On average, Georgians are paying $1,351 every month on homeownership costs. There are 4.3 million houses in the Peach State, 63% of which are occupied by owners.
- Population: 10,519,475
- Average value of homes that’s occupied by owners: $158,400
- Households: 3,663,104
- Average household income: $52,977
- High school grad or higher, percent of people age 25 years +: 86%
- Average travel time to work: 28 min
The average premium amount was sourced from the latest data of the Insurance Information Institute, and the statistical data from the U.S. Census Bureau.
Georgia has a fluctuating real estate market across its counties since it covers different geographical features, from port-side cities to hills with greenery. Just like there is diversity in the landscape due to nature, you will find a lot of variety in homeowners insurance as well.
Since it is on the Gulf Coast, the risks of natural disasters such as tornadoes, floods and hurricanes increase the insurance rates. In the northern areas of the state, however, the insurance premiums remain closer to the national average.
Getting home insurance in Georgia is the best choice that a person can ever make. Some of the most catastrophic disasters have hit this state in the past. Due to all the hurricanes and natural disasters, the insured value of homes in the coastal areas of Georgia increased to a total of $106.7 billion. According to the statistics, an average of 29 tornadoes is experienced by this part of the world. The crime rate in Georgia has also exceeded the national average.
Home insurance is your safety net if a natural disaster strikes your area and the untimely event happens that you’ll have to file a claim due to damages. No matter your location, having home insurance is vital because you do not know when a cyclone will come and ruin your house in just seconds. Due to the rates varying so much, it is important to research and find out good options that work for you when looking to cover your house. Use our free online tool that will instantly give you a list of insurers in your area, making your search less time consuming.
Read more below for info on Georgia and its premiums.
GA Rates vs Nationwide
The top insurance companies working currently in Georgia are national-level names such as State Farm, Allstate, Travelers, Liberty Mutual and USAA. They occupy the largest market shares and serve nearly 70% of all homeowners insurance needs in the state.
According to the U.S. Census, 63 percent of the houses in Georgia are inhabited by its owners. In 2016, Information Insurance Institute (III) recorded the total direct premiums written by property insurance companies in Georgia which came to around $18.3 billion, whereas life/health insurance companies totaled to a little more than $20 billion.
According to III, the average American paid approximately $1,192 annually ($99 per month) for home insurance, whereas in Georgia, the price is $1,200 (amounting to $100 per month), in 2016 (latest available data). It is the 20th most expensive state for homeowners insurance, just above the nation’s average.
The cheapest homeowners insurance rate in the state was found to be in Cobb County at $1,117 per year ($93 per month), while the most expensive is Randolph County at $2,461 per year ($205 per month).
If you are getting home insurance, it is a wise decision to insure your house based on its replacement cost. This is basically for the time when you are faced with a natural disaster so that you can rebuild your house, no matter the damage. People make a big mistake to insure their house based on its market value, which is the cost at which you can sell your house.
Since the effects of the recent natural disasters on the real estate market are fading, the prices on the Gulf Coast are starting to normalize as well, albeit slowly.
Average Georgia Home Insurance Premiums
|National annual average||$1,192||$1,173||$1,132|
The Best Companies In-State
We arrived at our best homeowners GA insurance companies through reviewing homeowners insurance reviews and customer satisfaction. A company must display financial strength in order to be deemed trustworthy to be able to pay claims when time comes. First and foremost, a company’s customer service rankings is looked at and also its financial stability. The various discounts rates and variety of coverage that customers can choose from are also considered. The following are our top homeowner insurance companies in the Peach State.
Allstate is the second biggest home insurance provider in Georgia. The major benefit of Allstate is its competitive pricing. By carefully choosing your coverage options and discounts for low-end houses, you can easily save a lot on your policies. While other competitors offer a maximum discount of 15%, the best savings can be achieved using Allstate by bundling home and auto insurance to save up to 30% on your annual premium.
