Photo: istockphoto.com

Renters insurance is an important consideration for those who rent their homes. Whether a tenant lives in an apartment or rents a single-family home, investing in renters insurance is usually worth it. A renters insurance policy provides protection for a renter’s personal belongings in the event they are damaged or destroyed by a covered event. Such policies also provide liability coverage if a renter is found legally responsible for causing property damage or injury to a third party.

Georgia renters will want to look for the best renters insurance in Georgia. While a tenant’s individual needs will determine which insurance company is the best choice, Georgia renters can start their search by looking at the overall offerings of specific insurance companies. This includes the types of coverage, cost of the policy, and the financial stability of the insurance carrier.

1. BEST OVERALL: Lemonade
2. RUNNER-UP: State Farm
3. BEST FOR BUNDLING: Allstate
4. BEST FOR SERVICE MEMBERS: USAA
5. ALSO CONSIDER: Farmers Insurance

Photo: istockphoto.com

What to Consider When Choosing One of the Best Renters Insurance Companies in Georgia

Finding the best renters insurance in Georgia can seem overwhelming to a lot of tenants. Renters in Georgia will want to consider several factors when comparing renters insurance quotes. Many renters focus on the cost of the policy. However, it’s also important that they look at the coverage limits, claims process, and overall ease of working with an insurance company.

Coverage Amount

The goal of renters insurance is to protect tenants from covered perils. If a renter’s clothing and personal belongings are damaged in an apartment fire, for example, their renters insurance policy could pay them the cost of replacing the items, less the deductible (the out-of-pocket amount the renter must pay per claim). However, the coverage amount, or coverage limit, of a policy is a big factor in its cost and value.

The coverage amount of a renters insurance policy is the maximum amount the insurance company will pay in the event of a claim. To get the right amount of renters insurance, tenants will want to go through their belongings and consider the cost of replacing each item. They will want to make sure the policy they purchase will provide adequate coverage in the event of a total loss.

Policy Options

Like any insurance product, renters insurance isn’t one size fits all. To meet the needs of most renters, insurance companies offer different types of policies and policy options, such as endorsements, which offer additional coverage for high-value items and come at an additional cost. Georgia customers looking into how to get renters insurance may want to ask renters insurance companies about customizing their policies.

Policy customization can help a renter find the perfect fit to protect their belongings and protect themselves from liability. Since coverage options may differ among insurance companies, it’s a good idea for renters to carefully consider any additional coverage they may need, such as flood insurance, to ensure their belongings are adequately covered.

Insurance Premiums

An insurance premium is the amount it costs to carry coverage. Many companies offer renters the option to pay their premiums monthly, and some insurance companies offer a discount to renters who pay their premiums annually.

Some renters look for the cheapest renters insurance premiums when searching for coverage. However, it’s generally a good idea for renters to look at more than just renters insurance cost when choosing a policy. The cheapest policy might have coverage limitations that make it less valuable than a slightly more expensive policy. Renters are encouraged to compare coverage limits, types of coverage, and the overall customer service of an insurance company along with the cost of a policy.

Quote Process

Many renters make the mistake of getting one quote for apartment insurance and sticking with it. But doing so could leave renters paying more for less coverage than they’d get with other options. Shopping for the best quote and comparing renters insurance coverage will help the tenant find a policy that suits their needs and their budget.

The quote process is also a good way for renters to gauge the ease of working with a particular insurance company. If the quote process is slow, clunky, or lacking in customer service, tenants might find other aspects of working with that insurance company to be the same. For example, if a renter requests a quote from an insurance company and it takes nearly a week for the company to deliver the quote, that could be a sign that customer communication is slow or lacking.

Claims Process

Like the quote process, the claims process is an important consideration for customers looking to buy renters insurance. A smooth claims process can make a disaster, such as a renter’s personal property being damaged in a fire, less stressful. An insurance company that has a smooth claims process can help the renter feel like a valued customer by listening to their concerns, answering questions promptly, and paying out the claim quickly.

Although it can be difficult for renters to evaluate an insurance company’s claims process before buying a policy, reading reviews and guides on the best renters insurance companies can help.

