Renters insurance in Maryland: Cost, best companies and how to save

What is the average cost of renters insurance in Maryland?

The average cost of renters insurance in Maryland is $243 per year. Rates vary depending on factors like your location, the amount of coverage you choose, your deductible, and your claims history.

"The number one thing that's most important is to get good liability. A renter's policy will default to $100,000 liability," Josiah Hatch, an insurance pro with Bender Hatch Insurance in Boston, said. "It costs next to nothing to go from $100,000 to $500,000. I want to say it's probably 10 bucks a year. It's really cheap to get a lot of extra coverage. I always recommend getting the most liability you can because that's, at its core, what insurance is all about: the worst-case scenario."

Average annual premium	$243
Average monthly premium	$20

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Best renters insurance company in Maryland: Travelers

Travelers ranks as the best renters insurance company in Maryland, earning a top score among the carriers we surveyed. Its average rate is $160 per year.

Erie Insurance and Chubb Ltd are also among the top insurance companies for renters insurance in Maryland.

Rates differ widely between renters insurance providers, so it's best to shop around. It's also important to choose an insurance company with a good reputation so you know it will be there for you when you need it.

To help you choose the best renters insurance in Maryland, we reviewed average rates, NAIC complaints, and AM Best financial ratings. The total Insurance.com score is calculated out of five using these factors.

Below are the best renters insurance companies in Maryland.

Company	Average annual premium	AM Best	NAIC	Insurance.com rating
Travelers	$160	A++	0.54	5
Erie Insurance	$227	A+	0.38	4.81
Chubb Ltd	$333	A++	0.18	4.66
American Family	$269	A	0.37	4.52
State Farm	$140	A++	0.95	4.36
Farmers	$283	A	0.54	4.11
Nationwide	$365	A+	0.87	3.12
Allstate	$385	A+	0.9	2.95

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Cheapest renters insurance in Maryland

Our analysis shows that State Farm is the cheapest renters insurance company in Maryland, with an average annual premium of $140.

Renters insurance rates can differ greatly between providers, so it's best to compare quotes to find affordable coverage that meets your needs.

Here is the list of the cheapest renters insurance companies in Maryland along with their average annual premiums.

Company name	Average annual premium
State Farm	$140
Travelers	$160
Erie Insurance	$227
American Family	$269
Farmers	$283
Chubb Ltd	$333
Nationwide	$365
Allstate	$385
USAA	$134

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Maryland renters insurance: The least and most expensive ZIP codes

Where you live in Maryland directly affects the cost of your renters insurance. The most expensive ZIP code in Maryland is 21862, where the average annual premium is $290. This is $47 more than higher than the average rate.

In contrast, the least expensive ZIP code for renters insurance is 20852, offering coverage at $220 a year.

The table below shows the most and least expensive ZIP codes in Maryland for renters insurance.

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Most expensive ZIP code
Least expensive ZIP code

ZIP code	Average annual rate
21862	$290
21842	$286
21864	$276
21851	$275
21863	$275
21829	$274
21664	$272
21813	$270
21656	$269
21627	$267

ZIP code	Average annual rate
20852	$220
20814	$221
20812	$222
20851	$222
21140	$224
20878	$225
20839	$226
21662	$249
21865	$255
20606	$255

Renters insurance cost in Maryland by city

Renters insurance rates vary widely across cities in Maryland, driven by factors such as weather risks, crime rates, and other factors. To find the best deal in your city, you should consider these factors and compare quotes from multiple insurers before choosing a policy.

City	Annual insurance premium
Annapolis	$234
Baltimore	$249
Bowie	$242
College Park	$240
Frederick	$226
Gaithersburg	$225
Hagerstown	$230
Laurel	$231
Rockville	$222
Salisbury	$246

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How to save on renters insurance in Maryland

There are several easy ways to lower the cost of renters insurance in Maryland without losing necessary coverage:

Bundle your policies. Many insurance companies offer a discount if you buy renters and auto insurance together.
Increase your deductible. Choosing a higher deductible will lower your monthly or yearly premium; just ensure you can afford it.
Ask about discounts. Most providers offer savings for things like smoke alarms, security systems, or being claims-free.
Compare quotes. Prices can vary widely between companies, so getting quotes from multiple insurers can help you find the best deal.
Pay annually. Some insurers offer a small discount if you pay once a year instead of monthly.

Methodology

Insurance.com compared renters insurance rates provided by Quadrant Information Services for $40,000 personal property coverage with a $1,000 deductible and $100,000 liability coverage for all available ZIP codes based on a renter with good credit. To rank the best insurance companies, we gathered AM Best financial stability ratings, where an A++ is the best possible score, and National Association of Insurance Commissioners (NAIC) complaint ratios, which compare the number of complaints a company receives to the anticipated complaint volume based on market share. These factors were used along with rates to find the best companies overall.

FAQ: Maryland renters insurance

Do I need renters insurance in Maryland?

You do not legally require renters insurance, but your landlord may require you to carry a policy as part of your lease agreement.

How much renters insurance do I need in Maryland?

You don't need any renters insurance by law, but when buying a policy you should ensure you have enough personal property coverage to cover all of your personal property at replacement cost.