Protect What You Own with Georgia Renter's Insurance

Georgia Renter’s Insurance 

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Georgia. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Georgia and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen.

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen.

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills.

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers.

Is Renters Insurance Required?

No, renters insurance coverage is not required by federal or state laws. However, some landlords may require their tenants to purchase insurance as a stipulation of the lease agreement. Regardless of whether your landlord requires it, purchasing renter’s insurance is a good idea. It’s the only way to gain financial security for your belongings as well as liability protection. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage.

1. Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:
   • Fire and smoke
   • Storms, lightening, wind, hail
   • Theft
   • Vandalism
   • Explosions
   • Winter weather damage
   • Damage from infrastructure tearing, cracking, burning, etc.
   • Sudden, accidental damage from electric currents
2. Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself.
3. Loss of use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed.

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage.

Georgia Renters Insurance :

Renters insurance in Georgia protects you and your belongings from a range of perils. Georgia renters experience losses due to hurricanes, storm damage, and other severe weather. If storm water or winds damage your personal belongings, Georgia renters insurance can cover the replacement or actual cash value, up to your limits and minus your deductible. It can also cover legal or medical bills should an accident or injury occur to someone while at your home. 

How Much Does Renters Insurance in Georgia Cost? 

What does renters insurance cost? Fortunately, renters insurance rates in Georgia are very affordable. According to NerdWallet, the average Georgia renters insurance premium in 2024 is $194, or about $16 per month. 

Georgia’s rates are about 33% more expensive than the national average of $12 per month; however, this is because of the additional coverage required by some Georgia renters, especially those who live in regions impacted by hurricanes. Additionally, keep in mind that the specifics of your policy and coverage limits will impact the cost: the cheapest renters insurance companies and policies will likely have higher deductibles, and some companies offer renters insurance discounts when you bundle auto and renters insurance. Regardless of the specifics of your policy, renters insurance is well worth the small investment for the protection it offers. 

What Are the Most Common Claims in Georgia?

Common renter’s insurance claims in Georgia include damage due to hurricanes, heavy winds, thunderstorms, and other severe weather events. Storms that form in the Atlantic of Gulf of Mexico can destroy coastal properties in Georgia and incur substantial losses. Natural disasters like wildfires and tornadoes are also regularly faced by Georgians. Damage to personal belongings and/or loss of use expenses are common renter’s insurance claims in the state. 

What Additional Policies Do I Need in Georgia? 

Georgia renters may also need flood insurance. Flooding is common after heavy thunderstorms and tropical storms, especially if your home is located on the coast or near a large body of water. Historically, all Georgia counties have experienced flood events from 1996 to 2019, with the most reported flooding occurring in Fulton, De Kalb, and Gwinnet Counties. 

Flood insurance coverage is typically excluded from most Georgia renters insurance policies, so a separate flood policy is needed. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renter’s Insurance in Georgia 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Assurant. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable renters insurance quotes, customize your coverage, and add an additional person onto your policy at no extra cost.