Deductibles

A deductible is the amount a policyholder has to pay out of pocket before the insurance company pays for a claim. Deductible amounts for renters insurance can vary widely, and the deductible chosen will influence the cost of the coverage.

The good news is that renters often have some control over the deductible on their policy, with many companies allowing policyholders to select their deductible amount. In general, policyholders who choose a lower deductible will pay a higher monthly premium. Renters who opt for a higher deductible may save money on their insurance premiums, but in return will receive a lower payout if they need to file a claim.

Additional Policies

Some tenants may find that basic insurance for renters doesn’t provide adequate coverage for their needs. They might be able to add coverage to their insurance policy via endorsements. However, not all insurance policies or companies have the same types of policy add-ons.

Renters may want to ask insurance companies they’re considering exactly what is and isn’t covered by a basic renters insurance policy. In some cases, a renter may have to purchase a separate policy for certain types of coverage. Most basic renters insurance policies, for example, don’t include coverage for flooding. A renter living on the Georgia coast may want to get a separate flood insurance policy to protect their belongings in case of flooding from a storm or hurricane.

Discounts

For many renters, it can be surprising to learn how many different types of discounts are available to them. Most insurance companies offer a range of discounts that can help lower the cost of renters insurance. Tenants looking for a renters insurance policy might consider asking their insurance agent or insurance company about discounts directly, such as the following:

• Bundle discounts if a renter adds another type of policy offered by the carrier.
• Discounts for anti-theft features in the renter’s apartment or rental home, such as smart locks or a security system.
• Safety equipment discounts for carbon monoxide detectors, smoke alarms, and other home safety devices.
• Special pricing for military members or veterans, seniors, or occupational groups like teachers or public workers.

AM Best Rating

An AM Best rating is a letter grade given to insurance carriers by the AM Best company. AM Best is one of the oldest credit-reporting agencies in the world. It focuses on evaluating and grading the creditworthiness and financial stability of insurance companies. Not all insurance companies have ratings, as they have to pay a ratings fee and wait for AM Best to evaluate their financial documents. This doesn’t necessarily mean a company is in poor shape financially.

Companies rated by AM Best receive a letter grade ranging from A++ (Superior) to D (Poor). This rating is a reflection of AM Best’s research and review of an insurance company’s financial stability. When grading insurance companies, AM Best examines the company’s current balance sheet, financial obligations, ability to pay out claims, and past claims payouts.

Our Top Picks

The best renters insurance in Georgia provides quality coverage, ease of use, and affordable rates. Renters looking for insurance may want to start by comparing quotes with these top-rated companies.

Photo: lemonade.com

Why It Made the Cut: Lemonade offers high coverage limits at affordable prices for many renters in Georgia and even offers instant approval on certain insurance claims.

Lemonade stands out as one of the best choices for renters insurance in Georgia due to its high coverage limits, quality insurance offerings, and relatively low cost. As a technology-based insurance provider, Lemonade focuses on making finding, securing, and using renters insurance easy. While Lemonade has not yet been rated by AM Best, renters can get a quote quickly by filling out the online form at Lemonade’s website. Those who choose a Lemonade policy can manage their accounts and claims in the Lemonade app.

Renters can get up to $250,000 in personal property coverage, which is on the higher end for renters insurance in Georgia. With these higher available coverage limits, renters who have more possessions can select the appropriate amount of coverage so they aren’t left having to pay out of pocket in the event of a covered loss. Similarly, Lemonade has a relatively high loss of use coverage maximum of $200,000, meaning policyholders will be more fully covered should they be required to relocate temporarily while their rental home is being repaired following a covered event.

Rates for renters insurance in Georgia through Lemonade tend to be affordable. However, the company only offers two discounts. The first is available by bundling renters insurance with another type of coverage from Lemonade, such as pet insurance. The second is to pay premiums yearly instead of monthly. These discounts may be more than enough for many renters, especially since Lemonade’s rates are relatively low to begin with.

