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