An often-overlooked state on the east coast that is host to some great towns, cities, and businesses, Maryland is filled with opportunity yet is also a place where many people rent apartments as opposed to living in a traditional home. This can be very economical and freeing, but there are also risks involved such as fires, loss-of-use, and damage based on what your upstairs neighbor might be doing. You don’t want to leave your fate to chance like this, so we recommend getting renters insurance in order to better
Here are the four cheapest renters insurance providers operating in Maryland:
The Four Cheapest Quotes:
We would like to note that while the following four providers are the cheapest and for most people the best coverage they can get for their money, there are plenty of people living in Maryland under a myriad of circumstances. If you live in Baltimore, you’ll likely have a higher rate than if you lived somewhere else. We ask that you merely consider these notes as general guidelines.
The number listed next to each provider is the average annual rate for a standard policy.
1) State Farm: $129
The cheapest company to work with in Maryland and an all-around excellent option for anyone looking for basic coverage, State Farm is well-known as one of the cheapest providers in the country, partially due to its national-level resources and infrastructure and partially due to its commitment to providing you with the least expensive coverage possible.
The main downside to working with State Farm is, unfortunately, the service you’ll receive. While in most cases you’ll be fine, you may find that all of their agents aren’t equal, which can waste your time and give you cause for frustration until you find one who works well with you.
You can expect the following working with State Farm:
- Excellent expensive items coverage that is more than what you might expect for a policy of this price.
- An extremely competitive, if not the best, loss-of-use coverage plan in the business.
- A stable and massive infrastructure which minimizes the risk of sudden changes to how you’ll work with State Farm.
2) Liberty Mutual: $177
Another cheaper provider and a company few people have complaints about when it comes to renters insurance, you can expect Liberty Mutual to provide you with an all-around excellent level of coverage for nearly every situation, and also be there to help you should the worst occur. At this rate, they are probably the best choice if you just want a strong level of default coverage for your apartment and don’t want to put much more thought into the situation than that.
You are going to want to be careful about the bundling options that might be offered to you, as some of the other insurance options they offer aren’t always up to par with their excellent renters insurance. And as with every provider, if you have special needs or disproportionate wealth allocation in your apartment, you will want to be careful.
You can expect the following working with Liberty Mutual:
- The possibility of a great discount via their partnership with many popular organizations and large workplaces, one of which you likely belong to.
- An online quoting system that will work quickly and accurately for you.
- Optional water damage, high-ticket item, electronics, identity theft, and jewelry coverages.
3) Farmers: $213
Farmers is a bit more expensive (by Maryland standards), but they are also the provider the has the best customer service team on this list. You will be treated like you deserve and like you matter, which is a high benchmark in the insurance industry. This is backed up further by a long list of customization options, going down to the level of coverage you get for each category.
Farmers isn’t perfect, though, and while they have great service some people have reported a few bureaucratic issues which can waste their time. Some of their default coverages (such as jewelry) are relatively lacking as well, meaning you might want to read the fine print if you aren’t considering the previously mentioned customization.
You can expect the following working with Farmers:
- An excellent umbrella coverage policy if you have other concerns outside of your apartment.
- The ability to customize your deductible, which can, in turn, affect your annual rate.
- Optional personal article floaters, identity theft coverage, pet damage coverage, and additional coverages.
4) Nationwide: $369
The most expensive provider on our list by quite a bit, Nationwide may still be the best choice for some people due to a few reasons. The primary thing you may want to consider is that they are leaps and bounds ahead of most other providers when it comes to customization options. With Nationwide you will be able to customize your level of coverage for different asset categories, and you will even be able to customize your deductible (and as a result, your annual rate).
You may want to be careful about price hikes in some areas, and you may also want to check the default levels of coverage for certain groups of items (they can be a bit low for some people’s tastes).
You can expect the following working with Nationwide:
- A high level of service as to be expected of a somewhat premium provider.
- A free annual assessment of your renters insurance situation, should you want one. This will ensure that you always have the best deal possible.
- Bundling opportunities that can make Nationwide’s policies more fiscally tolerable if that’s a major concern.
Maryland is fortunate to have several insurance providers offering cheap coverage operating in the state, but it will be up to you to determine what you will need. We ask that you perform further research and make a list of priorities, so you don’t wind up with coverage that you either find inadequate or simply regret. Yet with planning and the above information, we’re confident you’ll find the peace of mind you want at a price you can afford. We wish you the best of luck in your search.