Maryland Renters Insurance From Effective Coverage Protects You Across The Old Line State
Maryland is known as both the Old Line State and the Free State. Legend has it that the Old Line State comes from General George Washington himself, differentiating the state’s troops as part of the regular line of troops. The Free State is self-explanatory. In 1864, Maryland got a Constitution which prohibited slavery.
Maryland offers a variety of lifestyles. Whether you prefer the suburbs and big box sprawl found in parts of Harford County, a more rural atmosphere on the Eastern Shore, or easy availability of everything you need in Baltimore City or Baltimore County, Maryland has something to offer everyone.
Baltimore isn’t the only large city that attracts residents to Maryland. Columbia, Germantown, and suburbs of DC such as Silver Spring are important cities as well. Baltimore suburbs such as Glen Burnie and Randallstown, as well as Columbia suburbs such as Ellicott City offer similar opportunities with less of the city hassles that you might find elsewhere. Much of the population of Maryland statewide is made up of renters.
Maryland renters have many reasons to rent their homes. Some are older, and prefer not to deal with the maintenance, concerns, and expenses of home ownership. They’d rather enjoy life in a community like Kentlands Manor offering 55+ living and managed by The Donaldson Group.
Some people have jobs that move them around frequently, others just prefer the predictability of renting. College students generally don’t have a reason to buy a home where they go to school, because they don’t know where they’ll end up after graduation. These residents might be attracted to Wynfield Park Apartments. These homes are positioned for the many college students at the University of Maryland, and offer Greystar apartments renters insurance.
Whatever the reason that you rent in Maryland, Maryland Renters Insurance is an important part of your life. Your landlord will ask you for proof of coverage, and if you’re a college student your parents will tell you that you need a policy. But only forty-four percent of Maryland renters are covered. That’s mostly due to either not knowing the coverage is available, or not realizing how affordable it can be.
The average price of renters insurance in Maryland is just fifteen dollars a month, or $187.00 a year. This affordable protection offers coverage against a wide variety of things that could happen. If you’re young, the policy protects your future. If you’ve spent a lifetime working hard for what you have, the policy protects the property and assets you’ve worked to acquire. Even your retirement savings could be at risk if someone sues you.
No matter the reason you need a policy, Effective Coverage is here to help. We work to educate people about Maryland renters insurance because it’s the single most affordable way to protect what’s important to you. Our mission is providing solutions for those buying and requiring insurance, because insurance is our world, and we want you to get back to yours. You can buy a policy online in just sixty seconds, or call and speak with a friendly insurance expert who can help you choose coverage.
If you’re a landlord, Effective Coverage offers efficient solutions for renters insurance compliance tracking in Maryland. Other certificate tracking options in Maryland are available as well for commercial leasing and contracting. Traditionally tracking has been the most difficult part of requiring renters insurance. We make additional interest tracking of renters and other insurance simple.
Landlords should be using an insurance tracking platform in Maryland. The object is to use additional interest notifications to ensure that you’re kept aware of the status of your tenant’s policies. Additional interest is designed for these notifications. You generally don’t want to require additional insured status – Maryland even tried to outlaw additional insured for residential leases recently.
Whether you need renters insurance in Maryland or you need easy Maryland certificate of insurance tracking solutions, Effective Coverage has the answers. We make it easy and let you get back to the rest of your life. We’re easy to reach, online, by web chat, or by calling a friendly insurance expert at (800)892-4308.
2018 Maryland Renters Insurance Guide Table Of Contents
- Is My Family Covered By Maryland Renters Insurance?
- What Should I Know About Maryland Renters Insurance In 2018?
- Does Maryland Renters Insurance Cover Theft?
- Can I Get Maryland Renters Insurance Same Day?
- How Do I Know How Much Renters Insurance Coverage I Need?
- Maryland Renters Insurance Fast Facts
- Bonus Section: 2018 Guide To Renting In Maryland
Is My Family Covered By Maryland Renters Insurance?
- Family members are covered by renters insurance in Maryland.
- The policy form clearly defines who’s covered.
- Policy forms and endorsements can vary, so it’s important to read the policy document.
Yes, your family is covered by your Maryland renters insurance. Like everything in insurance, it’s important to define that clearly. Defining coverage clearly is the reason insurance policies are long and often feel redundant.
Your policy isn’t written to torture you, it’s written to give crystal clarity to what and who is covered, under which circumstances, and how that coverage applies and is paid.
To find out who is covered, we can look to the policy. Your policy will contain language defining the “named insured.” An example would be “The named insured is defined as the named insured, resident relatives, and resident spouse.” You might expect that’s enough, but there’s more.
“More” is important because it extends coverage to situations such as foster children and children who are in your care but not related to you. While this might not be applicable to you personally, the policy form is standardized. Coverage amounts vary between policies. Endorsements vary between policies. The base policy form is anyone who has Maryland renters insurance with the company.
Reading your policy is crucial, because this language can vary between companies. Knowing whether your insurance covers your family and all of the people living with you that you consider to be your family tells you whether you might need an additional endorsement for someone or if there are limitations on the coverage.
What Should I Know About Maryland Renters Insurance In 2018?
- Your landlord will expect you to have a policy. Their primary concern is liability coverage.
- Your policy includes other protections, including personal property and loss of use.
- Liability pays for the costs of a loss as well as for defense coverage so you have representation against the claim.
- The policy is designed to cover specific types of losses. You can expand the coverage by endorsement, as well.
First, your landlord will require you to have coverage. They’re mostly concerned with how much liability coverage you have, of course. But there’s more to your policy than that. While some communities only require $50,000 of liability on your Maryland renters insurance, that’s not enough. Anything less than $100,000 leaves you exposed, and more coverage is usually prudent.
Maryland renters insurance coverage protects you from liability for bodily injury or property damage that you cause to someone else. If you start a fire, or if you accidentally bump into someone and they fall down, you’re responsible for the injuries or damage that result. Liability insurance pays for those costs, but there’s more.
It also pays to defend you against claims for those costs. Those defense costs can be substantial, and they’re covered outside of the policy limits. Anything paid towards your defense usually does not impact the amount of coverage available to pay the actual claim.
Personal property coverage protects your stuff, but understanding the coverage is important. There are limits on coverage for certain classes of property, such as jewelry. Coverage is available through an endorsement or separate policy.
Renters insurance is designed to cover specific types of losses, and there are often endorsements available for additional coverage that’s outside that scope. Whether you need jewelry coverage or water backup, just ask your renters insurance expert when you call Effective Coverage.
Does Maryland Renters Insurance Cover Theft?
- Renters insurance in Maryland covers theft both from your home and from elsewhere.
- Americans suffer a burglary every 14.6 seconds and a theft every 5.1 seconds.
- When considering your deductible, you should consider how much personal property you can replace out of pocket.
Yes! If something is stolen from your apartment, renters insurance in Maryland covers the replacement cost of that item. That coverage generally extends outside the home, as well. Something which is stolen from you when you’re on vacation would be covered as well. The same applies to something stolen from your vehicle.
Theft coverage does not extend to items you simply lose, however. If you lose your cell phone, that’s not a covered loss. If your phone is stolen, that’s covered. Usually items such as cell phones are claimed as part of a larger loss.
Your deductible applies to theft losses. Some people choose a higher deductible to save a few dollars on their premium, but this is usually not a good choice. The savings of a few dollars a year don’t make it worth the extra costs in the event of a claim.
While most people are not overly concerned with theft of their property, you should be. According to the Uniform Crime Report, Americans suffer a burglary every 14.6 seconds and a larceny or theft every 5.1 seconds. You’re not immune to it, even if you live in a gated community with controlled access. Luxury apartments in Maryland are not immune to burglary or theft.
If you steal something from someone else, your Maryland renters insurance doesn’t cover that intentional act. Liability covers losses due to your negligence, intentional acts are another story.
Can I Get Maryland Renters Insurance The Same Day?
Yes! You can get Maryland renters insurance the same day from Effective Coverage. If you need coverage immediately, just call (800)892-4308. It’s important that you call if you need same-day renters insurance. Why?
By working with someone directly on the phone, you can ensure that your coverage takes effect the same day while also making sure that the coverage isn’t intended to take care of a loss that’s already occurred. This is an important distinction, and part of the underwriting process. If you get renters insurance the same day, it’s intended to cover things that occur after the inception of the policy. You can’t buy renters insurance after a loss. But you can get coverage starting today for losses that happen in the future.
How Do I Know How Much Renters Insurance Coverage I Need?
- You should have as much liability coverage as you can get.
- Add up the cost to replace everything you own new from the store. That’s how much personal property coverage you need.
- Make sure you account for things in drawers, closets, and otherwise hidden.
You need as much liability coverage as you can get. $100,000 is the base minimum level of coverage with most companies. That’s a good start, but if you have assets that you need to protect such as savings or a 401(k), consider additional coverage. We live in a country where anyone can sue anyone for anything. The defense coverage alone can save your retirement.
As far as personal property coverage is concerned, add up everything you own. When you’re moving and taking everything out of boxes is an excellent time to do that. Make a list, and then use the internet to find the cost to replace those items with new ones of like kind and quality. The total amount is likely to surprise you. You’re adding up the cost of new property because Maryland renters insurance generally includes replacement cost coverage.
You need to make sure that you have enough coverage to restore your standard of living to what it was after a catastrophic loss. Your loss of use, or additional living expense, coverage is proportional to the amount of personal property coverage. As personal property increase, so does loss of use. This also helps you to maintain your standard of living by making sure that you have an alternate place to live after a loss.
Maryland Renters Insurance Fast Facts
- The average price of renters insurance in Maryland is about fifteen dollars a month.
- Renters insurance in Maryland can protect your entire family, including children who can’t contract for their own policy.
- The average fire loss per structure is $20,700 according to the NFPA.
- Just because someone has insurance for the damage you cause doesn’t make you not liable. Their insurance company can sue you for the money they paid to cover the loss. Your policy defends you and pays for the loss up to the policy limit, if you’re liable.
- Renters insurance protects you from liability risk, risk to your personal property, and costs incurred following a covered loss
Bonus Section: 2018 Guide To Renting In Maryland
Finding An Apartment In Maryland
Finding an apartment in Maryland is of variable difficulty depending on your location. In the suburbs of Washington, DC or near colleges, you’ll have a much more difficult time than in the more rural areas and suburbs that are farther out. While cities like College Park have a great deal of student housing, there is also great demand for it. You’re likely to want to lock in next year’s housing before you leave for the summer.
Another important difference is that apartments in suburban and rural areas are more likely to be smaller and operated by private landlords. Some will be converted homes, some will be single-family rentals, and some will be small purpose-built communities. You might have an easier time working with a private landlord if you have concerns about credit or references, but you’re also less sure of what, exactly, you’re getting.
Professionally managed apartment communities in Maryland are held to strict standards regarding what they must provide, especially with regard to safety features. These safety features are what help you to escape or be alerted to a fire or other dangerous condition and buy you time. While no property safety feature can save you in a fire, they can buy you time to get out. Older apartments, converted homes, and single-family residences for rent may not provide the same level of safety features.
Make sure to consider your commute when choosing an apartment in Maryland. You’ll need to consider the various times of day you might be going to work or school. Traffic and alternate routes
Maryland Tenant Rights
No more than two months rent may be charged as a security deposit. The landlord must return the deposit within 45 days after you move out. You need to tell the landlord where to return the deposit to, of course. When you give the deposit to the landlord, they should provide a receipt describing your right to an inspection at move-in and move-out. You’re entitled to be present at these inspections, of course. Interest must be paid on security deposits over $50.
Information Maryland Landlords Must Provide
Your lease must include one of two statements. If the rental is to be provided ready for habitation, a statement to that effect must be included. If not, the statement must go over the agreement between landlord and tenant as to the condition of the premises and the landlord and/or tenant responsibility for heat, gas, electricity, water, and repair.
It’s possible, in theory, to rent a home on which you would be responsible for repair. Outside of some rent-to-own situations, you would want to pass on that rental. But in either case, the landlord must set out the details in the lease.
Rent And Late Fees In Maryland
Your lease should very specifically detail the amount of rent due, along with specifics such as when and what happens if it’s not received. You’ll want it to tell you where you should send or deliver the rent, how it can be paid, when the landlord can increase rent, any late fees or fees for bad checks, and similar information. Your rent is legally due on whatever date is specified in the lease – that’s why it’s so crucial for that information to be in the lease.
While Maryland requires one month of notice before raising the rent at the state level, this can vary locally. Montgomery County, Maryland landlords must give two months of notice to raise the rent, though this does not apply to single-family rentals. These local rules can vary, so you’ll want to make sure to familiarize yourself with them – especially if you’re new in town. The issue of raising rent in Maryland is further complicated if you live in a city with rent control such as College Park or Takoma Park. A long-term lease protects you from rent increases until the end of the lease.
Maryland offers a number of tenant protections that protect your lifestyle and help you to live peacefully. These laws are in place to govern the relationship between you and your landlord, but they don’t take the place of a written lease and a good conversation with your landlord about your concerns.
Once you’ve found the perfect home, make sure you have the perfect protection. Just call (800)892-4308 or click above to get the Maryland renters insurance you need with easy payments and coverage you can rely on. Effective Coverage insurance experts are happy to answer your questions and help you to understand what type and amount of coverage may best fit your personal situation.