Home > Renters Insurance > The Best Cheap Renters Insurance in Georgia (November 2022)

The Best Cheap Renters Insurance in Georgia (November 2022)

Updated Dec 6, 2022

Updated Dec 6, 2022

Home > Renters Insurance > The Best Cheap Renters Insurance in Georgia (November 2022)

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Renters’ insurance is designed to protect tenants and their personal property against unforeseen events like natural disasters, vandalism, or theft. Whether you’re leasing an apartment in Athens  or a single-family home in Savannah, here’s how much you can expect to pay for coverage as a renter in Georgia.

The Best Affordable Renters Insurance Companies in Georgia

  1. Lemonade — Quickest Claims Process
  2. Geico — Most Accessible Customer Service Representatives
  3. State Farm — Most Comprehensive Personal Property Coverage
  4. Allstate — Best for Additional Coverage

Compare the Best Renters Insurance Companies in Georgia

CompanyLemonadeGeicoState FarmAllstate
Compare Quotes in GA$33.42 per month$21.38 per month$22.07  per month$35 per month
Our TakeQuickest Claims ProcessMost Accessible Customer Service RepresentativesMost Comprehensive Personal Property CoverageBest for Additional Coverage
Average Monthly PremiumStarts at $5 per monthStarts at $12 per monthStarts at $8.33 per monthStarts at $4 per month
House Method Star Rating4.94.84.74.6

Lemonade: Quickest Claims Process

Quickest Claims Process

Why We Chose Lemonade

Boasting a record-setting 3-second claim reimbursement time, we’ve scored Lemonade with 4.9 out of 5 stars and named it the best renter’s insurance carrier in Georgia for quick claims processes. As the only fully-digital insurer on the market, Lemonade’s business model is consolidated into its online customer portal and convenient mobile app for iOS and Android. Its 90-second sign-up process is easy to navigate, so you don’t necessarily need to be tech-savvy to opt for this tech-based service.

One thing worth noting is that because Lemonade is powered by AI, you won’t be able to speak to a live insurance agent in-app should you run into any problems. Lemonade does have a toll-free number — 1 (844) 733-8666 — that can be called for additional customer support.

Pros and Cons of Lemonade

Pros

  • Donates a portion of unused claims money to a non-profit organization of your choice at the end of each calendar year.
  • Policies and claims are managed solely online for a paperless, faster-than-average coverage experience
  • Supports a 90-second enrollment process and an average claim submission time of two minutes. Also, 30% of claims are approved instantly.

Cons

  • Is only available in 23 states plus Washington, D.C., so if you move out of Georgia, you may have to switch providers.
  • No live customer support available in-app or online

Cost

Though Lemonade advertises rates starting at $5 per month for basic renters’ insurance coverage, we generated a sample quote for a hypothetical tenant renting a one-bedroom apartment in Atlanta, Georgia. With $100,000 in liability protection, $20,000 in personal property coverage, and a $500 deductible, Lemonade quoted us $33.42 per month or $389 per year. Policyholders who choose to pay annually receive an additional $12 off. Additional discounts are available by bundling your renters policy with another Lemonade product like pet, homeowner’s, auto, or life insurance.

Fill out this online form for a free renters insurance quote from Lemonade.

Geico: Most Accessible Customer Service Representatives

Geico Home Insurance

Why We Chose Geico

Though Geico’s expertise lies in the auto insurance sector, the brand name provider offers renter’s insurance through third-party insurance underwriters. Geico has local agents based in nearly every city across Georgia, making it a great option for renters who prefer one-on-one customer service. We scored Geico with 4.8 out of 5 stars, commending it for its strong customer care network, multi-policy discount opportunities, and solid financial strength ratings.

Georgia renters interested in coverage through Geico should be aware that all claims filed will be handled by a non-affiliated insurance company, some of which include Assurant, Chubb, Liberty Mutual, and more. You won’t have the option to choose the carrier you’re matched with at sign-up.

