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CheapRenters InsuranceGeorgiaThe Best and Cheapest Renters Insurance Companies in Georgia for 2023: Rankings, Reviews and Rates
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MoneyGeek researched the best renters insurance companies in Georgia to help you find the policy that best fits your needs. Our analysis was based on affordability, customer service and financial stability ratings.
CheapRenters InsuranceGeorgiaThe Cheapest Renters Insurance in Georgia
Cheap Renters Insurance Companies in Georgia
The cost of renters insurance is one of the most important factors when choosing a policy. Based on average premiums, the two cheapest companies in Georgia are Lemonade and USAA.
A standard policy with Lemonade costs $102 per year or about $9 monthly. USAA offers a similar policy for $108 per year and $9 per month. However, USAA policies are only available to military members, veterans and their eligible family members.
These average monthly and annual quotes are based on various ZIP codes throughout Georgia for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500.
Personal Property Coverage:
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Best Renters Insurance Companies in Georgia
The best renters insurance company in Georgia is USAA, with a MoneyGeek score of 99 out of 100. However, its policies are only available for military families. For most renters, the best company is Lemonade, with a MoneyGeek score of 95 out of 100.
MoneyGeek analyzed the best insurance companies after considering their affordability, customer service scores from J.D. Power and financial stability ratings from AM Best.
While these companies may not offer the cheapest policies, they are the best at balancing cost and quality service, which is important since you’ll be filing a claim during a stressful time and would want quick and fair processing.
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USAA
Score:99
MoneyGeek found USAA to be the best renters insurance company in Georgia. The company ranks second for affordability and has the highest J.D. Power and AM Best scores. It offers identity theft coverage to its customers.
More About USAA
While USAA offers renters insurance policies in all U.S. states, its policies are only available for military families. Some of the unique coverages offered by the company include protection against the cost of damages in case of flood, earthquake coverage and identity theft coverage. If you’re interested in USAA renters insurance, you would have to first create an online account on its website and undergo screening to assess your eligibility.
Read MoneyGeek's USAA renters Insurance Review2
Lemonade
Score:95
Lemonade is also one of the best companies offering renters insurance in Georgia. The company ranks the highest for affordability and has the fourth-highest AM Best score and the second-highest J.D. Power score. It offers landlord property damage coverage.
More About Lemonade
Lemonade only offers policies in 32 states. The company offers landlord property damage coverage, which protects you against the cost of damages to your landlord’s property. It also offers equipment breakdown coverage, which covers the repair or replacement cost of electronic appliances in case of mechanical breakdown. With Lemonade, you can get a personalized online quote on their website. It also has a mobile app that you can use to manage your account online.
Read MoneyGeek's Lemonade renters Insurance Review3
State Farm
Score:92
State Farm is a good option for those looking for a renters insurance policy in Georgia. The company ranks third for affordability, has the highest AM Best score and the third-highest J.D. Power score. It offers personal injury liability coverage to its customers.
More About State Farm
State Farm’s renters insurance policies are available all across the U.S. The company offers personal injury liability coverage, which protects you against claims like character defamation, libel and slander. With State Farm, you can get a discount if you combine your renters policy with the company’s auto insurance policy. If you’re interested in State Farm’s policies, you can get a personalized quote online.
Read MoneyGeek's State Farm renters Insurance Review4
Farmers
Score:86
MoneyGeek’s analysis shows that Farmers ranks fourth for affordability and has the third-highest AM Best score and the sixth-highest J.D. Power score. The company offers identity theft, scheduled personal property and personal property replacement cost coverage to its customers.
More About Farmers
Farmers offers renters insurance policies in 42 U.S. states. The company provides personal property replacement cost coverage, which may help you replace your older items with newer ones. With Farmers, you can be eligible for a discount if your household has been smoke-free for the last two years. It offers personalized online quotes for individuals interested in buying a policy. Farmers also has a mobile app that you can use to manage your insurance payments and other details online.
Read MoneyGeek's Farmers renters Insurance Review5
Nationwide
Score:85
Nationwide ranks fifth for affordability and has the second-highest AM Best score and the fourth-highest J.D. Power score. The company offers loss assessment and credit card coverage to its customers.
More About Nationwide
Nationwide’s renters insurance policies are available in Washington, D.C. and 44 U.S. states, except Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey and New Mexico.
The company offers credit card coverage, which can cover any unauthorized transactions on your credit or debit card. With Nationwide, you can get a discount if you bundle your renters insurance policy with the company’s auto insurance policy. If you’re interested in buying a policy from Nationwide, you can get a personalized online quote from their website.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK EXPERT TIP
Sometimes, it’s better to opt for a company that charges more for a renters insurance policy. Such a company usually has better customer service, which ensures efficient processing of your claims and can save you a lot of money in the long run.
