If you’re looking for ways to save money on homeownership costs, ensuring you get the best home insurance deal is a great place to start. Comparison shopping is the best way to find the homeowners coverage you need at a reasonable cost. We evaluated average rates for large home insurance companies in Georgia to help you find an affordable policy.
Cheap Home Insurance in Georgia Cost Comparison
Homeowners insurance quotes vary immensely among insurance companies, so it’s worth the effort to shop around and get the right company at the right price for your needs.
| Company | Average annual home insurance cost in Georgia |
|---|---|
|
$833
|
|
|
$976
|
|
|
$1,050
|
|
|
$1,074
|
|
|
Georgia Farm Bureau
|
$1,500
|
|
$1,612
|
|
|
$1,750
|
|
|
Cincinnati Insurance
|
$1,816
|
|
$1,896
|
|
|
$2,035
|
|
|
$2,059
|
|
|
$2,175
|
|
|
$2,439
|
While everyone loves a bargain, don’t choose a home insurance company on price alone. The best home insurance company for you will be one that provides the coverage and discounts that fit your needs while still charging an affordable price.
Georgia Homeowners Insurance Cost Factors
Several risk factors influence your ability to get cheap home insurance in Georgia, such as:
- The age of your home
- The materials your home is comprised of
- The cost to rebuild your home, including labor and materials
- The fire rating of your home’s location
- Your personal claims history
- The claims history of your home
- Your credit
- The policy coverage amount and limits
- Your deductible amount
Related: Cheapest Homeowners Insurance Companies Of 2024
What Does Georgia Homeowners Insurance Cover?
Standard home insurance, known as an HO-3 policy, covers your house for any issue that’s not excluded in the policy. Typical exclusions include wear and tear, neglect, nuclear hazard, power failure, and bird, vermin and insect infestations.
Your belongings (personal property) are covered for specific “perils” in a typical home insurance policy. Theft, fire, tornadoes, vandalism and explosions are a few of the problems covered by home insurance.
Before you decide how much home insurance you need, review the types of home insurance and how they work together to protect you.
A standard homeowners insurance policy is made up of these main coverage types:
- Dwelling/structure: This pays to repair or rebuild your home and attached structures (garage or deck) for property damage sustained in a covered event.
Other structures: This pays to repair or replace unattached structures on your property, such as a shed, fence or barn. - Personal property: This pays to repair or replace your personal belongings and household contents after an event such as a theft or fire. Your personal property includes furniture, rugs, clothing, jewelry, appliances and other items.
- Liability: This pays for accidental property damage and injuries you do to others. For example, if a loose step causes a guest to fall down your stairs and be seriously injured, your liability insurance can pay for the person’s related medical expenses. Liability can also pay a court judgment against you and for your legal defense costs if there is a lawsuit over an incident.
- Medical payments to others: This covers minor medical claims made by people not in your household, regardless of who is at fault for the injury. For example, if your guest fell down the stairs but had minor injuries, medical payments coverage could pay for their modest medical expenses. Coverage amounts are fairly small, such as $1,000.
- Additional living expenses: If your home is uninhabitable due to an event covered by your policy (like a tornado), additional living expenses coverage pays for accommodations, meals and other needed services, like a laundry service.
Compare Home Insurance Quotes
1
State Farm
Very good
Low
2
Erie
Very good
Low
3
Chubb
OK
Very low
What’s Not Covered by Georgia Homeowners Insurance?
Common exclusions in a standard home insurance policy include issues like floods, sinkholes, earthquakes, power failure, war, wear and tear, damage by your own pet, war, vermin and insect infestations and intentional loss.
It’s always wise to closely review your policy and understand what is excluded from coverage.
Flood Insurance in Georgia
Your standard homeowners insurance policy won’t cover damage from floodwaters. With flooding becoming more common, it’s smart to consider flood insurance if your property is at risk.
Many areas in the U.S experience destructive and expensive flooding, but it may not be declared a federal disaster. After a flood, financial help from the government can be limited. Having your own flood insurance to rely on is best. Most people who obtain flood insurance buy it through the National Flood Insurance Program (NFIP), a federal program. Private flood insurance is also an option.
If you qualify, FEMA’s Individuals and Households Program (IHP) can provide monetary and direct assistance after a major disaster or emergency. This program helps people find housing after an issue directly caused by a disaster but isn’t covered by insurance or other sources.
Earthquake Insurance in Georgia
Earthquakes in Georgia are relatively rare, according to the Georgia Emergency Management Agency (GEMA). However, earthquakes can cause serious damage when they occur. The northwest counties in Georgia that run along the Eastern Tennessee Seismic Zone are most at risk of being shaken by an earthquake.
If you want coverage for potential earthquake damage, you need to buy a separate earthquake insurance policy. Your standard home insurance policy doesn’t cover earthquake damage.
Earthquake insurance typically covers:
- Personal property
- Additional living expenses
- Dwelling
- Other structures
Earthquake insurance normally has a separate deductible from your homeowners insurance, usually between 10% to 25% of the dwelling’s policy limit.
Tips for Buying Georgia Homeowners Insurance
Whether you’re purchasing your first house or looking to switch home insurance companies, you want to buy a policy at an affordable price without sacrificing coverage or service. Here are guidelines for both new home buyers and longtime homeowners:
- Assess rebuilding costs. Contact contractors or your insurance agent to determine the estimated cost of materials and labor to rebuild your home. You’ll need your dwelling coverage amount to be equal to or more than this amount.
- Evaluate your liability coverage needs. Choose an amount that matches the value of your assets that could be lost in a lawsuit, or experts recommend at least $300,000.
- Consider add-on coverage for expensive items. If you have high-value belongings, jewelry, antiques or equipment, consider scheduling personal property for these important possessions.
Review the difference between replacement cost and actual cash value. Consider replacement cost coverage for your home and belongings. It will get you the amount you need to replace your items with new versions instead of the actual cash value that gets you a depreciated amount. - Evaluate coverage gaps. Some home insurance companies offer extra coverage for issues your standard policy doesn’t cover. For example, water or sewer backup add-on coverage, or premium landscape coverage that provides higher limits if your trees, shrubs or flowers are damaged in a covered event, like a fire.
- Look for discounts. Ask your agent if you’re getting all the home insurance discounts that you’re eligible for. For instance, you may get a discount for home safety systems or for bundling your home policy with other policies, such as auto or life, with the same insurance company.
- Research financial ratings. Inspect financial strength ratings from entities such as A.M. Best or Standard & Poor’s. Some banks may not finance your mortgage unless your home insurance company has at least an “A” financial strength rating.
- Compare quotes from multiple insurance companies. The price for homeowners policies with the same coverage can vary significantly from one company to the next. If you don’t shop around, you won’t know if you’re getting the best deal possible.
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
