Georgia Landlord Insurance (What It Covers + Best Providers)

Owning and operating a rental property is not for the faint of heart. It takes a lot of work, money, and persistence. Fortunately, the load is much more manageable with the right measures in place, including landlord insurance.

What do we mean by that? Georgia is a beautiful, thriving state. However, it’s not immune to the everyday troubles facing landlords — from tenants’ refusal to pay rent to damage caused by natural disasters. That’s where landlord insurance comes into play.

Below, we’ll explain the ins and outs of Georgia landlord insurance to help you better understand how it all works. Let’s jump right in!

Key Takeaways

• There is no legal requirement to get landlord insurance in Georgia, but it’s worth considering to protect your rental property and wallet.
• Landlord insurance can help put money back into your pocket if a natural disaster destroys your rental property or a tenant causes significant damage. The benefits far outweigh the cost.
• TurboTenant partnered with Steadily, a landlord insurance company known for its great rates and even better service. We also assist landlords like yourself with all your property management needs, from tenant screening to property marketing, with our innovative (and free!) property management software.

Georgia Landlord Insurance: Why It’s Essential

Landlord insurance may not be required. However, it’s vital to prevent you from paying high out-of-pocket expenses to cover damages from certain natural disasters. It takes care of many repair and replacement costs to decrease your financial burden, depending on the level of service you choose.

When it comes to landlord insurance, Georgia is one state where you’ll need it. Why, you might be wondering? In addition to the benefits mentioned above, landlord insurance gives Georgia property owners peace of mind to tackle the unexpected.

In the last 44 years, Georgia has experienced 129 major weather and climate events, including four floods, 67 severe storms, 24 tropical cyclones, three wildfires, and more.

These weather events show that you need proper protection if you operate a rental property business in Georgia. Anything can happen, especially when Mother Nature decides to make an appearance.

Now that you’re thinking about insurance consider making it mandatory for each tenant to carry renters insurance. Not only does it protect them, but it also safeguards you as a landlord. By requiring renters insurance, you reduce your liability for potential lawsuits, minimize relocation costs, and ensure a safer living environment for everyone involved.

Types of Landlord Insurance Coverage

Landlord insurance in Georgia has three tiers. The first tier covers the fewest “named perils,” which is a fancy insurance term for some of the events a landlord insurance policy will cover.

As you ascend in tiers, you gain more coverage. The final tier, DP-3, provides liability.

DP-1

This tier of landlord insurance provides good, basic coverage for a wide range of perils, including:

• Fire and lightning
• Internal and external explosions
• Windstorms
• Hail
• Riots
• Smoke
• Aircraft
• Vehicles
• Volcanic explosions

However, DP1 doesn’t cover property damage caused by theft or vandalism. So, while it does cover many hazards, DP2 includes more.

DP-2

The DP2 landlord insurance covers everything in DP-1 plus more, including the following perils:

• Cracking or bulging appliances
• Freezing pipes
• Vandalism or burglary damage
• Snow weight damage
• Electrical damage
• Broken glass
• Collapse
• Water or stream
• Falling objects

Of course, because landlords get more coverage with DP2, they’ll also pay more. One of the key benefits of DP-2 insurance is unpaid rent coverage. Of course, determining your circumstances and the perils in your area will help you decide which policy is right for you.

An important note is that DP2 doesn’t include liability, though landlords can typically add it for a fee.

DP-3

When you sign up for DP3 landlord insurance, you will receive the most comprehensive policy, but that comes with a higher price tag. However, you get everything in DP1 and DP2, plus liability coverage, personal property coverage, and many optional add-ons.

Note: Although DP-3 is comprehensive, it doesn’t include every circumstance (e.g., it doesn’t cover earthquakes).

How to Choose the Right Landlord Insurance in Georgia

Landlord insurance is a staple if you have a rental property in Georgia. The question is, which landlord insurance is right for you?

Below, we’ll cover a few tips on finding the best provider:

• Clarify your needs. Every landlord insurance policy is different. Write down your must-haves regarding coverage to determine which insurance providers best fit your needs. For example, not all landlord insurance (in Georgia or other states) covers short-term rentals, appliance repairs and replacements, or loss of rental income. If these coverages are important to you, seek providers that offer them in their base landlord insurance – or as optional add-ons – so you don’t have to switch providers.
• Check out reviews. One of the best ways to determine whether a company will be a good fit is to see what other customers have to say. Reading reviews of a company can help you vet it and see if you will enjoy working with them in the long term.
• Compare costs. You don’t necessarily want to go with the cheapest landlord insurance provider. However, you don’t want to go with the most expensive policy either. As you’re sorting through providers, compare cost and coverage information so that you can figure out who’s offering you the best deal. Also, don’t forget to check out the exclusions and deductibles so that you know what you may have to pay in the event of property damage caused by a natural disaster or other issue.

Top Landlord Insurance Providers in Georgia

Steadily

Steadily is one of the nation’s top landlord insurance companies, providing an easy onboarding process and exceptional, comprehensive coverage.

Pros:

• Quick online quotes
• Highly rated
• Short-term and long-term rentals

Cons:

• Only landlord insurance – no bundling

GEICO

GEICO is a trusted insurance provider with over 85 years of experience and an impressive 97% customer satisfaction.

Pros:

• Discounts for military, paying in full, and bundling
• Additional coverage available

Cons:

• Can be challenging to file claims
• May not include short-term or vacation rental properties

State Farm

State Farm is a top-rated landlord insurance provider that makes bundling easy.

Pros:

• Customizable coverage
• Great communication

Cons:

• Doesn’t cover all types of structures
• May cost more

Obie

Obie might be somewhat new to the block, but they’re making a splash by offering great rates and coverage in all states.

Pros:

• Available anywhere nationwide
• Quick to set up

Cons:

• Only weekday phone support
• Limited coverage options

Allstate

Launched in 1931, Allstate has nearly a century of experience in the insurance industry. They strive to offer comprehensive coverage at an affordable cost. 

Pros:

• Includes multiple perils
• Many optional add-ons for extra coverage

Cons:

• Can be slow to respond, according to reviews
• Can be difficult to settle claims

Cost of Landlord Insurance in Georgia

On average, landlord insurance costs around $1280 a year, or $107 per month. However, Georgia has many landlord insurance options, so that that number will vary.

The cost of landlord insurance will be affected by factors such as the provider and coverage level, as well as the age and value of the property. In addition, the risk factors affect the overall price.

How TurboTenant Can Help

Even though TurboTenant doesn’t offer Georgia landlord insurance, we are glad to introduce you to our partner, Steadily, who can help you find the right insurance for your needs.

Once your property is protected and ready to move tenants in, consider TurboTenant for your property management or rental accounting software needs.

Sign up for TurboTenant today to take advantage of our many features, such as online rent payments, tenant screening, a detailed tenant background check, rental advertising, and more.

Georgia Landlord Insurance FAQs