Renters Insurance in Maryland

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Contributor, Benzinga
January 20, 2022

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

Maryland is ideal for professionals, entrepreneurs and retirees. There’s something there for everyone, so it’s no surprise you’ve chosen it as a place to call home. 

With all that Maryland has to offer, some risks come with being a renter. Fortunately, you can protect yourself with a renters insurance policy that’s affordable and gives you the coverage you need. 

We’re here to help you find the best renters insurance in Maryland. And depending on the provider, you may be able to get a policy that kicks in immediately.  

Best Renters Insurance Providers in Maryland

There are several renters insurance providers to choose from. So, we’ve taken the stress out of searching for the perfect policy by compiling a list of top options. Our selections are from some of the most reputable providers in the industry and you can get a custom quote in just minutes. 

Lemonade

Did you know most of our readers prefer to work with Lemonade for their renters insurance needs?

When you need affordable insurance, Lemonade is leveraging itself as the go-to option. You can get a quote in mere moments, learn more about renters insurance and get covered right away.

Importantly, Lemonade uses AI technology to point you to the coverage you need, especially because you don’t own the space—you’re renting. Your landlord has their own insurance, but you need an affordable policy that protects your family and everything you own. With Lemonade, you can do it all online from application to claim and much more.

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.

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2. State Farm

State Farm is a leading provider of renters insurance policies in Maryland and throughout the U.S. In 2019, it received a 5-star rating for overall satisfaction in the J.D. Power Renters Insurance Study. And with close to 100 years in the industry, its agents can help you get coverage that’s affordable and meet your needs. 

It also offers optional identity restoration coverage for renters, along with business property and liability coverage. And if you have auto insurance with State Farm, you may be eligible for a bundle discount. 

3. Liberty Mutual  

Liberty Mutual has a reputation for offering some of the most affordable rates on renters insurance in Maryland. The company is accredited by the Better Business Bureau and boasts an A rating. 

It also offers a host of discounts to renters to make premiums even more affordable. You may be eligible for cost savings if you live in a smart rental, have protective devices or opt-out of paper statements. Liberty Mutual also extends discounts to multi-policy holders and consumers who purchase online. Be sure to inquire when you retrieve a quote for coverage. 

4. American Family

American Family prides itself on delivering an exceptional experience to its policyholders. So if you choose it to meet your renters insurance needs, expect to receive the same level of stellar customer service. 

They took the top spot in J.D. Power’s 2019 Renters Insurance Study with high ratings across the board. In fact, American Family is only 1 of 2 companies to receive 5-star ratings for overall satisfaction and interaction. Ask about policyholder discounts when you get a quote for coverage. 

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5. Allstate 

Put your personal belongings in good hands with a renters insurance policy from Allstate. You’ll also receive liability and guest medical coverage, along with reimbursed living expenses coverage in the event you’re displaced. And there are several discounts available to help you keep more of your hard-earned money in your pocket. 

The company received a 5-star rating in 2019 from J.D. Power for claims processing, and for valid reason. You can file a claim by phone, online or via the mobile app in just minutes. 

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Renters Insurance in Maryland: An Overview

Also known as tenant insurance, renters insurance is similar to homeowners insurance but without the structural coverage. The landlord is on the hook for the property itself and will more than likely carry landlord insurance to protect themselves and minimize the risk of loss. 

Whether you’re renting a condo, apartment, townhome or single-family home in Maryland, the landlord may require you to purchase a plan before occupying the property. 

Average Annual Renters Insurance Premium in MD

Wondering how much you’ll have to pay for renters insurance in Maryland? The annual average renters insurance premium is $180 or $15 monthly.

Your rate could be higher or lower, depending on the location, property type, deductible, policy provisions and several other factors. Renters insurance companies do offer discounts that can help lower your out-of-pocket costs. Common discounts include:

  • Claims free: This discount is available to policyholders that do not file a claim or request to pay damages covered under the policy, for an extended period. 
  • Safety features: You could be eligible for a discount if you live in a gated community. Other qualified safety features include fire alarms and security monitoring. 
  • Multi-policy: If you carry other policies with the provider, you may be eligible for a discount. 
  • Paperless policy: Some providers offer discounts to policyholders that enroll in paperless billing. Also, inquire about discounts for electronic and annual premium payments. 

Check with the provider to confirm which discounts you may qualify for before buying a plan. 

Renters Insurance Coverage Explained

Renters insurance providers offer 3 types of coverage: liability, personal property and living expenses. 

Liability coverage: Liability coverage protects you against costs related to damaging someone else’s property. It also covers medical bills if someone is injured while at your rental home or apartment, and you are held responsible. 

So, if you’re playing a game of football and a deep pass misses the hands of your intended receiver and goes crashing through your neighbor’s window, you won’t have to pay out of pocket to replace the window. Or if a houseguest trips on a slippery surface in the kitchen and breaks their leg, your coverage would cover their medical bills. But bear in mind that you’re only covered up to the limit that’s stated in the policy.

Most liability coverage starts at $100,000 and goes up from there. Even if your landlord only requires that you carry this amount, you may want to purchase more coverage if you have a hefty savings account or nest egg. 

Personal property coverage: Personal property coverage protects you against damages or losses to your belongings in the event of a peril. This includes fires, theft, vandalism, lightning, water damage or leaks. 

Similar to liability coverage, losses are only covered up to your policy limit. Also, know that you may have to meet a deductible. It is a set amount of money outlined in the policy before coverage applies. And exclusions or limitations on particular personal property, including valuables, may apply unless you opt for additional coverage. 

The level of coverage you carry should be enough to cover the cost of your personal belongings. Conduct an inventory to reach a precise figure. 

Living expenses: Coverage for additional living expenses helps offset costs incurred if you are displaced from your rental home or apartment due to peril or another event that makes it inhabitable. Although lodging, food and other reasonable costs are usually covered, you’ll want to check your policy as limits may apply. 

Not all renters insurance policies are created equal, though. Some plans include all 3 coverages while others don’t. You may have the option to upgrade your policy to receive specific coverage, but that may come at an additional cost. So, it’s essential to retrieve a quote and read the fine print before you purchase a renters insurance policy. 

Get Renters Insurance in Maryland

Renters insurance is a small investment that can save you thousands of dollars. It’s very affordable and you can apply for coverage in minutes to get the protection you need. 

Consider Benzinga’s top picks to find the best provider for you, and get a custom quote right away. 

Get Protection Now

Lemonade offers fast, easy coverage through their seamless application and claims process. Get personal property and liability protection with Lemonade Renters Insurance.