Table of Contents
- How much does renters insurance cost in Maryland?
- Average price of renters insurance in Maryland
- The cheapest renters insurance in Maryland: State Farm or Lemonade
- The best renters insurance in Maryland: State Farm
- Other Maryland renters insurance providers you should consider
- How to learn more about renters insurance providers in Maryland
- Other questions about renters insurance in Maryland
- How we gathered our renters insurance data for Maryland
How much does renters insurance cost in Maryland?
The average cost of renters insurance in Maryland is $17.28 per month — about three dollars under the $20 national average.
We received the single cheapest quote from Lemonade, who offer renters insurance for $9.08 per month in Germantown, Silver Spring, Rockville, Gaithersburg and Aspen Hill. We saw our most expensive quote in Bowie, with Farmers’ offer of $24.00 per month.
Overall, we received the cheapest quotes from State Farm (who had an average of $10.91 per month) and the most expensive quotes from Allstate ($21.57). Allstate and GEICO offer the most expensive insurance in almost every city.
How is the price of renters insurance calculated in Maryland?
The variations in Maryland’s prices are affected by several factors, notably:
- Natural disasters: Maryland doesn’t usually suffer direct hits from hurricanes, but even weaker tropical cyclones and storms can cause massive flooding and power outages, especially at lower elevations. Earthquakes are another risk, and insurers will take your area’s likelihood for damage from both disasters into account when determining your renters insurance premium.
- Crime: Renters insurance covers theft and vandalism, so insurers are concerned about property crime. You’ll likely see higher insurance rates in cities with higher property crime rates, such as Baltimore.
- Credit score: According to Maryland’s state law, insurance companies can’t use your credit score to set your renters insurance rate or deny you insurance. Maryland is one of the few states with this restriction. (Note that Maryland insurers can use your credit score when setting auto insurance rates — just not homeowners or renters insurance.)
Average price of renters insurance in Maryland
In this section, we’ll show you two tables with renters insurance prices. The first table shows the average monthly and yearly cost of renters insurance in Maryland’s fifteen largest cities. You can read about how we gathered our data at the end of this article.
Average renters insurance prices in Maryland by city
|City||Average price (monthly)||Average price (yearly)|
Average renters insurance prices in Maryland by insurer
This next table shows insurers’ monthly prices compared to the average price for renters insurance in Maryland.
|Insurer||Price||Difference from average|
The cheapest renters insurance in Maryland: State Farm or Lemonade
Depending on what city you live in, either State Farm or Lemonade will offer the lowest renters insurance prices.
Lemonade offers the cheapest prices in eight of the fifteen cities we researched, averaging $12.04 per month, but they had significantly higher rates in Baltimore ($22.75) and Bowie ($19.42). That’s typical for Lemonade; their statewide averages are usually very low, but there’s a lot of variation in their rates.
By comparison, State Farm’s renters insurance costs about $10.91 per month on average. They offered rates of $15.83 per month in Baltimore and $15.75 per month in Bowie. Their renters insurance policies are about half as expensive as the national average and are more than $6 below the Maryland state average ($17.28).
If they’re both the cheapest, which should I buy?
While Lemonade is often cheaper than State Farm, the difference between their prices is never more than $1.75 (in Waldorf) and more commonly is about 0.17 cents. With such a small difference in price, it comes down to which insurer offers the best policies.
Between the two, we recommend State Farm. Although Lemonade is a legitimate renters insurance provider, they have several downsides, including:
- Limited bundling options: Lemonade doesn’t offer auto insurance, which means you can’t get a bundling discount by buying their auto insurance and renters insurance together.
- Poor reputation for customer service: Lemonade handles about 30% of the claims they receive automatically with AI. If they don’t handle your claim automatically, it can take a long time for them to process it, and it’s very difficult to get in touch with a (human) customer service rep to inquire about it.
Conversely, State Farm’s drawbacks are a lot more limited. We don’t normally advise going for the cheapest option, but because State Farm excels in many ways and offers such low prices, we recommend them as the best renters insurance provider in MD.
The best renters insurance in Maryland: State Farm
State Farm has been around for nearly 100 years, which means they have lots of experience in insurance and a large network of agents. State Farm offers several features that make them stand out from other insurers.
Benefits of State Farm’s renters insurance in Maryland
- Pit bull friendly: Lots of insurers penalize renters for owning “dangerous” dogs (think of pit bulls or Rottweilers), but State Farm never asks you about your dog’s breed when writing your policy, so you can trust that your premium won’t be calculated using your dog’s breed as a risk factor.
- Protection against identity theft: For $25 per year, State Farm offers add-on coverage for cybercrime, identity theft, fraud.
- Business insurance: Small business owners can get several kinds of insurance through State Farm, including coverage for business-related property.
- Good customer service: As previously mentioned, it’s easy to get a State Farm representative on the phone. Nobody likes dealing with insurance, but State Farm does their best to make things easier on their customers.
Disadvantages of State Farm’s renters insurance in Maryland
- Lackluster web presence: We found State Farm’s website hard to use, and they don’t offer much in the way of policy details online. They really want you to call them instead of relying on their website.
- No direct flood coverage: State Farm is no longer partnered with the National Flood Insurance Program, so you’ll have to contact another insurer or an agent to get flood insurance, which makes your life more complicated.
Overall, State Farm offers a wide range of coverage options that will serve most people well. The lack of direct flood coverage isn’t as big a drawback as it might seem — NFIP policies are designed to be affordable, and finding an agent who can sell you one is more of an inconvenience than anything else.
