Best homeowners insurance in Georgia in 2021
In Georgia, the current homeownership rate is 63.8 percent, which is about the same as the U.S. national average. The average cost of homeowners insurance in Georgia is $1,376 per year, or about $115 per month, for $250,000 in dwelling coverage, according to Bankrate’s 2021 study of quoted annual premiums. If you own a home in Georgia, having a homeowners insurance policy to protect your assets is an important part of your financial health.
If you want to find the best homeowners insurance in Georgia, you might first want to understand how to analyze a home insurer. There are several factors, including premium cost, that are important to consider. Knowing what to look for in Georgia homeowners insurance companies might help you find the right carrier, policy and coverage options for your needs.
The best home insurance companies in Georgia
Our first step in reviewing the largest Georgia homeowners insurance companies by market share involved acquiring average quoted premium information from Quadrant Information Services. We also researched available coverage options, discounts, policy features and customer satisfaction scores. When combined, these factors could help you find the best Georgia homeowners insurance for your unique situation.
If you are in the market for Georgia home insurance, the following companies might be a good starting point:
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
Allstate might be the best option if you are looking for a policy that you can tailor to your specific needs. The company’s list of endorsements is extensive and includes yard and garden coverage, green home reimbursement and electronic data recovery. Allstate also offers numerous discounts that might help you save, including welcome and loyalty discounts, a responsible payer discount and an early signing discount.
Learn more: Allstate Insurance review
Chubb is a global property and casualty insurer that specializes in high-value properties and offers numerous perks and coverage options to its customers. Its basic homeowners policy includes extended replacement cost coverage for both your home and your belongings, and there are included extras such as HomeScan, which analyzes your home and alerts you to leaks, missing insulation and faulty electrical connections before you need to make a claim. Chubb’s average premium is higher than Georgia’s average, but if you have a high-value home, the top-notch coverage could be worth it.
Learn more: Chubb Insurance review
Country Financial has a unique approach to home insurance. The company offers insurance in three tiers — basic coverage, combined coverage and premier coverage. With premier coverage, you can access unique coverage for things like paint spillage. Although its average premium is higher than Georgia’s average, Country Financial also offers several discounts that might help you save, like a wiring age discount, new roof discount, safe heat discount and multi-policy discount.
Learn more: Country Financial Insurance review
Progressive’s homeowners insurance policies are underwritten by American Strategic Insurance (ASI). If you are looking for the cheapest homeowners insurance premium, you might want to get a quote from Progressive. The company’s average homeowners insurance premium is about half of the state average in Georgia. However, Progressive’s policies are relatively basic and there are not many add-ons to personalize your coverage.
Learn more: Progressive Insurance review
If you want a local agent to handle your insurance needs, State Farm could be a good choice. The company is the largest U.S. home insurer, with more than 17% of the market share. With State Farm, you can add coverage for your jewelry and collectible items, hobby equipment and even your lawn decorations. However, the company has the highest premium of any of the Georgia home insurers we reviewed and only offers a few discounts, including home security system discounts and roofing discounts.
Learn more: State Farm Insurance review
How much is homeowners insurance in Georgia?
On average, Georgia homeowners pay $1,376 annually for homeowners insurance. This is slightly above the national annual average cost of homeowners insurance, which is $1,312 per year.
Some of the factors that contribute to the state’s average rate include the risk of storm damage from hurricanes, tornadoes and heavy rains. The average cost of insurance is also intertwined with economic elements such as the average cost of living in the state, property taxes and income taxes.
Home insurance risk factors in Georgia
Because every state has different risks, there are different geological considerations when it comes to home insurance. To best protect your finances, it helps to understand the common causes of home damage in Georgia, as well as what insurance options are available to cover these causes of loss.
Common causes of loss in Georgia
With awareness about which threats are the most common in Georgia, you can make strategic choices about which types of coverage to get. Hurricane damage is one of the most prevalent risks in the Peach State. Although August 2021’s Hurricane Ida spared the state a direct hit, parts of Georgia were impacted by the remnants of the storm. In 1994, Tropical Storm Alberto dumped over 25 inches of rain in less than 24 hours on parts of the state, killing 34 people and displacing over 50,000 more.
