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Are you thinking of asking or requiring your tenants to get Georgia renters insurance? When tenants rent an apartment, house, college dorm, or condo, they should consider protecting their belongings and space against unforeseen problems.
Today, you'll learn about renters insurance in Georgia and how it can benefit you and your tenants. Typically, it's used to cover theft, some natural disasters, water damage, and other problems. Let's learn more about renters insurance!
What Is Georgia Renters Insurance?
Georgia renters insurance coverage is a type of insurance covering various unexpected events. Most contracts call them covered losses or perils.
Overall, renters insurance covers additional living expenses, liability coverage, and personal property coverage. The broadness can be helpful in various situations. However, you should know what it covers, its average cost based on the state, and much more. This is what we'll cover in this article.
Average Cost of Renters Insurance in Georgia Per Year
The average cost of renters insurance for those in Georgia is roughly $16 per month or $194 per year. This is 31 percent higher than the country's national average renters insurance cost of $148 per year.
Most states, including Georgia, use a person's credit-based insurance score, which helps to set the rates. In general, an insurance score is similar to a traditional credit score, but it's not exactly the same.
Therefore, those who have poor credit will pay roughly $347 for renters insurance in Georgia, which is 79 percent more for insurance coverage than people with good credit.
However, it is possible to lower the price with renters insurance discounts and other means. We'll discuss that a bit later in this article.
How Much Does Georgia's Renters Insurance Cost (Based on Popular Cities)
The cost of renters insurance in Georgia primarily depends on where you live. For instance, the average cost in Atlanta is $239/year, but renters in Marietta will pay $208/year, according to Nerdwallet. Let's look at a few more cities and what tenants pay for renters insurance in them:
- Acworth - $207/year
- Athens - $200/year
- Augusta - $208/year
- Canton - $200/year
- Covington - $208/year
- Buford - $205/year
- Decatur - $238/year
- Duluth - $205/year
- Kennesaw - $207/year
- Gainesville - $200/year
- Lithonia - $233/year
- McDonough - $212/year
- Savannah - $221/year
- Woodstock - $201/year
- Valdosta - $207/year
Is Renters Insurance Required in Georgia?
Many people ask: Is renters insurance required in Georgia? No state law makes tenants buy Georgia renters insurance, but landlords often put clauses in their rental agreements to indicate it's necessary. If the lease specifies that renters insurance is needed, tenants must buy it as soon as possible.
However, it's easy to sign up for affordable renters insurance. Remind tenants that they'll be thankful if their items are damaged or stolen.
As a landlord or property manager, you can request to be added to the policy as an "interested party." This means you're notified of policy changes or cancellations.
What Does Renters Insurance Cover in Georgia?
It's easy to see how a renters insurance policy can be beneficial, but how can it help your tenants and you? It's important to know what renters insurance may cover and the options available.
Personal Property Coverage
Personal property coverage will protect the tenant's personal belongings, whether they're home or not. If a burst pipe causes water damage to the living room furniture or a phone gets stolen on a trip out of the country, renters insurance may cover those things, but exclusions do apply.
Loss of Use
What would happen if a disaster occurred? When the tenant can't stay on the property after covered losses, such as windstorms and fires, the loss of use coverage will offer reimbursements for temporary living expenses, such as hotel parking, laundry, food, and housing.
Medical Payments Coverage
The renters insurance may cover medical expenses if a guest is injured at the tenant's place or if they hurt others outside the space. However, renters insurance in Georgia will not cover any medical payments for the tenant or their residents. This is only for guests and non-residents.
Liability Coverage
Typically, renters insurance may cover losses if someone is hurt in the tenant's apartment or if anyone on the policy causes damage to other people's property. Liability coverage will cover the property damages and legal fees in most cases.
Tropical Storms and Hurricanes
Many times, renters insurance doesn't cover flood damage, though it may help with wind damage. Therefore, if you're in a high-risk area on the ground floor, you might need to purchase a separate policy for flood insurance.
Likewise, you could be required to pay a separate deductible for windstorm damage for named hurricanes or storms if you're near the coast. This means you pay out of pocket for wind claims when you might not have to do so for other claims.
Wind damage could be excluded from the renters insurance policy altogether, as well. Therefore, you may need to request this coverage specifically or find a company willing to help you.
Earthquake Coverage
Georgia doesn't see many earthquakes, but you could still experience one. Typically, renters insurance won't cover the damage. Therefore, you'd have to purchase a separate policy or add-on to get earthquake insurance.
What Does Renters Insurance in Georgia NOT Cover?
Before buying Georgia renters insurance, tenants should understand what isn't covered. They will need to read the fine print or ask the agent any questions to avoid issues when filing a claim later.
