Renters Insurance

The Best Cheap Renters Insurance in Maryland

The Best Cheap Renters Insurance in Maryland

Finding the best renters insurance involves finding the provider that combines cheap prices with practical coverage and responsive customer service. To help you decide on a provider near you, we collected 125 renters insurance quotes from across Maryland.

Compare cheap renters insurance options in Maryland

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The average cost of renters insurance in Maryland is $16 per month, or $191 per year.

The cheapest renters insurance rate in Maryland we found was $10 per month, or $122 per year. Below, we've taken a look at the most affordable insurer in Maryland, along with the state's other top providers.

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Affordability: Comparing the prices renters might expect to pay for service

The average cost of renters insurance in MD is about $16 per month, or $191 per year. The cost of coverage in Maryland is nearly equal to the national average — which we've calculated to be $15 per month, or $187 annually.

State Farm is the cheapest renters insurance company in Maryland, while Allstate tends to charge the highest premiums for its policies.

A bar graph showing the average costs of renters insurance in Maryland
A bar graph showing the average costs of renters insurance in Maryland

Compare Renters Insurance Quotes from Providers in Maryland

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Insurance provider
Average cost (per month)
Average cost (per year)
% difference from statewide average
State Farm$10$122-36%
Liberty Mutual$16$187-3%

The price you pay for renters insurance will likely be different than someone who compares prices from the same companies as you. This is because your company is only one factor that determines your premiums. Additionally, the cost of coverage depends on your location, your building's age and your coverage.

With this in mind, here are the coverage limits we requested coverage for:

  • Personal property protection: $30,000
  • Liability coverage: $$100,000
  • Medical payments to others: $1,000
  • Deductible: $500

Your personal information also plays a significant role in how much you'll pay for renters insurance. While your marital status, pet ownership and age are all important, your policy is most affected by your insurance history. Our sample renter was 30yearsold, unmarried and did not own any pets or have any history of making claims.


Best renters insurance for most people: State Farm

State Farm charges the lowest prices on average for renters insurance in Maryland.
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The good:

  • Most affordable renters insurance premiums
  • Highly rated customer service

The bad:

  • Few ways to customize your coverage

For most people, State Farm carries the best renters insurance in MD. Its average prices are far cheaper than the statewide average. Additionally, State Farm's premiums are 17% more affordable than even the next cheapest provider, Travelers. If you're looking to maximize your value, State Farm should be your top choice.

We like State Farm's reputation for meeting the needs of its customers. Its vast physical and online presence allows the insurer's policyholders many ways to reach a representative with questions or claims. State Farm receives few complaints for its size, and it placed third on J.D. Power's survey of the renters insurance industry.

The short list of add-ons, also called endorsements, is a weak point of State Farm's otherwise excellent coverage. You can still add extra liability and personal property coverage, but compared to other providers, State Farm's extra coverage options don't allow for much personalization.

Best renters insurance for complete coverage: Travelers

Travelers offers affordable prices and a range of ways to personalize your coverage.
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The good:

  • Long list of add-on opportunities
  • Second-most-affordable standard policy

The bad:

  • Doesn't allow for monthly payments
  • Mixed customer service quality

Travelers is a great option for two types of renters: those looking for affordable coverage and those who want to upgrade a standard policy with a number of endorsements. Travelers charges the second lowest premiums in Maryland — only behind State Farm. On average, renters insurance from Travelers costs $12 per month, or $147 per year.

The strength of Travelers is its long list of endorsement opportunities. As with State Farm, Travelers policyholders can increase their liability and property protection. In addition to these upgrades, Travelers also offers:

  • Water backup protection: Covers expenses from water damage that results from broken drainage systems.
  • Replacement cost coverage: Replaces your lost or damaged property without consideration to its depreciation in value.
  • Equipment breakdown: Reimburses you for losses attributed to mechanical or electrical malfunctions.
  • Identity theft coverage: Supplies you with up to $25,000 of coverage for lost wages, attorney fees and access to a fraud recovery specialist.
  • Decreasing deductible: Reduces the cost of your deductible for each year you remain with Travelers and have a clean insurance record.

Maryland renters looking for the best customer service should consider another provider than Travelers. The insurer receives only about a third of the complaints expected for its size. Conversely, Travelers is ranked near the bottom of J.D. Power's industry survey, receiving low marks for all aspects of its service.