Largest Renters Insurance Companies in Georgia
While shopping for renters insurance in Georgia, consider buying a policy from a company that has a large market share. Such companies are usually financially stable and invest more money in their customer and user experience, which can positively affect your claims processing experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 25.8% |
2. | Allstate | 12.4% |
3. | USAA | 11.2% |
4. | Travelers | 6.0% |
5. | Liberty Mutual | 5.5% |
Average Cost of Renters Insurance in Georgia
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The average cost of renters insurance in Georgia is $222 per year, which is $63 higher than the national annual average.
MoneyGeek calculated these averages for a renter with an insurance policy of $20,000 in personal property coverage, liability insurance of $100,000 and a deductible of $500.
In Georgia, the average cost of renters insurance also depends on the amount of your personal property. You can use the calculator below to figure out how much insurance coverage you’ll need depending on the value of your personal property.
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Total:
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If you want maximum savings on renters insurance, you can shop around and compare quotes from different companies to find the best rates. MoneyGeek found that you can save up to $262 per year by choosing a policy from Lemonade, the cheapest provider in Georgia, instead of Nationwide, the most expensive option. This equates to about $22 per month in savings.
What Factors Impact Renters Insurance Cost in Georgia
Many factors can influence how much you pay for renters insurance. These include your location, credit score, deductible and more. Keep these factors in mind when shopping for the best renters insurance in Georgia.
Location
Your ZIP code will have an impact on the cost of your renters insurance. This is because insurance companies evaluate crime rates and weather patterns when providing you with a quote. If you live in a neighborhood with higher property theft statistics or a history of severe weather, you may pay higher premiums.
Coverage Amount
How much coverage you need will impact your rate. It’s a good idea to determine how much coverage you actually need by doing a home inventory before shopping for insurance. This can help you make sure you don’t pay for more coverage than you need.
Deductible
Your deductible refers to the amount you’ll pay out of pocket when your insurance company approves your claim. If you choose a higher deductible, your policy will be cheaper. However, you’ll pay more if you file a claim. A lower deductible means you’ll pay more each month for coverage but that your insurance company will provide higher levels of reimbursement when you file a claim.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
When insurance companies determine how much money they will give you if they accept your claim, they will either use actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies usually have lower premiums because they account for your property losing value over time. RCV policies cost more because they will pay for a new item of similar kind and quality.
Credit Score
Renters with low credit scores are more likely to pay higher insurance premiums. This is because research has shown that people with lower scores are more likely to file a claim. Maintaining a higher credit score can help you get cheap renters insurance in Georgia.
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Renters Insurance in Georgia: What You Need to Know
Purchasing renters insurance is a low-cost way of protecting your belongings from damage or loss. It is especially helpful in unexpected situations like burglary or fire.
Approximately 33.9% of the Georgia population are renters. The average annual price of rent is $1,049. A standard renters insurance policy with $20,000 in personal property coverage and $100,000 in liability insurance costs an average of $19 per month. This is 1.76% of the average price of rent.
What Renters Insurance Typically Covers in Georgia
Renters insurance in Georgia usually includes personal property coverage, additional living expenses, liability insurance and medical payment coverage. Some insurance carriers in the state may offer additional coverage for situations like identity theft.
In Georgia, personal property insurance may cover damages due to certain weather events like hail, lightning, windstorms and wildfires.
What Renters Insurance Typically Does Not Cover in Georgia
Before purchasing a policy, make sure you understand what is included and what is not by reading the fine print. Ask your agent if you have any questions. This can help you avoid issues if you ever have to file a claim.
Renters insurance provides protection for some emergency situations. However, renters may need to get additional riders to have a more comprehensive policy. Here are some common issues that standard policies don’t typically cover.
- EventDescription
Flooding
While most renters insurance policies will protect you if you experience damage from broken pipes or water mains, flooding from natural disasters is usually excluded. If you think you live in a flood-prone area, you may want to buy insurance from the National Flood Insurance Program (NFIP).
Earthquake Damage
In most cases, renters insurance policies do not include earthquake coverage. You’ll need to pay extra if you want this type of protection.
Structural Damage
While your personal property is covered by a renters insurance policy, damage to your rental’s frame or structure are not. These are your landlord’s responsibility.
Roommate Property
Unless your roommate is explicitly included in your policy, their possessions will not be covered. They will have to purchase their own policy.
Expensive Items
Standard renters insurance policies do not include high-end items like jewelry and expensive electronic gadgets. Insurance providers may offer this coverage at an added cost.
MONEYGEEK EXPERT TIP
If you want to learn more about how renters insurance works in Georgia, it’s best to look over the website of Georgia Department of Insurance. You can get in touch with their representatives through the following channels to understand how a policy works or how to submit a complaint.
- Phone Number: (800) 656-2298
- Office Address: 2 M.L.K. Jr Drive SE #716, Atlanta, GA 30334
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FAQs About Renters Insurance in Georgia
MoneyGeek researched the following most frequently asked questions about renters insurance in Georgia to help you make the best decision.
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Renters Insurance in Georgia Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from seven of the top insurance companies in Georgia that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Georgia. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- OCI GA. "Contact Us." Accessed March 31, 2022.