State Farm is the best and cheapest for $20K in personal property coverage with an average annual premium of $111 and a MoneyGeek score of 94 out of 100. The best option for you, however, will depend on your individual needs. For instance, Travelers is the best for those who value service with an annual premium of $180. USAA, on the other hand, is the best choice for veterans with an annual premium of $111.
Best and Cheapest Renters Insurance in Maryland (2024)
The best and cheapest renters insurance company in Maryland for $20K in personal property coverage is State Farm, with a MoneyGeek score of 94 and an annual premium of $111.
Updated: November 18, 2024
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State Farm is the best overall renters insurance provider with a MoneyGeek score of 94 out of 100 and an average annual premium of $111.
State Farm is the cheapest renters insurance provider in Maryland, with an average annual premium of $111.
Travelers is the best renters insurance provider for service quality with a MoneyGeek score of 96 out of 100 and an average annual premium of $180.
State Farm is the best renters insurance provider for those who need extra personal property coverage of $100K, with a MoneyGeek score of 95 out of 100 and an average annual premium of $215.
USAA is the best renters insurance provider for military members, receiving a MoneyGeek score of 100 out of 100, with an average annual premium of $111.
Why Trust MoneyGeek? We collected data from the Maryland Department of Insurance and Quadrant Information Services to determine the top renters insurance providers in Maryland.
Renters insurance rates in Maryland reflect the best quotes as of September 2024.
Overall Best Renters Insurance in Maryland
State Farm stands out as the best renters insurance provider in Maryland with an impressive MoneyGeek score of 94 out of 100 and an annual premium of $111 for $20K in personal property coverage. This top choice typically offers a great balance between cost and customer service. Following closely, the next two best renters insurance providers in Maryland are listed below:
- State Farm: MoneyGeek score of 94 out of 100 ($111 per year)
- Farmers: MoneyGeek score of 90 out of 100 ($110 per year)
Although State Farm is not the cheapest option, it strikes a good balance between customer satisfaction and affordability. However, the best choice for you still depends on your individual needs.
State Farm stands out as the best overall renters insurance in Maryland because it balances customer satisfaction and affordability with an annual premium of $111.
State Farm offers an add-on for Cyber Event/ID Theft coverage. This can help renters by protecting against identity theft, including repair and restoration of their identity and credit. Such coverage is beneficial as it provides peace of mind, knowing renters are protected against cyber threats and identity fraud, which can be costly and time-consuming to resolve.
- The winning company offers cyber event / ID theft and earthquake coverages
- The company is affordable
- Lacks scheduled personal property coverage
- Ranks third in the state for customer satisfaction
MoneyGeek's scoring system for the best overall renters insurance in the state emphasizes customer satisfaction and affordability. Secondary factors include coverages and financial stability.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
State Farm | 94 | $ 111 |
Farmers | 90 | $ 110 |
Nationwide | 74 | $ 161 |
Homesite | 73 | $ 141 |
Travelers | 67 | $ 180 |
Allstate | 64 | $ 168 |
Chubb | 61 | $ 193 |
Cheapest Renters Insurance in Maryland
State Farm offers the cheapest renters insurance in Maryland, with an annual premium of $110 for $20K in personal property coverage. Personal property coverage helps protect your belongings in case of damage or theft. The top two cheapest providers in Maryland for $20K in personal property coverage and a $1,000 deductible are:
- State Farm: $111 per year
- Farmers: $110 per year
Cheap renters insurance policies often have low personal property coverage limits. While higher personal property coverage limits can increase your monthly costs, they provide better protection if you have many belongings.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
Farmers | $ 110 |
State Farm | $ 111 |
Homesite | $ 141 |
Nationwide | $ 161 |
Allstate | $ 168 |
Travelers | $ 180 |
Chubb | $ 193 |
Choosing renters insurance goes beyond price; prioritize quality service. Opting for the best renters insurance ensures efficient claims handling, making it worthwhile to spend more rather than choosing the cheapest plan. Over time, better service can lead to financial savings.
