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CheapRenters InsuranceMarylandThe Best and Cheapest Renters Insurance Companies in Maryland for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceMarylandThe Cheapest Renters Insurance in Maryland
Cheap Renters Insurance Companies in Maryland
When shopping for the best renters insurance in Maryland, many people think policy cost is the most important factor. If price is your primary concern, Lemonade and Metlife offer the cheapest insurance in Maryland.
An average renter with a Lemonade policy pays an average of $73 per year or $6 per month. Customers with a Metlife policy pay an average of $93 per year or $8 per month.
The average monthly premium for each renters insurance company represents the average quotes from different ZIP codes within the state. The premiums represent a policy with an average of $20,000 as personal property coverage, $100,000 as liability coverage and a deductible of $500.
Personal Property Coverage:
$20,000
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Getting renters insurance helps protect your property from damage. MoneyGeek found the best options in Maryland based on various factors, including customer service, financial strength and affordability.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in Maryland
Based on MoneyGeek’s scores, Lemonade is the best renters insurance company in Maryland, with a score of 95 out of 100. Aside from price, other factors that come into play when choosing the best renters insurance in Maryland include customer support and the company's financial strength.
MoneyGeek evaluated affordability, customer service ratings from J.D. Power and Associates and financial stability scores from AM Best to rank renters insurance providers within Maryland.
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Lemonade
Score:95
With a perfect score on affordability and an overall MoneyGeek score of 95 out of 100, Lemonade ranks as the best renters insurance provider in Maryland. One of its rare coverages is landlord property damage which pays for damages to your landlord’s property caused by pets or water.
More About Lemonade
Available in 32 states, Lemonade has a total of six optional coverages and three discount offers renters can take advantage of. You can get equipment breakdown coverage which pays for damages to appliances and electronics such as air conditioners, phones and TVs after a mechanical breakdown. When it comes to discounts, Lemonade provides around 4% off if you pay annually rather than monthly. You can get an insurance quote from Lemonade’s website and manage your accounts on the mobile app.
Read MoneyGeek's Lemonade renters Insurance Review2
USAA
Score:94
Consistently having one of the highest MoneyGeek ratings nationwide, USAA comes in as the second-best option in Maryland, with a total score of 94 out of 100. However, it only serves military families.
More About USAA
Available in all 50 states, USAA has a list of unique coverages, including protection for cell phones, collectibles and electronics. Earthquake coverage is included without any additional charge. Additionally, military members deployed abroad could also get coverage on their personal belongings with overseas insurance.
Read MoneyGeek's USAA renters Insurance Review3
State Farm
Score:90
With an overall MoneyGeek score of 90 out of 100 and a perfect score on financial stability, State Farm ranks as one of the best renters insurance companies in Maryland. It offers an uncommon personal injury endorsement that provides additional liability protection.
More About State Farm
State Farm makes its policies available in all states. It has only two optional coverages, including one for identity theft. Get discounts on your premiums when you bundle a renters policy with other insurance products from State Farm or install home safety devices like fire alarms, burglar alarms and others. State Farm also has a handy mobile app that you can use to manage your renters insurance policy.
Read MoneyGeek's State Farm renters Insurance Review4
Farmers
Score:82
Farmers scored 82 out of 100 based on MoneyGeek’s ratings. Its strongest score was in customer satisfaction, although its financial strength and affordability ratings lag a bit behind. Farmers ’ smoke-free discount provides non-smoking policyholders with lower premiums, which is a rare offer.
More About Farmers
Available in the entire contiguous U.S., Farmers offers three common optional coverages. One is identity theft, which shields you against fraud and even provides compensation for time and loss. You can get a reduction in your premiums if you are a business professional, like doctors, nurses, engineers, teachers, police, firefighters, etc. Farmers has some convenient attributes as well, including its mobile app and fully featured website.
Read MoneyGeek's Farmers renters Insurance Review5
Allstate
Score:73
Another renters insurance company you may consider in Maryland is Allstate, which has a score of 73 out of 100 based on MoneyGeek’s findings. Affordability is the main factor holding Allstate back, as it scores highly in customer satisfaction and financial strength. Its personal injury umbrella coverage is a relatively uncommon add-on option.
