Homeowners Insurance in Georgia

Making the search for the best homeowners insurance in Georgia a breeze

Finding the Best Homeowners Insurance in Georgia

Are you a homeowner like nearly 64% of your fellow Georgians? If you are, you’ve probably considered buying homeowners insurance in Georgia. The two main reasons homeowners don’t buy insurance are because they think they don’t need it or worry about the cost. Though it may not be one of the most disaster-prone states in the country, Georgia regularly experiences natural disasters like hurricanes, tornadoes, and severe thunderstorms. Add on unexpected losses from theft, vandalism, and social perils like riots, and it’s hard to argue that homeowners insurance isn’t necessary. While no one wants to add another monthly payment to their list of bills, the cost of replacing your possessions or rebuilding your home would be far more prohibitive. Homeowners insurance also provides protection for you, members of your family, and even your pets if they’re found liable for certain damages. Finding the right homeowners insurance can seem like a huge hassle. That’s why we’ve done some of the hard work for you by collecting data from various sources and presenting only what you need to know. Our aim is to help you find an affordable homeowners insurance policy that leaves you feeling secure.
Georgia Homeowners Insurance Cost Broken DownCosts
Yearly Cost of Homeowners Insurance in Georgia$1,067.00
Costs Per Month for Homeowners Insurance in Georgia$88.92

How Much is Homeowners Insurance in Georgia

The first thing you'll want to know is what the homeowner's insurance rates in Georgia look like. Note that your exact rate will vary based on numerous factors, such as your credit score, claims history, and property details. Location is just one of the factors that go into calculating your insurance costs. With that said, Georgia is the 19th most expensive state for homeowners insurance, placing it above the national average. One of the contributing factors for Georgia's higher-than-average rates is its proximity to the Atlantic Ocean and the Gulf of Mexico and its susceptibility to certain natural disaster types. The average cost of homeowners insurance in Georgia is $X.XX per month, or $X.XX per year. Most cities have comparable rates, but you can see a sizable difference between the low and high ends of the scale. Sugar Hill is the lowest priced city with an average rate of $X.XX per month or $X.XX per year. In comparison, Savannah is the most expensive city for homeowners insurance in Georgia, costing residents $X.XX per month or $X.XX per year on average. Homeowners and renters who spend more than 30% of their income on housing and utility costs are considered cost-burdened. In Georgia, 18% of middle-income earners are considered cost-burdened. The number jumps to 51% for low-income earners and hits 80% and 88% for very low and extremely low incomes earners, respectively. Fortunately, there are always ways to save on your insurance premiums, as we'll discuss later.

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Georgia Homeowners Insurance Laws

The law in Georgia does not force you to buy homeowners insurance. However, your mortgage lender is likely to require you to purchase homeowners insurance as a condition of the loan. You may see this requirement listed as hazard insurance, but it amounts to the same thing. Many lenders ask for homeowners insurance because it assures them that you are covered in the event of a loss. If you are not covered and suffer a big loss, you will face a significant financial burden which could cause you to default on your loan. Placing less than a 20% down payment on your home may result in your insurance premiums being included as part of your mortgage payments. In these instances, the lender pays your insurance by taking money out of escrow. It’s better to get homeowners insurance on your own so that you can decide on your own payment schedule. Though it’s technically optional, buying homeowners insurance comes highly recommended. After all, your house and property are your biggest and most important investments. You can have better peace of mind knowing your home is protected from many of life’s unexpected events.

What Does Homeowners Insurance Cover in Georgia

Now we’ll take a look at what homeowners insurance in Georgia covers. Typical homeowners insurance policies provide four types of coverage: for the structures of your home, your personal property, additional living expenses, and your personal liability. In addition to the dwelling itself and attached structures like your garage, coverage for your home may include detached structures like sheds. Personal property coverage is typically divided into two types: actual cash value and replacement cost. Actual cash value factors in depreciation, meaning you’ll only get money back for what your item is worth today. If your 10-year old TV is damaged, you won’t be given enough for a brand-new TV. Replacement cost does not factor in depreciation; it will simply replace your item for a new one (up to policy limits). However, it usually comes as optional coverage for an additional fee. If your home becomes uninhabitable due to a covered event, you can be reimbursed for additional living expenses like hotel bills and meals. This is known as loss of use coverage. The last major category is personal liability coverage. If you or members of your household are liable for damages to someone else’s property, or if someone is injured in or around your home, this coverage kicks in.

Top Rated Homeowners Insurance Companies in Georgia Based on Ratings

The next thing to know is how to go about finding the best homeowners insurance companies in Georgia. One method is to look at various top-rated companies according to popular rating scales. The table below lists companies offering homeowners insurance in Georgia and compares their performance in different rating systems. JD Power gives ratings based on key performance indicators such as customer interaction, coverage options, price, and billing and claims processes. The higher the JD Power score, the better. The NAIC gives a company’s customer complaint ratio, and in this case, a lower score is preferred. In Georgia, popular provider State Farm scored a 4 out of 5 (higher than average) from JD Power and earned a 0.2 (well below-average number of complaints) from NAIC. USAA has the highest JD Power rating in The Peach State with a 5, while Liberty Mutual bottoms out the list with a 2 out of 5. COUNTRY has the lowest NAIC rating at 0.13, while Liberty Mutual has the highest at 0.41. Consider which categories matter most to you (Customer service? Coverage? Cost?) and look at how various providers perform in those categories specifically.

How to Lower Homeowners Insurance in Georgia

Homeowners insurance rates are continuing to trend higher in 2020 and into 2021. Georgia saw an above-average rate change of 4% in 2019-2020. It is set to see some of the worst increases in the US because of a high industry loss ratio in the state. Fortunately, there are always homeowners insurance discounts to be found in Georgia. The majority of insurance providers will ask if you'd like to bundle your homeowner's insurance with your auto insurance (and often other types of insurance as well). This multi-policy discount is a great way to save on your premiums and to reduce stress from dealing with multiple providers. Safety discounts for having smoke, fire, or burglar alarms installed (and various other security devices) are also common. Companies may provide referral discounts, loyalty discounts for long-term customers, and claims-free discounts. Mature or senior homeowners are often offered reduced premiums, as are first-time home buyers. You can usually see additional savings if your home was recently built or built to withstand natural hazards better. Other potential discounts can be earned by making lump sum payments or for being a non-smoker. Discounts can vary greatly between providers; always ask an agent what you might be eligible for.

Compare Homeowners Insurance in Georgia Before Buying

We’ve discussed everything from pricing to coverage to the laws surrounding homeowners insurance in Georgia. The last step is up to you – going out and finding an insurance provider and a policy that satisfies all your requirements. You should always shop around and compare prices from multiple providers. Many providers offer deals, savings, and unique coverage options that you’ll only discover if you decide to get a quote. A lot of these companies make getting a quote easy with online, obligation-free quoting tools. You just need to be ready with your personal information, property details, and an idea of what you’re looking for in a policy. Calling to speak with insurance agents is a bit more work, but you’re likely to get an even more customized and accurate quote if you do. That way, you can rest easy knowing you’ve found the best homeowners insurance policy in Georgia to protect you and your home.