Homeowners Insurance in Georgia
Posted June 26th, 2019 by Amy Danise
Georgia homeowners may need more than one type of policy in order to protect their property. In addition to homeowners insurance for fire, wind, theft and other problems, it’s important to consider flood insurance. That’s because home insurance does not cover flooding, such as water damage from hurricanes.
“Even if you think flooding is unlikely in your area, whether or not to purchase a flood insurance policy should be an important discussion for all Georgians,” said Jim Beck, Georgia Insurance Commissioner, in a statement urging the state’s property owners to consider flood insurance.
How do I get flood insurance in Georgia?
Flood insurance is available from the National Flood Insurance Program (NFIP) if your community participates in the NFIP. Any Georgia home insurance agent can help you get a policy from the NFIP. There’s a 30-day waiting period for coverage after you buy an NFIP policy, so don’t wait until a hurricane is approaching.
How do I get insurance for hurricane wind damage in Georgia?
Georgia home insurance policies cover wind damage, although you’ll likely have a “hurricane deductible” if you make a claim for hurricane wind damage. This is a separate deductible from other home insurance claims.
If you can’t find windstorm insurance because of your home’s location, you can buy coverage through the Georgia Underwriting Association (GUA). A home insurance agent can help you get coverage through the GUA.
What does Georgia homeowners insurance cover?
A typical homeowners policy in Georgia will has six main coverage types, with more options available:
- Dwelling (Coverage A) for a house damaged or destroyed by a problem covered under the policy.
- Other structures (Coverage B) for damaged or destroyed structures not attached to a house, such as a garage, storage shed or fence.
- Personal property (Coverage C) for all your belongings (such as furniture, clothing and decorations) that are damaged, stolen or destroyed.
- Loss of use (Coverage D) for additional living costs such as hotel and restaurant bills if you must temporarily move out because of damage to the house.
- Personal liability (Coverage E) for liability lawsuits against you, including defense costs, judgments and settlements. This includes lawsuits against you for injuries and property damage.
- Medical payments to others for medical bills of people injured on your property.
How much is Georgia home insurance?
The average Georgia homeowners insurance premium is $1,200 a year for a typical policy, according to the National Association of Insurance Commissioners. That’s about the same as the nationwide average of $1,192.
Home insurance rates will vary depending on your coverage amount, house location, your credit, your past home insurance claims, and other factors. Here’s a breakdown of average Georgia rates by coverage amounts.
Average Georgia home insurance premiums
|Coverage range for dwelling||Average annual home insurance premium in Georgia|
|$49,999 and less||$397|
|$50,000 to $74,000||$532|
|$75,000 to $99,999||$659|
|$100,000 to $124,999||$776|
|$125,000 to $149,999||$874|
|$150,000 to $174,999||$954|
|$175,000 to $199,999||$1,025|
|$200,000 to $299,999||$1,168|
|$300,000 to $399,999||$1,401|
|$400,000 to $499,999||$1,666|
|$500,000 and up||$2,426|
|Source: National Association of Insurance Commissioners, 2016 home insurance report, based on premiums for an HO-3 homeowners policy|
20 largest Georgia homeowners insurance companies
|Rank in Georgia||Company||Market share % in the state|
|8||Georgia Farm Bureau||
|11||American Family Insurance||
|14||The Cincinnati Insurance Cos.||
|15||Universal Insurance Holdings Inc.||
|19||National General Holdings Corp.||
|20||Central Insurance Cos.||
|Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.|
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