I Don’t Own Much, So Why Do I Need Renters Insurance in Georgia?

There are lots of reasons, but let’s start with the simplest: you have stuff you need. Maybe there aren’t a lot of personal possessions in your apartment, condo, or other space you don’t own, but renters insurance lets you quickly replace what you do own when it’s lost. 

Think about it. If a fire, flood, windstorm, thief, or any other calamity, natural or human, came around and wiped out or took just about everything you owned, you’d be in trouble. At the very least you might lose your clothing, bed, furniture, wallet or purse, phone, or other electronic devices. 

How quickly would you need to replace everything? Could you do it in anything approaching a reasonable time? Could you go shopping within a few days after your disaster? Or would you have to allocate portions of paychecks for months, maybe even years after the event? 

With renters insurance, you can get your property replaced quickly—often within a few days. Your insurance company will likely cut you a single check which you can immediately use to start replacing what you’ve lost and desperately need. 

But it’s not only your stuff that renters insurance covers. Here are a couple more key reasons to look into this very affordable form of insurance coverage. 

Renters Insurance Offers Liability Protection 

Let’s say a visitor to your Georgia rental unit suffers a very serious burn injury while in your kitchen. Or someone trips and falls on your staircase. Whatever the injury, the person needs medical care and the bills pile up. 

Even assuming your visitor is a good friend, he or she might end up suing you because there’s no other way to pay off the bills or missed work time. What would you do if you had to go to court? 

Most standard renters insurance policies include liability coverage that will pay your legal bills and court costs, up to your coverage limits, when other parties bring suit against you for accidents that occur in your living space. This could save you thousands of dollars if the worst were to happen. 

You’ll Get Temporary Housing When You Need It Most with Renters Insurance 

Let’s go back to some of our previous examples of calamities: fire, flood, and windstorms. But flooding doesn’t even have to mean a weather event. Your space can be flooded if a pipe breaks in a unit upstairs or a water heater goes rogue. 

Whatever the cause, you’re effectively homeless in the short term while your space is being dried out, replastered, rewired, and rehabilitated. Whether it takes weeks or months, what will you do in the meantime? 

Maybe there are couches you can surf for a while, but that’s not really a good option if you have a spouse and three kids. Or if you don’t have local friends who can put you up for that long. 

If you have renters insurance in Georgia, you are likely to have a policy benefit known as temporary housing. What this means is that your coverage will pay for you to stay in a motel, short-term apartment, or other quality space for as long as you’re displaced, up to your coverage limits. 

This is a benefit that would otherwise have to come fully out of your own pocket. Or you’d have to live in your car or make other uncomfortable arrangements for much longer than you’d like. 

Renters Insurance Costs Very Little in Georgia 

Statistics from 2019 showed that renters insurance for U.S. renters, on average, cost just $174 a year. That year was the fourth straight in which the average cost had dropped. 

What you’ll actually pay depends on where you live, the cost of your rented space, how much insurance you purchase, competitive conditions in your area, and other factors. Discuss your needs with your independent insurance agent. They can competitively shop around for coverage from various carriers and find the policy that fits your needs and budget.