporary living until your apartment is repaired.

How Does Renters Insurance Work in Maryland?

When you purchase a renters insurance policy, you will be asked to choose between Actual Value Coverage (ACV) and Replacement Cost Coverage (RCV). Actual Value Coverage reimburses you at the value of your item, minus depreciation. Replacement Cost Coverage reimburses you at the value of the item, without taking depreciation into account.

If you suffer a loss while the policy is in place, you will file a claim, listing the items damaged, along with their worth, and any receipts/photos you have. You will have a deductible to pay, and then the insurance company will work to get you reimbursed up to the limits of the policy. If you have exceptionally valuable items, such as heirloom jewelry or artwork, you may need additional policies to cover these items.

How Much Will a Renters Insurance Quote Be in Maryland?

There is no exact average for renters insurance, as the value of assets and risks you have are individual. When shopping for a renters insurance policy, you'll need to be familiar with the following information:

  • Location of rental
  • Residents of rental (including ages)
  • Driving records of residents
  • Value of assets
  • Credit score
  • History of claims
  • Desired coverage
  • Desired deductible
  • If there is a security system present
  • If there is a pool present
  • If you have pets

All of these factors will be considered when quoting you a renters insurance policy.

How Do I Get Renters Insurance in Maryland?

When it comes to finding you the best renters insurance policy, comparing quotes and getting the best coverage for your situation is crucial. A Trusted Choice® agent is able to answer questions, find discounts, suggest coverage, and even help you file a claim.

Now, who's ready to get their insurance problems solved?