The Best Cheap Renters Insurance in Georgia

Renters insurance is not expensive, but it is required to protect your belongings in the event that they are damaged or stolen. We gathered dozens of renters insurance quotes from across Georgia in order to find the best options for renter insurance in the state.

The best price we found in Georgia for renters insurance is only $20 per month. However, you should not base your decision solely on price; service quality and coverage options are also important considerations.

Best renters insurance for most people: State Farm

We believe that State Farm renters insurance is the best option for the majority of Georgia renters. It stood out among the companies we looked at because of its low prices, simple purchasing process, and excellent customer service.

State Farm's average renters insurance price is $20 per month, which is 22% less than the Georgia average and the cheapest we found overall.

State Farm's customer service ratings are also higher than the national average for Georgia insurers. It had a 0.38 complaint index from the National Association of Insurance Commissioners, which means it received 38% fewer complaints than a typical insurer of the same size.

State Farm received a respectable 831/1000 in J.D. Power's 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 that the company's finances are very reliable.

State Farm, the nation's largest insurance company, offers a wide range of insurance products, including auto and boat insurance. As a result, it is an appealing option for renters who want to manage all of their insurance coverage through the same provider.

Best for full coverage: Travelers Insurance

Travelers Insurance is recommended for renters who have a large number of belongings that require coverage. Its rates are only $3 more than our top pick, at $23 per month, and you can customize your policy with more options than State Farm.

Travelers' two most appealing coverage options are equipment breakdown coverage and water backup coverage. Equipment breakdown covers the cost of repairing mechanical devices such as washing machines if they break down. Water backup coverage also covers damage to your property caused by a water backup.

The main disadvantage of Travelers is that you must pay in advance for a full year of coverage — you cannot pay month to month. While the total cost after a year is less than average, and you can get a refund if you change insurers midyear, it may be a hassle for some renters to pay the full sum all at once, especially if you move.

Travelers' ratings for customer service aren't as high as our top pick. It has an NAIC complaint index of 0.50 and a J.D. Power rating of 796/1000.

Best for maximizing discounts: Liberty Mutual

We recommend Liberty Mutual to renters who can't find affordable rates from our top picks but can qualify for a slew of discounts. It provided the most discounts of any Georgia renters insurance company we looked at, including a few that were not available elsewhere.

With an average monthly cost of $21, Liberty Mutual was the second-cheapest renters insurance company we looked at. And it was the cheapest option in roughly half of the cities for which we obtained quotes.

We discovered more potential savings at Liberty Mutual than at any other insurance company. They provided standard discounts, such as those for bundling multiple policies and being claim-free, as well as less common ones, such as signing up for automatic payments or purchasing your policy online.

However, we don't recommend purchasing a renters insurance policy solely on the basis of discounts — they aren't a perfect indicator of what you'll actually pay, which is what matters. To get the best price, we always recommend getting quotes from multiple insurance companies.

Liberty Mutual's coverage and customer service options were average. It had an NAIC complaint index of 0.81, which means it received approximately 81 percent as many complaints as a typical insurance company of its size. That is better than the national average, but not as good as the other insurance companies we investigated.

How we chose the best renters insurance companies in Georgia

We make our recommendations based on three main criteria when reviewing renters insurance companies:

• Affordability: Is this insurer's pricing competitive with other insurers in the area?
• Coverage options: Does it offer a diverse range of coverage options that are beneficial to renters?
• Customer satisfaction: Are customers satisfied with the service they receive from their insurer, particularly during the claims process?

Affordability: Finding cheap renters insurance in Georgia

The average cost of renters insurance in Georgia is $25 per month, but there is a significant difference between companies. State Farm, the cheapest insurer we looked at, is 41% less expensive than the most expensive insurer. That means switching providers can save you up to $172 per year.

See the table below for a complete breakdown of the cheapest renters insurance companies 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 advertise discounts, we do not recommend buying renters insurance solely on the basis of those. Renters insurance is generally inexpensive enough that a percentage discount will not make a significant difference in your bill.

The only exception is a bundle discount. All of the insurers we looked at offer discounts for combining renters and other types of insurance policies, particularly auto insurance. Bundle discounts are among the most significant discounts offered by insurers, and they frequently apply to both your renters and auto insurance policies. We always recommend double-checking to see if you're eligible.

Coverage options: Comparing renters insurance policies and benefits

Renters insurance typically does not have as many coverage options as homeowners and auto insurance policies, but there are some optional coverages that can distinguish insurers — especially if you stand to benefit from that coverage.

Here are some key coverage options that Georgia homeowners may find appealing:

• Replacement cost coverage: Pays the full cost of replacing an item that has been damaged or stolen, rather than the depreciated value.
• Valuable items: Covers the full cost of expensive items such as jewelry and electronics, which are frequently excluded from standard policies.
• Water backup: Pays to repair or replace items damaged by water from a drain backup.
• 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.

Furthermore, every renters insurance company we investigated provided the following standard coverages. If a renters insurance company does not offer these basic options, you should look elsewhere:

• Personal property coverage: Pays to repair or replace your belongings if they are stolen or damaged as a result of a covered peril.
• Additional living expenses: Pays for a hotel or other lodging if your apartment is rendered uninhabitable due to a covered peril, such as a fire.
• Liability coverage: Pays for damages caused to others for which you are responsible, such as if a visitor is injured in your home.
• Medical payments coverage: Covers the cost of others' medical care while they are in your home, regardless of who is at fault.

Customer service: Evaluating insurer quality in service and claims

Excellent customer service from your renters insurance provider is critical. After you've had something stolen or lost possessions in a fire, you want to work with a company that will work with you to get your claim filed as soon as possible, rather than dragging it out for weeks.

We look at three key metrics to evaluate customer service from Georgia renters insurance companies: the NAIC complaint index, the J.D. Power rating, and the AM Best financial strength rating. For the Georgia insurers we looked at, we based our rating on the following factors:

• NAIC Complaint Index: Compares the number of complaints received by an insurance company in relation to its size. A lower number indicates fewer complaints (and thus better service), and the national average is 1.00. Because the NAIC combines homeowners, renters, and condo insurance, these ratings reflect all three.
• J.D. Power rankings: This score describes overall customer satisfaction with renters insurance companies and is based on a survey of renters insurance policyholders. The national average is 835, based on a 1000-point scale.
• AM Best FSR: A letter grade describing an insurance company's overall financial health. Also describes the company's ability to pay out claims even when there is a high demand for them (such as after a natural disaster) or an economic downturn.

Georgia renters insurance: Costs by city

In addition to our statewide analysis of renters insurance costs in Georgia, we also did a city-by-city breakdown. The average cost of renters insurance in Georgia is shown below, along with how it compares to the statewide average.

Allstate did not provide a quote in Hinesville, which skewed its average cost.

The cost of renters insurance varies by state as well. Take a look at our renters insurance cost study to see how the cost of renters insurance in Georgia compares to the rest of the country.

Methodology

We obtained 124 renters insurance quotes from five major insurance providers in Georgia, located in 25 major cities throughout the state. Our hypothetical renter is a 30-year-old man who lives alone and has never filed a claim with his renters insurance.

He's covered himself with $30,000 in personal property insurance with a $500 deductible and $500,000 in liability insurance.