COVID-19 Update: If you're thinking about renters insurance in the context of coronavirus, see below for information.
Renters insurance doesn't cost much, but it's an essential purchase to protect your belongings if they're ever damaged or stolen. We've collected dozens of renters insurance quotes throughout Georgia to find the best choices for renter insurance in the state.
Compare cheap renters insurance options in Georgia
The best price we found for renters coverage in Georgia is just $20 per month. However, you shouldn't make your decision based only on price; quality of service and coverage options are important, too.
Keep reading for our top choices for Georgia renters insurance, or use the quotebox above to find the best prices for you.
Best renters insurance for most people: State Farm
- The best price we found among Georgia renters insurers
- Well-rated customer service
- Excellent financial stability
- Must by at least $10,000 of property coverage
We recommend State Farm renters insurance as the best fit for most Georgia renters. It had great prices, an easy buying process and highly-rated customer service, making it stand out among the the companies we looked at.
The average price of renters insurance at State Farm is $20 per month — 22% less than the average we found in Georgia, and the cheapest we found overall.
State Farm's customer service ratings are also above average among Georgia insurers. It had an impressive 0.38 complaint index from the National Association of Insurance Commissioners, meaning that it received only 38% as many complaints as a typical insurer of the same size.
J.D. Power gave State Farm a respectable 831/1000 in its renters insurance survey, which was the highest among Georgia insurers we looked at. It also received an A++ financial strength rating from AM Best — the highest possible score — indicating the company has very reliable finances.
As the nation's largest insurance company, State Farm has a wide variety of insurance products including auto and boat. This makes it an appealing option for renters who want to manage all their insurance coverage under the same provider.
Best for full coverage: Travelers Insurance
- Has the biggest range of optional coverages
- Below-average rates
- Coverage must be purchased for a year upfront
- Mediocre customer service ratings
For renters who have a lot of belongings that need coverage, we recommend Travelers Insurance. At $23 per month, its rates were only $3 more than our top pick, and you can customize your policy with more options than State Farm.
The two most appealing coverage options we saw from Travelers are equipment breakdown coverage and water backup coverage. Equipment breakdown pays for repair of mechanical devices like washing machines if they ever malfunction. And water backup coverage pays for damage to your property due to water backup.
The biggest downside to Travelers is that you have to pay upfront for a full year of coverage — you can't pay month-to-month. While the total cost after a year works out to be less than average, and you can get a refund if you want to change insurers midyear, it may still be a hassle to pay the full sum all at once for some renters, especially if you move.
Travelers' customer service ratings also aren't as strong as our top pick. Its NAIC complaint index is 0.50, and it has a 796/1000 from J.D. Power.
Best for maximizing discounts: Liberty Mutual
- Lots of discount options
- Affordable rates
- Limited extra coverage options
- Poorly-rated customer service
For renters who don't find affordable rates from our top picks and can qualify for lots of discounts, we recommend Liberty Mutual. It offered the most discounts of any renters insurance company we looked at in Georgia, including a few that weren't available anywhere else.
Liberty Mutual was the second-cheapest renters insurance company we looked at, with an average price of $21 per month. And it was actually the cheapest option in about half of the cities we gathered quotes for.
We found more possible discounts at Liberty Mutual than at any other insurance company. They offered standard discounts like one for bundling multiple policies and being claim-free, but also less common ones like signing up for automatic payments or buying your policy online.
However, we generally don't recommend buying a renters insurance policy based on discounts alone — they aren't a perfect indicator of what you'll actually pay, which is what matters. We always recommend getting quotes from multiple insurance companies to find your best price.
Liberty Mutual's coverage and customer service options were middle-of-the-road. It had a 0.81 complaint index from the NAIC, meaning it got about 81% as many complaints as a typical insurance company of its size. That's better than the national average, but not as strong as the other insurance companies we looked at.
How we chose the best renters insurance companies in Georgia
When reviewing renters insurance companies, we use three main criteria to make our recommendations:
- Affordability: Does this insurer have good prices compared to other insurers in the area?
- Coverage options: Does it provide a wide array of coverage options that are useful to renters?
- Customer service: Are customers generally satisfied with the service they receive from their insurer, especially during the claims process?
Affordability: Finding cheap renters insurance in Georgia
The average price of renters insurance in Georgia is $25 per month, but we found a substantial difference among companies. The cheapest insurer we looked at, State Farm is 41% less expensive than the highest priced insurer. That means you can save up to $172 per year by switching providers.
See our full breakdown of the cheapest renters insurance companies in Georgia below.
|Insurer||Average monthly cost||% difference vs. average|
Compare cheap renters insurance options in Georgia
Our selected levels of coverage were:
- Personal property coverage: $30,000
- Liability coverage: $100,000
- Medical payments coverage: $1,000
- Deductible: $500
- Loss of use: $0
Discounts: Not crucial for renters insurance
Though many insurance companies publicize discounts, we don't recommend buying renters insurance based on those alone. Renters insurance is cheap enough that a percentage discount generally won't make a big dent on your bill.