One of the most unique features of Lemonade renters insurance is the claims process. Policyholders upload their claim information into the Lemonade app, which uses artificial intelligence (AI) to analyze the claim. Simple claims could get approval instantly, meaning renters get their claim payment faster.

Finally, renters can feel good about their leftover insurance premiums going to a good cause thanks to the Lemonade Giveback program. The company takes a portion of unclaimed money at the end of each year and donates it to the customer’s preferred organization. This can result in up to 40 percent of unclaimed premiums going to help others.

Specs

• Coverage amount: $10,000 to $250,000
• Quote process: Online
• Claims process: App
• Deductibles: $500 to $2,500
• AM Best rating: Not rated

Pros

• High $250,000 coverage limit
• High $200,000 loss of use coverage available
• Relatively low insurance premiums
• Instant claim approval possible
• Up to 40 percent of unclaimed premiums donated to charity

Cons

• Limited discount opportunities
• No current AM Best rating

Photo: statefarm.com

Why It Made the Cut: State Farm is another top choice for renters insurance in Georgia by offering renters liability insurance up to $1 million while also holding an A++ AM Best rating.

State Farm is one of the largest insurance providers in the United States. Renters looking for a personal touch might be able to easily find a State Farm agent in their region of Georgia. In fact, renters can usually get a renters insurance quote from State Farm online, over the phone, or by contacting an agent directly. In addition, claims can be made online, in the State Farm app, over the phone, or by contacting the policy’s agent.

While State Farm offers relatively few discount opportunities, renters can opt for various endorsements to allow them to either cover additional perils or increase coverage limits for included perils. Some of these add-on options include sewer or drain backup; cyber event; fraud loss; and extra coverage for jewelry, furs, silverware, firearms, and mold damage. Having these options allows policyholders to expand their coverage to suit their needs so they can fully insure their possessions.

State Farm’s A++ AM Best rating is the highest possible, giving customers peace of mind that the company has strong finances and can pay out claims without delay. The ease of getting a quote and managing the policy help make State Farm a great option for renters insurance, even if the company’s rates can be relatively high. What really sets State Farm apart, however, is its high personal liability coverage limits and loss of use coverage. Renters can get up to $1 million in personal liability protection and could receive up to 24 months of loss of use benefits if their apartment becomes uninhabitable due to a covered loss.

Specs

• Coverage amount: $2,000 to $110,000
• Quote process: Online, phone, agent
• Claims process: App, online, phone, agent
• Deductibles: $500 to $2,000
• AM Best rating: A++

Pros

• High $1 million personal liability coverage available
• Lengthy 24-month loss of use coverage available
• Wide range of extra endorsements for purchase
• A++ AM Best rating

Cons

• Limited discount opportunities

Photo: allstate.com

Why It Made the Cut: Allstate offers numerous bundling options for renters with other policy needs—including auto, ATV, motorcycle, and life insurance—along with low deductible options.

Allstate stands above other companies for renters in Georgia who would like to save money on renters insurance by bundling their policy with other coverage, such as auto, motorcycle, ATV, and life insurance. Having multiple policies though one insurance provider allows the customer the convenience of managing their policies through a single account. Allstate also has a high AM Best rating, giving many renters confidence that Allstate can pay out claims as expected.

While Allstate requires renters to pay 2 months of premium up front when taking out a new policy, the deductible a renter chooses could be as low as $250, which is relatively low for a Georgia renters insurance policy and can decrease out-of-pocket costs for renters who need to file a claim. Renters who are both retired and 55 years old or older can also take advantage of Allstate’s generous discount of up to 25 percent.

For tenants who have jewelry, Allstate provides a relatively high jewelry coverage limit of $2,500. This is the total amount of coverage for all jewelry, however, so if a tenant has an expensive piece of jewelry (a diamond ring, for example), they may want to consider purchasing an endorsement to increase this coverage limit.

