Renters Insurance Maryland

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In 2013, the average estimated cost of renters insurance in Maryland was $140 a year. Compared to that the average homeowners insurance is $700 a year in Maryland, thus renters insurance is cheaper than most people realize.

Comparing Renters and Owners Insurance in 2013 in Maryland

In 2012, there were 33732 burglaries reported in Maryland. The landlord's policy does not cover renter's damages like burglary, and to protect oneself from events like burglary, fire and similar disasters renters insurance is critical.

Renters Insurance Coverage Types:

Actual cash value policy:
This policy covers the depreciated value of the loss. For instance, that Laptop you bought for $1230 might only be worth $620 six months later – and that's all you're going to get for it.

Replacement Coverage Policy in Maryland:

  • In that same example, you won't necessarily get what you paid for your Laptop, but you'll get enough to buy another one just like it. Replacement Cost Insurance in Maryland costs about $35.0 more than the Actual Cash Value policy.
  • Considering the median rent of $1590 per month in Maryland, the average renters insurance of $10 per month is 0.63% of median monthly rent.

Estimated Renters Insurance for Different House Types in Maryland

House Type Median Rent Estimated Renters Insurance
Single Fam $1,700 $136
Condo $1,650 $132
Duplex $1,450 $116
One Bed $1,300 $104
Two Bed $1,470 $117
Three Bed $1,650 $132
Four Bed $2,000 $160
Many Bed $2,500 $200

Deductibles in Maryland:

Choosing a $500 deductible over a $250 deductible in Maryland can save average of $15.4 on insurance premium.