The average monthly cost of renters insurance in Georgia is $18. This is slightly higher than the national average of $15 a month. However, renters insurance can be found in Georgia for as little as $13 a month, or $154 a year.
| Coverage amount | Average cost per month | Average cost per year |
|---|---|---|
| <$13,999 | $13 | $154 |
| $14,000 | $16 | $193 |
| $20,000 | $18 | $210 |
| $26,000 | $22 | $261 |
| $32,000 | $21 | $254 |
| $38,000 | $24 | $289 |
| $44,000 | $25 | $296 |
| $50,000 | $27 | $327 |
| $75,000 | $35 | $417 |
| >$100,000 | $46 | $548 |
| Georgia average | $18 | $219 |
| Source: National Association of Insurance Commissioners (2019) | ||
In general, as coverage limits increase, so do premiums. Coverage amount refers to the maximum amount of money an insurance company will pay out after a claim. Reasons for making a claim may include theft, fire damage and water damage from burst pipes. Without insurance, these unexpected events can often leave renters with thousands of dollars in losses.
Although the average cost of renters insurance is slightly higher in Georgia than it is in other states, it is worth the investment. You can find cheap plans for only $13 per month with a coverage limit below $14,000. If you want more coverage, you can spend slightly more to receive thousands of dollars more in coverage. For $25 a month, you are covered up to $44,000 in damage.
Additionally, there are many ways to save on your cost. Consider bundling your renters insurance with a company that offers other types of insurance for a discount. Discounts can also be received if you pay up front for the year, increase your deductible or purchase an alarm system for your home. After factoring in these discounts and the overall value of your personal belongings, renters insurance is a wise and affordable purchase.
Georgia renters pay $18 a month on average for renters insurance.
Can you get cheaper rates?
Georgia renters insurance companies
In the state of Georgia, there are plenty of renters insurance companies to choose from. In the table below, we have compiled a list of some of the best renters insurance companies in Georgia:
| Company | 2019 J.D. Power overall satisfaction | 2019 NAIC Complaint Index (lower is better) |
|---|---|---|
| State Farm | 5/5 | 0.35 |
| Allstate | 2/5 | 0.47 |
| USAA | 5/5 | 0.25 |
| Travelers | 2/5 | 0.46 |
| Liberty Mutual | 2/5 | 0.75 |
| Auto-Owners | — | 0.25 |
| Farmers | 2/5 | 0.34 |
| Georgia Farm Bureau | — | 0.52 |
| American Family | 5/5 | 0.43 |
| Nationwide | 2/5 | 0.44 |
In the table, you will notice two different ways of measuring customer satisfaction. One is the J.D. Power overall satisfaction rating. It’s an overall customer satisfaction score on a scale of one to five. The NAIC Complaint Index compares the total number of customer complaints with the size of the company. When looking at the NAIC Complaint Index, a lower score is better.
State Farm, USAA and American Family all received a 5/5 in the 2019 J.D. Power overall satisfaction rating. All three of these companies also scored well on the 2019 NAIC Complaint Index. Keep in mind that USAA is only available to military members, veterans and their eligible family members, while all other companies on the list are available to the general population.
Compare rates from the best renters insurance companies in Georgia.
Renters insurance quotes in Georgia
We strongly recommend taking the time to shop around and compare renters insurance quotes from several companies. Price will likely be your first consideration, but there are many other important factors to consider.
Two similarly priced plans from two different companies might in fact offer very different levels of coverage and service. Investigate what each policy offers as it specifically pertains to personal property, personal liability, medical payments and loss of use — the four types of coverage in a standard renters insurance policy.
A crucial factor to consider is what type of payout a company offers if you have to file a claim. There are two types of payouts: actual cash value and replacement cost.
Actual cash value is the cheaper option. If your stuff gets destroyed and you file a claim, companies with actual cash value policies will factor in depreciation of your items over time. For example, if your $2,000 computer is damaged in a flood, an actual cash value policy will factor in depreciation and may only pay you $1,000 for the computer.
On the other hand, replacement cost policies will pay you the full $2,000 you originally paid for your computer. By paying a bit more per month for a replacement cost policy, you could save yourself money in the future.
Laws and regulations concerning renters insurance in Georgia
The Georgia Department of Insurance regulates and protects renters in the state of Georgia. If you have issues with cancellation of a policy or nonrenewal of a policy, or if you need to file a complaint regarding your renters insurance policy, do not hesitate to contact the department.
There is no law that requires people to have renters insurance in Georgia. About 30% of all housing units are occupied by renters in Georgia. Forty-three percent of those renters have renters insurance. Even though it’s not required by state law, landlords can legally require you to get renters insurance as part of your lease.
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