Get free, no obligation quotes from multiple providers

State Farm Insurance Allstate Insurance Farmers Insurance American Family Insurance Unitrin Insurance Travelers Insurance


The state of Maryland is one of the primary hubs for the banking and insurance industries within the United States. Because of this fact, obtaining Maryland renters insurance with affordable premiums can come about quite simply. For twelve months of Maryland renters insurance coverage, it cost the average resident of Maryland $1601 in 2006. This is according to estimates performed by the National Association of Insurance Commissioners. In other words, this form of coverage will cost you as little as $13.33 a month.  It would almost cost this amount for a person to eat out at a fast food restaurant for dinner in Maryland.

What Is Renters Insurance?

Maryland renters insurance is designed to provide you with reimbursement in your rented apartment or home from a variety of different scenarios. These scenarios include fire, lightning, smoke damage, wind damage, hail, explosions vehicular crashes, theft, vandalism, snow or ice damage, electrical surges, plumbing problems or water damage, and frozen pipes. There may be additional scenarios that are covered or excluded in your policy. You can check the terms and conditions of your policy for the specifics. Generally, renters policy does not cover damage sustained from earthquakes, general wear and tear, or insect or rodent damage. Maryland renters insurance also does not cover intentional damage to a loft or townhome. This could constitute coverage in the state, and the resulting penalties are considerably stiff.

There may be a need to purchase additional renters insurance coverage if you own any possessions in your house or condominium. Examples of such items would include a flat screen television, computer equipment, rare or valuable collectibles, or jewelry. Although general Maryland renters insurance does not cover flood damage to the residence where you or your family resides, you can purchase federal flood insurance for tenants. This is available through many insurance agencies.

Getting Renters Insurance in Maryland

Now that you know what Maryland renters insurance is, the next step is to go about obtaining it. It is actually quite a simple and quick process. There are many websites that offer the option of purchasing Maryland renters insurance online. Regardless of your location in Maryland, you will be able to find a plethora of Maryland renters insurance agencies that will meet your needs.

It may also be prudent to consider purchasing liability coverage for your home in addition to your Maryland renters policy. This form of coverage will provide coverage for you in the event that someone is injured in your home. For example, if a guest in your home slipped and fell down the stairs, resulting in a head injury, he or she could possibly sue you. While the idea of such a scenario is appalling, it can potentially happen to you. Purchasing liability insurance, in addition to your Maryland renters insurance, can protect your financial assets from such a situation. You should also take the time to ensure that your Maryland renters insurance coverage will extend to provide for temporary living expenses in the event that your rented condo or house is damaged or demolished. If such a situation should occur, it will be a relief knowing that you do not have to scramble to find a place to live in a hurry.

How Much Maryland Renters Insurance Do You Need?

While tenants protection sounds like an attractive proposition, you may be wondering exactly how much renters coverage you need to purchase. The safest way to ensure that you are adequately provided for is to take an inventory of your assets. By going room to room in your house, you can write down everything of value that you own. Next you should make a note of the monetary value of each item. The value should be the replacement value, not the monetary amount that you paid for the possession. Because your renters coverage will only pay the replacement cost of the item, it is important to have this figure on hand.

After you have taken a thorough inventory of all of your possessions, you should make several copies of your list. It is wise to store them in several places, rather than in your home alone. For example, if you have a safety deposit box, you should store one copy there. Your inventory should be updated annually or it should be updated whenever you purchase a large ticket item. It is up to you to make sure that the amount of coverage you have corresponds with the value of the items in your home.

After taking stock of your assets, you should go online to begin your search for quality, low cost tenant contents insurance coverage in Maryland. As mentioned, there are many websites that allow you to do so by using price comparison techniques. By using such techniques, you will be able to obtain a quote on your desired policy. This allows you to receive different rates from a multitude of companies on said policy. The process is simple, only takes a few moments of you time, and it is instrumental in ensuring that you receive the lowest rates available for your Maryland renters insurance.

It is wise for you to be aware that there are several factors that will affect the premiums that you pay for your Maryland renters insurance. The first factor will be the monetary amounts of coverage that you purchase. When you are considering such amounts, you should take into account the size of your home and the area in which you live. A poor college student in Maryland may live in a neighborhood with a higher crime rate than a middle class family with small children. Similarly, a senior citizen in Maryland may live in a small apartment in an assisted living facility rather than a larger home like the aforementioned family. Both of these factors will be taken into account by a company when they are quoting you a rate.

In Maryland, should you discover that your renters insurance plans and premiums are more costly than what you can afford, you can consider increasing your deductible as a means of lowering them. Increasing your deductible will mean that you will incur a higher out of pocket expense should you happen to file a claim. However, it will still significantly lower your premiums. You should only choose an amount that you will have readily available to you should you need to use it.

Another option that you may wish to take advantage of would be asking your friends, neighbors, and family members whom they would recommend purchasing Maryland renters insurance from. A company's reputation is defined by feedback from consumers. Discovering how well a claim is handled by a particular company can be influential when you are selecting a company to conduct business with. You will also want to find a company that will process your claims quickly, fairly, and hassle free. If you have any lingering questions about a company's policies or practices, you shouldn't hesitate to pick up the phone and speak to an agent. A professional agent is a consummate professional who will thoroughly answer your questions and recommend solutions to your needs. You should not have to worry about he or she hassling your to purchase a policy from their company.

So what are you waiting for? Compare cost and coverage details from the Maryland cities of: Baltimore, Towson, Bethesda, Frederick, Gaithersburg, Hagerstown, Martinsburg, Salisbury, Cumberland, Cambridge, Easton, Lexington Park, Ocean Pines and more...

City By City

Learning Center