Cheapest & Best Renters Insurance In Baltimore 2025
In Baltimore, MD, Farmers offers one of the most affordable renters insurance options, costing around $9 per month on average. However, State Farm is widely considered the best choice for renters insurance in the city.
We’ve saved shoppers an average of $200 per year on their renters insurance.
Farmers provides the cheapest renters insurance in Baltimore, with average monthly rates of about $9. However, if you prioritize better customer service and a wider range of coverage options, State Farm is a stronger choice, though it costs around $15 per month.
Baltimore, also known as Charm City, sees over 24,000 property crimes annually, affecting approximately 42 out of every 1,000 residents. With these crime rates, renters insurance is a wise investment, offering protection for your belongings, financial security, and peace of mind.
Cheapest Renters Insurance Companies In Baltimore
If you’re looking for low-cost renters insurance in Baltimore, Farmers provides the most affordable option, with an average monthly premium of around $9. To help you compare, the table below highlights the five cheapest providers.
| Company | Average Monthly Cost |
| Travelers | $13 |
| Farmers | $9 |
| USAA | $10 |
| State Farm | $15 |
| Lemonade | $14 |
Best Renters Insurance Companies In Baltimore
Farmers is a great option for Baltimore renters seeking budget-friendly insurance. However, the cheapest option isn’t always the best in terms of coverage or service. In my view, State Farm is the top renters insurance provider in the area, balancing affordability with quality service. They offer low-cost add-ons like identity theft protection and earthquake coverage, along with a wide network of agents and offices to assist with policy selection and ensure a smooth claims process.
| Company | Average Monthly Cost |
| Lemonade | $14 |
| American Family | $29 |
| State Farm | $15 |
| Nationwide | $24 |
| Chubb | $27 |
Average Cost Of Renters Insurance In Baltimore
On average, renters insurance in Baltimore costs about $23 per month, or $276 annually. However, your individual rate may differ based on factors such as coverage limits, location, deductible, and the insurer’s pricing structure. The table below compares the average rates from five top providers in the city.
| Company | Average Monthly Cost |
| Farmers | $11 |
| Chubb | $30 |
| Nationwide | $27 |
| American Family | $32 |
| State Farm | $17 |
Average Cost Of Renters Insurance In Baltimore By Deductible
A deductible is an amount you’re responsible for paying before your renters insurance kicks in to cover a claim. Choosing a higher deductible can lower your monthly premium, while a lower deductible typically means higher monthly costs. The table below illustrates how renters insurance rates in Baltimore change based on different deductible options.
| Deductible Amount | Average Monthly Cost |
| $250 | $23 |
| $500 | $22 |
| $1,000 | $20 |
| $1,500 | $19 |
| $2,000 | $17 |
Factors That Impact Renters Insurance Costs In Baltimore
Several factors affect the cost of renters insurance in Baltimore:
Location: If you live in an area with high crime rates or a greater risk of natural disasters like floods or hurricanes, your insurance costs may be higher.
Deductible Amount: A higher deductible lowers your monthly premium, while a lower deductible increases costs since the insurer takes on more risk.
Claim History: If you’ve filed multiple claims before, insurers may see you as a higher risk, leading to higher premiums.
Coverage Limits: Higher coverage amounts or added protections, such as replacement cost coverage or identity theft protection, typically increase premiums.
Home Safety Features: Installing security systems, smoke detectors, or sprinkler systems can reduce risks and may qualify you for discounts.
Credit Score: Insurers often factor in credit scores—lower scores generally lead to higher premiums.
Common Causes Of Loss In Maryland
Renters in Maryland face multiple risks, including theft, fire, water damage, hurricanes, and floods. Understanding these threats helps tenants choose the right insurance policy to protect their belongings and finances.
Theft
With more than 24,000 property crimes reported annually in Baltimore and over 130,000 across Maryland, renters insurance is essential. It covers personal belongings stolen during a break-in and may also include liability coverage if a visitor gets injured. However, it does not cover vehicle damage or repairs to the rental property.
Flooding
Baltimore is prone to flooding, but standard renters insurance does not cover flood-related losses. Tenants must purchase separate flood insurance to stay fully protected. Many insurers offer it as an affordable add-on.
Hurricanes and Storms
Maryland’s coastal location makes it vulnerable to hurricanes and storm surges. Renters insurance usually includes coverage for storm-related damage, helping tenants recover from severe weather events.
Winter Weather
Heavy snowstorms and blizzards can cause significant damage to homes in Baltimore. Most renters insurance policies provide coverage for damage caused by winter weather.
Fire
Fires can quickly spread through apartment buildings, leading to major losses. Renters insurance helps cover the cost of replacing belongings destroyed in a fire, easing financial strain.
Water Damage
Leaks from plumbing, burst pipes, and roof issues can result in severe water damage. While renters insurance typically covers internal water damage, it does not protect against flooding, making separate flood insurance necessary.
Additional Covered Losses
Many renters insurance policies also cover vandalism, accidental damage, and some natural disasters, offering extra financial security for tenants.
By recognizing these risks, renters can select the best insurance coverage to protect their belongings and financial stability.
Our Methodology
When evaluating renters insurance providers, we considered several key factors, including coverage options, pricing, claims handling, and customer service. Our research involved collecting quotes from multiple insurers in Baltimore for standard policies offering $20,000 in personal property coverage and $100,000 in liability protection.
We also examined deductible choices, additional coverage for risks like floods and earthquakes, and potential discounts for bundling renters and auto insurance. Customer satisfaction played a major role in our analysis, with insights from sources such as J.D. Power and Consumer Reports helping us identify insurers known for strong claims processing and reliable service.
Additionally, we factored in Baltimore-specific risks, such as theft and water damage, that could influence coverage needs. By analyzing these aspects, our guide provides a thorough comparison of renters insurance options in Maryland.
Quotes Analyzed
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About Bob Phillips