Other Maryland renters insurance providers you should consider
While State Farm is the best option for most renters in Maryland, there are some situations in which another provider might offer better coverage.
For example, you should look into other companies if you are:
- A military servicemember
- Concerned about natural disasters
- A fishing enthusiast
Best Maryland renters insurance for members of the military and their families: USAA
Home to the United States Naval Academy, Maryland has a strong connection to the Navy and Coast Guard. That makes USAA’s 28% discount for customers living on a military base especially relevant.
USAA also offers flood and earthquake coverage as a part of their basic renters insurance, so you won’t have to worry about purchasing a rider or endorsement (or a separate policy). They’re the only renters insurance provider to offer flood or earthquake coverage in their standard policies.
However, there is one downside to USAA’s excellent renters insurance: it’s only available to certain people. If you’re a serving member of the military, a veteran, or the spouse or child of another USAA member, you’re eligible for one of their policies and we strongly recommend getting one. All others will have to look elsewhere.
Best Maryland renters insurance for disaster coverage: Liberty Mutual or Homesite
Floods and earthquakes are the two natural disasters that are most likely to strike your home in Maryland, and there are several ways to get coverage for them. Of the insurers we reached out to, Liberty Mutual and Homesite offer the best flood and earthquake coverage for non-military customers (who, as mentioned, should go with USAA).
Liberty Mutual’s flood and earthquake coverage
Liberty Mutual (who sells renters insurance for $16.18 per month) offers their flood insurance through the National Flood Insurance Program, which is designed to provide flood insurance at affordable rates. They are also one of the few insurers that offer an earthquake rider, which covers damage from aftershocks up to 360 hours (15 days) after an earthquake occurs.
Homesite’s flood and earthquake coverage
Homesite ($17.57) also provides flood coverage through partnership with the NFIP, and they offer mold protection as part of their basic renters policies. (Renters insurance often covers mold, but some insurers exclude it from their policies.)
Like Liberty Mutual, Homesite also offers an earthquake endorsement that you can add to your policy.
Best renters insurance for fishing enthusiasts: Progressive
Whether you prefer the Chesapeake Bay or one of the state’s many inland rivers, Maryland is a fisherman’s dream. Maryland state law doesn’t require you to have boat insurance, but it’s a good idea to buy some to protect your investment.
Progressive (who sells renters insurance for $17.57 per month) also provides coverage for many kinds of boats, as well as for your fishing equipment. They also offer a discount for bundling your boat insurance and renters insurance.
How to learn more about renters insurance providers in Maryland
To find the best renters insurance in Maryland, read our reviews of:
Other questions about renters insurance in Maryland
There are a few other questions you may have about renters insurance in MD:
Do I need hurricane or flood coverage?
Renters insurance covers wind damage, water damage, and hail. However, it doesn’t usually cover flooding.
Given Maryland’s varying elevation, you should take a look at FEMA’s flood map database to determine how much of a risk flooding is for you. It’s also worth checking the Maryland Emergency Management Agency map to see if you live in a hurricane evacuation zone.
Should I get flood insurance from the NFIP or a private insurance provider?
Some insurers, like the ones we’ve mentioned so far, offer flood insurance on their own or through the National Flood Insurance Program. For contents-only coverage (which is what you’ll need as a renter, since you don’t need to insure the building you live in), the NFIP offers $100,000 in coverage starting at $99 per year. If your insurer isn’t partnered with the NFIP, you can still get a policy with them through an independent agent.
The price of private flood insurance, by comparison, varies depending on where you live, so it may be cheaper or more expensive than NFIP coverage. However, private flood insurance covers things the NFIP doesn’t, like your additional living expenses if flooding drives you out of your home.
Ultimately, you’ll have to consider your flood risk and shop around to determine which option is best for you.
Do I need earthquake coverage in MD?
Renters insurance doesn’t cover earthquakes, which might or might be a problem for you.
Although Maryland does experience earthquakes, they tend to be low-magnitude. Most modern buildings aren’t at a high risk for structural damage — which is covered by your landlord’s insurance, anyway.
If you own a lot of breakables, like a collection of fine china, you may want to consider buying earthquake coverage, but for most people in Maryland it probably isn’t worth the cost.
If you do want earthquake coverage, some insurers offer an earthquake rider you can add to your insurance policy. There are also several regional earthquake insurance providers in the Maryland area you can purchase a separate policy from.
Does renters insurance require a credit check?
No, in Maryland, insurers can’t run your credit. They can’t use your credit history to determine your premiums or refuse to sell you a policy.
Even if you have no credit history whatsoever, insurance companies can’t hold that against you. Maryland is one of the few states where you can get renters insurance with no credit check.
Can my landlord require renters insurance in Maryland?
Yes — as in most states, your landlord can require you to have renters insurance in Maryland. State law doesn’t require you to get renters insurance, but landlords frequently prefer that tenants have it and may refuse to rent to tenants that don’t.
How we gathered our renters insurance data for Maryland
When collecting quotes from Maryland’s leading insurance providers, we used the following model:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based off personal property coverage)
- Deductible: $500
Naturally, not everyone will have the same characteristics or coverage needs as our model, which means their prices will differ slightly from ours. This is just a baseline to help you in the decision-making process.
It’s also important to note that the quotes we requested don’t take down payments or installation fees into account. Fortunately, it’s usually simple to get renters insurance with no down payment.
Renters insurance prices in Maryland by city and insurer
This table shows the full data set that we collected of renters insurance prices in Maryland.
|City||Allstate||Geico||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Midvale||Farmers|
N/A indicates we couldn’t get a quote from that insurer. For more specific information, contact a local insurance agent for that insurer and city.
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