Specs

• Coverage amount: $15,000 to $150,000
• Quote process: Online, phone, agent
• Claims process: App, online, phone, agent
• Deductibles: $250 to $1,000
• AM Best rating: A+

Pros

• Relatively high $2,500 jewelry coverage included
• Low $250 deductible available
• Ability to bundle multiple policy types
• Up to 25 percent discount for retirees 55 and over

Cons

• 2 months of premium payments due up front

Photo: usaa.com

Why It Made the Cut: Active-duty military members and veterans could see some of the best coverage and affordable rates through USAA, including flood coverage at no extra charge.

USAA is a top insurance choice for many service members and veterans. In general, the company offers quality coverage at affordable rates while exclusively serving current and former military members and their eligible family members. The feature that stands out the most in USAA’s renters insurance policies is the inclusion of flood coverage. Most renters insurance policies exclude damage caused by floods and require policyholders to purchase a separate flood policy or add a flood endorsement to their policy. USAA, on the other hand, includes coverage for flooding and flood damage within the basic policy at no extra charge.

This company offers several discounts that can help eligible policyholders reduce the cost of their renters insurance premiums. In addition to more common discounts like bundles, claims-free, and protective device discounts, USAA offers savings opportunities for active service members. For instance, policyholders who live in a rental property on a military base can save up to 28 percent on their insurance premiums. Cadets, midshipmen, and other service academy candidates can save up to 45 percent on their renters insurance as well. USAA also has potential discounts for active-duty members, pre-commissioned officers, and ROTC (Reserve Officers’ Training Corps) members, although they will need to speak with an agent to hear more about those discounts.

Finally, USAA’s Superior A++ AM Best rating helps customers feel confident that their insurance company is financially stable, and will therefore be more likely to be able to pay out claims on time and in full.

Specs

• Coverage amount: Starting at $5,000
• Quote process: Online, phone
• Claims process: App, online, phone
• Deductibles: $500
• AM Best rating: A++

Pros

• Standard flood coverage included
• Wide range of discounts available
• A++ AM Best rating

Cons

• USAA membership limited to service members and their families

Photo: farmers.com

Why It Made the Cut: Farmers Insurance makes it easy for renters to figure out how much coverage they might need with its online personal property calculator.

One of the most difficult aspects for many tenants who are shopping for renters insurance is figuring out how much coverage they need. Luckily, Farmers makes this easy when renters fill out an online quote form. Part of the online quote process includes a personal property calculator to help renters determine how much it would cost to replace their belongings so they can ensure they have enough coverage to replace their belongings should they be destroyed by a covered peril.

Renters may find Farmers insurance premiums to be relatively high, but this won’t be the case for all renters. It’s important for those shopping for renters insurance to consider getting multiple quotes and asking about discounts when comparing policies. Renters will also want to consider whether they require a mobile app to manage their policy and submit claims—while Farmers does have a mobile app, renters insurance policies are not supported. However, renters who bundle their policies will be able to use the Farmers app to manage their auto or umbrella insurance policies, as well as find their agent’s contact information.

Farmers has a high coverage option of $1 million for personal liability to protect a renter in the event they’re found at fault for injuries or property damage to a third party. This could be beneficial for renters who regularly host guests or have pets. Additionally, renters can opt for up to 24 months of coverage for loss of use, which can help pay for additional living expenses if the renter’s home is deemed uninhabitable due to damage from a covered event.

Specs

• Coverage amount: $4,000 to $100,000
• Quote process: Online, phone, agent
• Claims process: Online, phone, agent
• Deductibles: $500 to $2,500
• AM Best rating: A

Pros

• High $1 million personal liability coverage available
• Lengthy 24-month loss of use coverage available
• Helpful personal property calculator

Cons

• Relatively high insurance premiums
• No mobile app support

Our Verdict

Lemonade is our top pick for renters insurance in Georgia thanks to its relative affordability and available instant claims approval. Renters may also want to consider State Farm for its wide range of endorsement options, which make it easier for renters to customize their coverage.

How We Chose the Best Renters Insurance Companies in Georgia

After extensive research, this curated list of the best renters insurance companies in Georgia features our top picks for renters insurance. To find the best renters insurance companies, we looked at a range of factors, including:

• Amount of coverage for personal property, loss of use, and personal liability
• What’s included in a standard renters insurance policy
• Extra endorsements or coverage available for Georgia renters
• Affordability and discounts, including deductible options
• The overall customer service experience through the quote and claims process
• AM Best ratings, if available

These factors let us objectively look at each company to determine which ones would give the average Georgia renter the overall best experience with renters insurance.

