Georgia renters insurance

Georgia has a highly competitive rental market, partly due to the booming economy of the Atlanta metro area and the relatively low cost of living. Average rental rates in Georgia range from $600 to $1,200 for studio to four-bedroom apartments, respectively. This is much more affordable than their neighbors in Florida and helps to make Georgia a great place to rent. However, this also creates steep competition for apartment hunters, especially in major metropolitan areas such as Atlanta, Savannah, and the coast. 

One of the best ways to set yourself apart as a Georgia renter is to purchase renter’s insurance. This sets you apart from other applicants and can often move your application to the top of the list. Renter’s insurance is also an affordable way to protect your belongings while renting in Georgia. In this article, we’ll go over both the requirements and the benefits of renter’s insurance. 

Is Renters Insurance Required in Georgia?

Renter’s insurance is not legally required in the state of Georgia. However, landlords can require it as part of their application process for available units. Some will require it as a way to narrow their candidate pool, while others require it for the renter’s benefit. 

Renter’s insurance helps landlords reduce the number of insurance claims they file while owning a property and ensures that anything not covered under their insurance policy is covered by yours. Even if your landlord doesn’t require insurance, it's a good idea for you to get it on your own. Most major insurance companies provide it but if you need help finding a local provider in your area, contact us. 

Average Cost of Renters Insurance in Georgia

Renter’s insurance rates in Georgia vary tremendously by region, with quotes ranging from $18 to $40 per month. These price points can also vary by the amount of coverage purchased, previous rental and claim history, military status, and other factors. If you’re looking for affordable renter’s insurance in your area, RentSpree can help you find the best local providers. 

While renter’s insurance may seem like an unnecessary expense, that $20 a month can save you thousands of dollars in litigation costs or replace damaged belongings in the event of a disaster. We always recommend that renters pick up an insurance policy before applying to a new apartment to ensure they and their belongings are covered. 

Reasons To Purchase Renters Insurance 

Your landlord may not require renter’s insurance, but we always recommend prospective renters purchase their own coverage before move-in day. It not only protects you and your belongings but can be a safe haven in times of disaster. Below are just a few ways in which renter’s insurance can benefit you financially and ensure you are protected within your new apartment: 

Renters Insurance Protects Your Belongings

Landlords are required to keep insurance on their properties, but this insurance only covers the building itself. Therefore, all of your belongings – furniture, electronics, jewelry, appliances, and more – are not protected under their policy. Nevertheless, you likely have all of the most valuable possessions in your apartment (with the exception of your car and other major assets), so it's best to protect these from financial loss if possible. 

Renters Insurance Protects You From Liability

You may not own your apartment, but if you have a guest in your home, you can potentially be sued if they are injured or if their property is lost or damaged onsite. Just like a homeowner, you can be held liable for incidents involving friends, maintenance workers, or anyone who comes to your house with your permission. And while you may not think this is a cause for concern, if you go without insurance, you risk getting tangled in a serious lawsuit. 

Renters Insurance Makes You A Better Applicant

If you have renter’s insurance, your landlord will likely take you more seriously as a potential tenant. They will see that you’ve taken the proper steps to get ready to move in and may be selected over other good candidates based on your insurance verification. This can be an immense benefit in competitive suburban rental markets outside of Atlanta. If the competition is stiff, any advantage you can have is essential when searching for your next apartment. 

Your Landlord’s Insurance Doesn’t Cover You

As mentioned previously, your landlord’s insurance does not cover your personal belongings in the case of a fire, natural disaster, or other incidents within the rental unit. Your landlord’s insurance may also not cover moving or living expenses if a situation like this requires you to move. For example, if a serious fire damages your apartment complex, you may have to move and pay out-of-pocket even though the relocation was not your choice. Renter’s insurance includes “loss of use” coverage which protects you for instances like this and many more. 

Renters Insurance Is Cost-Effective

$20 per month may seem like an unnecessary expense if you’ve had good luck with apartment living and no reason for concern. However, no one can predict when natural disasters will strike. Even a low-cost renter’s insurance offers far more value in the event of an incident than you’ll pay over the course of your time in the apartment. Consider these averages: 

$15,000 worth of coverage - $500 deductible (national average) / $240 per year = 60 years’ worth of value

At RentSpree, we want to help renters and landlords better communicate about renter’s insurance to ensure a positive experience for everyone. Our renters insurance tool helps landlords verify coverage, while our RentSpree team can help you find affordable coverage in your area and submit it to your landlord prior to leasing. If you’re interested in finding help with renter’s insurance in Georgia, contact us today.