Cheapest Renters Insurance by High Deductible in Maryland
A high deductible can help you lower costs. In Maryland, the cheapest renters insurance company for $20,000 in personal property coverage with a $2,000 deductible is Farmers with an annual premium of $92. A deductible is the amount you pay out of pocket before your insurance kicks in. For the same coverage with a $2,000 deductible, the following providers are the top two cheapest providers in Maryland:
- Farmers: $92 per year
- State Farm: $100 per year
A deductible is the amount out of pocket you pay before your insurance covers the rest. Opting for a higher deductible usually brings down your premium. Take a look at how rates change using the table we’ll provide below.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
- $ 500
- $ 1,000
- $ 1,500
- $ 2,000
Farmers | $ 92 |
State Farm | $ 100 |
Homesite | $ 138 |
Nationwide | $ 145 |
Travelers | $ 158 |
Allstate | $ 168 |
Chubb | $ 174 |
Best Renters Insurance for Customer Service in Maryland
Travelers is the best renters insurance company for service quality in Maryland for $20K in personal property coverage, with an annual premium of $180. Great customer service means you’re getting timely and helpful responses, clear communication, and stress-free claims processing when you need it most. These are the top two best providers in Maryland for renters who value exceptional customer service and $20K in personal property coverage:
- Travelers: MoneyGeek score of 96 out of 100 ($180 per year)
- Nationwide: MoneyGeek score of 95 out of 100 ($161 per year)
Great customer service is crucial for renters because it ensures a smooth and efficient experience when dealing with insurance issues. For example, when you make a claim, prompt and clear communication can make the process much less stressful.
In Maryland, Travelers ranks first in customer satisfaction and coverage while offering an unbeatable annual premium of $180.
Travelers provides contents replacement cost and scheduled personal property coverage. Contents replacement cost ensures your damaged or lost belongings are replaced at current market value, not depreciated value. Scheduled personal property coverage protects high-value items like jewelry and electronics, ensuring you receive the full item value if something happens. These coverages protect renters' possessions comprehensively and affordably.
- Contents replacement cost and scheduled personal property
- Claims free and protective device
- Ranks 1st in the state for coverage
- Ranks 1st in the state for affordability
- Not enough data for 1 con.
To find the best renters insurance for service quality in the state, MoneyGeek's scoring system focused on customer satisfaction. Secondary factors such as coverages and financial stability were also considered to evaluate the best options for renters prioritizing service quality.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
Travelers | 96 | $ 180 |
Nationwide | 95 | $ 161 |
Chubb | 93 | $ 193 |
State Farm | 86 | $ 111 |
Farmers | 77 | $ 110 |
Allstate | 76 | $ 168 |
Homesite | 75 | $ 141 |
Best Renters Insurance for Extra Personal Property in Maryland
State Farm is the best renters insurance company for renters who need $100K of personal property coverage in Maryland, with an annual premium of $215. For $100K in personal property coverage, the following providers are the top two best providers in Maryland:
- State Farm: MoneyGeek score of 95 out of 100 ($215 per year)
- Farmers: MoneyGeek score of 84 out of 100 ($270 per year)
Renters with more personal belongings need higher personal property coverage. Personal property coverage protects your possessions, such as furniture, electronics, and clothing, from risks like theft or damage. Higher personal property coverage often comes at a higher cost.
In Maryland, State Farm stands out for renters needing extra personal property coverage, ranking first in affordability and customer satisfaction in the state. The annual premium for State Farm's renters insurance is $215.
State Farm offers uncommon cyber event/ID theft coverage, which helps with identity restoration, providing essential support if your identity is compromised. Additionally, their reasonably rare earthquake damage coverage, though primarily useful in states like California and Washington, ensures broader protection of your personal property in Maryland. These coverages make State Farm the best option for comprehensive renters insurance.
- Offers cyber event and ID theft coverage to protect your personal information
- Available discounts include bundle and protective device to help you save money
- The company ranks third in the state for customer satisfaction
- The company ranks third in the state for coverage options
To determine the best renters insurance for those needing higher personal property limits, MoneyGeek emphasizes customer satisfaction and affordability. They also consider secondary factors like coverages and financial stability.
State Farm | 95 | $ 215 |
Farmers | 84 | $ 270 |
Nationwide | 80 | $ 372 |
Homesite | 70 | $ 375 |
Chubb | 65 | $ 529 |
Travelers | 61 | $ 564 |
Allstate | 56 | $ 535 |
Best Renters Insurance for Military Members in Maryland
USAA is the best renters insurance company for those with military backgrounds in Maryland, with an annual premium of $111 for $20K in personal property coverage. USAA is exclusively available to military members and their families.
The following providers are the top two best providers in Maryland for military members who need $20K in personal property coverage:
- USAA: MoneyGeek score of 100 out of 100 ($111 per year)
- State Farm: MoneyGeek score of 94 out of 100 ($111 per year)
USAA offers a range of products tailored for those with a military background, providing discounts and coverages that fit the military lifestyle. While Farmers offers a cheaper annual premium of $110, USAA's specialized offerings make it worth considering.
In Maryland, USAA is a renters insurance provider that offers policies exclusively to those with military backgrounds and ranks first in customer satisfaction, coverages, affordability, and financial stability. The company's annual premium is $111.
USAA offers comprehensive coverages, including contents replacement cost and worldwide personal property insurance. Contents replacement cost ensures you receive the full value for damaged or lost items, making it easier to replace them. Worldwide personal property extends coverage to belongings taken with you during international deployments, offering valuable peace of mind for military personnel stationed abroad.
