Best Renters Insurance in Maryland (2024)

After in-depth research, we at the Marketwatch Guides Team found the following are Maryland’s best renters insurance providers:

• Lemonade: Our top pick
• State Farm: Our pick for affordable premiums
• Erie: Our pick for valuable endorsements
• Chubb: Our pick for seniors
• Farmers: Our pick for comprehensive coverage

If cost is the most important factor to you, consider getting quotes from the providers below to maximize your savings. Keep in mind that although cost is important, you want to make sure you have sufficient coverage so that you do not end up incurring large repair or replacement costs in the event of a loss. The cheapest option for renters insurance in Maryland is nationwide, which costs on average $9.50 monthly. This is 41% less than the state average of $16.17.

*Pricing is based on data from Quadrant Information Services or sample quotes we pulled for a standard insurance policy for a single occupant in Annapolis, Md. Your cost may vary depending on factors like your location, coverage and personal property needs. 

Currently, there is no law that requires a tenant to purchase renters insurance coverage as a term of living in a leased home or apartment. However, individual landlords in Maryland may require that tenants carry a certain level of medical payments and personal property coverage as a term of signing a new lease.

Even if your landlord does not require you to buy insurance, there are numerous benefits that come with carrying coverage. Renters insurance protects you in multiple ways and is available for less than $20 a month from most providers in the Old Line State. Renters insurance provides reimbursement for additional living expenses if your home is deemed uninhabitable, as well as coverage for your personal property if it needs to be replaced. Without renters insurance, you’d need to cover the cost of replacing all of your personal belongings out-of-pocket, which can quickly total thousands of dollars.

The cost of renters insurance you’ll pay will vary depending on a range of factors. Some of the most common personal details insurance providers will look at when pricing your policies include the following.

• Policy details: Individual policy details (including your coverage limit and deductible choices) will influence the price you pay per month. Opting for lower limits and higher deductible options will decrease your rate, but you’ll pay more out of pocket for property damage and theft.
• Your location: If you live in an area where property crime is more common, you’ll pay more for renters insurance. Expect to pay a higher premium if you live in an area like Baltimore or Ocean City, which have higher property crime rates compared to more rural parts of the state.
• Your insurance history: Maryland does not ban the use of past insurance claims history when pricing monthly premiums. If you’ve filed a homeowners or renters insurance claim in the past, expect to pay more for coverage.

Understanding the individual risks that insurance providers consider when pricing local insurance policies can help you find a policy that fits your needs. The following are the most common covered loss claims in Maryland, which influence insurance premiums.

Theft and Vandalism

Maryland features exceptionally low rates of property crime, especially when compared to surrounding states in the Northeast. According to one survey, about 21% of Marylanders experienced property crime in 2021. Like most states, theft of personal property is the most common renters insurance claim in Maryland.

If you live in a metropolitan area, you’re more likely to be a victim of theft or burglary. This means that residents of Frederick, Baltimore and other areas with higher rates of property and automobile crime will pay higher insurance rates. You can be able to mitigate your risk (and your monthly premium price) by installing a home security system.

Water Damage and Flooding

The second most common insurance claim for renters insurance providers in Maryland is water damage. Maryland’s position on the Atlantic coast makes it prone to hurricane damage. Additionally, the many streams, creeks, and tributaries may regularly flood in the spring, leading to basement and ground-floor level flooding.

Most renters and home insurance policies have specific exclusions for water damage that you incur due to water originating from outside the home. For example, if your furniture is ruined because a pipe burst in your home, you’ll usually be covered. However, if the creek that runs through your yard overflows into your living room, you won’t be covered. If you live in a designated flood zone, be sure to look for a renters insurance provider that offers a flood endorsement. You can find out more about flood insurance on the Federal Emergency Management Agency (FEMA)’s website.

Is renters insurance worth the cost? In most cases, you’ll find that renters insurance is worth it. Renters insurance does not cover the dwelling of the home you live in, which makes it much more affordable than homeowners insurance on the same property. If you’re considering renters insurance, we recommend getting a quote from at least three different providers to be sure you’re getting the best deal.