If you’re a renter, could you afford to replace all your belongings if your apartment burns down? What about if someone sues you? Would you be able to pay for your living expenses if you need to relocate temporarily while your rental is being fixed? These are all situations where renters insurance can help, and if you answered “no” to any of those questions, chances are you need it.1

Renters insurance rates are relatively low, especially for Maryland residents. Nationwide, people typically pay $240 per year for coverage, while Maryland renters pay around $204 per year.

Here’s what you need to know about getting the best renters insurance in Maryland.

How renters insurance works in Maryland

In general, Maryland renters insurance works the same as everywhere else in the country. Here are the basic details you need to know:2

• How to get it: Start by getting some renters insurance quotes so you can compare prices, coverages, and deductibles. You’ll need to provide information about yourself, your rental unit, and how much coverage you want.

• What it covers: Renters insurance consists of three parts: liability coverage if someone is injured in your rental, property damage coverage for your personal belongings, and additional living expenses if you need to live somewhere else temporarily.

• How much it costs: Maryland residents pay average renters insurance rates of $17 per month, or $204 per year, based on Insurify data. Rates vary based on your neighborhood, deductible, and more.

• How to use it: If you suffer a covered loss, you can file a claim to get reimbursed from your insurer. You’ll pay an out-of-pocket deductible first, and your insurance agency will pay the remainder up to your policy limits.

Best renters insurance companies in Maryland

Renters in the Old Line State have lots of coverage options when it comes to renters insurance. But you’ll quickly notice when comparison shopping that not all renters insurance options are the same.

Each insurance agency charges different rates based on factors like your ZIP code, the type of renters insurance policy and deductible you choose, and even whether you own certain breeds of dogs. Plus, companies may offer different policy options and have varying levels of customer service, too.

Here are some of the best renters insurance companies in Maryland. These companies offer a good blend of low rates, high-quality customer service, and widespread coverage availability.

What renters insurance covers in Maryland

Coverage options for Maryland residents are essentially the same as in any other state. Similar to home insurance, renters insurance covers certain perils. These include certain weather events, theft, vandalism, fires, and water damage from plumbing.

A covered peril could look like:3

• Your roommates moving out and stealing your valuables

• Water damage from upstairs tenants leaving their tub running

• A neighbor starting a kitchen fire that burns into your apartment

• Your rental company kicking you out temporarily while it completes repairs

Certain renters insurance coverages also come standard with most policies, and they protect more than you might think:

Unique considerations for renters insurance in Maryland

Maryland renters don’t face as many risks as people living in some areas, like fire-prone California. But that doesn’t mean you’re free of certain considerations when it comes to your renters insurance policy, either.

Here’s what you should know:

• Flood insurance: Maryland is a coastal state. That means some tenants could be vulnerable to flood damage, which standard renters insurance doesn’t cover. Instead, consider adding flood coverage to your policy to protect your belongings.

• Property damage liability waiver: Some landlords require you to purchase this waiver, according to Maryland state insurance officials. But it’s not actually a true renters insurance policy and doesn’t protect you.

• Home-based businesses: If you’re working from home as a freelancer, entrepreneur, or other small-business owner, be aware that your renters insurance policy may not cover you for business use. Instead, consider a business endorsement or separate policy.

How to save on renters insurance in Maryland

Renters insurance costs are low in comparison to other types of coverage, but that doesn’t mean it’s affordable for everyone. Luckily, you can use plenty of strategies to reduce your rates: