Are you a student confused about renter’s insurance? Trust us, you’re not alone.
If you’ve started the process of renting an apartment, you probably have a lot of questions. What is renter’s insurance? Do I need it? What does it cover?
At Rambler, we’ve helped hundreds of students navigate the leasing process and we’re here to help you through the steps that follow signing your lease. That’s why we’ve created this guide to help you through the process of getting renter’s insurance.
Read Next: How Much Does it Cost to Live Near the University of Maryland
In this article, we answer common questions about renter’s insurance, including:
- What is renter’s insurance?
- Do I need renter’s insurance?
- How much does renter’s insurance cost?
- How do I get renter’s insurance?
What is Renter’s Insurance?
Renter’s insurance helps cover unexpected events that may damage you or your landlord’s property, like a fire, natural disaster, theft or other catastrophes.
It’s important to note that there are many types of renter’s insurance so it’s important to check your company’s specific policy when deciding what insurance to purchase. For example, some policies focus on protecting personal property in the event of a disaster so much of their coverage goes towards making sure your belongings are safe. Other policies may place more emphasis on personal liability, which protects you if someone accidentally gets hurt at your apartment.
Understanding what your renter’s insurance covers is important to keeping you and your belongings safe. The specific policy you choose should reflect the protections that you value most.
Do I Need Renter’s Insurance?
The answer is almost always, “Yes!”
While the law doesn’t directly require anyone to have renter’s insurance, almost all landlords will. Many Maryland student housing complexes will have renter’s insurance policies built into their leases but most of the time, these programs only protect the building’s assets. This means that if anything happens to your belongings, your insurance isn’t going to cover it.
It’s easy to assume that if the damage isn’t your fault, your landlord should cover it, but this is very rarely the case. For example, if a pipe bursts in your apartment and it destroys your laptop and all of your textbooks, it’s going to be up to you to replace them.
Renter’s insurance can help you protect those items and more. If your policy covers your personal items, those damaged textbooks and your laptop will be reimbursed by your insurance to help you replace them.
How Much Does Renter’s Insurance Cost?
As of January 2026, renter’s insurance averaged $15 to $20 per month in Maryland. This rate can be changed depending on the city. In College Park, the average premium costs $19.92 and the cheapest is around $13.42 per month.
It’s important to note that you can save money by bundling your insurance (like getting a policy that covers both your home and car), comparing rates or by selecting a higher deductible. A deductible is what you would pay if one of your belongings got damaged or stolen. A higher deductible means you would pay more if a covered loss were to happen but it can bring down your monthly insurance rate.
How Do I Get Renter’s Insurance?
There are many ways that students living in off-campus housing can get renters insurance:
- Landlord Insurance
- Your Parent’s Policy
- Your Own Policy
The option you choose depends on your eligibility and how much coverage you’re looking for.
1. Landlord Insurance
First, you might be able to opt into the policy that your landlord offers or it may be added automatically to your monthly rent. In these cases, landlord insurance policies generally only cover their property and damages that may occur to it. This may leave you in a financially risky position if your stuff were to get damaged or stolen.
Rambler requires that you have renter’s insurance and our liability program, Homebody, meets our $100,000 minimum in coverage for $15 a month. This $100,000 is the typical standard for apartment leasing and means that an insurance policy will replace up to $100,000 in damages that you do. If it exceeds that amount, you may still be liable to pay.
2. Your Parent’s Policy
If you move into on-campus housing, like a dormitory or university house, there are cases where you may still be protected under your parent’s insurance policy. However, this extension generally only covers a portion of the personal property liability, usually about 10%. So if your parents have $100,000 in personal property coverage, you can only have a maximum of $10,000 of your property protected.
In the state of Maryland, if you move out and get your own apartment, there is virtually no protection offered by your parent’s insurance policy. In this case, you’ll need to purchase your own personal policy.
3. Your Own Policy
The policy you decide on is completely up to you and what you want. You can customize your policy to protect your personal property, temporary living expenses and personal liability and medical bills. You can also decide what your deductible will be and what you’re comfortable paying per month for your insurance.
Read Next: What Types of Housing Are Available for UMD Students
We know that your stuff is important to you and insurance can be a confusing world to navigate. We hope that this article helped you understand more about what renters insurance is and what type of policy you may be looking for.
If you have any more questions about renters insurance or about student housing in College Park, contact our leasing team at Rambler. We’re always happy to help you on your housing journey.
Allison
Allison is a Property Marketing Intern for Rambler College Park. She's a student at the University of Maryland, majoring in Marketing and Management. Her favorite drink to order is a vanilla iced latte!
Published On: March 23, 2026
Last Updated On: July 1, 2026