Best & Cheapest Renters Insurance In Maryland For 2025

Over 32% of households in Maryland are renters making it essential to find the best and cheapest renters insurance in the state. According to the University of Maryland, the state is experiencing a significant increase in the number of annual wildfires, as well as theft in bigger cities like Baltimore, Ocean City, and Harford County.

The average cost of renters insurance in Maryland is approximately $264 per year, or about $22 per month. This makes it an affordable way to protect your personal belongings and liability.

Having had over 15 years of experience as a licensed property and casualty agent, I’ve helped many clients find the right renters insurance to suit their needs and budget. This deep industry knowledge allows me to provide insights that save you time and money while making sure you have the right coverage.

Cheapest Renters Insurance Companies In Maryland

State Farm and Lemonade are the cheapest renters insurance companies in Maryland. State Farm costs an average of $14 per month, while Lemonade costs around $16.

Best Renters Insurance Companies In Maryland 2025

Chubb is the best renters insurance company in Maryland, with average monthly premiums of $26.

Use the table below to view the best renters insurance companies in Maryland, and their average rates.

How Much Is Renters Insurance In Maryland?

The average cost of renters insurance in Maryland is typically around $22 per month or about $264 annually. However, the exact cost can vary significantly depending on several factors. These include the location of the rental property, the value of your personal belongings, the coverage limits, and any additional coverage options you may choose.

Average Maryland Renters Insurance Costs – By City

Where you live in Maryland can have a significant impact on the cost of renters insurance.

Here’s a table showing the average cost of renters insurance in 10 major cities in Maryland:

What Factors Affect The Price Of Renters Insurance In Maryland?

Several factors influence the cost of renters insurance in Maryland. Understanding these can help you manage your premium:

• Location: Areas near water or prone to fires and storm damage often have higher premiums. Baltimore is known for its particularly high rates of violent crimes while Harford County and Ocean City also have very high rates of burglary making them more expensive to insure.
• Value of Personal Belongings: The more valuable your possessions, the higher your coverage limits and premiums.
• Deductible: A higher deductible can lower your monthly premium but increase out-of-pocket costs.
• Claim History: A history of claims may increase your rates.
• Rental Property Type: In Maryland apartments in large buildings have a lower risk of things like wind damage compared to standalone houses and this can mean lower costs. Townhouses and duplexes can have an increased risk of water damage because of shared walls. Maryland has a lot of older houses and older buildings with specific features like wood frame construction are considered higher risk.
• Safety Features: Smoke detectors, security systems, and deadbolts may lower premiums. This can be especially true in areas along the Eastern Shore that are exposed to higher fire risk, and major cities that are exposed to higher theft risk.

Is Renters Insurance Required In Maryland?

In Maryland, renters insurance is not legally required by the state. That said, a landlord can legally require that you have it through your lease agreement and neither the property management company nor the landlord can sell that policy to you; it has to come directly from a licensed insurance provider.

While the law does not mandate renters insurance, landlords often include this requirement in the lease agreement as a way to protect both the tenant and the property owner. It is also highly recommended by the Department of Housing and Community Affairs and the state.

For tenants, having renters insurance is a wise decision, even if it’s not required by law. It helps safeguard personal property, which may be costly to replace out-of-pocket. Furthermore, renters insurance may provide coverage for temporary living expenses if the rental unit becomes uninhabitable due to a covered event.

While not mandatory, renters insurance can provide peace of mind and financial protection. It’s important to review the lease agreement and check with the landlord to see if it’s a requirement, as failure to comply could result in penalties or lease termination.

Common Renters Insurance Discounts In Maryland

Renters insurance providers in Maryland offer various discounts that can reduce your premiums:

• Bundling Policies: Combining auto and renters insurance with the same company can lead to savings.
• Security Features: Installing security systems or smoke alarms can result in discounts.
• Claim-Free Discounts: If you haven’t filed claims in several years, you may qualify for lower rates.
• Property Age: Newer, well-maintained homes may qualify for discounts.
• Loyalty Discounts: Long-term customers may receive reduced rates over time.

Common Renters Insurance Claims In Maryland

According to the Maryland Insurance Administration, vandalism and theft are some of the most commonly reported claims, particularly in bigger cities like Baltimore, Ocean City, and Harford County. The eastern shore of Maryland has the highest concentration of wildfires, and subsequently the largest reports for fire damage.

Behind that are issues of fire and water damage. The water damage comes from things like leaks or Plumbing issues which are more frequent in townhouses, condominiums, and apartments with shared walls.

Does Renters Insurance In Maryland Cover Hurricanes?

Renters insurance in Maryland will typically cover damage caused by wind, even if that wind is generated by a hurricane. However, it does not cover flood damage which is the second most common cause of damage from a hurricane.

