Georgia Landlord Insurance
- Georgia Landlord Insurance
Whether you’re stockpiling rental properties in Atlanta, Savannah or all across the state, or you’re dabbling with one property, you’ll need Georgia landlord insurance to protect your investments.
Landlord insurance in Georgia provides coverage for many facets of your rental units, including the structure itself if you own a house, the walls and in if you own a condo or apartment, any belongings you keep on the property to help maintain it, liability coverage in case someone is injured on the property and you’re found liable and so much more.
Since you’re renting your property out to another person and not living in it yourself, you need to trust that the tenants will take just as good care of the unit as you would. But since they don’t own it, they likely won’t be as thoughtful about the details.
That’s where Georgia landlord insurance comes into play. If your tenants screw up, and accidentally burn the house down (which we really hope they don’t do), your landlord policy could be the difference between getting a check from the insurance company to repair or rebuild the home or having to pay for everything out of your own pocket.
What’s Covered With a Georgia Landlord Insurance Policy?
This covers the actual structure of your home and the components that make it, such as the roof, siding, windows, countertops and flooring. Since you’re not the one living in the home and taking care of it full time, the landlord’s dwelling coverage should be equal to or a little more than your home’s actual value.
Depending on the type of property you own, other structures coverage may or may not apply. If you rent out a house, this coverage extends to things like fences, sheds, carports and detached garages, and is typically up to 10 percent of the dwelling amount. However, if you’re renting one or a few units in a condo complex, there’s a good chance you won’t own any of these types of coverage and, therefore, don’t truly need it.
If you store on the rental property things like a lawnmower, tools for working on the home or other items that directly help you maintain your rental unit, these items would be covered under the personal belongings portion of your landlord policy. Unfortunately, your tenants’ belongings are not covered.
It’s a good idea to maintain adequate landlord liability protection in the event one of your tenants or their guest is injured on the property and you’re held liable. This could happen for a number of reasons, including a broken stair that wasn’t repaired or a faulty fix. This coverage helps to pay for medical bills and legal expenses up to your policy’s limits.
What Are Some Extra Georgia Landlord Coverages to Consider?
Landlord Contents: For those landlords who furnish part or all of their rental properties, there’s an optional landlord contents coverage you’ll want to opt in to. This covers the belongings you keep in the unit, like furniture, electronics and appliances.
Construction: If the building codes change or you’re working on renovations, you’ll want to make sure you have coverage for your rental property that’s under construction. This helps mend the money until the home is ready for occupation again.
Loss of Income: If your rental property is hit by a covered peril and your tenants are forced to temporarily move out of the home, you’re not getting a rent payment each month. Luckily, this can help pay you the money you’re losing out on each month until the home is repaired and tenants are able to move back in.
Burglary & Vandalism: If your rental property is broken into and damaged or vandalized, purchasing additional coverage for burglary and vandalism will quickly become your best friend. This can help repair parts of your home that have been damaged or replace your property that was stolen.
What’s the Average Cost of Georgia Landlord Insurance?
The average cost of landlord insurance in Georgia is about $1,500 per year, which is slightly below the national average. This is due partly to the state’s massive size and the number of rental properties in The Peach State.
Although that’s the average cost, premium prices may vary greatly depending on the location and cost of your rental unit, how much coverage you maintain and many other factors — both controllable and uncontrollable.
- Average Cost of Landlord Insurance in Georgia: $1,500 per year
Compare and Buy the Best Landlord Insurance in Georgia
Buying landlord insurance in Georgia has never been easier with Clovered’s online quoting engine that compares policies and prices of many of the state’s top insurers. After we do the hard work, we’ll display a few quotes that match your coverage needs. Simply pick one of these policies and your coverage may go into effect right away.
You've worked hard to buy your rental property. Protect it with a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.