Protect What You Own with Renter's Insurance in Maryland

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Maryland. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Maryland and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.  

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renter’s insurance protects you and the belongings you own within the property that may be damaged or stolen. 

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen. 

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.  

Renter’s insurance can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your rental unit and you are responsible for their medical bills. 

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers. 

Is Renters Insurance Required in Maryland? 

Renter’s insurance is not required by any state or federal laws. However, many individual landlords have policies requiring tenants to have an active Maryland renters insurance policy as a stipulation of the lease. 

What Does Renters Insurance Cover? 

There are three main categories of renters insurance coverage: 

• Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:  
  • Fire and smoke 
  • Storms, lightening, wind, hail 
  • Theft 
  • Vandalism 
  • Explosions 
  • Winter weather damage 
  • Damage from infrastructure tearing, cracking, burning, etc. 
  • Sudden, accidental damage from electric currents  

• Personal Liability Coverage: Liability protection covers your medical or legal bills should you be responsible for an injury on the property or damage to the property itself. 

• Loss of Use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed. 

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage. 

Maryland Renters Insurance 

Renters insurance in Maryland protects you and your belongings from a range of perils. Maryland experiences several extreme weather conditions, including tropical storms, blizzards, floods, and nor’easters. If your personal property suffers damage from any of these severe weather events, your renters insurance policy can cover the replacement cost or cash value. Renters insurance in Maryland can also pay for legal or medical expenses if you are responsible for an injury in your home, up to your limits and minus your deductible.  

What Does Renters Insurance Maryland Cost? 

Many renters are understandably concerned about the renters insurance cost factor. Fortunately, renters insurance rates are very affordable in Maryland. According to NerdWallet, the average renters insurance premium in Maryland for 2024 is $151, or about $13 per month. Maryland’s average monthly rates are only a dollar more than the national average of $12 per month.  

Some variation in cost exists between different policies and plans—for instance, the cheapest renters insurance policies will have higher deductibles, while more expensive policies will have lower deductibles. Some insurance providers will offer renters insurance discounts for bundling with an existing policy, like your auto insurance policy. Regardless of the specifics of your coverage, you will find that the cost of renter’s insurance across the state is relatively inexpensive and well worth the small investment it requires for the financial security it offers. 

What Are the Most Common Claims in Maryland? 

Common renter’s insurance claims in Maryland include losses from property crimes like burglary and breaking and entering as well as damage from coastal storm systems. In 2021, Maryland’s burglary rate was 279 instances per 100,000 people. Further, Maryland residents have a 1 in 61 chance of being a victim of a property crime. 

If your personal property/valuables are stolen, vandalized, or damaged, your Maryland renters insurance will reimburse either the replacement value or the actual cash value, depending on your policy specifics. 

What Additional Policies Do I Need in Maryland? 

Maryland renters may also need to purchase flood insurance. Flooding can occur after heavy rains or rising water levels near large bodies of water. 

FEMA data from the past decade shows that flood events have occurred in all Maryland counties between 1996 and 2019, especially in Frederick, Carroll, Baltimore, Cecil, and Montgomery Counties. 

If your home is within a floodplain or has previously flooded, investing in flood coverage is a smart decision. Flood coverage is typically excluded from most renter’s insurance policies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renters Insurance in Maryland 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our insurance provider partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get a quick renters insurance quote, customize your coverage, and add an additional person onto your policy at no extra cost.