Best homeowners insurance in Georgia (August 23)

If you own or plan to own a home of your own anywhere in Georgia, having a comprehensive home insurance policy is an absolute necessity! But how can you choose between the numerous companies, multiple rates, and endless types of policies on offer?

In this review of home insurance companies in Georgia, we break down everything you need to know so that you can choose the right policy for your home.

Georgia home insurance: What you need to know

Situated in the southeastern US, the Peach State is a great place to buy or build a home and settle down with family. Between all the costs and expenses of owning a home, you may even feel like skimping on home insurance.!

However, having comprehensive Georgia home insurance coverage can hedge against financial loss - especially since it's a state that frequently sees extreme weather events! The home insurance premium for each home can vary based on factors like:

• Type of residence (primary, secondary, or seasonal)
• Number of full-time residents
• Built up area in sq ft
• Year built
• Number of rooms and stories
• Building material
• History of home insurance claims

However, the average Georgian pays nearly $1345/year as premiums on home insurance. It is also mandatory to have coverage if you are taking out a mortgage. Unlike auto insurance, state laws don't govern homeowners insurance. As a result, the premium you pay will depend on the value of the items and structures covered by the policy.

Georgia also sees regular weather events like hurricanes, tornadoes, and tropical storms. These can also result in flooding in low-lying areas of the state.

What does a homeowners insurance policy cover?

A homeowners insurance policy is needed to cover any financial losses your house may sustain in its lifetime. These include damages arising from theft, burglary, fire, natural hazards, and more. If you live in an area that has frequent sinkholes, rodents, bird infestations, etc, you may need additional coverage.

Here are the broad categories of coverages included in Georgia home insurance:

• Dwelling protection: This pays for any damage to your home's structure or exterior due to the hazards mentioned in the policy. It could also include secondary and ancillary buildings like a garage/deck.
• Liability protection: This category of homeowners insurance covers any harm that may befall someone while in your house. For example, if a visitor trips over a broken step and sprains her leg, or gets an electrical shock from one of your plug points, then liability protection will cover their medical bills.
• Other structures protection: As the name suggests, this helps pay for damages to structures other than your home but still in your property. For example, if a fence is damaged in a storm, or a tree falls on your garage, it will be paid for by this.
• Personal property protection: This coverage pays to restore or replace your personal belongings if they are damaged during an event. This can include possessions like your furniture, clothing, accessories, electronics, jewelry, and more.
• Medical payments to others: It takes care of minor medical claims made by those not living in your home, regardless of fault. For instance, medical payments insurance can pay for bills if your dog bit a guest accidentally.
• Additional living expenses: It covers additional costs like a hotel stay, restaurant meals, and other necessary services, including storage, if you cannot reside in your home due to a situation covered by your policy (such as a tornado).

What risks are covered by a standard Georgia home insurance policy?

The major risks covered by a standard homeowner's insurance policy in Georgia include:

• Damage or loss by theft
• Structural damage due to fires
• Plumbing/water leaks
• External/interior damage from fallen trees
• Water leakage from air conditioning systems and water heaters
• Damage from natural disasters like tropical storms, hurricanes, wind

Even though Georgia does not lie in 'Tornado Alley' (the region of the US most affected by tornadoes), you may still encounter turbulence from severe storms. This could also result in flooding in some coastal areas - so ensure you take out additional coverage if required.

If you choose to have hurricane/windstorm coverage in your home insurance policy, you may have to pay a certain amount as 'hurricane deductible.' This ranges from between 2-10% and is usually included for policies in hurricane-prone areas. For instance, if the $300,000 cap on your home insurance and your deductible is 5%, your financial obligation would be $15,000 instead.

What is not covered by a typical homeowners insurance policy in Georgia?

Though it varies based on the insurer, typical Georgia home insurance policies do not cover:

• Flooding
• Sinkholes
• Earthquakes
• Losses due to power outage
• General wear and tear
• Vermin and pest infestations
• Purposeful loss
• Damage due to war

The cheapest home insurance companies in Georgia

According to our research, Progressive provides the cheapest Georgia home insurance with an annual rate of $985. Cincinnati Financial comes a close second with the average premium clocking in at $1087.

However, the cheapest rates don't always mean the best coverage. We'd recommend getting quotes from multiple companies, comparing their features, and only then signing on for a home insurance policy.

The best homeowners insurance in Georgia for those with poor credit

It's not easy for a regular Georgian to qualify for the best rates. Insurance companies will look at your detailed payment history to see if you have a good credit score, if you've defaulted on any loans, if you've paid your bills correctly, and more. The higher your credit score, the better rates you'll get on your home insurance policy.

Poor credit scores may seem risky, but it's not impossible for you to get a good Georgia home insurance rate. Take a look at the average rates given to some poor credit applicants below:

The best homeowners insurance in Georgia for those with a claims history

If you've previously claimed damages from an insurance policy, your new rates will probably be slightly higher. That's because Georgia insurance companies will consider you more likely to file a claim in future - especially if your most recent claim was related to theft, dog bite, or water leakage.

Here are the estimated rates given by companies to people with claims histories:

The best homeowners insurance in Georgia for newer homes

The newer your home, there is lesser likelihood of you filing an immediate claim for water leakage, electrical fires, interior issues, etc. That's another way to lower your Georgia home insurance premium.

Homeowners Insurance deductibles in Georgia

A deductible is a certain amount that you agree to pay from your pocket before the insurance company pays out the amount it owes. Some companies set a percentage deductible, while others set a flat amount.

The higher your deductible amount, the lower will be your insurance premium rates. However, ensure that you set your deductible limit at an affordable level. You don't want to end up paying too much out of your pocket when you claim damages.

Here are the home insurance premiums in the state by deductibles.

