Best and Cheapest Renters Insurance in Maryland (2024)

State Farm is the best and cheapest for $20K in personal property coverage with an average annual premium of $111 and a MoneyGeek score of 94 out of 100. The best option for you, however, will depend on your individual needs. For instance, Travelers is the best for those who value service with an annual premium of $180. USAA, on the other hand, is the best choice for veterans with an annual premium of $111.

State Farm stands out as the best renters insurance provider in Maryland with an impressive MoneyGeek score of 94 out of 100 and an annual premium of $111 for $20K in personal property coverage. This top choice typically offers a great balance between cost and customer service. Following closely, the next two best renters insurance providers in Maryland are listed below:

• State Farm: MoneyGeek score of 94 out of 100 ($111 per year)
• Farmers: MoneyGeek score of 90 out of 100 ($110 per year)

Although State Farm is not the cheapest option, it strikes a good balance between customer satisfaction and affordability. However, the best choice for you still depends on your individual needs.

State Farm offers the cheapest renters insurance in Maryland, with an annual premium of $110 for $20K in personal property coverage. Personal property coverage helps protect your belongings in case of damage or theft. The top two cheapest providers in Maryland for $20K in personal property coverage and a $1,000 deductible are:

• State Farm: $111 per year
• Farmers: $110 per year

Cheap renters insurance policies often have low personal property coverage limits. While higher personal property coverage limits can increase your monthly costs, they provide better protection if you have many belongings.

A high deductible can help you lower costs. In Maryland, the cheapest renters insurance company for $20,000 in personal property coverage with a $2,000 deductible is Farmers with an annual premium of $92. A deductible is the amount you pay out of pocket before your insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest providers in Maryland:

• Farmers: $92 per year
• State Farm: $100 per year

A deductible is the amount out of pocket you pay before your insurance covers the rest. Opting for a higher deductible usually brings down your premium. Take a look at how rates change using the table we’ll provide below.

Travelers is the best renters insurance company for service quality in Maryland for $20K in personal property coverage, with an annual premium of $180. Great customer service means you’re getting timely and helpful responses, clear communication, and stress-free claims processing when you need it most. These are the top two best providers in Maryland for renters who value exceptional customer service and $20K in personal property coverage:

• Travelers: MoneyGeek score of 96 out of 100 ($180 per year)
• Nationwide: MoneyGeek score of 95 out of 100 ($161 per year)

Great customer service is crucial for renters because it ensures a smooth and efficient experience when dealing with insurance issues. For example, when you make a claim, prompt and clear communication can make the process much less stressful.

State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Maryland, with an annual premium of $215. For $100K in personal property coverage, the following providers are the top two best providers in Maryland:

• State Farm: MoneyGeek score of 95 out of 100 ($215 per year)
• Farmers: MoneyGeek score of 84 out of 100 ($270 per year)

Renters with more personal belongings need higher personal property coverage. Personal property coverage protects your possessions, such as furniture, electronics, and clothing, from risks like theft or damage. Higher personal property coverage often comes at a higher cost.

USAA is the best renters insurance company for those with military backgrounds in Maryland, with an annual premium of $111 for $20K in personal property coverage. USAA is exclusively available to military members and their families.

The following providers are the top two best providers in Maryland for military members who need $20K in personal property coverage:

• USAA: MoneyGeek score of 100 out of 100 ($111 per year)
• State Farm: MoneyGeek score of 94 out of 100 ($111 per year)

USAA offers a range of products tailored for those with a military background, providing discounts and coverages that fit the military lifestyle. While Farmers offers a cheaper annual premium of $110, USAA's specialized offerings make it worth considering.

The average cost of renters insurance in Maryland is $152 annually, or $12 monthly, compared to the national average of $146. This means Maryland's average cost is $6 more per year than the national average. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

Renters should remember that the average cost of renters insurance in Maryland may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state but also varies by city.
The average cost of renters insurance in Baltimore is $160, while in Columbia, it is $143. Compared to the state average of $152, these rates show how costs can differ even within the same state.
These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score.
See the average cost in your city using the table below.

The cost of renters insurance in Maryland is influenced by multiple factors, including the location of the rental property and the amount of coverage desired. Understanding these variables is key to finding a policy that fits your budget and needs.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider depends on your unique needs, such as coverage options, customer service, and annual premiums. To help you navigate these choices, we've compiled a list of frequently asked questions that address common concerns and provide detailed answers.