In Georgia, you can expect above-average exposure to:
- Flooding: Many areas of Georgia are at a high risk for flood damage, with the average National Flood Insurance Program (NFIP) claim payout at over $26,000. Because flooding is not covered by home insurance (flood coverage requires a separate policy), the risk of floods in the state should not affect the price you pay for home insurance, but may still be a consideration for what kinds and amounts of coverage you purchase.
- Hurricanes: Georgia’s coastal position comes with the risk of hurricane damage, which can be widespread and devastating.
- Tornadoes: Although Georgia is not in Tornado Alley, it is prone to significant tornadic activity Although most tornado damage comes from high winds, hail is also common with these convective storms.
Now that you are aware of the common causes of home damage in Georgia, you can choose coverage to protect your property from these potential hazards more wisely.
Home insurance coverage options in Georgia
In addition to standard homeowners insurance coverage types like dwelling coverage, liability, personal property and loss of use, you may want to consider additional coverage to protect yourself against Georgia’s common causes of loss:
- Flood insurance: Flood damage is not typically covered under a homeowners insurance policy. You will likely need to purchase a separate flood insurance policy from either NFIP or a private flood insurer. Some home insurers offer endorsements for flood coverage.
- Windstorm coverage: Most policies cover wind damage automatically, but if you are in a high-risk area, you may need a separate policy or endorsement. Even if your homeowners insurance policy does cover wind damage, you may have a separate wind deductible for named tropical cyclones.
- Roof replacement cost: If your roof is newer or in good condition, you may qualify for roof replacement cost coverage. If your roof is damaged, you will get the full replacement cost for repairs or a new roof, rather than seeing depreciation taken out of your settlement.
Because Georgia has a relatively high risk for storm-related damage, working with a licensed insurance agent to choose endorsements could be beneficial.
Frequently asked questions
What is the best homeowners insurance in Georgia?
The best homeowners insurance in Georgia will depend on your situation and your specific wants and needs. Understanding the factors that you are looking for, like specific coverage types, discounts or policy features, could help you find companies that fit your needs. The Insurance Information Institute (Triple-I) recommends you obtain a minimum of three quotes from different carriers and then compare them to find an option that is right for you.
How do I get homeowners insurance in Georgia?
Many home insurers offer online quotes, but you can also call a company or visit a local agency. You will typically need your address, name, date of birth and possibly your Social Security number to initiate the quote process. You will likely be asked details about your home, like the year it was built, how old the roof is and if you have any custom features. Once you are ready to purchase a policy, you may have to sign an application and make a premium payment upfront unless your insurance is paid from your mortgage escrow account.
What types of add-on coverage for homeowners insurance do I need in Georgia?
This varies based on your specific situation. Depending on where you live, you may want to purchase flood insurance, as 90% of U.S. natural disasters involve flooding, according to the Triple-I. Other common optional coverage options include identity theft, water backup, service line, equipment breakdown, scheduled property and business property coverage. Working with a local agent might help you determine what options you should consider.
How much does homeowners insurance cost in Georgia?
On average, homeowners insurance costs $1,376 per year for $250,000 in dwelling coverage in Georgia. Your premium will vary based on your individual rating factors, like the age and appraised value of your home, claims history, age and condition of your roof, the amount and kinds of coverage you choose and the discounts you qualify for.
How can I save on Georgia homeowners insurance?
There are several ways you can save on your home insurance. Getting quotes from several insurers to find a cheaper company may be helpful, but be sure that you are getting quotes for the same coverage and endorsements for an apples-to-apples comparison. Taking advantage of as many discounts as possible is another way to reduce your premium. Typically, bundling your auto and home coverage with the same insurer results in a significant discount on both policies. Maintaining or improving your credit score, avoiding filing small claims and choosing appropriate coverage could also help you save.
When can a company cancel my homeowners insurance policy?
Your home insurance policy can be either canceled, which means coverage stops midterm, or nonrenewed, which means that coverage stops on the renewal date. Nonrenewals can happen for a variety of reasons, including a company no longer offering home insurance in your area or your risk level changing substantially enough that the company is no longer willing to insure you. Cancellations can only happen for two reasons. Either you have failed to pay the premium or you committed fraud or otherwise misrepresented your risk to the company. If your home insurance is canceled or nonrenewed, your company will have to give you sufficient notice to allow you to find new coverage.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.