If you’re getting ready to move into a new apartment, it’s highly recommended that you obtain some affordable renters insurance if you can get a good quote. While the building that you live in is already insured with the landlord, your belongings aren’t covered, which is why renters insurance can be very beneficial. Like many insurance types, there are a wide range of companies that offer renters insurance. Before choosing a policy, you should learn more about how to select the right policy for your needs. This article serves as a comprehensive guide on how to buy Georgia renters insurance.
What Is Atlanta Renters Insurance?
Renters insurance is designed mainly to cover the personal belongings in your apartment. You’ll also be provided with liability coverage. Keep in mind that this insurance is available when you live in a home, condominium, or apartment that you don’t directly own. Renters insurance covers many of the same situations as homeowners insurance policies. These situations include everything from theft incidents to fires. However, it’s much easier to find cheap renters insurance when compared to homeowners insurance since the latter also covers the structure of the home.
When You Should Purchase Georgia Renters Insurance
Before you obtain renters insurance, keep in mind that some landlords will require that prospective tenants purchase renters insurance before signing a lease. On the other hand, the majority of landlords will allow you to choose whether or not you want to purchase renters insurance without requiring you to do so before signing a lease. If renters insurance is required, it’s still important that you obtain at least one renters insurance online quote to help you determine if you can afford the price. Comparing different insurance policies may be necessary to ensure that you obtain affordable renters insurance.
While renters insurance can typically be purchased for a relatively low monthly payment, it’s important to determine how much coverage you require before purchasing this insurance. In the event that you only have a few basic possessions that aren’t worth much, you may not need renters insurance. For every other individual, renters insurance is an affordable way to cover any valuable possession you currently have in your apartment. These possessions can include television sets, computers, jewelry, clothing, and furniture. In the event of theft or damage to these possessions, you will be covered and will avoid the frustration of paying out-of-pocket to replace any lost or damaged possessions.
What Atlanta Renters Insurance Covers
Standard renters insurance policies will cover any personal items in your possession, any expenses for temporary relocation, and liability in the event that you’re sued because of negligence. The majority of renters insurance policies provide coverage for the destruction or loss of your belongings, which can include clothing, smartphones, and other items. This coverage kicks in whenever one of the following 16 events takes place. These events include:
- An eruption of a volcano
- A falling object
- Lightning or fire
- An explosion
- Hail or a windstorm
- Damage that occurs from vehicles
- Damage that occurs from aircraft
- Civil commotion or a riot
- The discharge of steam or water from household appliances or systems
- The weight of snow, sleet, or ice
- Damage caused by electric currents that are artificially generated
- The freezing of household appliances and systems
- The accidental or sudden burning or cracking of household items
Keep in mind that any personal belonging in your apartment building or condominium will be covered even if you’re using the item when running errands. Let’s say that your smartphone is stolen when on vacation. In this situation, the renters insurance policy that you purchase will cover the replacement expenses. However, you will be required to pay your deductible. There might also be a certain limit to how much coverage extends to items that have been damaged outside of your apartment.
Useful Tips on Buying Affordable Renters Insurance
If you’re interested in purchasing renters insurance to cover the belongings in your apartment or condominium, there are numerous guidelines that you should follow to ensure that you make the right purchasing decision. The following offers six notable tips that should make it easier for you to buy renters insurance.
Learn More About the Various Coverage Types
It’s important that you learn about the various types of policies that you can obtain with renters insurance. You can select a replacement value policy or an actual cash value policy. With an actual cash value insurance policy, depreciation will be taken into account when determining how much money you will receive for your damaged or stolen possessions. Depreciation is a reduction in the overall value of a certain asset, which occurs with the general passage of time.
To account for this decrease in value, the monthly premium that you’re expected to pay will typically be lower when compared to a replacement value policy. As for a replacement value policy, the depreciation of an asset won’t play a part in determining how much the asset is worth. Instead, you’ll be provided with the total amount it would take to replace the item at current market value. These policies can come with higher premiums.
Make Sure That You’re Aware of What Isn’t Covered
Not all renters insurance policies are the same. Certain policies won’t provide coverage for any damage that was caused by flooding or earthquakes. While separates policies are usually available for anything that isn’t covered, this will only serve to make you pay for two types of insurance at the same time. Try to find a policy that includes expansive coverage.
Consider Selecting a Higher Deductible
The deductible tied to your insurance policy represents the amount of money you must pay before the insurance company covers the rest. For renters insurance, deductibles typically range from $250-$1,000 in price. While many individuals opt for a lower deductible, selecting a higher deductible means that your monthly premium will be significantly lower.
Compare Renters Insurance Rates
Before you purchase a policy, it’s highly recommended that you take the time to compare renters insurance rates by obtaining multiple quotes. A renters insurance online quote will show you what you will pay when selecting a policy with a specific insurance company. By obtaining several quotes, you can compare them to make sure you choose the most affordable option. You could also select the policy that provides the best features or the most coverage.
Estimate the Value of Any Personal Property You Have
When selecting a renters insurance policy, you’ll be able to choose the amount of coverage that you require, which could be anywhere from $10,000-$500,000. Renters insurance is meant to cover the entire replacement costs for any of your belongings that have been damaged or stolen. To identify how much coverage you need, it’s important to estimate the value of your personal property.
Before estimating the value of your belongings, make a list of every item that you own. With a complete inventory in hand, you can start estimating the value by identifying when you purchased each item, what you paid for these belongings, and what you believe each belonging is worth at the moment. Add up the amounts to arrive at a general estimate of how much coverage your renters insurance policy should provide.
Consider Hiring an Insurance Broker
If you’ve started searching for the right renters insurance policy, you might be overwhelmed by all of the options available to you. To make this process easier and more straightforward, it’s highly recommended that you retain the services of an insurance broker. These individuals will help you identify the policies that meet your exact needs. They can obtain quotes for you and compare the various options at your disposal. Without a broker by your side, you could make a poor decision that you will later regret. Professional brokers have extensive experience and understand what to look for in a renters insurance policy.
Now that you know how to buy renters insurance, you should be able to find a policy that covers all of your belongings while also being relatively affordable. Even if your landlord doesn’t require renters insurance for your Georgia apartment or condominium, you should definitely consider purchasing one of these policies if you want to have peace of mind that your belongings are protected in the event of theft, an accident, or a natural disaster.