The Cheapest and Best Renters Insurance in Atlanta
The Companies With the Cheapest Renters Insurance in Atlanta
How much renters insurance costs in Atlanta is an important factor to consider when choosing a policy because most carriers in the city offer similar coverage. Get renters insurance quotes from multiple providers to find the most accurate policy. MoneyGeek’s study that the top options for Atlanta renters who are looking for cheap renters insurance are:
- Lemonade: $102 per year
- USAA: $108 per year (only available to current and former military members and their families)
In general, Atlanta renters with a USAA policy get even better value for their money because they reimburse expenses for items at replacement cost. Additionally, all USAA policies include flood and earthquake damage coverages.
All prices indicated in this study are for policies with $20,000 in personal property coverage limits, $100,000 in liability coverage limits and a deductible of $500. The actual cost of your renters insurance in Atlanta will vary. If you want to see how prices change based on personal coverage limits, check the table below.
Renters living elsewhere in Georgia can compare renters insurance for Georgia as a whole.
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What Are the Best Renters Insurance Companies in Atlanta?
MoneyGeek rated the companies offering renters insurance in Atlanta. The top companies with the best renters coverage are:
- Best Overall: State Farm
- Runner-Up: Lemonade
USAA received the highest score in Atlanta by MoneyGeek's rating system. However, because USAA is only available to military members, veterans and their families, it is not listed as best overall.
The ratings are based on MoneyGeek’s unique scoring system incorporating affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. MoneyGeek’s study also found that these carriers offer unique coverages that aren’t available from all renters insurance companies in Atlanta.
USAA is almost always one of the cheapest renters insurance carriers across the country. If you are a policyholder currently serving in the military, you can get significant discounts. Additionally, USAA will still cover those deployed in other countries or who have decided to move abroad.
USAA is MoneyGeek’s top pick given its high ratings across all categories, especially in affordability and customer satisfaction. Only military personnel and their families are qualified for USAA policies.
State Farm is also consistently among the cheapest options nationwide. Aside from basic coverages, State Farm offers unique features to renters insurance policyholders. For instance, you can purchase earthquake coverage if you live in an area susceptible to earthquakes. You can also opt to buy inflation coverage so that your personal property coverage limits automatically increase over time.
State Farm comes in second place after garnering high ratings in multiple categories. It is the best choice for Atlanta renters not qualified to get a USAA policy.
The Average Cost of Renters Insurance in Atlanta for 2023
renters insurance is equal to the average.
Renters insurance costs may vary per city. The average cost of renters insurance in Atlanta is $222 per year. That is $63 more expensive than the national average of $159 per year. That means Atlanta renters typically pay about $5 more per month compared to other renters in the country.
What Factors Impact Renters Insurance Costs in Atlanta?
While several factors impact your renters insurance cost, the following are the most impactful to the amount you will spend.
- Personal property coverage amount – Perhaps the most important factor affecting the cost of renters insurance in Atlanta is the amount of coverage that you purchase.
- Location within a city – Where you live in the city may impact the cost of your premium because crime is a factor that insurance carriers consider. However, the effect on the cost of your policy tends to be minimal.
- Deductible – When making a claim, the deductible is the fee that you will pay the company to process your claim. If you decide on higher deductibles, you will get lower premiums since you will be paying more out of pocket if you make a claim.
- ACV vs. RCV – The type of insurance will determine the reimbursements you get. It can be an actual cash value (ACV) policy, wherein the insurer reimburses policyholders based on the depreciated value of their used items. The other type is a replacement cost value (RCV) plan. Reimbursements for RCV policies do not consider depreciation since they are based on the equivalent cost to buy a new item similar in quality and type to the damaged or lost item. RCV policies cost more because they pay more in reimbursement than ACV policies.
- Liability coverage amount – The cost of your renters insurance is not highly affected by the coverage level. A few more dollars per year can add thousands of dollars of coverage to your policy. A standard policy has $100,000 in liability coverage.
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Does My Atlanta Neighborhood Impact Cost of Renters Insurance?
When it comes to the cost of renters insurance in Atlanta, neighborhood locations only have a limited impact. MoneyGeek’s study suggests that your neighborhood location will only affect the cost of your insurance premium by a few dollars per month.
Understanding Renters Insurance in Atlanta
While renters insurance is not required by law in Atlanta, MoneyGeek strongly encourages renters to purchase a policy. It is an affordable way to protect your assets against theft and damages. Your landlord may also require you to purchase a policy before allowing you to sign the lease.
What Does Renters Insurance Cover in Atlanta?
Renters insurance in Atlanta is a low-cost way to protect yourself against possible expenses due to unexpected damages caused by covered perils or theft. FBI records show that the property crime rate in Atlanta was 3,988 per 100,000 people in 2018. That is 101% above the national average. To ensure that you purchase the right amount of renters insurance coverage, it is important to shop around and compare policies from multiple carriers.
Atlanta apartment or rental home residents can also buy additional insurance policies for certain risks that can happen anywhere, like fires and water damage. Renters insurance policies in the city typically include:
- Personal property coverage – This protects everything inside the rented home against certain perils, such as electrical malfunctions, fire, plumbing issues, some weather-related damages, theft and vandalism.
- Additional living expenses – If the damages in your rental home make it uninhabitable, having this coverage will help take care of expenses for your temporary housing.
- Liability insurance – This coverage will help you with legal expenses and court judgment payments if an accident that occurs in your rental property causes damages or injuries to other people.
- Medical payments coverage – This coverage helps policyholders with medical expenses related to injuries someone else incurred while on your property. It does not matter who is at fault.
What Is Not Covered by Renters Insurance in Atlanta?
Renters insurance only covers the personal property of the policyholder. The owner of the building is in charge of getting insurance protection for the building’s structure. Certain perils are also excluded. Getting additional coverage would be best for these cases.
For example, renters insurance may cover certain water damage. However, most standard policies do not include water damage due to flooding. If you think you would need insurance against flood damage, you have the option to buy incremental insurance through the National Flood Insurance Program (NFIP).
Additionally, renters insurance policies often exclude the possessions of your roommates, damage from earthquakes, damage to your car, jewelry and other similar items that are more valuable than policy limits. As with other insurance types, not all renters insurance policies in Atlanta are the same. Read the policy carefully before you make your purchase.
Frequently Asked Questions About Renters Insurance in Atlanta
When looking for renters insurance in Atlanta, it is important to find a carrier that balances quality and cost. To learn more about renters insurance in the city, here are some frequently asked questions about the topic.
Renters Insurance in Atlanta Analysis: Methodology
Moneygeek analyzed hundreds of renters insurance quotes in Atlanta to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed April 13, 2021.