While Maryland does not experience hurricanes as frequently as other coastal states, it does experience significant damage from Hurricane force winds on occasion. To protect against hurricane damage, renters can add a windstorm endorsement or purchase separate hurricane insurance.

This additional coverage can help with repairs to personal property and provide protection in case of significant damage due to the storm, offering peace of mind during hurricane season.

Does Renters Insurance In Maryland Cover Fire?

Yes, renters insurance in Maryland covers fire damage to personal property and the rental unit itself. According to the Maryland state archives, fires are becoming much more common in the spring and fall averaging 5,000 wildfires per year often ignited by lightning during seasonal storms. The Eastern Shore has a disproportionately high number of wildfires and acreage burned compared to the rest of the state placing this area in Dorchester County at risk for higher premiums because of fire risk.

If a fire destroys belongings or causes damage to the apartment or house you’re renting, your renters insurance policy will typically cover the cost of repairs or replacement. This includes damage from smoke, heat, and soot.

Renters insurance also provides liability coverage if the fire spreads and causes damage to neighboring units. It’s important to keep an updated inventory of belongings to ensure adequate coverage.

Does Renters Insurance In Maryland Cover Tornadoes?

Yes, renters insurance generally covers tornado damage in Maryland. Maryland experiences a history of tornadoes, averaging 3 per year. These tend to take place between May and July and have been recorded as severe, with areas like Baltimore and around the Chesapeake Bay seeing higher wind gusts averaging 75 miles per hour.

Tornadoes are typically considered wind-related incidents, and most renters insurance policies include coverage for damage caused by windstorms. If a tornado damages personal property or the rental unit itself, renters insurance will typically cover repair or replacement costs.

However, it’s important to review your policy to ensure that the specific coverage for wind and tornado damage is included. Additional coverage may be needed for high-value items, depending on the policy.

Does Renters Insurance In Maryland Cover Flooding?

Renters insurance in Maryland does not cover flooding caused by heavy rains, storm surges, or rising water. Flooding is considered a separate peril, and standard renters policies exclude this type of damage.

According to the Maryland Insurance Administration, to protect against flooding, renters in Maryland must purchase separate flood insurance through the National Flood Insurance Program (NFIP) or private insurers.

Flood insurance will cover damage to personal property and the structure of the rental unit caused by rising water, ensuring comprehensive coverage in flood-prone areas.

Does Renters Insurance In Maryland Cover Wind Damage?

Yes, renters insurance in Maryland generally covers wind damage caused by events such as windstorms, tornadoes, and hail. This is important particularly for the Baltimore area and the coastal regions around the Chesapeake Bay which experience seasonal storms with winds averaging 75 miles per hour and an increasing risk of things like down to power lines and falling trees.

Wind-related damage to personal belongings, such as furniture, electronics, and clothing, is usually covered under a standard renters policy.

However, damage caused by hurricanes may require additional windstorm coverage or a rider, as hurricanes are considered a separate risk. It’s important to review your policy to confirm that wind damage is included and to consider additional coverage if necessary for extreme weather events.

What Does Renters Insurance Cover In Maryland?

Renters insurance provides essential protection for your belongings and liability, offering financial security in the event of unexpected incidents. Understanding what is covered under a renters insurance policy helps you make informed decisions about your coverage needs. Below, we break down the key components of renters insurance coverage.

Personal Property Coverage

Renters insurance typically covers personal belongings, such as furniture, clothing, electronics, and appliances, in the event of theft, fire, vandalism, or other covered disasters. It helps you replace or repair your possessions up to the policy’s coverage limit.

Liability Coverage

Liability protection is an essential part of renters insurance. It covers legal expenses and medical costs if someone is injured while on your property. For example, if a guest slips and falls in your home, liability coverage can help pay for their medical bills and any legal fees if you are sued.

Additional Living Expenses

If your rental becomes uninhabitable due to a covered incident, such as a fire or storm, renters insurance can cover additional living expenses. This includes the cost of temporary housing, meals, and other expenses while your home is being repaired or replaced.

Medical Payments To Others

This coverage provides small, no-fault medical payments if someone is injured on your property, regardless of who is at fault. It helps cover minor medical expenses without the need for a lawsuit or liability claim.

Loss Of Use Coverage

If you cannot use your rental due to a covered event, loss of use coverage can help with extra costs such as hotel stays and transportation.

Fire Coverage

Though you might have basic protection with a traditional policy, you can add Fire riders or endorsements to cover additional damage caused by fires, smoke, and lightning. These give you more comprehensive coverage against specific types of scenarios or damage including damage from water or chemicals used to fight a fire.

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