Best renters insurance for young tenants: Liberty Mutual

Liberty Mutual is a cheap option with low minimum limits of coverage.
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The good:

  • Requires a minimum of $5,000 of property
  • Lots of ways to lower premiums

The bad:

  • Ceiling of only $25,000 of property protection

Liberty Mutual's low minimum property requirements make it a good choice for young people whose property is valued at less than $10,000. College students will find Liberty Mutual's affordable policies a great alternative to staying on their parents' homeowners insurance. Typically, Liberty Mutual renters insurance costs about $16 per month, 3% cheaper than average in Maryland.

Of all the providers we surveyed, Liberty Mutual gives its policyholders the best chances at reducing their initial quoted price. Furthermore, many of the discounts offered are relatively easy to achieve. You could save on the cost of your renters insurance if you:

  • Sign up online
  • Elect to make automatic payments
  • Maintain a clean insurance history
  • Bundle with another Liberty Mutual policy
  • Switch from your current provider before your policy ends

There are a few chances for personalizing a standard Liberty Mutual policy. You could supplement your policy by increasing your personal property and liability coverage, like with many other providers. The highlight is Liberty Mutual's replacement cost endorsement, which can ensure that you receive the full value of your lost items.

How we chose the best renters insurance in MD

We compared three characteristics that all renters insurance companies possess in order to form our recommendations for the state's top providers. We checked each company's:

  • Affordability: The cost typical customers might expect to be charged for coverage.
  • Coverage options: The strength of a typical policy and any extras available.
  • Customer service: How quickly and effectively an insurer responds to its customers' needs.

Maryland renters insurance rates: City-by-city breakdowns

Evaluating Maryland's renters insurance companies enabled us to find the average cost of coverage in the state's largest cities. Below, we've displayed the average monthly and annual costs throughout Maryland, as well as each city's difference from the statewide average. The cities are organized by population size.

The cheapest renters insurance in MD comes from Annapolis, while residents of Suitland tend to pay the most for coverage in the state.

Average cost (per month)
Average cost (per year)
% difference from statewide average
Silver Spring$15$182-5%
Ellicott City$15$178-7%
Glen Burnie$16$1941%
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Coverage options: Evaluating the variety and strength of your policy's protections

There is no renters insurance law in Maryland that mandates you purchase coverage. However, purchasing renters insurance is an easy, inexpensive way to protect yourself from large financial losses if you were to experience a loss.

Since renters insurance is a voluntary investment, it's important to get the best coverage for your price — rather than enough coverage to satisfy a law. To clarify the range of features offered by each insurer, we've compiled a list of offerings and displayed them in the following table.

Personal property coverage
Personal liability
Water-backup coverage
Identity theft protection
Replacement-cost coverage
Valuables plus
State Farm$10,000 – more than $100,000$100,000 – $1 millionX-X-X
Nationwide$15,000 – more than $100,000$100,000 – $1 million-XXXX
Liberty Mutual$5,000 – $25,000$100,000 – $1 millionX-XXX
Allstate$15,000 – more than $100,000$100,000 – $500,000--X--
Travelers$30,000 – more than 100,000$100,000 – $500,000XXXXX

An asterisk indicates this coverage is included with a standard policy.

Customer service: Assessing the dependability of insurers in Maryland

To identify which renters insurance company in MD has the best customer service, we compared three measurements: the National Association of Insurance Commissioners' (NAIC) Complaint Index, J.D. Power's Homeowners Insurance Study - Renters and A.M. Best's Financial Strength Ratings (FSR).

Insurance provider
NAIC Complaint Index
J.D. Power score
A.M. Best FSR
State Farm0.353rdA++
Liberty Mutual0.6411thA
Homesite0.60Not ratedA
Chubb0.15Not ratedA++

NAIC Complaint Index: The Complaint Index shows the number of complaints a company receives relative to its market share, or size. The normal or expected number of complaints is represented by 1.00. This means that a company with a Complaint Index of 1.50 receives about 50% more complaints than expected.

J.D. Power Homeowners Insurance Study - Renters Insurance: In this study, companies were ranked according to the overall satisfaction of their policyholders. J.D. Power devised this overall satisfaction score by compiling responses to each insurer's claims process, customer service interaction and offerings, among other categories.

A.M. Best FSR:The grade assigned to each renters insurance company by A.M. Best signifies its ability to pay its financial obligation — such as its claim settlements. Most companies have high marks, so you can easily spot riskier companies.


We completed our statewide analysis of the cost of renters insurance in Maryland by using a sample profile. This simulated 30-year-old unmarried renter had no history of insurance claims and lived alone. We collected quotes for $30,000 of personal property protection, $100,000 of liability coverage and $1,000 of medical payments. Our policies carried a $500 deductible.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.