The low rates do no matter if a company does not have a good claim response history. Allstate is rated A+ (Superior) by AM Best in financial stability, which means it will not miss on a claim and even if it does, it might only be because it has too many claim proceedings going on. The customer service is not the best, but the claim response and pricing make up for it.
Browsing its website, it seemed easy to get information about its policies and there were no hidden details or catches that are later explained by agents, which is normally the case with other insurance websites.
Allstate gives you three options for quotes: standard, choice and premium. You can add or remove coverages to settle for a premium you are comfortable with.
Allstate earned its spot on the Fortune 500 list of largest companies in America and was ranked 92. It has been working since 1993 and has a total of 70,000 people working under it. The Allstate Corporation provides insurance for auto, home and life.
It provides you with an insurance agent, who is responsible for clearing up all your confusions and answering your questions. You can find coverage that fits your needs and budget. Not only does it provide the best insurance, but there are many discounts available as well that you can avail at any point in the process. Discounts ranging from ‘easy pay plan’ to ‘55 and retired discount’ all work in your favor.
This insurance includes liability coverage too. This company helps you pay the damage caused by theft, fire, natural disaster and accidents.
This company has a market share of 12.4 percent, and the direct premiums written by this particular company are about $400 million in 2017 in GA alone. All rating agencies have rated this company as better than others. It is mostly known by the slogan “You are in good hands with Allstate.”
USAA not only deals with insurance but provides other products, services and tools too. It offers auto insurance with superior checking, free checking from the bank, and personalized home and renters insurance. It takes responsibility for your house against vandalism, theft, natural disaster and other such situations. USAA is responsible for covering your replacement cost, gives you the privilege of saving up to 10% on homeowners insurance, and helps you get your house back after something tragic.
This company has a market share of 10 percent, and the direct premiums written by it are $315 million in Georgia in 2017. The homeowners insurance premium depends on the location of your house, the material used in the construction of your house, and the individual being a loyal customer of USAA. Discounts are not the same in every state or in all situations, so you will have to find out what discounts you are eligible for.
Travelers comes in at the top five market share holders in homeowners insurance in Georgia. It is also one of the more expensive insurance options in the state, giving you two insurance plans: Basic and Better. The Basic plan covers all the essential loss mitigations such as personal belongings, while the Better package gives you a handful of more nuanced coverage options.
You can substantially decrease your annual premium (even with the more expensive plan) by choosing to increase your deductible. Consider this option only if you are able to afford it.
Besides increasing your deductible, the general basic and better options are rather expensive.
Travelers also offers strong customer support. In fact, Consumer Reports gave it a score of 82. With an A++ (Superior) rating from AM Best for financial stability, it is generally known for its good claim history. You are likely to recover your loss in an emergency if you are insured by it.
The website does not go into too much detail and is not very informative. Without talking to an agent, it is difficult to compare policies and figure out the best option for yourself. On the other hand, State Farm and Allstate have more interactive and informative websites. Overall, though, the prices for the Better package offer a value good enough to be on this list.
State Farm is the biggest insurer in the US and holds a significant 27.4 percent market share in Georgia. It is rated A++ (Superior) by AM Best, which indicates that people enjoy the wide range of coverage options it offers.
The availability of options depends from state to state. In Georgia, there are a plethora of options such as coverage for electrical generators, electricity lines and underground piping in homes. Since these are add-ons, they do not come with the standard insurance plan and are charged separately, so it is better to discuss which add-on you really need and can afford with your agent.
The company offers a great customer service experience. The claim hotline is open 24/7 to file claims, and the response and overall claim processing takes less time as compared to other insurance companies. Not to mention, the insurance provider is known for an extensive claim history.
However, online visitors do not fare well since the website lacks a good structure required to lead potential customers to the right resources. The HomeIndex tool lets you see which coverage options you have chosen and how much the annual premium is. It also lets you make a claim instantly in an emergency.
