Best and Cheapest Renters Insurance in Maryland for 2024

Renters insurance covers your personal belongings and provides liability coverage while you're renting an apartment in Maryland, but the importance of it is often misunderstood. It's important to understand that your landlord likely has insurance that covers the structure of the building you're living in, but it doesn't cover your personal belongings (i.e. anything you bring into the apartment, like furniture, a TV, and clothing). That's where renters insurance comes in it covers your items from perils in your apartment and also provides liability coverage in case an accident occurs in your apartment.

So if you want to ensure you're properly covered while renting, it's important to find one of the best Maryland renters insurance companies. But where do you start? In the table above, you can sort through all the renter's insurance companies ranked on Clearsurance. The rating next to each company the insurer's Clearsurance score is based exclusively on the thousands of ratings provided by customers. Note: Only those companies with at least 25 renters insurance reviews are eligible to appear in the best Maryland renters insurance rankings.

It is important to know as much as you can about your renter's insurance company before taking out a policy with them. Talking to a local, experienced insurance agent can help answer any questions you may have. Some questions to consider asking include, "What is the average cost for your renter's insurance coverage?" "Does my policy cover things such as water damage and bodily injury?" and "What are my coverage options and my coverage limit?"

Interested in learning more about one of the companies on the list of the best renters insurance companies in Maryland? You can visit the company's profile page to find more information about the company and read reviews to learn from the experiences of other policyholders.

On this page:

• Maryland renters insurance rates
• Average cost of renting in Baltimore
• Renters insurance for Maryland college students
• Maryland property crime statistics

What are your coverage options on a renters insurance policy?

Just like any other policy, you can usually customize your renters insurance coverage to get exactly what you need. A standard policy contains some form of the following types of coverage:

• Personal property coverage – This type of coverage pays the replacement cost for the personal items you keep in your apartment should they be damaged or destroyed. The policy will usually have a list of covered perils, so make sure to look this over closely.

• Liability coverage – Liability insurance pays for medical expenses if someone is injured in your apartment.

• Loss of use coverage – Loss of use pays for your hotel and food expenditures when you are unable to stay in your apartment because of damages. This may also be called additional living expense coverage or temporary living expenses coverage.

Beyond these basic coverage options, you may also be able to purchase extra protection like identity theft coverage, guest medical coverage, and other optional coverages.

People who keep expensive items in their rental unit, like musical instruments, jewelry, or sports gear, may wish to increase their coverage limits for additional protection.

Who offers the best Maryland renters insurance rates?

Out of the most popular companies in Maryland, USAA offers the cheapest renters insurance rates in Maryland. USAA is only available to active and former military members and their families, though. If you aren't eligible for USAA, State Farm is the next cheapest option.

While Maryland renters insurance rates depend on factors specific to you and your apartment, rates also depend on the company you choose. Some companies may offer renters insurance in Maryland for a cheaper rate than others. In the table below, you can see average Maryland renters insurance rates from some of the largest companies in the state.

*USAA is only available to former and active military members and their families.

These average renters insurance rates are based on a policy with $30,000 in personal property coverage (with a $500 deductible), $100,000 in personal liability and $1,000 in medical payments to others. The rates displayed should only be used for comparative purposes as individual rates in Maryland will differ. Rate data is provided by Quadrant Information Services.

How much does rent cost in Baltimore?

Baltimore is the most populous city in Maryland and has an average monthly rent rate of $1,227. Certain areas of Baltimore tend to be quite pricey, but the city is comprised of many neighborhoods.

Washington Hill and Fells Point neighborhoods are generally among some of the most expensive areas with an average monthly rate of $2,040 but more affordable areas include Beverly Hills, Lauraville and Morgan Park, which all have an average monthly rate of $799.

The size of your apartment also affects the average monthly rate of rent in Baltimore. On average, a studio apartment in Baltimore costs $997 per month and a one-bedroom apartment costs 1,167 per month while a larger three-bedroom apartment costs $1,398 per month. Additionally, renters should consider purchasing a renters insurance policy to protect their personal items from perils such as theft.

Is there renters insurance for Maryland college students?

With over 50 colleges and universities scattered across the state, Maryland has many college students that live in dorms or rent apartments. There are a few things for college students renting housing in Maryland to consider in order to protect their personal belongings.

Typically, a college student who lives in a dorm located on the college campus is covered by their parent or guardian's homeowners insurance policy. That's usually only the case for students who live on campus, though. Maryland college students who rent apartments off-campus should consider a renters insurance policy because their items won't be covered under their parent or guardian's policy, and without a renters insurance policy, they won't have any protection.

College students will most likely have roommates in the apartment they rent. It's not advised that students share renters' insurance policies with roommates. Rather, each student should have their own renter's insurance policy to protect their own belongings.

What are Maryland's property crime statistics?

Theft and vandalism or malicious mischief are among the 16 perils a standard renters insurance policy protects you from. So, how does crime in Maryland compare to other states around the country? The FBI published the following statistics on crime in Maryland for 2016:

• Property crime - 137,445
• Burglary - 24,692
• Larceny theft - 100,919

All three statistics for Maryland, when compared to the national average rate per 100,000 inhabitants, ranking slightly below the national average. It is important to make sure that you are always covered. Ask your local insurance agent if your renter's policy covers additional protection like a burglar alarm. This will not only help keep you safe but also help with peace of mind, knowing that you are protected.

How can you save money on your renters insurance in Maryland?

While renter's insurance may be more affordable than other types of insurance, no one wants to pay more than they have to. So what are the different ways you can lower your Maryland renters insurance premium and have some extra spending money?

Here are the top 5 ways to save on your renters insurance:

• Raise your deductible
• Ask about potential discounts
• Bundle your policies
• Determine the value of your personal property
• Pay in full by check

If you bundle your auto policy with a homeowners or renters insurance policy with the same insurance company, you will usually receive a multi-policy discount (this might also be available for bundling with other insurance products, such as a life insurance policy or boat insurance policy). Some insurance carriers also reduce your monthly premium for safety devices in your apartment, such as smoke detectors, security devices like burglar alarms, or for setting up automatic payments.

A wide range of discount options may be available, so make sure to ask renters insurance providers about your options when you're shopping around for quotes. If you're looking for the most affordable rate, get online quotes on a renters policy from at least three companies before making a decision.

How does Clearsurance rate and rank the best renters insurance companies in Maryland?

Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:

• Price
• Customer Service
• Claim service
• Likelihood to renew

The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.

The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.

Do you have a renters insurance guide?

As we mentioned above, there are common misconceptions regarding what is and isn't covered by a renters insurance policy. Before you purchase a policy from one of these best renters insurance companies in Maryland, it's important to understand what your policy covers. For example, did you know that many renters insurance policies include liability protection in the event a non-resident is injured on the property? Plus, if your apartment becomes uninhabitable from an incident, some policies may cover your expenses as you find temporary housing.

It is important to know all that you can before taking out a renters insurance policy. Learn about the insurance company and the protection that their policies offer before making a final decision. Know and understand your policy limits and ask about what additional coverages you can add to your protection.

While we all want the most affordable renters’ insurance, it is important not to sacrifice the quality of your protection just to save some money. Talk to a local insurance agent about what insurance company is right for you, and what coverages they offer.

We want to make sure you’re equipped with a proper knowledge of renters insurance, so check out our renters insurance guide. Looking for more educational information about renters insurance? Check out our renters insurance blog for more information and topics related to renters insurance.