The one exception to this is a bundle discount. All of the insurers we looked at provide discounts for bundling renters and other types of insurance policy together, especially for auto insurance. Bundle discounts are among the largest discounts insurers offer, and often affect both your renters and auto insurance policies. We always recommend checking to see if you're eligible for one.
Coverage options: Comparing renters insurance policies and benefits
Renters insurance doesn't typically have as many coverage options as homeowners and auto insurance policies, but there are still some optional coverages that can set insurers apart — especially if you stand to benefit from that coverage.
Here are some key coverage options that may appeal to Georgia homeowners:
- Replacement cost coverage: Pays out the full cost to replace an item after it's damaged or stolen, rather than the depreciated value.
- Valuable items: Covers the full cost of expensive items like jewelry and electronics, which often have limited coverage under typical policies.
- Water backup: Pays to repair or replace items damaged by water due to backup from a drain.
- Flood insurance: Covers damage to your property due to flooding, which is always excluded from coverage on normal renters insurance policies. Usually sold as a separate policy, not as an endorsement to renters insurance.
In addition, every renters insurance company we looked at provided the following standard coverages. If you're considering a renters insurance company that doesn't provide these basic options, look elsewhere:
- Personal property coverage: Pays to repair or replace your property if it's stolen or damaged due to a covered peril.
- Additional living expenses: Pays for a hotel or other accommodation if your apartment is uninhabitable due to a covered peril, like a fire.
- Liability coverage: Pays for damages to other people that you are responsible for, such as if a guest is injured in your home.
- Medical payments coverage: Pays for the cost of medical care of others while they are at your home, regardless of who is at fault.
Customer service: Evaluating insurer quality in service and claims
Great customer service from your renters insurance company is essential. After you've had something stolen or lost belongings in a fire, you want to work with a company that will work with you to get your claim filed right away, not string you along for weeks.
To evaluate customer service from renters insurance companies in Georgia, we look at three key metrics: the NAIC complaint index, the J.D. Power rating, and the AM Best financial strength rating. Here's what we based our rating on for the insurers we looked at in Georgia:
|Insurer||NAIC Complaint Index||J.D. Power rating||AM Best FSR|
- NAIC Complaint Index: Compares the number of complaints an insurance company has received, relative to its size. A smaller number means fewer complaints (and better service), and the national average score is 1.00. The NAIC combines homeowners, renters and condo insurance, so these scores reflect all three.
- J.D. Power rankings: Based on a survey of renters insurance policyholders, this score describes overall customer satisfaction with renters insurance companies. Based on a 1000 point score, though the national average is 835.
- AM Best FSR: A letter grade describing the overall financial health of an insurance company. Also describes the company's ability to pay out claims even during times of high claim demand (like after a natural disaster) or economic downturn.
How coronavirus could impact Georgia's renters
Although it's not likely that your renters insurance will be affected by the coronavirus pandemic, renters in Georgia could have a harder time making their monthly rent payments depending on how long the virus lasts. Georgia is one of a few states that hasn't mandated or recommended a moratorium on evictions. Conversely, Atlanta does have such a moratorium in place. While renters here won't be evicted for missed payments, they're still responsible for paying their full rent when they're able.
If money is tight for your family, it's possible that you could see some financial relief from your insurance provider. Many are excusing late payments and not issuing cancellations or fees to those affected by the pandemic. Car insurance providers are even issuing partial paybacks for policyholders due to decreased driving.
Policyholders may have to make claims differently if they encounter property damage or theft. Since most businesses have transitioned to remote work, it's not likely that adjusters will make in-person visits to damaged homes. Rather, working with your provider, you'll be responsible for electronically documenting your damage and completing a claims report online.
Georgia renters insurance: Costs by city
In addition to our overall statewide analysis of renters insurance costs in Georgia, we also did a breakdown of the typical cost by city. See below for the average cost of renters insurance in Georgia, along with how that cost compares to the statewide average.
|City||Average||% difference from state average|
The cost of renters insurance changes by state, too. If you want to see how the cost of renters insurance in Georgia compares to other places in the United States, take a look at our study of renters insurance costs.
How much is renters insurance in Georgia?
For a typical amount of coverage, renters insurance in Georgia costs $25 a month. However, we found that picking the right company and adjusting your policy coverage or deductible can help reduce that cost significantly. Find out how you can avoid excessive premiums by comparing quotes in Georgia.
Is renters insurance a requirement in Georgia?
Some landlords may require renters to get insurance as a condition of their lease, but there is no statewide law in Georgia that forces you to get renters insurance. Still, we believe it's a cheap way to avoid paying out of pocket if anything happens to your belongings while you're renting a place. See recommended insurers in GA
How long does it take for renters insurance to take effect?
In most cases, coverage from a renters insurance policy can start the same day that you apply and make your first premium payment. There are a few insurers who may request that you wait one day, but plenty of others are available if you need coverage as soon as possible in order to sign a lease.
We collected 124 renters insurance quotes from five major insurance providers that operate in Georgia from 25 major cities around the state. Our sample renter is a 30-year-old man who lives by himself and has never made a claim to his renters insurance.
He's protected himself with $30,000 of personal property coverage with a $500 deductible, plus $500,000 of liability protection.