Like many of its neighboring states that are prone to hurricanes and flooding, Georgia is one of the most expensive states for renters insurance. The average annual cost (as of 2017) was $217 in Georgia, while the national average was $180. However, even though Georgia is more expensive than most, premiums are still affordable enough to be worth it for Georgia renters.
The biggest claims for both homeowners and renters insurance continues to be damage resulting from lighting and wind, property damage and bodily injury and water damage from a flood or busted pipe.
When it comes to finding the best renters insurance for you, these are the factors you should consider:
- Does the company have an excellent reputation for customer service and processing claims?
- Can you sign up for a policy online or file claims online?
- Does the provider have the assets to process claims efficiently?
Along with a provider’s reputation, you’ll also want to examine what they offer. All policies come with personal property protection (specified in dollar amount increments) that pays out to a maximum amount should your items incur damage. If you have collectibles or other expensive equipment, it’s smart to increase this amount.
You’ll also want to have enough personal property and liability because this protects you if someone has an injury in your home and has medical costs resulting from the injury. Personal liability is the second most common claim, so you want to have enough coverage to protect you.
Best renters insurance companies in Georgia
Here are some of the best renters insurance providers in Georgia:
- Allstate isn’t the least expensive option in most cases, but it offers a few discounts such as bundling discounts to help reduce costs. Allstate received two out of five from J.D. Power & Associates for general customer satisfaction, but it got a five out of five for “among the best” in claims handling. If you want top-of-the-line assistance during the claims process, Allstate may be a good option.
- GeicoWhile Geico wasn’t rated in the J.D. Power study for renters insurance, it has received high marks in the study for auto insurance customer satisfaction. These scores indicate that Geico as a company does a good job taking care of its customers. Geico also has an A++ rating from AM Best, showing a high ability to resolve claims.
- Nationwide continues to be on your side when it comes to customer service. It earned an A+ rating with the Better Business Bureau. This shows the company’s ability to resolve customer complaints. That said, Nationwide is a little more expensive than other providers for many people.
- State Farm is the best of the best for Georgia renters who don’t have military affiliations or another strong reason to go with another provider. It offers the cheapest premiums where an annual policy could run you $243. State Farm also earned a five out of five rating from J.D. Power’s customer satisfaction survey. And like USAA, State Farm offers other insurance policies such as auto and life.
- USAA If you’re in the military or a family member of someone in the military, USAA will be your best choice. It earned the highest marks in J.D. Power’s customer satisfaction survey. USAA is also among the most affordable options available with plenty of other ways to save money should you need to bundle your renters insurance with auto or life policies.
When selecting these companies, we examined their pricing, what their rating was with J.D. Power, their Better Business Bureau rating and their AM Best rating. Here’s how the top four stacks up
| Provider | AM Best Rating | J.D.Power | BBB |
|---|---|---|---|
| Allstate | A+ | 2 out of 5 | A+ |
| Geico | A++ | Not rated | A+ |
| Nationwide | A+ | 2 out of 5 | A+ |
| State Farm | A+ | 5 out of 5 | A+ |
| USAA | A++ | 5 out of 5 | N/R |
Average renters insurance costs in Georgia
Renters insurance costs in Georgia are higher than many other states, as it’s the sixth most expensive state to receive coverage with an annual rate of $219. In general, costs for renters insurance fell each year between 2015-2017, due in part to fewer claims.
Your costs depend on a variety of factors such as location, the value of the dwelling and how much coverage you need for your personal property/liability. Location, in particular, is an important consideration given you might pay more for renters insurance if you’re further away from first responders or are in an area prone to violent weather (such as coastal communities or areas experiencing floods regularly.)
We used Atlanta as a baseline with $20,000 in personal property coverage. Most providers required a social security number and personal details to receive an accurate quote, but State Farm quoted $20 monthly or $243 annually using those numbers.
Georgia has expensive annual renters insurance rates compared to other states, but it’s not too much more than several nearby states with similar risks of natural disaster:
| State | Average rate |
|---|---|
| Florida | $182 |
| Tennessee | $199 |
| South Carolina | $188 |
| Alabama | $235 |
Renters insurance coverage in Georgia
Renters insurance has several types of coverage. The first is for personal property. With this, you choose the amount of coverage (often starting around $30,000). If you’re a college student with a few valuable items, you’ll likely fall on the lower end of the coverage spectrum. If you own antiques or other expensive items, you’ll want to maximize coverage, especially if you live in an area prone to flooding or severe weather.
The other aspect to consider is personal liability insurance. How this works is if someone incurs injury in your home, your coverage helps to defray their medical costs, reducing the likelihood you’ll have to go to court. If you have an aggressive animal, have frequent visitors or live in an area with a large, wooded lot, it might make sense to add umbrella protection along with renters insurance for more protection.
Frequently asked questions
What’s the best renters insurance in Georgia?
There is no stand-out “best” company for renters insurance because which company is best for you will depend on what coverage you need, additional protection you want to pay for, how much you’ll pay and which things are a priority to you. Look at quotes, customer satisfaction scores and coverage options to find the best option for your needs.
How do I obtain renters insurance in Georgia?
Buying renters insurance differs from each provider. Some allow you to fill out the application online, with this you’ll need personal information such as your name, address, the type of dwelling it is (standalone condo, apartment, etc.) and your coverage options. Other companies allow you to receive a quote online with the option to buy over the phone. If you’re uncertain about the levels of coverage you need, this is the smarter option since a licensed agent can assist you.
Is renters insurance required in Georgia?
It’s becoming more common for landlords to require renters insurance. Even if your landlord doesn’t require it, it’s a smart policy to have on hand because it doesn’t cost much but provides protection for your belongings and finances.
What is loss of use coverage?
This provides you with financial protection if you have to leave your dwelling due to damage resulting from fire, flood, weather or another covered event. You’ll receive money for temporary living expenses such as a hotel, Airbnb or apartment, moving expenses and even added food costs for eating out more because you don’t have access to a kitchen. What’s great is many renters insurance providers give this coverage for no additional costs.
How do I file a renters insurance claim in Georgia?
Some providers allow you to start the process online or through the use of their app. Other companies will want you to call them. In either instance, the faster you file a claim, the quicker your insurance company can process it.
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