Renters Insurance in Georgia: 6 Questions and the Truthful Answers

If you live in the Peach State and rent your home, Georgia renters insurance is a valuable tool that can give you peace of mind and potentially save you financially in the event of an emergency. Let’s look at 6 questions about Georgia renters insurance myths and the truth behind them.

1. Do You Need Georgia Renters Insurance When You Are Just Starting Out?

Yes. Just because you don’t own a designer wardrobe, expensive furniture, or artwork doesn’t mean that you don’t need financial protection in the event of an emergency. For example, what would it cost you to replace all your clothing and enough furniture to get by if your apartment caught on fire? Do you have a computer that you use to make a living? Would you need to live in a hotel for a while until you get a new place? Getting back on your feet could cost a lot more than you realize.

Getting an affordable renters insurance policy in Georgia will give you the coverage you need and you can buy yourself both peace of mind as well as possibly a lot more in the event of an emergency.

2. Is Georgia Renters Insurance Required?

It may not be required, but it is almost always a good idea. Some property owners may require their tenants to provide proof of renters insurance to sign an apartment lease. Others may not. The bottom line is that having a renters insurance policy in your name can protect your belongings in the event of an emergency and provide you with liability insurance. Although your landlord has homeowners insurance, it only protects them — not you or your finances.

3. Do You Need Georgia Renters Insurance in a “Nice” Apartment Complex?

Yes. One of the myths about renters insurance is that you are less likely to need renters insurance if you live in a nice neighborhood or a newer apartment building because they can be safer. Renters insurance doesn’t just cover theft (which can actually be higher in more affluent areas), but it covers many unforeseen weather events and mistakes that well-meaning people can make, which can get expensive fast.

Let’s say there is a bad storm and lightning strikes your apartment complex and causes a major fire (this can happen). Water damage from other apartments and fires that start in kitchens can happen anywhere. And if you live in an apartment that has a sprinkler system, they can ruin all of your stuff like your furniture, TV, books, and computer.

4. Is Georgia Renters Insurance Expensive?

Renters insurance is much less expensive than other types of insurance. When shopping for insurance, it’s always wise to shop around. The likelihood that you can find a policy that will give you the peace of mind you deserve at a rate you can afford is high.

When looking at renters insurance, always note exactly what the policy will cover and whether it includes replacement value or just current market value. Replacement value is the amount of money that it would cost you to go out and buy something new. The current market value is more like a “garage sale price.”

If your TV gets ruined because of water damage and is covered under your renters insurance policy, unless you know someone who will sell you a TV for a fraction of the cost of a new one, you will want to have your belongings covered for their replacement value.

5. If You Have a Roommate, Do You Need Georgia Renters Insurance?

Yes. It is possible to “split” renters insurance with a roommate, but this can be tricky. For starters, to have your belongings covered under the policy, your name needs to be on it. If you want to have your roommate pay for half of the policy, their name will also need to be on it (and they would need to have a similar dollar amount of belongings to insure). Also, roommate situations tend to be fluid. What if one of you meets the love of your life and doesn’t want a roommate anymore, or one of you gets a great job offer in a different state and decides to move before the renters insurance policy expires?

Make sure you explore these possibilities so you are prepared if and when you need to make new plans.

6. Can You Get Georgia Renters Insurance Without Great Credit?

Probably. The truth is that many people who are just starting out haven’t had the time to build their credit rating, and insurance companies know this. Also, people make mistakes, and real life happens. Perhaps you have a few late payments because you were laid off from a job, and cutting back financially wasn’t easy, but now you are back on your feet.

Even though it may not affect your ability to get renters insurance, it is a great idea to know your current credit score and learn how to keep it as high as possible. The higher your credit score is, the easier it will probably be to do things like getting a new job, renting a new apartment, or getting affordable insurance. Your credit score is a three-digit number from one of the three national credit bureaus (Equifax, Experian, and TransUnion) that is a snapshot of how likely you are to pay off your debts in a timely manner. It includes information about things like what credit cards you have, how many of the available credit lines you currently use, and whether (and how often) you have made late payments. Federal law gives you the right to get a free copy of your credit report every 12 months from each of the three credit bureaus.