Pros and Cons of Geico

Pros

  • Discounts available when you bundle your renter’s insurance with a Geico auto insurance policy
  • Supports multiple customer service channels including via phone, live chat, an online virtual assistant, e-mail, and an express services resource center
  • Offers a generous spread of additional policy endorsements including identity theft protection, business merchandise coverage, and more

Cons

  • Coverage is administered through third-party insurers, not Geico itself.
  • Offers fewer discounts than competing renters’ insurance carriers in Georgia

Cost

Out of all providers reviewed in this guide, Geico offered the most affordable renters insurance in Georgia. According to its website, Geico’s basic renters’ insurance starts at $12 per month. Still, for a more localized coverage estimate, we requested a sample quote for an Atlanta resident renting a one-bedroom apartment. Selecting $100,000 in personal liability coverage, $20, 000 in personal property protection, and a $500 deductible, Geico quoted us $21.38 per month or $266 per year.

Policyholders can also get an additional 10% off their premium when they follow through with their initial quote by purchasing a policy online. Geico also offers multi-policy incentives.

Fill out this online form for a free renters’ insurance quote from Geico.

State Farm: Most Comprehensive Personal Property Coverage

Why We Chose State Farm

Occupying 8.82% of the market share in 2021, State Farm is one of the largest names in the property insurance industry. Its prominence in the category is reflected in its A++ financial strength rating from A.M. Best and superior renters’ insurance coverage options. We gave State Farm 4.7 out of 5 stars, earning itself high marks for its robust personal property protection, low customer complaint numbers, and several unique add-on options.

Pros and Cons of State Farm

Pros

  • Policyholders can save up to 17% on their premiums when they bundle renters’ insurance with another State Farm product like life or homeowners’ insurance.
  • Offers unique additional riders like umbrella insurance for claims that exceed your standard policy’s coverage limits
  • Has inflation coverage, which automatically adjusts your allotted amount of coverage with premium spikes, to ensure you’re never paying more for less

Cons

  • Online quotes can be difficult to request in some areas and may require speaking directly with an agent.
  • Only offers three deductible options

Cost

With basic coverage starting at just $8.33 per month,  State Farm offers comprehensive coverage at competitively affordable premiums. To see how State Farm’s renters insurance rates vary in Georgia, we customized a quote for a single tenant occupying a one-bedroom apartment in Atlanta. In seeking out $20,000 in personal property protection, $100,000 in liability coverage, and a $500 deductible, we were quoted $22.07 per month of $265 per year. Policyholders can get up to 17% off their renters’ insurance premium by bundling their policy with another State Farm insurance product.

Fill out this online form for a free quote from State Farm.

Allstate: Best for Additional Coverage

Allstate Renters Insurance

Why We Chose Allstate

Another well-known name among leading insurers in the U.S., we rated Allstate with 4.6 out of 5 stars for its standout three-tiered plan framework and some hearty additional coverage options. However, we did dock a few points from Allstate’s overall rating as it was the most expensive renter’s insurance option for tenants in Georgia, based on our research.

Aside from price, Allstate is a great option for first-time renters who are unfamiliar with what level of coverage might be best for them. With each free quote requested, Allstate generates three pre-made policy options with proportionate coverage to deductible ratios. Allstate also hosts a free online calculator tool for renters to quantify the total replacement costs of their personal property and then identify their coverage needs accordingly.

Pros and Cons of Allstate

Pros

  • Creates three made-to-order policy options with each quote you generate, which makes customizing coverage much simpler for anyone new to renters’ insurance.
  • Has a What’s Your Stuff Worth? online calculator tool for tenants to determine the right level of coverage for them
  • Offers several additional coverage options, including identity theft protection and scheduled personal property coverage for expensive items like jewelry, antiques, collectibles, etc.

