Most times, in the case of fire, burglary, or injury, renters insurance can provide policyholders with financial assistance to replace belongings and/or pay for medical bills. For more information about a Maryland renters insurance policy, read through our guide designed just for you.
Average Cost of Renters Insurance in Maryland
Renters insurance in Maryland averages $160 a year, which works out to just over $13 per month. That’s not only affordable, it’s also 14% less than renters in most states pay. If you stop and think about all the things you own clothing, electronics, jewelry, and more it’s easy to see why getting renters insurance makes sense. After all, replacing just a few items could cost more than insuring all of them for a whole year. Plus, based on the minimum wage in Maryland, you’ll only have to work 19 hours to pay for a whole year’s worth of coverage. Trust us. Renters insurance is worth its small price tag.
Rental Insurance Coverage
Getting rental insurance is a smart decision considering that one out of every 40 homes is burglarized. If you’re in Maryland, 33,732 break-ins happened in your state in 2012 alone.
If you fall victim to theft, renters insurance coverage can help cover the cost of replacing items damaged, destroyed, or stolen. It also protects your property from fire, weather related events, natural disasters, medical or legal bills you incur if someone is hurt on your property, and more. If you think about everything bad that can happen, it’s clear to see that living without renters insurance could cost you if you ever need it but don’t have a policy.
You should consider purchasing additional coverage, more than the minimum liability coverage to ensure you have personal property coverage. A more extensive policy could help with things such as replacement cost, water damage, and possibly even medical bills and other medical expenses.
Discounts to Help You Save
An insurance company will determine your renters insurance premium depending on your address, claims history, current policies, and a slew of other variables. However, you can keep your premiums lower if you qualify for discounts.
- Multi-Policy: Save when you combine policies like auto, home, and renters.
- No Prior Claims: Save on your insurance bill if you have a clean claims record.
- Safety Devices: Pay less if you install smoke detectors, anti-theft systems, or other safety devices.
- Higher Deductibles: Agreeing to a higher deductible can lower your renters insurance premium. But be careful, make sure the deductible is something you can afford if you need to make a claim.
Maryland Renters Insurance Facts
About 32% of Maine residents rent. On average, they pay $1281 per month for a two-bedroom apartment, but a year’s worth of insurance only costs $160. Here’s the bottom line: rental insurance is protection you can’t afford to go without.
Get Help Finding Renters Insurance
Before making any final decisions on your renters insurance company, it is important to learn as much as you can about your local insurance providers, and the coverages they offer. Call your local insurance agent to clear up any questions that you might have. Questions to consider asking include, “What is the best coverage plan for me/my family/my situation?” “What are the minimum coverage requirements in my state and what form of coverage do you recommend?” “Do you guys offer any bundle discounts if I take out both my auto insurance and home insurance with you?” and “What is the average rate of insurance quotes you guys offer?”
Before making any big insurance decisions, use our free tool to compare insurance quotes near you. It’s simple, just plug in your zip code and we’ll do the rest!
Are you ready to hear more about renters insurance in Maryland? Give trusted agents a call at [mapi-phone /] to go over your options. Specialists are standing by to help you find the best renters insurance premium and policy, starting with a free quote.