State Farm, Homesite and Chubb are Maryland's best cheap renters insurance companies. State Farm is the top option for affordable rates. Chubb has the best customer reputation, and Homesite offers the best coverage options.
Cheap Renters Insurance in Maryland
Updated: April 25, 2025
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Key Takeaways
State Farm is Maryland's best overall renters insurance company, offering the cheapest policy at $172 per year.
Renters insurance in Maryland costs around $25 per month but ranges from $14 to $53.
To get the best and most affordable renters insurance, decide your coverage needs beforehand, research costs and compare multiple quotes.
Maryland Renters Insurance Quote Estimates
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
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Rates updated:
Apr 25, 2025
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Best Cheap Renters Insurance Companies in Maryland
| State Farm | 95 | $14 | $172 |
| Chubb | 86 | $29 | $352 |
| Nationwide | 80 | $36 | $427 |
| Homesite | 80 | $23 | $272 |
| Travelers | 67 | $53 | $640 |
*This list shows rates for a renter with good credit, no claims history, $50K in property damage coverage, $100K in liability coverage, a $1,000 deductible and guaranteed replacement.
Compare Personalized Best Cheap Renters Insurance in Maryland
While the above list covers most renters, it may not reflect the best options for your needs. Below is a filterable table tailored to your profile to help you find the best choice in Maryland.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Contents Replacement:Yes
Select
Credit Tier:Good
| State Farm | 95 | $16 | $189 |
| Farmers | 84 | $18 | $221 |
| Nationwide | 78 | $25 | $302 |
| Chubb | 75 | $27 | $324 |
| Homesite | 75 | $22 | $261 |
Best Maryland Renters Insurance Reviews
Below, we provide more details about our top picks for affordability, customer service and coverage options for Maryland renters insurance.
State Farm: Most Affordable Plans
pros
Lowest rates
Large discount offering selection
High financial stability ratings
cons
Below-average claims satisfaction
COMPANY HIGHLIGHTS
State Farm offers Maryland's most affordable renters insurance, starting at $14 per month. It ranks seventh in J.D. Power's property insurance customer satisfaction study. Customers can find strong coverage options, including optional replacement cost coverage and identity theft protection.
Chubb: Best for Customer Service
pros
Very high customer satisfaction ratings
Strong add-on coverage selection
cons
Higher rates than average for most profiles
COMPANY HIGHLIGHTS
While Chubb is an expensive renters insurance provider in Maryland, it has the best customer service. In recent J.D. Power studies, the company ranks first in claims and customer satisfaction. Chubb's excellent add-on coverage options include earthquake, flood and computer damage protection.
Homesite: Best for Coverage Options
pros
Easy online customization
Financial stability
Strong coverage options
cons
Lower customer service scores
Higher overall rates for most renters
COMPANY HIGHLIGHTS
Homesite ranks fifth overall for renters insurance in Maryland, with some of the highest rates in our study. However, it offers strong coverage with unique options, including increased limits on business property and special computer coverage. Customers can also get earthquake and identity theft protection.
Average Cost of Renters Insurance in Maryland
The average cost of renters insurance in Maryland is $297 per year, $55 higher than the national average of $242. These rates are based on a policy with $50K in personal property coverage, $100K in liability coverage and a $1,000 deductible.
Your rate may vary depending on your profile. The table below provides average rates for your situation based on major factors affecting insurance costs.
Data filtered by:Results filtered by:
Select
Coverage Level:$50K Personal Property / $100K Liability
Select
Deductible:1000
Select
Claims History:Claim free for 5+ years
Select
Credit Tier:Good
Select
Contents Replacement:Covered
| $50K Personal Property / $100K Liability | $25 | $297 |
Maryland Renters Insurance: Buyer's Guide
Finding renters insurance in Maryland can seem difficult. Our guide can help you choose the right coverage for your needs.
How to Find the Best Cheap Renters Insurance in Maryland
Finding the best and cheapest renters insurance can be difficult with so many options. Follow these steps to find the right coverage for you:
- 1
Determine the right coverage level
Understand how much coverage you need by evaluating your possessions' value and considering risks such as weather damage, crime and pet-related incidents.
- 2
Research costs and discounts
Explore average costs for your coverage needs and identify potential discounts that can lower your rate. Ask about discounts you may qualify for, such as those for good credit scores or no prior claims.
- 3
Compare providers
Check providers' reputations, costs and coverage options to focus on those that fit your needs. A well-researched list helps simplify the quote comparison process.
- 4
Consider bundling
Bundling renters and auto insurance with your current provider can save money. Often, savings on your auto policy can cover or greatly reduce renters insurance costs.
- 5
Get multiple quotes through different channels
For a proper comparison, gather at least five quotes with identical coverage. Use comparison sites, provider websites, brokers or agents to ensure you get a competitive deal.
- 6
Compare rates annually
Insurance rates change often. Comparing rates yearly ensures you maintain affordable coverage without overpaying.
