how much is renters insurance in maryland

Get the best Maryland Renters Insurance

When you are renting your home, you don’t have to worry about the insurance of the structure since that falls on the responsibility of the landlord. However, insurance will never cover your personal belongings inside the renter’s house. It means that if the house or building will be struck by fire or storm, the landlord’s insurance will only cover the repair of home for renters. If you want to secure your belongings under any circumstances such as those mentioned above, you need to get renters insurance.

Some people may think that Maryland renters insurance is not necessary. But that is one of the biggest misconceptions when it comes to renters home. Aside from being a cheap investment, compared to your life insurance and auto insurance, you will get the peace of mind that your important possessions are protected from anything that can take them away from you. Most Maryland renters insurance covers the loss or damages of your jewelry, gadgets, clothing, furniture, and so on. These things will never be part of the coverage of your landlord’s insurance.

Right here are some of the most important things that you need to know before you purchase your Maryland renters insurance policy.

The Coverage of Renters Insurance

An HO-4 policy, which is known as the standard apartment renters and home renters insurance, will only cater reimbursements for the loss or damage of your possession under these 16 particular events:

  • Explosion
  • Fire or lightning
  • Riot or civil commotion
  • Windstorm or hail
  • Damage caused by vehicles
  • Damage caused by aircraft
  • Smoke
  • Theft
  • Vandalism or malicious mischief
  • A falling object
  • Volcanic eruption
  • The weight of snow, ice, or sleet
  • An accidental overflow or discharge of water from within a plumbing, air-conditioning, heating, or automatic fire-protective sprinkler system, or maybe from your household appliance
  • Freezing of heating, plumbing, air-conditioning, or automatic fire-protective system, or any household appliance
  • Accidental or unexpected damage from an artificially generated electric current, but it will not include loss of transistor, tube, or any similar electronic component)
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What is NOT Included in Renters Insurance

Aside from knowing the situations that can be covered by your renters insurance, you should also know what will never be included in the policy of your insurance company. Every Maryland renters insurance will never cover damages due to floods or earthquakes. That means that you have to spend your personal money for these damages. But you have an option to purchase flood insurance in Maryland which comes with a different policy. The same option is also available for Earthquake insurance, and these two policies can be purchased separately, or as an add on to the policy of your renters insurance.

Other Coverage of Renters Insurance

Be informed that the coverage of your Maryland renters insurance is not limited to your personal possessions alone. Many people are not aware of this information, which is an essential part of your policy. Most standard renters insurance also covers other valuable protections for you. The following protections are:

Liability Insurance

 This coverage will offer you and your family protection when someone gets injured within your property because of negligence and the person chose to sue you. The process of a lawsuit will burn your finances for years, but it can be prevented with Maryland renters insurance. With the liability portion of your policy, you will be protected from lawsuits for bodily injury as well as personal property damage. 

Additionally, liability covers your responsibility as a dog owner if ever your dog bites a visitor or a neighbor, whether he is on or off your property. However, some Maryland renters insurance policies do not include dog bites, so it is important to confirm your coverage from your insurance agent. 

If you have a Maryland renters insurance policy, you are covered with the cost of legal representation in the event of a lawsuit, as well as any damages that were awarded to the other party. The limit of liability commonly starts at $100, 000, and it has a ceiling of $500, 000. But many experts recommend a minimum of $300, 000 for the renters insurance coverage. 

Your liability protection will also provide aid during no-fault medical payment coverages. It means that the person who was injured within your personal property will only submit his medical bills to your insurance company, and the insurance company will handle it. This protection eliminates the stress and hassle of a lawsuit. 

Additional living expenses

 This insurance coverage will keep you protected if your home is destroyed due to a disaster that is covered by your insurance policy. Your renters insurance in Maryland will pay for your additional living expenses, such as hotel bills, foods, and other home repair costs.

Who Needs to Purchase a Renters Insurance?

Many landlords will require interested renters to purchase a renters insurance policy before they can sign a lease. While others will ask you to get a policy within a certain period. 

If you find a rental property that considers renters insurance as an option, you need to think about whether you can afford to replace your belongings if they are lost, destroyed, or damaged. If you get a NO as an answer, your smartest choice is find the best renters insurance quote in Maryland. 

How to Save with Renters Insurance

Though renters insurance in Maryland is not as expensive as the other insurance that you have purchased before, there are ways to get a discount and avail some savings from your policy. Most insurance companies will offer you a discount if you purchased your auto insurance and renters insurance policy with them. This strategy is commonly known as bundling. 

If you consider other ways to save money, you might consider increasing your deductible. That is known as the amount of money that will be deducted from your insurance claim check whenever there is a property loss. In an instance, your declared deductible is $1000 and your claim for property damage is $5000, you will end up with $4000 insurance check. Keep in mind that a higher deductible means a cheaper rate, and you will pay this deductible every time you file a claim for property loss.

It is not easy to find the best renters insurance in Maryland, and the prices vary from one state to another. But there is always a way to get the right deal for you as long as you do your research for a renters insurance maryland insurance quote and compare your options very well.  

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