Maryland Renters Insurance: Best Quotes for Your City
Welcome to Maryland! Think Old Bay, evenings out by the Chesapeake Bay in Havre de Grace, the beautiful mountains of Hagerstown/Frederick and Western Maryland, and of course, the metro hustle and bustle of Baltimore and the DC Metro!
Insurance Geek can find you the plan that fits your needs connecting you with the best renters insurance plan that works for you!
Do I need renters insurance?
Maryland law doesn’t force it, though many apartment complexes do. The best renters insurance protects your personal property, the landlord’s structure AND gives you some leeway for things like medical liability and inconvenience due to loss of use of the premises.
Rent in Maryland is 0.22% higher than the national average over the last year.
Rental costs themselves are less than the national average though you’ll find median costs of $1400 and up in some parts of Baltimore and areas close to DC. For instance, Columbia, Maryland, one of MD’s largest cities, is one of the most expensive on the east coast to live and work in. With costs rising, it makes sense to find cheap renters insurance coverage that will still hit your coverage amounts so you can be protected.
If you’re a student in Maryland, renters insurance is going to be important for you to think about. The University of Maryland Baltimore medical campus and Johns Hopkins University are notoriously close to some of the higher crime areas in Baltimore city, and the University of Maryland College Park is also close to some areas like Langley Park, which has confirmed high crime activity. It’s important as a student to ensure not only your safety but to make sure your property is covered in the event of a burglary or a problem with your housing. Some apartment dwellings popular with students on a fixed income near Rhode Island Avenue in Langley Park and Hyattsville are notorious for bed bugs, which can really rack up costs if you need to replace mattresses and clothing.
How much do I pay for the best renters insurance in Maryland?
Our minimum recommended coverage amounts are as follows:
Personal Property, 20000
Whether we’re talking about TVs, furniture or odds and ends, your property absolutely has value. When you work with your agent, you’ll come up with an itemized list that includes everything from your clothing to your bedding to any other personals you need to declare. Most of the time we find $20,000 in personal property is enough, but a client’s specific situation is always kept in mind. Even cheap renters insurance can give you this kind of coverage.
Liability, Medical Payments to others: $100k
Now that you’re living on someone else’s property, you’ll definitely want to make sure you have liability damage. If you cause any kind of damage, and you’re found liable, then this coverage comes in handy. This portion of the policy also deals with medical liability. If someone is injured in the home and you’re found liable, the medical payments portion of the coverage will protect you.
Loss of Use 1000
If your home is out of commission due to disaster or any repairs, loss of use coverage can help. You’ll still need a place to sleep and to cook meals, so this coverage can allow you to do things like renting a hotel, eat out if you need to, and take care of all the things you need to do in your everyday life without worrying about the expense.
Here are some median prices for insurance based on the largest cities in Maryland:
- Silver Spring
These things determine what you might pay:
- The location of your home;
- Is there a business where you live? Obviously businesses retain cash and are targets for burglary and other issues, so sharing premises with a business matters;
- Do you have a pet? Dogs are a red flag;
- Have you filed a previous claim?
- What fire district are you in?
- What is your credit score?
- What year was your home built, and what are the source materials?
- These factors all influence premiums. Most policies come with around a $500 deductible you’ll need to pay before receiving any funds from a claim.
What is covered?
Maryland has hurricanes, snowstorms, flooding, and tornadoes. These are considered an “act of god”. As mentioned above, Baltimore City and other parts of Maryland do have higher crime rates, so we recommend factoring that into what you’ll pay when you look for cheap renters insurance in Baltimore or beyond.
Another important distinction is understanding replacement cost value policy (RCV) vs actual cash value policy (ACV). Even the best insurance policy will vary on these points.
With an actual cash value policy, depreciation is considered.
With a replacement cost policy, you are paid out based on the cash it would take to get the same or similar item after your deductible is met.
How much coverage will I need to have?
Work with your agent to calculate your personal property so your agent can help you decide the best coverage amount. Also, make sure to consider what liability and medical payment protection you may need. Carriers tend to have coverage limits, which depend on your state and the policies of the actual carriers themselves. Your agent can help you understand all the red tape and connect you with a cheap renters insurance policy that’s right for you.
Discounts: are they possible?
Make sure to ask your agent about:
- Bundle discounts
- Burglar alarm discounts
- Paid in full discounts
- Advance quotes discounts
We’d love to help you get the best quotes possible for you and your family. Let’s talk about how we can get you set up with the right Maryland renters insurance quote for your needs today!