Cons

  • More expensive policy premiums than other carriers in Georgia.
  • Has a higher history of customer complaints than the industry average

Cost

Offering the lowest base rate out of many competing insurers, Allstate’s renters’ insurance policies start as low as $4 per month. With policy customizations, however, it’s unlikely that you’ll receive a premium that low, so we ran a test quote for a more accurate price point. A tenant living in a one-bedroom apartment in Atlanta will pay around $35 per month for $20,000 in personal property coverage, $100,000 in liability protection, and a $500 deductible.

Unlike most other renters’ insurance carriers, Allstate splits its coverage into three policy tiers: Basic, Standard, and Enhanced. Each option incrementally increases in coverage and price to offer guided plan frameworks depending on the level of protection you’re looking for.

Fill out this online form to get a quote from Allstate.

How Much is Renters Insurance in Georgia?

The average cost of renters’ insurance in Georgia is $209 per year, which is about $35 above the national average of $174. That breaks down to about $17 per month or just over $3 more than the monthly national average for renters insurance. Bear in mind that these averages are based on a hypothetical policyholder selecting $100,000 of coverage for personal property and liability plus a $500 deductible.

Like any other form of insurance, the amount you’ll pay for your renters’ policy will depend on the level of coverage you need, the amount of your deductible, and the location of the covered address, among other factors.

historic rental homes in downtown savannah, Georgia
Unsplash/Philip Arambula

Who Offers the Cheapest Renters Insurance in Georgia?

The best way to discover the most cost-effective renter’s insurance option for you and your coverage specifications is by generating at least three custom quotes with top-rated carriers. Here’s how each insurer featured in this guide compared when we requested quotes for a one-bedroom apartment in Atlanta, Georgia.

Each of these quotes specified $20,000 in personal property coverage, $100 in liability protection, and a $500 deductible. No add-ons or additional endorsements were attached.

CompanyOur RatingMonthly Renters Insurance Premium
Geico4.8$21.38
State Farm4.7$22.07
Lemonade4.9 $33.42
Allstate4.6$35

Factors that Impact Renters Insurance Premiums in Georgia

Location and Home Risk Level

The location of the rental property being covered by your policy holds weight in how much you’ll pay per month, largely based on local crime rates and weather hazards. For example, a rental home on The Sea Islands will naturally incur a higher premium due to an increased risk of hurricanes because of its proximity to the coast.

Likewise, properties in Georgia districts with higher levels of reported crime will be more expensive to insure as they present a statistically increased risk for burglary, larceny, etc.

Credit Score

Regardless of your state, most renters’ insurance carriers will refer to your credit score when calculating your premium. Research shows that policyholders with lower credit scores are typically more likely to file insurance claims compared to those with higher credit scores. For that reason, insurers charge renters with poor credit histories more for coverage to compensate for their increased likelihood of filing. On the flip side, renters with a strong credit history tend to pay less for coverage.

Coverages, Deductibles, & Discounts

Your deductible is the out-of-pocket amount you’ll have to pay when filing your first claim before your provider will step in to help. Specific to renter insurance, most deductible options range anywhere from $500 to $5,000. The higher the deductible you select, the less your premium will be, and vice versa.

What Does Georgia Renters Insurance Cover?

Though renters’ insurance is fairly affordable compared to other forms of insurance, it’s still an added expense. It’s important to understand what is and isn’t covered under a standard policy before you purchase coverage in Georgia.

A typical renters insurance policy is comprised of three types of coverage:

  1. Personal property: Offsets the cost of household items like furniture, clothing, electronics, etc., in the event of a covered loss
  2. Loss of use/additional living expenses: Covers extra costs you may incur for temporary housing if the property you rent becomes uninhabitable due to a covered loss
  3. Liability protection: Protects you from potential medical expenses or legal fees should a guest become injured while visiting the property you rent. This also extends to any expenses related to damage to someone else’s property.