Before You Choose One of the Best Renters Insurance Companies in Georgia

Renters insurance often provides renters with personalized coverage. As such, some renters might find the best value and coverage from an insurance company outside of this list. In addition, the best renters insurance company on this list may not be the same for all tenants based on their different needs.

For example, an active-duty service member may find great rates, low deductibles, and high coverage through USAA, but not from others on the list. On the other hand, a civilian doesn’t qualify for USAA coverage, and they might find the best coverage at the best price through bundling with another carrier such as Allstate.

Renters can typically find a policy that’s right for them by comparing different insurance companies and renters insurance policies. Requesting quotes from at least three different insurance companies using the same criteria is a good way for renters to compare coverage and costs to determine the right policy for their needs.

Cost of Opting for One of the Best Renters Insurance Companies in Georgia

Like all types of insurance, prices for policies from the best renters insurance companies in Georgia can vary. Insurance companies quote premiums based on many different factors, such as:

• Location or ZIP code
• Credit score
• Claims history
• Type of dwelling or building
• Deductible and coverage amounts
• Extreme weather history
• Pets, such as large dogs or those of certain breeds

Cost can be one of the largest determining factors for customers looking to purchase an insurance policy. However, most renters find the best deal by comparing different carriers and policies. Renters can also ask the company directly if they qualify for any discounts or if there are ways they can lower their monthly premium, which can make renters insurance costs lower and therefore easier to fit into a budget.

The Advantages of Opting for One of the Best Renters Insurance Companies in Georgia

Renters in Georgia usually find renters insurance to be a valuable addition to their financial plan. In most cases, renters can find a renters insurance policy that’s relatively affordable but offers financial protection in the event of a covered loss.

One of the best-known benefits of renters insurance is the possibility that an insurance policy will help pay to replace a renter’s belongings after a covered loss. Additional benefits of renters insurance include personal liability protection and loss of use coverage. If a renter’s guest hurts themselves while visiting, the renter’s policy could help cover medical bills through medical payments to others coverage (which pays for minor medical bills regardless of who was at fault) and personal liability coverage, which comes with higher limits and protects the insured in the event they are found to be legally liable for property damage or injuries to a third party. Loss of use coverage helps the renter pay for additional living expenses, like a temporary stay in a hotel, if their rental is uninhabitable after a covered incident.

• Renters insurance can help cover the cost to repair or replace a policyholder’s personal belongings after a covered incident.
• Renters insurance policies include coverage for personal liability in case the policyholder accidentally causes harm to another person or their belongings.
• The best renters insurance in Georgia combines affordability with enough coverage to protect the renter from covered perils.

FAQs

Many renters in Georgia start looking for renters insurance only to find they’re left with more questions than answers. These frequently asked questions can help answer common queries renters have when searching for a renters insurance policy.

Q. How much does renters insurance in Georgia cost on average?

Although prices vary, the average cost for renters in Georgia is $209 per year, according to the Insurance Information Institute (III). That’s higher than the national average renters insurance cost of $174. Georgia renters can shop around and get quotes from several insurance providers to find a policy that fits their budget.

Q. Do Georgia state laws require renters insurance?

No, renters insurance is not required by law in Georgia.

Q. Can a landlord in Georgia require renters insurance?

Yes, a landlord can choose to require tenants to carry renters insurance in Georgia.

Q. Do I need to buy renters insurance in Georgia every year?

Renters insurance policies are for a 1-year term, but most insurance companies will work with the policyholder to renew the policy without a new application.

Q. Does renters insurance in Georgia cover the death of a pet?

In most cases, no, renters insurance doesn’t cover the death of a pet. A renter may need a pet insurance policy for mortality coverage.

Q. How long does it take for coverage to begin on a Georgia renters insurance policy?

Most of the time, policyholders get to choose the effective date of the policy, or the day coverage starts.