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Renters insurance is a critical — and affordable — form of insurance. It keeps your things safe in the event your rental property suffers damage from a common incident. A renters policy covers household items from fire or smoke damage, a wind event, vandalism or theft, and a number of other calamities.Unlike car insurance, renters insurance isn't controlled by state legislation. Regardless, there are often gaps in insurance pricing by state. Renters insurance rates by state may differ based on the value of — and frequency of — renters claims filed in that particular state, and depend on the value of the belongings you're insuring.
Maryland renters insurance is more expensive than the national average. The average annual cost of renters insurance in Maryland is $255, $70 more expensive than the US average.
The best way to find a cheap renters insurance policy in Maryland is to compare rates and consider policies from as many insurance companies as you can. Find out typical renters insurance rates in Maryland by reviewing the below data. Remember: your rates may differ, depending on your coverage limits and the valuation of your belongings.
Renters insurance rates in Maryland can vary based on the insurer you choose. State Farm offers the most affordable renters insurance in Maryland, at just $124 each year. This compares favorably to the state average cost of $255, offering a 51% price cut on the typical rates in the state.
Start searching for a renters policy by viewing average rates from top Maryland carriers, listed below.
|Company||Average 12-Month Rate in Maryland|
Not all Maryland cities have the same renters insurance rates. Rates are determined based on on city-specific variables like the number of local claims filed, lending your ZIP code plenty of weight in deciding how much you pay.
The cheapest renters insurance in Maryland is available in Frederick. An average renters insurance policy in Frederick costs just $242 every 12 months — $13 less than the average Maryland rate. The below table shows the best places to live in Maryland if you’re looking for cheap renters insurance.
|City||Average Annual Renters Insurance Rate|
If you want to save, consider purchasing your renters and auto policies from the same insurance company. Bundling auto and renters insurance in Maryland can lead to substantial savings on your auto insurance bill. Bundling policies in Maryland leads to average annual savings of $52.
|Avg. Annual Auto Insurance Rate (No Bundle)||Avg. Annual Auto Insurance Rate (Bundle)||Annual Bundle Savings||Bundle Savings %|
A great way to save is to bundle your auto and renters insurance policies. Compare rates today!
Looking for renters insurance information for a particular city? Check out our breakdown of the most populous metropolitan areas in Maryland.
Your landlord may require renters insurance but there is no state law in Maryland that mandates renters insurance.
A basic renters insurance policy offers coverage for the contents of your home, liability insurance, additional living expenses, and medical payments to others. However, these options are flexible and will depend on your individual needs and the insurance company you choose in Maryland.