More About Allstate
Allstate policies are available in all 50 states. Its scheduled personal property endorsement provides coverage for appraised valuables, like engagement rings and memorabilia collections. Allstate also offers several discounts, including its unique retiree discount, which provides financial savings for policyholders aged 55 and older. Allstate provides its customers with several convenience features as well, like its handy mobile app.
Read MoneyGeek's Allstate renters Insurance ReviewMONEYGEEK EXPERT TIP
The best renters insurance balances affordability and customer service. Paying a bit more for renters insurance could turn out to save you money in the long run.
Largest Renters Insurance Companies in Maryland
Companies with the highest market share are often more financially stable and likely to quickly and fairly pay claims. These companies also are able to invest more in customer service and user experience, which means less hassle for customers.
Company | Market Share | |
|---|---|---|
1. | State Farm | 17.6% |
2. | USAA | 12.2% |
3. | Allstate | 11.4% |
4. | Erie | 10.8% |
5. | Travelers | 10.2% |
6. | Liberty Mutual | 7.8% |
7. | Nationwide | 7.0% |
8. | American Family | 5.0% |
9. | Chubb | 2.6% |
10. | Hartford | 1.3% |
Average Cost of Renters Insurance in Maryland
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renters insurance is equal to the average.
In Maryland, the average cost of renters insurance is $130 per year. This is $30 less than the national average.
A typical renter pays about $11 every month, which is roughly $2 less than the national monthly average. These average premiums apply to a policy with $20,000 of personal property coverage, $100,000 of liability coverage and a deductible of $500.
The value of your personal property is what determines the cost of your renters insurance the most. Calculate how much you need based on the value of your property using MoneyGeek’s tool below.
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MONEYGEEK EXPERT TIP
By comparing renters insurance quotes from different providers, consumers in Maryland can save a significant amount of money. For instance, MoneyGeek’s sample renter saves $110 per year if they choose the cheapest renters insurance in Maryland, Lemonade, instead of the most expensive option, Nationwide. That translates to a savings of around $9 each month.
What Factors Impact Renters Insurance Cost in Maryland
Several factors contribute to the amount you pay each month for renters insurance. These can include your location, credit score and coverage level. Having these factors in mind as you shop around ensures that you will get the best premiums in Maryland.
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Maryland: What You Need to Know
Renters insurance is one of the most affordable ways to protect your property from unexpected damage caused by fires, burglaries and harsh weather conditions. Roughly 30.8% of the population in Maryland are renters. The average cost of rent is $1,401 per month.
The average monthly renters insurance premium within the state for 20,000 personal property coverage, $100,000 for liability coverage and a deductible of $500 is $11. This is only 0.77% of the average monthly rent price.
What Renters Insurance Typically Covers in Maryland
Renters should take the time to understand what is covered in their policy. Although some insurers include additional coverage benefits such as identity theft insurance, most plans only cover personal property, liability insurance, medical payments and extra living expenses.
Renters insurance companies in Maryland offer coverage for most weather situations like hail, windstorms and lightning.
What Renters Insurance Typically Does Not Cover in Maryland
Like any other insurance policy, be sure to thoroughly read your renters insurance policy to understand what it includes. Talk to your agent if you have any questions or concerns.
While renters insurance companies in Maryland will cover some emergencies, they won’t cover all situations. Here are events that will likely not be covered by your rental insurance policy:
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If you want to know more about renters insurance, the Maryland Insurance Administration is a good place to start. This resource has a wealth of information about all kinds of insurance policies in the state, including those for renters. You can also reach the Maryland Insurance Administration through the following channels:
- Office Address: 200 St. Paul Place, Suite 2700, Baltimore, MD 21202
- Consumer Help Line: 1-800-492-6116
The Maryland Insurance Administration has a dedicated page where renters can file a complaint online if they have questions or complaints regarding their policy.
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FAQs About Renters Insurance in Maryland
Learning about renters insurance can be confusing for first-timers. MoneyGeek answered common questions about renters insurance in Maryland to help you get started.
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Renters Insurance in Maryland Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven of the top insurance companies in Maryland that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Maryland. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Maryland Insurance Administration. "Homeowners and Renters Insurance." Accessed March 31, 2022.
- Maryland Insurance Administration. "Maryland Insurance Administration." Accessed March 31, 2022.