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CheapRenters InsuranceGeorgiaThe Best and Cheapest Renters Insurance Companies in Georgia for 2024: Rankings, Reviews and Rates
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Updated: 12/28/2023
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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:
$20,000
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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.
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.
1
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.
2
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.
3
State Farm
Score:92
4
Farmers
Score:86
5
Nationwide
Score:85
MONEYGEEK 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% |
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
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renters insurance is equal to the average.
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.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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MONEYGEEK EXPERT TIP
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.
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.
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.
What is the cheapest renters insurance company in Georgia?
In Georgia, Lemonade has the most affordable renters insurance policy at an average cost of $102 annually, or $9 per month.
What is the best renters insurance company in Georgia?
MoneyGeek’s research shows that Lemonade is the best renters insurance company in Georgia, balancing cost and service quality.
How much does renters insurance cost in Georgia?
On average, it costs $19 per month to buy a renters insurance policy in Georgia. This is $6 more than the national average.
Is renters insurance required in Georgia?
No, the law does not require you to buy a renters insurance policy in Georgia. However, it’s a good idea to buy one as it will protect you in case of any damages to your landlord’s property.
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
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- OCI GA. "Contact Us." Accessed March 31, 2022.