, renters insurance typically costs around $220 per year. This price protects your personal belongings as well as providing loss of use, personal liability, and medical payments coverage for incidents that occur on the property you’re renting.

One of the perks of leasing an apartment or rental home is that you’re not totally responsible for property upkeep, including making homeowners insurance payments. Even so, many landlords require their tenants to purchase

renters insurance

for financial and legal security.

Here to lay out a complete guide to Georgia renters insurance is your personal renter and

car insurance

broker and savings-finder,

Jerry

. Keep reading to learn how a renters policy works, what coverage you need, and how to bundle renters and auto insurance to unlock great savings.

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What is renters insurance?

Just like home or auto insurance, renters insurance is a financial protection policy you buy into that covers the costs of damaged or stolen property and personal liability incidents (such as someone getting injured due to your slippery floor).

A normal renters insurance policy is organized into the following coverage categories:

Property coverage (Coverage C): If your property is destroyed by one of the perils named in the policy, you’re entitled to the actual cash value (ACV) or replacement cost of the item(s).

Loss of use coverage (Coverage D): Sometimes called additional living expenses (ALE) coverage, this pays for you to stay in alternate housing like a hotel if your rental property becomes unlivable due to a peril named on the policy.

Personal liability (Coverage E): This coverage helps you pay for personal injuries or property damage another person experiences on your property, including any repair fees and relevant court or attorney fees you’re legally required to supply.

Medical payments (Coverage F): This is specific coverage that pays for others’ medical expenses when they’re injured on your property.

You can estimate how much property coverage you might need by taking an inventory of your property, including furniture, decorations, and technology. However, your landlord will usually specify the amount you’ll have to get—often $300,000 to $500,000.

What does renters insurance cover?

Like homeowners insurance, renters insurance isn’t a catch-all. Only damages due to the perils explicitly named on the policy will be covered.

A common list of named perils is as follows:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

If you live near Georgia’s coastline, you’ll want to check with the insurance provider about windstorm coverage for hurricane season. A standard renters insurance policy may or may not include the coverage you need to face this severe weather hazard.

What does renters insurance not cover?

Even with the large list of named perils above, your renters insurance policy will often not cover certain items, such as:

Work-related items. If you run your business out of your apartment, special equipment like art or manufacturing supplies may not be included in your covered property. You may need additional coverage for work-related items.

Valuables. It would seem reasonable that precious heirlooms get insurance coverage, but this is not guaranteed with renters insurance, either. If you need old rings, family treasures, or even collector’s items protected, ask your agent if you need to add on extra coverage.

Your car. Even if parked on the rental property, your car isn’t covered by renters insurance. Only state-approved

auto insurance

can do that job.

MORE:

All about Georgia car insurance

Key Takeaway In addition to protecting your valuables, renters insurance is a necessity to keep you financially protected in case an emergency happens in your apartment.

Is renters insurance required in Georgia?

No, Georgia state law does not mandate renters insurance for tenants. Even so, many landlords make buying renters insurance a condition for leasing.

If your landlord doesn’t require it, renters insurance is always a smart choice to keep yourself protected. And it doesn’t cost much, either—the average Georgian renter pays $220 a year for renters insurance, which comes out to just over $18 a month.

To reiterate, renters insurance typically includes property coverage, loss of use, liability, and medical payments. It’s a great idea to have around even if it’s not required by law: you never know what could happen between messy pets, family gatherings, and severe weather events.

Key Takeaway The average cost for Georgia renters insurance is $222, which is $63 more than the national average. A renters policy is always a good investment. You’ll pay less than $20 a month for property protection and peace of mind.

How to build a Georgia renters insurance policy

It just takes a few steps to craft your renters insurance policy in Georgia. You’ll want to start out by taking inventory of your property. Go room by room and write out the following information for each of your pieces of furniture, personal appliances, art, and electronics:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

Take pictures of everything now so that if an incident occurs, you’ll have documentation to make it easier to file an accurate claim.

Select a personal liability limit—most landlords require you to opt for a certain amount ($300,000 or $500,000), but if you don’t have much stuff, you can always ask to take out a smaller amount, like $100,000.

Check for specialty coverages you may need. If you’re in a hurricane risk zone, verify whether windstorms are a named peril and, if so, that hurricane damage is covered.

Actual cash value vs. replacement cost

When taking out your policy, you’ll have to choose between one that entitles you to the actual cash value (ACV) or the replacement cost of any items for which you file a claim.

The main difference is that actual cash value gives you the current value of your items, while replacement cost gives you the amount you would need to purchase new ones.

Say you have a three-year-old television that you bought for $1,500 and is currently valued at $900. If it is damaged by a named peril, an ACV policy would give you $900, while a replacement cost policy gives you around the original $1,500.

The replacement cost policy may seem like the obvious choice to some, but keep in mind that it will cost you more each month. Take some time to consider what items you’re insuring and how likely it is that you’d be making a claim.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

If you’re looking for a way to make insuring your investments more affordable, consider bundling

renters

and auto with the same provider to unlock 5-25% off on each policy. Not sure where to start when it comes to finding the right coverage? Just use

Jerry

Jerry partners with over 50 top insurance companies, so you’ll never miss out on the best deals on the market. Just download the Jerry app and complete a quick sign-up, and Jerry will present you with dozens of competitive auto quotes to compare.

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Is renters insurance worth it?

Even if it’s not required by your state or landlord, renters insurance is definitely worth the purchase.

It’s cheaper than most other forms of insurance, and it can prevent you from paying debilitating out-of-pocket costs should a major incident happen in your residence.

What is the average cost of renters insurance in Georgia?

Renters insurance in Georgia costs an average of $222 a year, which is around $60 more than the national average. This breaks down to around $18 a month.

(For comparison purposes, many people regularly pay $300 or more for car insurance each month.)

You could save 15% or more on renters insurance by bundling

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