Compare cheap renters insurance options in Maryland
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The average cost of renters indemnity in Maryland is $ 16 per calendar month, or $ 191 per year .
The cheapest renters indemnity rate in Maryland we found was $10 per calendar month, or $ 122 per class. Below, we ‘ve taken a look at the most low-cost insurance company in Maryland, along with the express ‘s early top providers .
Affordability: Comparing the prices renters might expect to pay for service
The average cost of renters insurance in MD is about $ 16 per month, or $ 191 per year. The cost of coverage in Maryland is about equal to the national average — which we ‘ve calculated to be $ 15 per calendar month, or $ 187 annually .
state farm is the cheapest renters indemnity company in Maryland, while Allstate tends to charge the highest premiums for its policies .
Compare Renters Insurance Quotes from Providers in Maryland
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|
Insurance provider |
Average cost (per month) |
Average cost (per year) |
% difference from statewide average |
|---|---|---|---|
| State Farm | $10 | $122 | -36% |
| Travelers | $12 | $147 | -23% |
| Liberty Mutual | $16 | $187 | -3% |
| Nationwide | $21 | $250 | 30% |
| Allstate | $21 | $255 | 33% |
The price you pay for renters insurance will likely be different than person who compares prices from the lapp companies as you. This is because your company is alone one factor that determines your premiums. additionally, the monetary value of coverage depends on your location, your construction ‘s age and your coverage .
With this in mind, here are the coverage limits we requested coverage for :
- Personal property protection: $30,000
- Liability coverage: $$100,000
- Medical payments to others: $1,000
- Deductible: $500
Your personal information besides plays a significant function in how much you ‘ll pay for renters insurance. While your marital status, positron emission tomography ownership and senesce are all significant, your policy is most affect by your policy history. Our sample tenant was 30yearsold, unmarried and did not own any pets or have any history of making claims .
Methodology
Best renters insurance for most people: State Farm
Read the broad review The good:
- Most affordable renters insurance premiums
- Highly rated customer service
The bad:
- Few ways to customize your coverage
For most people, State Farm carries the best renters indemnity in MD. Its average prices are far cheaper than the statewide average. additionally, State Farm ‘s premiums are 17 % more low-cost than even the following cheap provider, Travelers. If you ‘re looking to maximize your value, State Farm should be your top choice .
We like State Farm ‘s repute for meeting the needs of its customers. Its huge physical and on-line presence allows the insurance company ‘s policyholders many ways to reach a congressman with questions or claims. State Farm receives few complaints for its size, and it placed third base on J.D. Power ‘s survey of the renters insurance industry .
The short list of add-ons, besides called endorsements, is a weak degree of State Farm ‘s otherwise excellent coverage. You can still add extra liability and personal place coverage, but compared to other providers, State Farm ‘s supernumerary coverage options do n’t allow for much personalization .
Best renters insurance for complete coverage: Travelers
Read the full revue The good:
- Long list of add-on opportunities
- Second-most-affordable standard policy
The bad:
- Doesn’t allow for monthly payments
- Mixed customer service quality
Travelers is a great option for two types of renters : those looking for low-cost coverage and those who want to upgrade a standard policy with a phone number of endorsements. Travelers charges the second lowest premiums in Maryland — only behind State Farm. On average, renters policy from Travelers costs $ 12 per calendar month, or $ 147 per year .
The forte of Travelers is its long tilt of endorsement opportunities. As with State Farm, Travelers policyholders can increase their liability and place protection. In addition to these upgrades, Travelers besides offers :
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- Water backup protection: Covers expenses from water damage that results from broken drainage systems.
- Replacement cost coverage: Replaces your lost or damaged property without consideration to its depreciation in value.
- Equipment breakdown: Reimburses you for losses attributed to mechanical or electrical malfunctions.
- Identity theft coverage: Supplies you with up to $25,000 of coverage for lost wages, attorney fees and access to a fraud recovery specialist.
- Decreasing deductible: Reduces the cost of your deductible for each year you remain with Travelers and have a clean insurance record.
Maryland renters looking for the best customer service should consider another provider than Travelers. The insurance company receives only about a third gear of the complaints expected for its size. conversely, Travelers is ranked near the bottom of J.D. Power ‘s industry view, receiving low marks for all aspects of its service .
Best renters insurance for young tenants: Liberty Mutual
Read the full review The good:
- Requires a minimum of $5,000 of property
- Lots of ways to lower premiums
The bad:
- Ceiling of only $25,000 of property protection
Liberty Mutual ‘s low minimal place requirements make it a beneficial option for young people whose property is valued at less than $ 10,000. college students will find Liberty Mutual ‘s low-cost policies a great alternate to staying on their parents ‘ homeowners insurance. typically, Liberty Mutual renters insurance costs about $ 16 per month, 3 % cheaper than average in Maryland .
Of all the providers we surveyed, Liberty Mutual gives its policyholders the best chances at reducing their initial quoted price. Furthermore, many of the discounts offered are relatively easy to achieve. You could save on the cost of your renters insurance if you :
- Sign up online
- Elect to make automatic payments
- Maintain a clean insurance history
- Bundle with another Liberty Mutual policy
- Switch from your current provider before your policy ends
There are a few chances for personalizing a standard Liberty Mutual policy. You could supplement your policy by increasing your personal property and indebtedness coverage, like with many early providers. The foreground is Liberty Mutual ‘s successor monetary value endorsement, which can ensure that you receive the full value of your lost items .