Though renters insurance offers protection in certain emergency situations, tenants might require additional riders if they want a comprehensive policy.
What Determines the Insurance Rates?
The insurance rates you saw above can help tenants figure out what they'd pay for renters insurance. However, each person's premium depends on various factors, including:
- Location - Some areas are riskier than others. Therefore, the insurance rates could go up if the property is in a high-crime area.
- Coverage Amount - The more stuff a tenant has, the more coverage they will require. This will likely raise the premium.
- Previous Claims - If tenants have previously filed claims, the insurance company could raise the premium because it believes you'll file again sometime in the future.
How to Choose the Right Policy
It's hard to know how much coverage a tenant needs, and it primarily depends on how many items they have and what they're worth. Likewise, there are many categories, such as personal belongings, temporary living expenses, medical bills, and personal liability.
Tenants can set the coverage limits for those categories when signing up for a renters insurance policy. It's important for them to realize that lower limits can save money, but they might not be covered enough during a claim.
They should also focus on the deductible they'll pay. Overall, it's a balancing act. Therefore, the tenant must think about their lifestyle and property. Most companies offer free quotes to help them understand their options.
It might also be helpful to have separate policies, sometimes called scheduled personal property coverage, for valuables like artwork, musical instruments, engagement rings, and expensive cameras.
Available Renters Insurance Discounts in Georgia
If tenants wish to lower their renters insurance premium, they have a few options available to them. They include:
- Bundling - Most companies will automatically offer a discount when bundling auto and renters insurance. Some might even provide savings for term life insurance, pet health insurance, and more.
- Protective Device Discounts - If the property has sprinklers, fire alarms, and security alarms, tenants could be given a discount on the renters insurance premium.
- Annual Payment Discount - When tenants pay annually instead of monthly, they could get a discount of about four percent on a renters insurance policy.
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
As a landlord, it's important to know why you should require Georgia renters insurance for your tenants and how it will protect you. Here are the reasons:
- Protects a Tenant's Personal Property - Landlord's insurance might cover the structure and landlord-owned items on the premises, but it won't help with tenant-owned things.
- Reduce the Risk of Lawsuits - Landlord insurance doesn't cover a tenant's belongings if they're destroyed, damaged, or stolen. You can reduce your own legal liability if each tenant must have their own renters insurance policy.
- Makes It Easier to Allow Pets - If tenants want to have pets, you might choose to let them if they have pet liability protection in the policy. This will help you seem friendlier and more willing to allow dogs or cats on the premises.
Top 5 Best Renters Insurance Companies in Georgia
Whether you want the most comprehensive or cheapest renters insurance company, here are the top five options:
1. Lemonade
Lemonade could have the best and cheapest renters insurance in Georgia. The company is one of the most affordable and also offers property damage coverage for the landlord in case the tenant breaks your things.
Likewise, Lemonade offers equipment breakdown coverage, which can repair appliances or replace them if they break down. Tenants must use the mobile app to request a quote.
2. The Hanover Insurance Group
Another cheap renters insurance company in Georgia is The Hanover Insurance Group. It has many packages, so tenants can choose the basic one or something with more coverage. However, it uses independent agents, which can also help save money.
3. Farmers
Tenants can get renters insurance coverage from Farmers. It offers various options and discounts, depending on the location and other factors.
4. State Farm
State Farm is a great choice for renters insurance coverage. It's still affordable and features various coverage options. You can even download the mobile app to make life easier.
5. Nationwide Renters Insurance
Nationwide renters insurance is available in Georgia and a total of 44 states.
With renters insurance in Georgia, you can also get credit card coverage and discounts when you bundle your policy with auto insurance.
To get Nationwide renters insurance coverage, you'll visit the website for a personalized quote.
What Is DoorLoop?
DoorLoop is an all-in-one property management software for landlords of all types. Whether you manage commercial or residential properties or have a mixed-use portfolio, you can use DoorLoop to assist you.
In fact, it will help you do these things and much more:
- Automatically collect rent.
- Manage maintenance requests online so that tenants text or call less frequently.
- Offer tenants an online portal for payments and other needs.
- Enjoy a free and customized website to market your vacancies on Trulia and Zillow and allow tenants to apply for open spaces.
- Manage your accounting needs.
- Create rental agreements.
You can learn more about DoorLoop or schedule a demo by visiting this website.
Why Work with DoorLoop
Many tenants dislike the idea of researching countless renters insurance companies in Georgia. You can make it easier on them. Of course, show them this article to help them understand their options.
If you want to require tenants to have a renters insurance policy, DoorLoop can help you. They can submit their own, but they can also apply directly on the tenant portal or tenant application. These are powered by Lemonade or SURE, depending on the state. Learn more about it here!
Frequently Asked Quesitons
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