Georgia homeowners insurance costs by city

While the average cost of home insurance in Georgia is $1345/year, it could vary depending on where you are located. Within cities, home insurance can change depending on the ZIP code, crime rate, number of claims filed in the neighborhood, and more.

Here are the average home insurance rates in some Georgia cities.

Home and auto insurance bundling in Georgia

Did you know that combining your home and auto insurance policies in Georgia can help you save on both? This makes you eligible for multi-policy or multi-line discounts which can result in 10-20% savings!

Home Insurance Discounts in Georgia

You can further reduce your home insurance premiums by using any of the several discounts that companies offer applicants. However, not all companies offer every kind of discount.

It's up to you to ask for and apply for available discounts. Some popular home insurance companies and their discounts are given below.

Comparing Common Features Across Top Insurance Companies

Are you planning to buy the best homeowners insurance in Georgia? Then here are some features you must look into.

Common Causes of Home Insurance Claims in Georgia

Though Georgia does not lie in 'Tornado Alley', it still has a coastline with the Atlantic Ocean and is occasionally affected by extreme weather events. These can significantly affect home insurance claims. Major causes of claims include:

• Hurricanes: Damage to homes can be pretty significant, especially in cities along the coastline
• Tornadoes: The NOAA reports that tornadoes can cause up to $50 million in damages to Georgia every year.
• Flooding: Floods caused by heavy rainfall can often damage the basement and foundation of your home. Though not covered under regular home insurance, it is important for homeowners to have adequate flood insurance in Louisiana.
• Hail, wind damage, and lightning strikes: Most standard insurance policies cover damages caused by lightning, wind, and hailstorms. However, it makes sense to purchase additional coverage to prevent financial losses.

Therefore, it is necessary to buy a comprehensive, disaster-proof home insurance policy that covers all the risks associated with living in a state like Georgia.

Natural disaster coverage in Georgia

Do homeowners insurance cover tornadoes in Georgia?

In Georgia, most home insurance policies cover tornado damage. Tornadoes are classified as windstorms by the insurance industry, which is usually covered under your standard home insurance policy. However, read the fine print of your policy to ensure it covers both interior and exterior losses.

In some cases, interior damage may only be protected when it results from exterior damage, such as a broken window. The average level of coverage for detached buildings is 10% of the value of the insured home.

Does homeowners insurance cover hurricanes in Georgia?

Yes, most home insurance companies in Georgia are required to cover storm damage if it is classified as a hurricane by the National Weather Service. However, damages from a 'tropical storm' will not be covered - you may have to get additional windstorm insurance to recoup financial losses.

Does homeowners insurance cover floods in Georgia?

Typically, flood insurance is not included under Georgia homeowner's insurance - even if it occurs as a result of a hurricane or tropical storm. We recommend purchasing additional protection via the National Flood Insurance Program (or a private flood insurance provider).

Private flood insurance policies may offer different levels of coverage; however, if you purchase via the NFIP, you will get the following coverages.

• 25,000 for structural coverage
• $100,000 for personal property coverage

Factors that affect home insurance rates in Georgia

Are you planning to buy Georgia home insurance? Then consider these factors before buying one!

• Your location: The cost of homeowners insurance in Georgia is greater for homes in high-crime zones and hurricane-prone regions.
• Rebuild rate: Your home insurance rate may be affected by building supplies and labor costs in your neighborhood.
• Age/condition: Insurance for newer, well-maintained properties is lower than for older ones.
• Claims history: Homeowners with a history of making house insurance claims frequently face higher insurance premiums.
• Credit history: Your credit score is a criterion that many insurance companies consider. Premiums for homeowners with bad credit are frequently higher.
• Dog breed: Be ready to pay a higher Georgia home insurance cost if you buy a dog that your insurance company classifies as a 'dangerous breed.'

Tips for Buying Homeowners Insurance

• Assess your rebuilding costs: Ask your insurance agent or a reliable builder how much it would cost to rebuild your house using local labor and fair material rates. You should have at least this coverage for your home, if not more.
• Review the advantage of replacement cost over actual cash value: Think about getting replacement cost coverage for your house and possessions. You'll obtain the money you need to buy new ones to replace your old ones. You will receive a depreciated amount if you use actual cash value.
• Consider add-on coverage for your expensive items: Consider scheduling personal property for high-value things like expensive gadgets, sports, or musical instruments, as well as antiquities, if you have any. You can fully compensate them with this coverage.
• Evaluate your liability coverage needs: Find out how much liability insurance you require. Choose at least $300,000 or a sum that would cover the potential loss in the event of a lawsuit.
• Assess coverage gaps: Some house insurers provide extra benefits, like greater limits for landscaping items like trees and shrubs. It provide coverage in the case they get damaged in a covered incident or assistance with paying for damage from water or sewer backups.
• Check financial ratings: Verify the financial strength rankings by organizations like AM Best and Standard & Poor's. You may not be eligible for a mortgage from some firms unless your insurer has a financial strength rating of at least 'A.'
• Ask for discounts: Make sure you're taking advantage of all the discounts you qualify for. For instance, you might be eligible for a discount if your home has particular security measures or if you have your home and auto insurance from the same provider.
• Compare quotes from multiple insurance companies: The cost of a single Georgia home insurance policy might vary greatly amongst insurance providers. You won't know how much you might save if you don't compare prices.

How to Get Georgia Home Insurance with Way.com

An average home insurance cost in Georgia costs you around $1345/year. However, getting low rates and a comprehensive home insurance policy at the same time can be a challenge if you don't know where to look! Don't fret - Way.com can help you find, compare, and buy the best home insurance policies in Georgia.

Through the Way.com website or app, you can find the most affordable Georgia home insurance rates and get free quotes. Furthermore, our Georgia insurance agents can help you understand the state's complex laws, insurance terms, and discounts!