{"id":7829,"date":"2022-10-18T18:16:25","date_gmt":"2022-10-18T18:16:25","guid":{"rendered":"https:\/\/veloxinsurance.com\/?p=7829"},"modified":"2023-11-07T16:24:01","modified_gmt":"2023-11-07T16:24:01","slug":"what-renters-insurance-doesnt-cover-in-ga","status":"publish","type":"post","link":"https:\/\/veloxinsurance.com\/blog\/what-renters-insurance-doesnt-cover-in-ga\/","title":{"rendered":"5 Things That Renters Insurance Doesn\u2019t Cover in Georgia (and How to Get Coverage)"},"content":{"rendered":"\n

It\u2019s easy to get excited about how much renters insurance in Georgia<\/a> can save you money and stress at the same time. But no insurance policy is perfect, and even renters insurance has its limits on what it covers. <\/p>\n\n\n\n

So, what does renters insurance not cover? Read on for 5 things to watch out for \u2014 and how to get them covered by your renters insurance policy. <\/p>\n\n\n\n

1. The Purchase Price of Your Belongings Isn\u2019t Typically Covered with Georgians Renters Insurance <\/h2>\n\n\n\n

It\u2019s true that renters insurance does help pay for the replacement of your belongings if they\u2019re lost or damaged in a covered event. But, by default, your policy likely covers a portion of the purchase price of your items, or the actual cash value<\/a> (ACV). <\/p>\n\n\n\n

How does ACV work? Suppose you bought a nice sofa for $1,500. Over the next few years you take care of your sofa, but wear-and-tear is inevitable, and the sofa gradually loses half of its value \u2014 the technical insurance term<\/a> for this is depreciation. A small fire breaks out in your living room (thank goodness you have renters insurance!), and you make a claim to replace your sofa. Rather than give you a check for what you paid for the sofa, the insurance company will cover the value of the sofa, or $750. <\/p>\n\n\n\n

Think of it this way: if you were to sell your sofa after years of use, you wouldn\u2019t expect to get the full $1,500. That\u2019s exactly how your renters insurance company sees it, too. So, if you want to get the same sofa, you\u2019ll need to put in another $750 to buy a new one \u2014 or look around for a used one for half the price. <\/p>\n\n\n\n

How to Get Renters to Cover the Purchase Price of Your Belongings <\/p>\n\n\n\n

The good news is that renters e can fully reimburse you for what you paid for your belongings. Instead of ACV, ask for a replacement cost value (RCV) policy. An RCV policy will cover the cost for you to purchase a new, similar sofa when you make a claim. <\/p>\n\n\n\n

2. You Need Renters Insurance Riders in GA to Cover Special Valuables <\/h2>\n\n\n\n

Your everyday possessions will be covered by renters insurance<\/a>, but high-value belongings are usually excluded from your policy. These items include: <\/p>\n\n\n\n