Compare Homeowners Insurance In Georgia
If you’ve got Georgia on your mind, you’re probably thinking about peaches too. However, the home of Coca-Cola and Ray Charles also offers some homeowners insurance risks to keep in mind.
Average Georgia Homeowners Insurance Rates
How much is home insurance in Georgia? Georgia is below the national average when it comes to homeowners insurance rates. The average cost of homeowners insurance in the state of Georgia was $1,152. That's slightly lower than the national average of $1,173. There are 19 states that have higher average home insurance rates than Georgia.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Georgia Annual Average | $1,044 | $1,089 | $1,152 |
| Georgia Price Per Month | $87 | $91 | $81 |
| US Annual Average | $1,034 | $1,096 | $1,173 |
| US Cost Per Month | $91 | $94 | $96 |
| National Rank | 22 | 22 | 20 |
| Source: Facts + Statistics: Homeowners insurance | |||
The graph below shows the change in average Georgia home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Georgia homeowners insurance rates increased from $906 in 2011 to $1,152 in 2015, a jump of $246 dollars, or 27.15 percent.
Choosing a homeowners insurance company in Georgia should be easier. Actually, it’s already easy. The key to finding the best rates is to compare home insurance quotes in Georgia from multiple companies.
Most Popular Georgia Home Insurance Companies
Last year, these were the 10 most common home insurance companies reported by QuoteWizard users living in the state of Georgia. Out of the 34,140 Georgia homeowners that used QuoteWizard to request insurance quotes last year, 1,564 had no home insurance.
- Allstate
- Geico
- Progressive
- Liberty Mutual
- Nationwide
- USAA
- Farmers
- American Family
- Travelers
- Country Financial
Best Homeowners Insurance Companies in Georgia
The above list shows Georgia’s most popular home insurers according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Georgia Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Allstate | A+ | 14.5% |
| 2 | USAA Insurance | A++ | 7.7% |
| 3 | Travelers Companies | A++ | 6.8% |
| 4 | Liberty Mutual | A | 6.3% |
| 5 | GA Farm Bureau Mutual Insurance | A | 5.4% |
| 6 | Nationwide Mutual | A+ | 3.6% |
| 7 | United Property & Casualty | A | 3.5% |
| 8 | COUNTRY Financial | A+ | 3.4% |
| 9 | Farmers Insurance | A | 1.7% |
Georgia Home Insurance Rate Factors
There are several factors that companies consider while deciding your rates. Some factors, like roof maintenance and coverage levels, are up to you. Other factors, like natural disasters, are out of your control. Here are some of the factors that affect the cost of homeowners insurance in Georgia.
Your Personal Rate Factors
Your House
Homeowners insurance rates vary depending on the house itself. These are the main factors that influence your house's insurance rates:
- Your home’s age. Old homes come with high insurance rates. That’s because older homes have higher chances of needing major repairs. That, in turn, leads to a higher likelihood of needing to file a claim. Fortunately, many GA residents have new homes. 7 percent of homes in the state were built between 2000 and 2009.
- The quality of your roof. Taking care of your roof can help cut down on insurance costs. A house with a dilapidated roof will have higher rates. Maintaining your roof and installing region-appropriate material can keep your homeowners insurance rates low. It can be the difference between major and minor repairs after storm. In rural Georgia, for example, keep your gutters clear in case of a storm.
- Your home’s replacement cost. Replacement cost is how much money it takes to rebuild your home from the ground up. Your dwelling/structure coverage, a deciding factor in the price of your policy, should match your replacement cost. Replacement cost is based off style and size, not how much you bought your home for. For example, a $200,000 home in Atlanta could have a higher replacement cost than a $500,000 home in Milton.
Claims History
The more claims you file, the higher your rates are. Home insurance claims stay on your record for five to seven years. And if you file additional claims during that time, your prices could skyrocket. That’s why homeowners avoid filing unnecessary claims, especially within the span of a few years.
Pets
Your furry family member could influence your home insurance rates. Exotic pets and high-risk dog breeds can raise your insurance premiums. You may even have a hard time finding a company to insure your home to begin with. According to a study by AVMA, Georgia ranks 33rd in the country regarding pet ownership.
Credit Score
Another factor in your insurance premiums is your credit score. Companies will look at your credit score to determine your rates. People with bad credit scores pay more for homeowners insurance. And, unfortunately, Georgia has the third worst average credit score in the nation.
Georgia Rate Factors
Weather
Georgia is the 22nd most natural disaster-prone state in the country. Areas with a high risk for natural disasters face higher insurance rates. Weather varies depending on where in Georgia you live, and so does the risk of natural disasters. If you live in Atlanta, for example, make sure you purchase flood insurance. And don’t assume that home insurance includes flood coverage – it doesn’t.
No matter where in Georgia you live, there’s a chance you’ll experience one of these natural disasters:
- Hurricanes
- Flooding
- Severe thunderstorms
- Winter storms
- Wildfires
- Tornadoes
- Earthquakes
According to Ready Georgia, there are steps you can take to prepare your home for a natural disaster.
- Take an inventory of your possessions and property.
- Buy flood insurance.
- Secure cabinets, bookcases, and mirrors to wall studs.
- Have your chimney, roof, walls, and foundation checked for stability.
- Keep all trees trimmed.
- Cover all your home’s windows before a storm.
Property Crime
Burglary rates play a big role in determining how much you’ll pay for homeowners insurance. Areas with high property crime rates pay more for homeowners insurance. GA has the 13th highest property crime rate in America. In 2017, the average property crime rate in your state was 2,860.2 per 100,000 residents.
GA crime rates vary quite a bit depending on where in the state you live. For example, Atlanta has an average of 56.45 property crimes annually per 1,000 residents. Athens, on the other hand, has an average of 35.8 property crimes annually per 1,000 residents.
Like natural disasters, there are steps you can take to prevent property crime in your home. These include adding security cameras, alarms, deadbolt locks, and more. Not only does that make your house safer, but it can also help you earn an insurance discount.
Types of Home Insurance Policies
As a homeowner, you have several insurance options when shopping for coverage. In GA, you can choose from these policy types:
- HO-1: This insurance policy covers normal damages. It is the most basic policy type.
- HO-2: This is a broad level of homeowners insurance. It covers everything in HO-1, plus falling objects and damages to AC units, pipes, and other home systems.
- HO-3: This is the most popular homeowners policy type. HO-3 covers unattached structures and all damages unless specifically excluded.
- HO-5: This is a comprehensive policy like HO-3, but it comes with more coverage and less property claim limitations. This is considered a premium policy.
- HO-6: Do you own a condo? If so, this may be the best policy for you. It covers possessions and provides liability for condo owners.
- HO-7: This policy offers similar coverage as HO-3, but for mobile homeowners.
- HO-8: If you own an older home, you may need a policy to cover the unique needs of your antique abode. This policy is like HO-3, but specifically for older homes.
Georgia Office of the Insurance Commissioner
- Website:
- Homepage
- Insurance Commissioner:
- Ralph T. Hudgens
- Insurance Hotline:
- (800) 656 – 2298
- Office Hours:
- Monday - Friday
9:00 am to 5:00 pm
- File a Consumer Insurance Complaint
- Complaint Page
Sources:
- A.M. Best Insurance Carrier Ratings
- Insurance Information Institute – Home Insurance Market Share in Georgia
- NAIC--Home Insurance Market Share in Georgia
- Average Home Insurance Rates in Georgia
- Average Home Listing Price in Georgia
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