Covered losses, also known as named perils in the insurance industry, are the specified causes of unexpected damage behind any claim you file. Most renters’ insurance providers in Georgia will cover costs related to:

  • Lightening, fire, explosions, and smoke
  • Short-circuit damage caused by sudden electrical issues
  • Tornadoes and hurricanes (may only be included as an add-on)
  • Hail and windstorms
  • Vandalism, larceny, and theft
  • Falling objects
  • Water damage caused by interior accidents (i.e., pipe break)

Considerations for Renters Insurance in Georgia

Though renters’ insurance isn’t required by law in Georgia, landlords reserve the right to require prospective renters to have a policy in place when considering them for tenancy.  Across North and Central Georgia, heavy, damaging winds occur for an average of 19 days per year. Out of all cities in Georgia, Valdosta is at the highest overall risk for storms, heat, fire, and drought. Augusta-Richmond County presented the lowest overall risk.

Regardless of where you live in Georgia, renters’ insurance is an affordable way to safeguard yourself and your personal belongings in extreme weather, theft, or another form of unexpected destruction.

According to the U.S. Census Bureau, approximately 37% of those living in Georgia rent their primary residence. Based on current real estate market trends, the average leasing price for a one-bedroom apartment in Atlanta is around $1,750 per month. With a standard renters’ insurance policy that includes $100,000 in liability protection, $20,000 in personal property coverage, and a $1,000 deductible, your premium will fall around $17. That’s about 0.97% of the average monthly cost of rent in Atlanta.

Contact the Georgia Office of the Commissioner of Insurance

While comparing different renters’ insurance providers and policies, if you ever interact with a seemingly fraudulent carrier, fill out this online form to confirm the company’s licensure in Georgia. If you’re already enrolled in renters’ insurance coverage and have been denied coverage for a claim that you feel complies with your policy’s terms and conditions, you can file a dispute through Georgia’s Consumer Services Division.

Final Verdict: Which Georgia Renters Insurance Company is the Best?

Scoring highest out of all carriers featured in the guide, House Method found Lemonade to offer the all-around best renter’s insurance option in Georgia. Not only does Lemonade combine affordability with robust coverage, but it’s also been backed by current policyholders for above-average customer service and record-fast reimbursement times. Being the industry’s first fully-digital insurer, Lemonade is also convenient to file with and cuts out unnecessary transaction fees and form transfers through its paperless processes.

Regardless of the insurer you sign with, we always recommend comparing two to three quotes across a handful of reputable providers for a better understanding of your options market-wide.

Frequently Asked Questions

What is the average cost of renters insurance in Georgia?

The average cost of renters insurance coverage in Georgia is approximately $27 per month or $323 per year, according to the Insurance Information Institute (III).

What are the three major parts of renters insurance?

Renters’ insurance coverages are typically split into three primary categories:

  1. Personal property
  2. Liability protection
  3. Additional living expenses

What is not covered by renters insurance in Georgia?

In Georgia, as well as in most states,  most renter’s insurance policies won’t take on coverage costs related to:

  • Property damage to the rental itself (this should be covered by the landlord’s insurance)
  • The property of another tenant on the property unless they are also listed on the policy
  • Damage or destruction caused by household pets
  • Earthquakes, sinkholes, mudslides, or terrorism
  • Preventable pest infestations like bed bugs, mice, termites, roaches, etc.
  • Stolen personal vehicles
  • Irreplaceable valuables like engagement rings, collectibles, antiques, etc. (*without the purchase of additional coverage)

Can you have two renters insurance policies in Georgia?

Technically you can purchase two separate renters insurance policies in Georgia, but it won’t provide any more coverage than a single policy offers. In other words, you aren’t securing double the coverage by purchasing a second policy, you’re only paying twice for the same protection. Remember that attempting to file multiple claims for the same incident through different carriers is considered insurance fraud in Georgia.

Is renters insurance required in Georgia?

While renters insurance isn’t legally required in Georgia, landlords reserve the right to insist on the purchase of renters insurance for any prospective tenants. Though the small additional expenses may be frustrating on top of your application fee and security deposit, renters’ insurance is designed to fully benefit you, the tenant, should something unexpected occur while you’re staying at the rental property.

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