Whether you live in Atlanta, Athens, or Augusta, renters in Georgia want their belongings covered in case of any mishaps. And let’s face it—accidents happen and things break, no matter how careful you are.
That’s where renters insurance comes in. A renters insurance policy covers personal liability, personal property, and additional living expenses. Without it, you risk spending your hard-earned money should something happen.
Check out Insurify to discover quotes from dozens of insurers, like Nationwide, Allstate, Liberty Mutual, and more. You’ll receive a personalized quote for renters insurance based on your needs in minutes—without annoying sales calls.
What factors determine the cost of renters insurance in Georgia?
Cost is an important consideration when buying renters insurance protection. The average renters insurance policy in Georgia costs about $18 per month. How much you pay depends on many factors:
Coverage Level
Renters insurance covers your belongings up to a specific amount. Common renters insurance coverage amounts are:
$30,000 for personal property coverage
$100,000 for personal liability protection
40 percent of personal property coverage for additional living expense
The amount of coverage you need depends on your personal circumstances. Higher policy limits can increase the cost of your premiums.
Deductible
A deductible is the amount of money you must pay out of pocket before the insurance company picks up the rest of the tab. Higher deductibles transfer more financial risk to you (and away from the insurance company ). Lower deductible amounts typically mean you pay more for coverage.
Value of Property
The more your belongings are worth, the more coverage you need, and the higher your premiums will be.
For example, a twentysomething who is just starting out will likely have less furniture and possessions than a couple in their 40s or 50s. Keep in mind that items like valuable jewelry, art, and fine furnishings can increase your premiums.
Residence Type
Where you live can have a significant impact on how much you pay for renters insurance. For example, insurance companies generally consider living in a multi-family building riskier than in a single-family home in a gated community.
The age of your building can impact your rates, too. Older buildings tend to have outdated plumbing and electrical systems that can increase the risk of something going wrong.
Credit Score
According to Experian, insurance companies can check your credit history when determining the cost of your premium. It’s a credit-based insurance score that determines how likely you are to file a claim.
Not all states allow these scores—check with your state insurance department to find out if your state uses them.
Owning Pets
Not all landlords or property management companies allow pets. But if they do, you could pay more for renters insurance if you have a fur baby because there’s a higher chance of property damage and liability claims.
Georgia -Specific Factors
Georgia is prone to several natural disasters. Hurricanes, floods, and tornadoes are common. These perils can drive up your cost of insurance. If they happen more frequently in your neighborhood, you will see insurance rates increase in response.
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