The Best and Cheapest Renters Insurance in Georgia for 2022: Rankings, Reviews and Rates
Getting renters insurance is a low-cost way to protect your belongings from damage or loss. MoneyGeek’s data found that the cheapest renters insurance in Georgia costs an average of $9 per month versus $30 each month for the most expensive option. This means that shopping around may help you save hundreds of dollars per year. The average cost of renters insurance in Georgia is $19 per month.
To help you find the best renters insurance in Georgia, MoneyGeek ranked the top insurance companies based on affordability, financial strength and customer service.
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:
$20,000
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Best Renters Insurance Companies in Georgia
The cost of a renters insurance policy is only one factor you should consider when looking for coverage. You should also evaluate the company’s ability to provide you with timely and efficient service.
MoneyGeek ranked the best renters insurance companies in Georgia by analyzing their affordability, J.D. Power and Associates’ customer service scores and AM Best’s financial stability ratings.
According to MoneyGeek’s data, USAA ranked first with a total of 99 points out of 100. Keep in mind that USAA policies are only available to eligible members of the military and their families.
For renters who do not qualify for USAA, State Farm came in second place with 88 points.
1
USAA
Score:99.4
5/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
More About USAA
USAA has a competitive advantage because it offers coverage for moving and storage, earthquakes and floods in its standard policy.
Reimbursements are provided on a replacement cost value basis.
Remember that USAA only provides renters insurance for members of the military, veterans and their eligible family members.
2
State Farm
Score:88.2
4.4/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
More About State Farm
State Farm's standard policy provides personal property, personal liability, loss of use and medical payments coverage.
Policyholders can also purchase earthquake coverage, additional liability coverage and identity restoration.
3
Lemonade
Score:8
5/5
Affordability
3.5/5
User Satisfaction
3.5/5
Financial Stability
More About Lemonade
On average, Lemonade offers the cheapest renters insurance in Georgia.
With Lemonade, it’s simple to update your coverage using their app. You can easily increase coverage for expensive items like jewelry and art.
If you appreciate companies that give back, Lemonade donates money to a nonprofit of your choice when you purchase a policy from them. They donated over $1 million to charity in 2020.
4
Farmers
Score:85.6
4.2/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
More About Farmers
Beyond the standard renters insurance options, Farmers offers higher value coverage for people who want extra protection.
Replacement cost coverage for expensive valuables or identity theft protection is available at an additional cost.
Discounts are offered to policyholders if their home has smoke alarms or has been smoke-free for a minimum of two years.
5
Nationwide
Score:83.6
4/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
More About Nationwide
Nationwide offers standard insurance as well as specialized protection options that cover items like jewelry, watches, cameras and firearms.
Policyholders that bundle renters insurance with their car insurance policy or have smoke, burglar and fire alarms in their homes can get discounts on their premiums.
You can get a quote in minutes on the Nationwide website.
Largest Renters Insurance Companies in Georgia
Based on market share data, the biggest companies in Georgia are State Farm (26%), Allstate (12%), USAA (11%), Travelers (6%) and Liberty Mutual (6%). Combined, these five companies make up almost 61% of the renters insurance policies in Georgia.
When looking for renters insurance, choosing a large company may give you extra peace of mind since bigger companies tend to have the financial stability to pay out claims.
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%
6.
Auto-Owners Insurance Co
4.8%
7.
Farmers
4.5%
8.
Georgia Farm Bureau
3.4%
9.
American Family
2.9%
10.
Nationwide
2.7%
Average Cost of Renters Insurance in Georgia
0
0
renters insurance is equal to the average.
The average cost of renters insurance in Georgia is $222 per year. This is $63 higher than the national annual average. These averages are based on a renter with an insurance policy of $20,000 in personal property coverage, liability insurance of $100,000 and a deductible of $500.
Comparing renters insurance quotes from different companies may help you find possible savings. For example, you might 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.
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
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.
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.
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.
FAQs About Renters Insurance in Georgia
Georgia state law does not require renters to have insurance. However, landlords may include it as a condition of renting their property.
While you do not have any legal obligation to purchase renters insurance, it is a low-cost way of protecting your belongings.
Yes, landlords in Georgia are allowed to require renters insurance as a condition of your lease.
According to MoneyGeek’s data, renters insurance in Georgia costs an average of $19 per month for a policy with $20,000 in personal property coverage, liability insurance of $100,000 and a $500 deductible.
Based on MoneyGeek’s research, Lemonade offers the cheapest renters insurance in Georgia.
Renters Insurance in Georgia Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from 7 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 the Author
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