Maryland Renters Insurance

How to Find the Best Renters Insurance in Maryland

Experts break down renters insurance costs, coverages, companies, and more.

Apartment buildings in Baltimore, Maryland. Find Maryland renters insurance.

Whether you are a government worker who rents an apartment in Bethesda and commutes to DC, or you are a young parent leasing a house in the Baltimore suburbs, or anything in between, you can benefit from the many protections that a good renters insurance policy can provide.

Independent agents can help you find the best and most affordable policy. These agents work for you, not for an insurance company, so they can work with some of the best renters insurance companies in Maryland to find a great policy at a competitive price. Find an independent insurance agent near you to learn more.

Is Renters Insurance Required in Maryland?

Renters insurance is not required by law. The only time you may need to carry a policy is if your landlord requires it as one of the terms of your lease.

In most cases, renters insurance is fully optional. Because of this, a large number of renters in Maryland do not have it. Unfortunately, some of these people don't discover how important this coverage can be until after it is too late.

In a state where the average monthly rent is $1,392 and 47.4% of tenants spend more than 30% of their income on rent and utilities, it is understandable why some people might balk at the thought of adding to their housing costs. However, renters insurance is surprisingly affordable.

How Much Does Renters Insurance Cost in Maryland?

The average renters insurance policy in Maryland costs just $161 a year. That is less than $14 a month, a very small price to pay for a lot of protection.

The following factors can make your actual cost higher or lower than this average amount:

  • The estimated value of your personal property
  • The crime rate and weather risks where your rental home is located
  • Your claims history and credit score
  • The size of your deductible
  • Whether you are bundling your renters insurance with another policy like car insurance

When you take the time to compare quotes from a few different insurance companies, you can be certain that the policy you choose is offered at a competitive price. Independent agents make comparison shopping easy.

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What Does Maryland Renters Insurance Cover?

Renters insurance is designed to protect you in three important ways. Your policy will provide you with the following:

  • Personal property coverage: The contents insurance in your policy is designed to cover repair or replacement costs if your personal belongings are lost or damaged because of a covered event. Covered events include property crimes, fires, and severe weather events.
  • Personal liability coverage: The renters liability insurance in your policy is designed to cover your financial obligations and legal representation if you are unintentionally at fault for causing someone else to experience injuries, property damage, or financial harm.
  • Displacement coverage: The loss of use insurance in your policy is designed to pay for your additional living expenses if a covered event like a tornado causes severe damages to your home, and you must seek alternate accommodations while your landlord makes repairs.

When you add up the estimated value of everything you own, including things like your furniture, electronics, kitchenware, clothing, and jewelry, you may be surprised by the value of your personal property.

You will want to be sure that your coverage limits are high enough to enable you to fully replace this property if you experience a total loss due to a disaster like a fire.

What about Coverage against Floods in Maryland?

Around 7% of all properties in Maryland have at least a 26% chance of sustaining significant flood damage over the next 30 years. While that may not seem like a very high percentage, it represents more than 150,000 homes and businesses in this state.

It is important to be aware that renters insurance does not cover against floods. If you are a renter in a ground-floor apartment or you are leasing a house in a flood-prone area, you may be wondering what your options are.

Fortunately, you can supplement your renters insurance policy with flood insurance. Affordable policies are available through the National Flood Insurance Program (NFIP), a program that is managed by FEMA. Renters can buy contents-only policies starting at a very affordable price.

How Can an Independent Agent in Maryland Help?

When you are looking for an ideal renters insurance policy, local independent agents can help. These agents can request customized quotes from some of the best renters insurance companies in Maryland as they work to find you a great policy at a reasonable price.

Best of all, seeking advice from an independent insurance agent is free. Arrange an obligation-free consultation with an independent insurance agent near you to get started.

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https://www.census.gov/quickfacts/fact/table/MD/PST045219
https://www.statista.com/statistics/802897/average-premiums-for-renters-insurance-usa-by-state/
https://www.iii.org/fact-statistic/facts-statistics-renters-insurance
https://floodfactor.com/state/maryland/24_fsid