Deal Finder: Invest in Renters Insurance to protect against property loss, more

By LaTINA EMERSON, Special to The Coweta Shopper

If you’re renting or leasing an apartment, house or condo, you could be one incident away from needing to relocate or facing a major financial loss. Consider getting renters insurance to protect your personal belongings and provide liability coverage in case of an accident or injury on the property.

Renters insurance helps tenants to replace personal items, recoup their expenses or protect them from monetary loss if an emergency occurs. Learn more about the benefits of renters insurance:

Know the types of coverage

Renters insurance usually includes several types of coverage, according to AAA:

• Personal property coverage protects your personal belongings, such as furniture, electronics, clothing, appliances and more, from events such as theft, vandalism, fire, certain natural disasters or water damage.

• Liability coverage offers financial protection if you’re found legally responsible for an accident or injury to someone else or damage to their property while they’re on your rental property.

• Additional living expenses (ALE) coverage is useful if your rental unit is not fit to live in. ALE coverage helps pay for temporary living expenses such as hotel bills, meals and other costs, until you’re able to move back into your rental.

If any of these events occur, renters can file a claim with their renters insurance company to be compensated for their loss, up to the policy’s limits. This is also minus any deductibles. Renters should review their policy to understand the coverage limits, exclusions and deductibles and contact their insurance provider with any questions, AAA reports.

If renters need to file an insurance claim, Allstate.com recommends contacting the insurance provider as soon as possible to report the claim. Renters should protect their items from further damage and document damaged items with written notes, photos and videos of the damage.

Understand the Benefits

Some benefits of renters insurance, according to AAA, include:

• Protects your personal belongings. If your belongings are damaged or stolen in an event covered by your renters insurance, this insurance can help cover the cost of replacing these items, saving renters a substantial amount of money.

• Offers liability coverage. If someone is accidentally injured on your property or you damage someone else’s property, renters insurance helps to protect you from financial loss if you’re found to be legally responsible. This includes financial responsibility for medical bills, legal fees or other costs.

• Cost effective. Renters insurance is typically affordable. The benefits of having the coverage can outweigh the costs.

• Confidence that you’re protected. Renters insurance coverage allows renters to have peace of mind because they’re financially protected if unexpected events occur.

Do your homework

NerdWallet reports that Georgia is one of the most expensive states for renters insurance, with an average rate of $194 per year. However, renters can find affordable coverage by shopping around.

In 2024, NerdWallet reported the cheapest renters insurance company in Georgia was The Hanover. The personal finance website recommended Country Financial and USAA as the best renters insurance companies in Georgia.

The price of renters insurance can vary based on your location, coverage limits, number of units in your building and other factors, according to AAA. To get the best rate and coverage, tenants should find companies that offer rental insurance policies and then compare quotes. AAA suggests some additional points to consider:

• Coverage options. Determine what types of coverage are included in the policy, such as personal property, liability, and additional living expenses coverage. Make sure the policy provides adequate coverage for your belongings. Take inventory of your belongings stored in the apartment, house or condo to assess the value of your items. This will help you figure out how much personal property coverage you will need.

• Policy exclusions. Understand what’s not covered by the policy, which could include floods, earthquakes and certain types of personal property. If needed, consider buying additional coverage. According to Allstate.com, certain types of belongings, such as jewelry or a coin collection, have limited coverage under a standard renters insurance policy. Renters might be able to add special coverage called scheduled personal property coverage to protect their valuable items.

• Coverage limits. Examine the policy’s coverage limits, the maximum amount your policy will pay for personal property losses, to make sure they cover the value of your belongings and potential liabilities. Consider purchasing additional coverage if the limits are too low. Some rental properties might require tenants to have a certain coverage limit.

• Deductibles. Be sure to consider deductibles, or the amount you’re responsible for paying out-of-pocket before the insurance coverage kicks in. Select a deductible amount that you can afford if a tragic event occurs. Allstate.com points out that the lower your insurance premium is, the more your deductible may be for each covered loss.