The average annual cost of renters insurance in the U.S. is $179 per year. Renters in Georgia pay a bit more than this, with an average premium of $214 per year for renters insurance, according to the latest available rates from the Insurance Information Institute (Triple-I). If you live in Georgia, a renters insurance policy can help protect you from the financial stress of having to replace your belongings if they are stolen or damaged. Renters insurance also provides liability coverage, which is an important part of your financial plan.
To find the best renters insurance, Georgia renters may want to consider several factors, including a company’s average rates, discounts, optional coverages and financial strength scores. Bankrate has taken these considerations into account and analyzed the renters insurance companies in Georgia to help you find the best fit for your needs. Our research indicates Allstate, Geico, Nationwide, State Farm and USAA are among the best renters insurance providers in Georgia.
Best renters insurance companies in Georgia
Based on our research, here are some of the best renters insurance providers in Georgia:
| Provider | AM Best Rating | J.D.Power |
|---|---|---|
| Allstate | A+ | 841/1,000 |
| Geico | A++ | Not rated |
| Nationwide | A+ | 831/1,000 |
| State Farm | A++ | 836/1,000 |
| USAA* | A++ | 888/1,000 |
*USAA is ineligible for official ranking with J.D. Power due to eligibility restrictions
Allstate
Allstate could be a good option if you prefer to work with a local agent rather than handling your policy online. The company has a network of agents that spans the nation, and the “Find an Agent” tool on Allstate’s website makes it easy to see if there is an agent in your area. Allstate offers several endorsement options to allow you to customize your policy, including special personal property coverage and flood insurance.
Geico
Geico was not rated in the J.D. Power study for renters insurance, but it did receive the top spot for large carriers in J.D. Power’s 2020 U.S. Insurance Shopping Study, which reviewed the customer experience of shopping for auto insurance coverage. Geico indicates its renters insurance policies can cost as little as $12 per month, so if budget is your primary concern, Geico might be a good option.
Nationwide
Nationwide is known for its “On Your Side” slogan, and it certainly offers renters numerous ways to obtain renters insurance coverage. You can get a quote online, by phone or from a local agent. Nationwide offers standard renters insurance coverages, like personal property coverage and liability coverage, along with a few options to customize your policy, like the Brand New Belongings coverage, which pays for your items at their full replacement value rather than accounting for depreciation.
State Farm
State Farm is the largest property and casualty insurance company in the United States, with just over 9% of the market share across all lines of business. Like Allstate, the company operates by using a network of local agents. The company has over 19,000 agents across the country, so it is likely that there is one in your area. State Farm offers numerous insurance products, including auto, renters and life insurance, as well as banking services. If you are looking for one company that might be able to handle several of your financial needs, State Farm might be a good option.
USAA
Because it only sells insurance to current and former military members and select family members, USAA is not technically eligible for ranking from J.D. Power. However, the company does consistently receive high scores for its customer service. If you qualify for coverage with USAA, you may be able to get a renters insurance policy for just 33 cents per day. USAA offers coverage options tailored to military service members, such as overseas coverage for your belongings if you are deployed.
Average renters insurance costs in Georgia
Renters in Georgia pay, on average, $214 per year for a renters insurance policy, according to Triple-I. The national average premium for renters insurance is $179 per year, making Georgia more expensive, on average, for renters insurance. Compared to the surrounding states, however, Georgia’s renters insurance premiums are competitive:
| State | Average rate |
|---|---|
| Florida | $185 |
| Tennessee | $195 |
| South Carolina | $184 |
| Alabama | $222 |
While renters insurance is generally less expensive than homeowners insurance, your premium will vary based on your specific rating factors, like the amount of coverage you choose, your history of filing claims and your ZIP code.
Renters insurance coverage in Georgia
Renters insurance typically comes with a few different types of coverage. The first is for personal property. Personal property coverage is designed to cover the cost of damages to your belongings, like your clothing, furniture and electronics. Depending on how much personal property you have and what your tolerance is for risk, your personal property level will vary.
The other main coverage provided by a renters insurance policy is personal liability insurance. Liability coverage pays the medical bills and legal fees for someone injured on your property, if you are found at fault for their injuries. It can also pay for the damage you cause to someone else’s property. The amount of liability coverage you need will depend on a number of factors, including how many assets you have to protect and the value of those assets, if you have pets and if you frequently have visitors. Your landlord may require you to have a certain amount of liability coverage.
Frequently asked questions
What is the best renters insurance in Georgia?
The best renters insurance company will depend on your individual needs. The best company for one person is likely to be different from the best company for someone else. You may want to evaluate your particular needs, determine how much of your budget you can allocate to renters insurance and get quotes from several companies.
How do I obtain renters insurance in Georgia?
Buying renters insurance differs from each provider. Some allow you to fill out the application online, while other companies may provide quotes by phone or in person. No matter how you get a quote, you will likely need to provide your name, address, the type of home you live in (single-family home, condo, apartment, etc.) and information about the type of coverage you are looking for. If you are uncertain about the levels of coverage you need, you may want to talk to a licensed agent.
Is renters insurance required in Georgia?
Renters insurance is not required by law in Georgia, but your landlord may require you to show proof of coverage before you sign a lease or move in. Typically, landlords are concerned only with the level of liability coverage that you carry. Insuring your personal belongings is generally your responsibility.
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