Do I Need Renters Insurance in Georgia?

A common question many Georgia renters ask is, “do I need renters insurance to protect my possessions?” The answer is yes, you do! Many renters assume that their belongings are covered under their landlord’s policy but that isn’t the case. Landlord insurance covers the structure of the home, injuries on the property, and items that belong to the landlord.

As a result, many property owners require their renters to have this coverage as part of their lease agreement. However, even if your landlord doesn’t require it, it wouldn’t be a bad idea to purchase it. In this article, we’ll go over the benefits of having renters insurance in Georgia, how much it costs, and the amount of coverage you need. Let’s get started.

Do You Need Renters Insurance in Georgia?

If you live in a rental property there’s a good chance you’ll need renters insurance for protection. This coverage offers personal liability protection in the event someone gets injured in your rental. Therefore, you won’t have to worry about costly medical bills or legal fees if the injured party decides to sue.

Most importantly, it protects you in the event your personal property is stolen or damaged due to a covered peril. These items include your clothing, furniture, electronics, jewelry, and so forth. So, if you go to file a claim your insurer will reimburse you for the damaged or stolen goods. However, it’s important to keep in mind that your insurer will only cover you up to a certain dollar amount. That’s why it’s important to complete a home inventory checklist including the age and value of each item. By doing this you can determine how much coverage you need for your personal belongings.

In short, it may not seem like you have that much to insure but once you start taking inventory you may have more valuable items than you realized.

How Much Does Renters Insurance Cost?

Fortunately, renters insurance is very affordable. On average the policy costs around $180 a year. This ends up being $15 a month in total. However, this amount will vary from person to person since several factors can impact your rates.

The following can greatly impact the cost of your renters insurance:

  • Your credit score
  • The location of the property
  • Crime in the area
  • Your chosen deductible
  • The value of your items 
  • Pets
  • Your residence type 
  • Discounts 
  • Your coverage limit
  • Bundling your renters and auto 

Your insurance provider will need to know the answers to the above questions. They may even send an inspector to come evaluate the property. Once all the necessary information is gathered you will receive your quote!

How Much Renters Insurance Do I Need?

You need to purchase enough renters insurance to cover a total loss and the replacement of all your items. As stated before, a good way to find out how much coverage you need is by creating a home inventory checklist. If you have any high-dollar items it wouldn’t hurt to get them appraised. Also, we recommend taking pictures of all your expensive items in the event they’re damaged or stolen.

Overall, the amount of coverage you need is solely up to you and your overall comfortability with risk. If you’re unsure about how much protection you need you can seek assistance from an insurance agent. They can guide you in the right direction and make sure you don’t have any gaps in your coverage.

For Atlanta renters insurance quotes, give us a call today!