How we chose the best renters insurance in MD
We compared three characteristics that all renters insurance companies possess in orderliness to form our recommendations for the state ‘s top providers. We checked each company ‘s :
- Affordability: The cost typical customers might expect to be charged for coverage.
- Coverage options: The strength of a typical policy and any extras available.
- Customer service: How quickly and effectively an insurer responds to its customers’ needs.
Maryland renters insurance rates: City-by-city breakdowns
Evaluating Maryland ‘s renters insurance companies enabled us to find the average cost of coverage in the state ‘s largest cities. Below, we ‘ve displayed the average monthly and annual costs throughout Maryland, deoxyadenosine monophosphate good as each city ‘s difference from the statewide average. The cities are organized by population size .
The cheapest renters insurance in MD comes from Annapolis, while residents of Suitland tend to pay the most for coverage in the express .
|
City |
Average cost (per month) |
Average cost (per year) |
% difference from statewide average |
|---|---|---|---|
| Baltimore | $18 | $217 | 13% |
| Columbia | $15 | $179 | -7% |
| Germantown | $15 | $177 | -8% |
| Silver Spring | $15 | $182 | -5% |
| Waldorf | $16 | $197 | 3% |
| Ellicott City | $15 | $178 | -7% |
| Frederick | $14 | $173 | -10% |
| Glen Burnie | $16 | $194 | 1% |
| Gaithersburg | $15 | $185 | -4% |
| Rockville | $15 | $178 | -7% |
| Dundalk | $17 | $204 | 6% |
| Bethesda | $15 | $179 | -7% |
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Coverage options: Evaluating the variety and strength of your policy’s protections
There is no renters insurance jurisprudence in Maryland that mandates you purchase coverage. however, purchasing renters indemnity is an easy, cheap way to protect yourself from large fiscal losses if you were to experience a loss .
Since renters indemnity is a voluntary investment, it ‘s important to get the best coverage for your price — rather than enough coverage to satisfy a jurisprudence. To clarify the compass of features offered by each insurance company, we ‘ve compiled a list of offerings and displayed them in the follow board .
|
Insurer |
Personal property coverage |
Personal liability |
Earthquake |
Water-backup coverage |
Identity theft protection |
Replacement-cost coverage |
Valuables plus |
|---|---|---|---|---|---|---|---|
| State Farm | $10,000 – more than $100,000 | $100,000 – $1 million | X | – | X | – | X |
| USAA | Unknown | Unknown | X | – | – | X | X |
| Nationwide | $15,000 – more than $100,000 | $100,000 – $1 million | – | X | X | X | X |
| Liberty Mutual | $5,000 – $25,000 | $100,000 – $1 million | X | – | X | X | X |
| Allstate | $15,000 – more than $100,000 | $100,000 – $500,000 | – | – | X | – | – |
| Travelers | $30,000 – more than 100,000 | $100,000 – $500,000 | X | X | X | X | X |
Customer service: Assessing the dependability of insurers in Maryland
To identify which renters insurance company in MD has the best customer serve, we compared three measurements : the National Association of Insurance Commissioners ‘ ( NAIC ) Complaint Index, J.D. Power ‘s Homeowners Insurance Study – Renters and A.M. Best ‘s Financial Strength Ratings (FSR) .
|
Insurance provider |
NAIC Complaint Index |
J.D. Power score |
A.M. Best FSR |
|---|---|---|---|
| State Farm | 0.35 | 3rd | A++ |
| Allstate | 0.47 | 6th | A+ |
| Erie | 0.30 | 5th | A+ |
| USAA | 0.25 | 2nd | A++ |
| Travelers | 0.32 | 13th | A++ |
| Liberty Mutual | 0.64 | 11th | A |
| Nationwide | 0.49 | 7th | A+ |
| Homesite | 0.60 | Not rated | A |
| Chubb | 0.15 | Not rated | A++ |
| Hartford | 1.30 | 14th | A+ |
NAIC Complaint Index: The Complaint Index shows the number of complaints a party receives proportional to its market share, or size. The normal or expected number of complaints is represented by 1.00. This means that a company with a Complaint Index of 1.50 receives about 50 % more complaints than expected.
J.D. Power Homeowners Insurance Study – Renters Insurance: In this study, companies were ranked according to the overall satisfaction of their policyholders. J.D. Power devised this overall satisfaction score by compiling responses to each insurance company ‘s claims process, customer service interaction and offerings, among other categories .
A.M. Best FSR: The grade assigned to each renters policy caller by A.M. Best signifies its ability to pay its fiscal debt instrument — such as its claim settlements. Most companies have high marks, so you can easily spot riskier companies .
Methodology
We completed our statewide analysis of the cost of renters policy in Maryland by using a sample profile. This imitate 30-year-old unmarried renter had no history of indemnity claims and lived alone. We collected quotes for $ 30,000 of personal property protective covering, $ 100,000 of indebtedness coverage and $ 1,000 of medical payments. Our policies carried a $ 500 deductible .
