Best and cheapest renters insurance in Maryland

Best renters insurance companies in Maryland

When choosing the best renters insurance company in Maryland, make sure you’re comparing on more than just price. We’ve compared quotes, coverage options and J.D. Power scores from all the major insurers in Maryland. Below is our list of best renters insurance companies in Maryland based on that analysis, with our score out of five. Note that USAA only offers coverage to military families.

Company	Average rating(out of 5)
Erie Insurance	4
State Farm	4
American Family	3.5
Travelers	3.5
USAA	3.5
Farmers	3
Allstate	2.5
Nationwide	2.5

Compare the best renters insurance companies in Maryland

Comparing quotes from multiple insurance carriers is one way to ensure you will get your money’s worth. There can be big differences in price between different renters insurance providers, so it pays to shop around. Ensure you buy from a company offering affordable renters insurance and consistent customer service.

To simplify your task, we have compared the carriers for Maryland residents based on their average rates and ratings from J.D. Power. Among the carriers surveyed, Erie Insurance is the best renters insurance company in Maryland. It earned 881 out of 1000 from J.D. Power and has an average renters insurance rate of $216.

The table below offers a detailed comparison of renters insurance companies in Maryland.

Company	J.D. Power Score	Average Annual Premium	AM Best Ratings
Erie Insurance	881	$216	A+
State Farm	844	$155	A++
Travelers	835	$160	A++
USAA	894	$128	A++
American Family	856	$269	A
Farmers	842	$283	A
Nationwide	852	$380	A+
Allstate	835	$375	A+

How much is renters insurance in Maryland

Maryland residents pay an average of $243 a year for renters insurance, and the average monthly cost is $20. That’s for a policy with personal property coverage of $40,000, liability coverage of $100,000, and a deductible of $1,000.

What you pay for renters insurance will not be the same as a neighbor’s price because it depends on factors specific to each person: the property you want to insure, extra coverage options you add, and the deductible amount you choose.

“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	Average Monthly Premium
$243	$20

Most expensive ZIP codes in Maryland for renters insurance

Several factors affect your renters insurance coverage cost in Maryland, including your location and the coverage you buy. The most expensive ZIP code in Maryland for renters insurance is 21862, where the average annual rate is $292 which is $49 more than the state average insurance premium.

The following table lists the most expensive ZIP codes in Maryland for renters insurance.

ZIP code	Average Annual Rate
21862	$292
21842	$284
21841	$282
21851	$281
21872	$277
21233	$275
21864	$274
21852	$273
20765	$271
20682	$270

Least expensive ZIP codes in Maryland for renters insurance

Renters insurance rates in Maryland are cheaper in some areas. Based on a rate analysis by Insurance.com, the least expensive ZIP code for renters insurance in Maryland is 21776, and its average annual rate is $217.

Below, you’ll find the least expensive ZIP codes for renters insurance, along with their average annual rates.

ZIP code	Average Annual Rate
21776	$217
20895	$219
20896	$220
20906	$221
20812	$222
20853	$223
20855	$224
20832	$225
20872	$226
21727	$227

Compare renters insurance rates by city in Maryland

Renters insurance rates vary significantly across cities, influenced by various factors, including weather patterns, crime rates, and property values. You must consider these factors and compare quotes from different insurers to get the best deal on renters insurance for your specific city in Maryland.

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

Cheap renters insurance in Maryland by company

There are a lot of companies offering renters insurance in Maryland. Among the carriers surveyed by Insurance.com, USAA is the cheapest renters insurance company in Maryland; its average annual premium is $128.

Renters insurance prices can vary drastically between companies. That’s why it is important to compare rates and see which company offers the best deal to get coverage at an affordable price.

Below are the best cheap renters insurance companies in Maryland and their average annual premiums.

Company Name	Average Annual Premium
USAA	$128
State Farm	$155
Travelers	$160
Erie Insurance	$216
American Family	$269
Farmers	$283
Chubb Ltd	$333
Allstate	$375
Nationwide	$380

Methodology

Insurance.com compared renters insurance rates in 2022 provided by Quadrant Data Solutions 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. Content was updated in 2023.