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Getting renters insurance helps protect your property from damage. According to MoneyGeek, the cheapest renters insurance in Maryland costs about $6 per month and the most expensive costs $15 monthly. As a renter, you can save almost $10 each month by comparing quotes from different providers. The average cost of renters insurance in Maryland is $11 per month.
MoneyGeek’s renters insurance data provides you with a list of the best options in Maryland based on various factors. These include customer service, financial strength and affordability. Using this data can help you find the most affordable insurance in the state to fit your needs.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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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:
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City | Cheapest Company | Average Annual Premium |
---|---|---|
Baltimore, MD | Lemonade | $73 |
Baltimore, MD | MetLife | $93 |
Baltimore, MD | USAA | $99 |
Baltimore, MD | State Farm | $115 |
Baltimore, MD | Farmers | $133 |
Baltimore, MD | Allstate | $182 |
Baltimore, MD | Nationwide | $183 |
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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 score renter insurance providers within the state.
Based on MoneyGeek’s scores, USAA has a score of 94 out of 100. However, USAA is only available to military members, veterans and their family members.
Metlife leads the rankings for the best renters insurance companies in Maryland that are available to any customer. They scored 89 points. Lemonade follows closely with a score of 88.
With Lemonade, you can add extra coverage for valuables like jewelry, watches, artwork and more. You can also update your coverage whenever you want using the app. Lemonade’s highly automated claims system and mobile app allow consumers to receive instant quotes and faster payouts.
USAA ranks the highest in MoneyGeek’s analysis of the best renters insurance in Maryland. It is only available to current military members, veterans and their eligible family members. USAA includes earthquake and flood coverage as part of their renters insurance policy, something other policies generally don’t include. Policyholders can save money on their premium by having a security system, bundling their policy with an additional policy and being claims-free.
Metlife insurance offers specialty packages for musical instruments, electronics, sports equipment and other luxury items. This includes bonus coverage in case you break or lose these items. In addition to paying the cost of repair or replacement of your property, the package also includes identity protection services. Renters receive flexible payment and claim submission plans. Customer service is available 24/7.
Besides standard renters insurance options, State Farm offers coverage that protects customers during specific events. For instance, you can add earthquake, identity restoration protection and more. Customers can increase coverage for highly-priced items such as firearms, tapestries and jewelry. Getting a quote is easy with State Farm. They also provide helpful resources on renters insurance if you want to learn more about coverage, maintaining a safe home and more.
Farmers offers coverage for policyholders who need extra protection in Maryland. Additional coverage includes identity theft protection and replacement cost coverage. Customers can get a quote online or by contacting an agent. It’s possible to get discounts if your home has been smoke-free for a minimum of two years or if you have smoke or fire alarms.
In Maryland, the best renters insurance companies based on market share include State Farm (17.59%), USAA (12.24%), Allstate (11.44%), Erie (10.84%) and Travelers (10.19%). These companies account for over 62% of renters insurance policies in Maryland.
Large insurers typically have more financial stability. Purchasing your renters insurance from a bigger company increases the possibility that your claims will be paid out.
renters insurance is equal to the average.
On average, consumers pay $130 per year for renters insurance in Maryland. 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.
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 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.
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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.
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:
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.
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
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