- Exclusively serves those with military backgrounds
- Offers contents replacement cost and worldwide personal property coverages
- Provides claims-free and military base or academy residence discounts
- Ranks No. 1 in Maryland for customer satisfaction and coverage options
- Lacks cyber event/ID theft and scheduled personal property coverage
Moneygeek's best renters insurance for military members focused on customer satisfaction and affordability. Secondary factors included coverages and financial stability to ensure the BEST for military members.
- $100K Personal Property
- $20K Personal Property
- $50K Personal Property
USAA | 100 | $ 111 |
State Farm | 94 | $ 111 |
Farmers | 90 | $ 110 |
Nationwide | 74 | $ 161 |
Homesite | 73 | $ 141 |
Travelers | 67 | $ 180 |
Allstate | 64 | $ 168 |
Chubb | 61 | $ 193 |
Average Cost of Renters Insurance in Maryland
The average cost of renters insurance in Maryland is $152 annually, or $12 monthly, compared to the national average of $146. This means Maryland's average cost is $6 more per year than the national average. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.
Renters should remember that the average cost of renters insurance in Maryland may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.
Renters Insurance Calculator
MoneyGeek's renters insurance calculator will give you a customized estimate of your renters insurance costs.
It's free to use, requires no personal information and we won't send you any spam.
Rates updated:
Dec 06, 2024
Although MoneyGeek partners with some of the companies we recommend, our content is written and reviewed by an independent team of writers, editors and licensed agents. Learn more about our editorial policies and expert editorial team.
Average Cost of Renters Insurance by City in Maryland
The average cost for renters insurance not only varies by state but also varies by city.
The average cost of renters insurance in Baltimore is $160, while in Columbia, it is $143. Compared to the state average of $152, these rates show how costs can differ even within the same state.
These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible, and a good credit score.
See the average cost in your city using the table below.
Baltimore | $ 160 |
Columbia | $ 143 |
Renters in Maryland can save money on renters insurance by comparing quotes among providers.
For $20K in personal property and a $1,000 deductible, Farmers offers the lowest annual premium at $110, while Chubb has the highest at $193. By shopping around, renters can save $83 annually or $7 monthly.
What Factors Impact Renters Insurance Costs in Maryland?
The cost of renters insurance in Maryland is influenced by multiple factors, including the location of the rental property and the amount of coverage desired. Understanding these variables is key to finding a policy that fits your budget and needs.
- Location: The area where you live can affect your premium due to crime rates and weather-related risks.
- Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
- Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
- Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
- Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.
How Much Personal Property Coverage Do You Need?
Determining your personal property coverage as a renter starts with a thorough personal inventory of your belongings, along with their estimated value and proof of ownership. Here's how to create one:
- Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
- Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
- Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
- Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
- Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.
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.
Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.
What Renters Insurance Typically Covers in Maryland
Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:
- Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
- Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
- Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.
Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:
- Fire or lightning
- Windstorm or hail
- Explosions
- Riots
- Damage caused by aircraft
- Damage caused by vehicles
- Smoke damage
- Vandalism
- Theft
- Volcanic eruption
- Falling objects
- Weight of ice, snow or sleet
- Water-related damage from home utilities
- Electrical surge damage
What Renters Insurance Typically Doesn't Cover
Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods or earthquakes typically falls outside standard policies. Here's what else is usually not included:
- Natural Disasters: Standard policies often exclude events like floods and earthquakes.
- High-Value Items: Expensive jewelry or electronics may exceed policy limits.
- Business Equipment: Items used for business purposes may require additional coverage.
- Roommate Property: Your policy does not cover your roommate's belongings.
- Pest Damage: Infestations and damage from pests are generally not covered.
- Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.
Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.
FAQ: Renters Insurance in Maryland
Choosing the best renters insurance provider depends on your unique needs, such as coverage options, customer service, and annual premiums. To help you navigate these choices, we've compiled a list of frequently asked questions that address common concerns and provide detailed answers.
What is the cheapest renters insurance company in Maryland?
The cheapest renters insurance company in Maryland is State Farm with an annual premium of $111.
What is the best renters insurance company in Maryland?
The best renters insurance company in Maryland is State Farm with a MoneyGeek score of 94 and an annual premium of $111, which is about $9 per month.
How much does renters insurance cost in Maryland?
The average cost of renters insurance in Maryland is $152 annually, or about $13 per month. Premiums can range from $110 to $111 per year depending on the provider.
Is renters insurance required in Maryland?
Renters insurance is not required by law in Maryland. However, your landlord may require you to purchase a policy. Evaluating your needs and circumstances can help determine if buying a policy is right for you. Some reasons to get renters insurance include financial protection against common perils and liability costs of third-party injuries.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.