Renters Insurance Georgia
In 2013, the average estimated cost of renters insurance in Georgia was $225 a year. Compared to that the average homeowners insurance is $900 a year in Georgia, thus renters insurance is cheaper than most people realize.
Comparing Renters and Owners Insurance in 2013 in Georgia
The landlord's policy is not going to cover renter's damages like burglary of renters possessions. There were 86789 burglaries are reported in Georgia in 2012. So, to make sure you're protected from these events like fire, burglary or other disaster, you may need renters insurance.
Renters Insurance Coverage Types:
Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. An example of this is – a $5930 LCD TV might be worth only $2970 in six months and that is the amount the insurance pays for.
Replacement Coverage Policy in Georgia:
- Quoting the same example, the insurance essentially may not pay for the LCD TV but one will get adequate amount to buy another laptop same as the lost/damaged one. The replacement cost insurance in Georgia costs around $56.25 more than the actual cash value policy.
- Considering the median rent of $1020 per month in Georgia, the average renters insurance of $20 per month is 1.96% of median monthly rent.
Estimated Renters Insurance for Different House Types in Georgia
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Georgia:
In Georgia, by choosing a $500 deductible over a $250 deductible, an average of $24.75 can be saved on the insurance premium.