Compare Homeowners Insurance Quotes In Georgia

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Best Home Insurance Rates 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

Georgia is below the national average when it comes to home insurance rates. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Georgia was $1,089, slightly lower than the national average of $1,132. There are 21 states that have higher average home insurance rates than Georgia.

Georgia Average Annual Homeowners Insurance Rates
  2012 2013 2014
Georgia Annual Average $975 $1,044 $1,089
Georgia Price Per Month $81 $87 $91
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 23 22 22
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Georgia should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a home insurance quote comparison in Georgia from multiple companies.

Best 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.

  1. Allstate Insurance
  2. Geico
  3. Progressive Casualty
  4. Liberty Mutual
  5. Nationwide
  6. USAA
  7. Farmers
  8. American Family
  9. Travelers Insurance
  10. Country Financial
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Why contact every individual company in Georgia that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Georgia Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $365,386 14.5%
2 USAA Insurance Group $194,505 7.7%
3 Travelers Companies Inc. $171,741 6.8%
4 Liberty Mutual $158,889 6.3%
5 GA Farm Bureau Mutual Insurance Co. $135,439 5.4%
6 Nationwide Mutual Group $91,353 3.6%
7 United P&C Insurance Co. $263,178 3.5%
8 COUNTRY Financial $86,004 3.4%
9 Farmers Insurance Group of Cos. $43,093 1.7%

Financial Strength Ratings of Top Georgia Home Insurers

Source: A.M. Best (Ratings as of 8/21/2015)

  • Allstate: A+
  • USAA Insurance Group: A++
  • Travelers Companies Inc.: A++
  • Liberty Mutual: A
  • GA Farm Bureau Mutual Insurance Co.: A
  • Nationwide Mutual Group: A+
  • Auto-Owners Insurance Co.: A++
  • COUNTRY Financial: A+
  • Farmers Insurance Group of Cos.: A
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Rating Guide

Georgia Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Allstate $1,129,995 7.5%
2 Liberty Mutual $813,073 5.4%
3 Progressive Group $772,289 5.1%
4 Travelers Companies Inc. $747,698 5.0%
5 Geico $723,934 4.8%
6 United Service Automobile Assurance Co. $686,291 4.6%
7 Nationwide Mutual Group $476,182 3.2%
8 American International Group $457,200 3.0%
9 Georgia Farm Bureau Group $449,847 3.0%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Georgia.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Georgia, the average listing price is $239,635 as of July 2015, somewhat lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Georgia’s average burglary rate was 823.2 per 100,000 people, which is significantly higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Georgia, there are 25.3 law enforcement personnel per 100,000 total citizens, which is slightly lower than the national median of 32 per 100,000.

Home Insurance Hazards

Georgia’s mostly subtropical climate comes from being positioned on the Atlantic coast and near the Gulf of Mexico. While these bodies of water moderate Georgia’s weather, northwestern parts of the state are heavily influenced by The Appalachian Mountains, leading to colder winters in that region. This causes several types of homeowners insurance hazards.

Hot, humid summers: As previously stated, the northwest corner of Georgia has a slightly different climate, and so the summers there are milder than the rest of the state. Summers in Georgia are quite hot. In fact, Georgia has the #5 hottest average annual temperature of any state, largely due to its mild winters and severe summers. On average, July is the hottest month of the year. Towards the center, Dublin sees an average high of 94 degrees. Further south, Savannah averages a high of 92 degrees in July. These averages contrast to the far northwest city of Clayton, where the average July high is only 85 degrees.

Humidity is also quite extreme during Georgia summers. August has the highest average humidity, with about 90% humidity throughout. When heat and humidity combine, the human body is not able to cool itself as effectively, making this weather event especially difficult and dangerous, especially for children and adults over age 65. And, as temperatures rise, people crank up the A/C, which can cause power outages.

Rainstorms: Hurricane season runs from June through November, and Georgia’s peak rain season is July and August. While hurricanes don’t often directly hit Georgia, they often hit nearby, weaken over land, and bring tropical storm conditions with them, such as heavy rain. According to NOAA, Georgia has been hit by 23 hurricanes, three of which were considered “major,” meaning category 3 or above. That said, rainstorms are much more common. As such, Georgia averages over 100 days of rain per year, with most cities averaging over 50 inches per year. Of major US cities, Atlanta ranks #8 with most rainstorms, with 14.6 days per year with heavy rain. And, Georgia as a whole has the #7 most rain per year of any state.

Especially in late summer, thunderstorms are quite common, both increasing and feeding off of the high humidity. Thunderstorms differ from simply heavy rain because of the presence of thunder, lightning, heavy winds, and occasionally hail. They can cause flash floods and the formation of tornadoes. Extreme or long-lasting rainstorms can also lead to flooding, and the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: According to the National Oceanic and Atmospheric Administration, Georgia averages 21 tornadoes per year. In 2012, The National Weather Service ranked Georgia the #10 most tornado-prone state. Tornadoes are the most violent kind of storm, involving highly-localized heavy winds and strong rain that can cause considerable damage to property. As they are especially common during hot summer months, tornadoes are also related to other weather events, such as hurricanes. It may be worth discussing the risk of tornadoes with your insurance agent.

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:

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