Georgia Home Insurance Companies: Market Share and Summary of Ratings
|Rank||Insurer||Market Share %||AM Best||S&P||JD Power|
|7||Georgia Farm Bureau||3.6||B+||Api||NR|
Source: Insurance Information Institute, AM Best, S&P, JD Power
A Final Note On Our Top Companies In GA
We’ve used the data from III to determine which insurers are the most popular in-state. We’ve gathered the providers who hold the largest market share in terms of direct premiums written in homeowners insurance as per III. It’s worth noting that it’s not possible for us to review all of the homeowners insurance providers in Georgia, meaning that another company not mentioned in this article may be better suited for your individual needs providing better rates and better coverage. We hope that the three companies we did cover will give you helpful insights to help your research and we highly suggest to get quotes from other companies in your area. Our free online tool is great at gathering companies that are in your area which helps save time as we provide you with a list right away.
As a homeowner in Georgia, the variety can be confusing as you can find rates with a certain company that are higher than others. The companies we listed offer customizability of your insurance deal by allowing you more freedom to choose between different coverages and providing discounts.
The only way to guarantee the safety of your home is to get a comprehensive homeowners insurance policy. Home-related emergencies can happen when you least expect them, leaving you with an extraordinary expense that you may not be able to pay for. Insurance protects you from this worst-case scenario.
It’s not hard to get a Georgia homeowners insurance policy that is right for you. You just need to learn a little bit about how these policies work.
What is homeowners insurance all about?
Homeowners insurance in Georgia is just like any kind of policy in any state. You pay the insurance company a monthly premium in exchange for them agreeing to support you if your home is damaged.
When a catastrophic home event occurs, you can end up liable for extraordinarily expensive repair costs. Getting an insurance policy means that the insurance company will be the one responsible for these payments, not you. This is the only way to protect yourself from the worst-case scenario.
Even if you have great finances, why risk putting it all in jeopardy? Georgia home insurance is the best way to protect yourself from any future emergencies.
What To Look For In A Policy
Not all homeowners insurance policies are the same. You need to do your due diligence so that you know you have enough coverage to take care of your needs.
While these policies are usually comprehensive, ask your insurance agent to clearly explain what is and isn’t covered. One example of an event that catches people off-guard is flooding. Most home insurance policies do not cover flooding, and many homes have been damaged this way.
Don’t be afraid to ask for wider coverage or shop around if you aren’t satisfied with the first offer you receive. You can usually find a policy that works for you. You can also read our extensive coverage guide to help you better understand the types of coverage offered by insurers. You can read the article here.
What Are The Costs?
Georgia homeowners insurance is priced based on the value and location of your home. It also depends on what kind of policy you choose to purchase.
Some policies pay for the full cost of repairs, ensuring that you can get your house fixed without spending much money. Other policies are cheaper, but only cover the current value of the home when it is damaged. Since homes depreciate over time, this is a risky proposition.
The average cost of home insurance in Georgia is $1,200 in 2016 (latest available data from III). This is right around the national annual average of $1,192. When in doubt, get as many quotes from multiple providers to ensure you’re getting the best deal around and research the companies to ensure that you’ve picked a reliable company.
Having homeowners insurance is a very smart choice in Georgia, which everybody should opt for. The above companies set the standards in the state and you won’t be disappointed here. Overall, they have been rated as some of the best insurance companies in Georgia.
There are a lot of other insurance companies in the state as well, which provide a variety of services with many benefits, so making a choice can be tough. If you are looking for something cheap, there are many companies that will provide you low rates, but we cannot say much about them maintaining their standards at all times. If you are looking for a reliable insurance company that has maintained its quality at all times and has proven to be trustworthy, we suggest you contact the ones mentioned above. They will even provide you deals according to your budget.
For more assistance, please contact your local state department of insurance:
Georgia Office of Insurance
Check Out Georgia’s Neighboring States
- Alabama Home Insurance
- Florida Home Insurance
- North Carolina Home Insurance
- South Carolina Home Insurance
- Tennessee Home Insurance