As hundreds impacted by an Atlanta apartment fire, here’s what to know about GA renter’s insurance

A massive fire at the Bell Collier Village apartments on Saturday on Howell Mill Road left hundreds of tenants displaced.

Some told Channel 2 Action News that they had to wait to go in to get their belongings, and even their pets. While the complex has provided residents with $250 credits and paused rent payments while they remain out of the apartment, the renters say it isn’t enough.

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As the fire left as-yet unspecified levels of damage, Channel 2′s Linda Stouffer has more about what you need to know about renter’s insurance in Georgia, and even some parts that may surprise you.

A fire on the roof, water damage, or the harm from a tree falling on your house or apartment. All of these disasters can be a nightmare for renters, leaving them sometimes out of their homes for weeks at a time.

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An insurance analyst with Bankrate says to look for renter’s insurance that covers for liability, contents and also living expenses.

“What you’ll want to make sure is that you have enough coverage,” Shannon Martin, Bankrate analyst, said. “For your additional living expense coverage, you’ll want to check to see what’s the cost of hotels, other apartments in your area. And think if you had a total loss, if you were displaced for about 30 days, how much money would you need to stay somewhere else?”

It’s also important when shopping for insurance that you don’t just take the first offer, get a second opinion.

Shannon Price, a partner at Sterling Seacrest Pritchard said some apartments or landlords may offer basic policies at their complexes,but it doesn’t offer the protection you’re expecting.

“Before you take what a vendor might offer through an apartment complex, you need to get a copy of that policy and take it to an agent and have them review it for you,” Price said. “Make sure with your agent that these things are covered. The contents and liability is normally a major part of it, but at least all living expenses should be included.”

Price said you can get renter’s coverage in just minutes.

“It can surprise people to know how affordable it is in the state of Georgia,” Martin said. “The average cost is around $205 a year for renter’s insurance, and that breaks down to around $17 a month. Then if you bundle your auto and renter’s together, you can see, and more of the cost of your auto policy, which would bring your rate down to about $10 or $15 per month.”

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