How Much Renters Insurance Do I Need in Maryland?
Renters insurance isn't required by Maryland law, but most landlords require at least $100K in liability coverage. Requirements may vary based on your rental history, credit score and pet ownership. Consider how much property coverage you need, local weather risks, area crime rates and pet ownership when selecting a policy.
Use our calculator to determine your ideal personal property coverage limits and how much renters insurance you need.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
clothing & accessories
Clothes, shoes, bags, belts, hats, gloves, etc.
Maryland Renter Risk Considerations
Below are the risks specific to Maryland and considerations for renters seeking additional coverage:
- Weather risks: Maryland faces a high risk of hurricane and winter storm damage in certain locations. Standard coverage may not protect against these threats in high-risk areas, requiring a separate purchase of additional coverage.
- Crime risks: Maryland ranks 34th nationwide for property crime and 10th for identity theft and fraud. For better property damage protection, consider adding supplemental coverage or add-ons to your renters policy.
- Pet ownership: Depending on your pet, consider pet liability coverage. Check how different providers handle pet coverage and whether it's included in standard policies.
- Property types: Standard policies may not fully cover special tools, valuables, electronics or structures like pools on your rental property. Look for companies offering specific add-ons for additional protection.
How Does Renters Insurance Coverage Work?
Renters insurance typically covers damage to your property, liability to others and loss of use of your rental home. Adding optional coverages can make your policy more comprehensive. Here are the main types of renters insurance coverage:
Coverage Type | Standard or Add-on | Coverage Details |
|---|---|---|
Standard | Pays for damaged or stolen personal items up to your policy limit. Basic coverage reimburses the depreciated value, while replacement cost coverage pays for new equivalent items. | |
Standard | Covers medical and legal costs if someone gets hurt in your rental. Many landlords require this protection. | |
Additional living expenses | Standard | Helps pay for temporary housing, meals and transportation when your rental becomes uninhabitable. Limits vary by insurer. |
Natural disasters | Add-on | Provides coverage for earthquake or flood damage. Available through select insurers as separate policies. |
Parts/Equipment | Add-on | Covers tools, appliances and utilities in your rental |
Scheduled property | Add-on | Insures valuable items up to specific limits |
Identity theft | Add-on | Covers financial losses and legal expenses from identity theft. Some policies include monitoring services. |
Pet liability | Add-on | Protects against injuries caused by your pet, though standard policies may include this |
Modifications | Add-on | Covers custom additions you've made to your rental |
Food loss | Add-on | Reimburses food lost during covered incidents |
Best Renters Insurance in Maryland: Bottom Line
Maryland's best and cheapest overall renters insurance companies are State Farm, Homesite and Chubb. While we recommend these options, research and compare multiple companies and quotes to get the best deal.
Renters Insurance in Maryland: FAQ
Below are our experts' answers to frequently asked questions:
What is the cheapest renters insurance company in Maryland?
State Farm offers the cheapest renters insurance in Maryland, with an average annual premium of $172 or $14 per month.
What is the best renters insurance company in Maryland?
State Farm is the best renters insurance company in Maryland, with a MoneyGeek score of 95 out of 100 due to its great balance of affordability, customer service and coverage options.
How much does renters insurance cost in Maryland?
The average cost of renters insurance in Maryland is $297 per year or $25 per month, 23% higher than the national average. Annual premiums range from $172 to $640.
Is renters insurance required in Maryland?
Maryland doesn't legally require renters insurance, but your landlord may. Consider your situation to decide if a policy makes sense for you. Key reasons to get coverage include protecting your belongings from common hazards and covering liability costs if someone gets hurt in your rental.
How We Found the Best Cheap Renters Insurance Companies
To find the cheapest renters insurance in Maryland, we used this base profile:
- $50K personal property coverage
- $100K liability coverage
- $1,000 deductible
- Property replacement coverage
- Good credit score
This profile determined our affordability score (60% of the total score). The remaining factors included:
- Customer satisfaction from industry research (25%)
- Add-on coverages (10%)
- Financial strength ratings (5%)
About Mark Fitzpatrick
Mark Fitzpatrick, a Licensed Property and Casualty Insurance Producer, is MoneyGeek's resident Personal Finance Expert. With over five years of experience analyzing the insurance market, he conducts original research and creates tailored content for all types of buyers. His insights have been featured in publications like CNBC, NBC News and Mashable.
Fitzpatrick holds a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He's also a five-time Jeopardy champion!
Passionate about economics and insurance, he aims to promote transparency in financial topics and empower others to make confident money decisions.
sources
- American Red Cross. "Which Natural Disasters Should You Prepare For?." Accessed April 25, 2025.
- Insurance Information Institute. "Facts + Statistics: Identity Theft and Cybercrime." Accessed April 25, 2025.
- U.S. News. "Low Property Crime Rate." Accessed April 25, 2025.