Homeowners insurance in Georgia

A House & Property insurance policy covers a property owner whether they live in the house or rent it out. It provides coverage for:

• The dwelling.
• Other structures on your property.
• Your personal belongings.

If you live in the property, then you can get:

• Personal liability coverage to help pay costs if someone claims you’re responsible for their property damage or bodily injury.
• Additional living expenses coverage in case covered damage makes your home temporarily uninhabitable.
• Medical bills coverage for your guests’ immediate medical costs if they’re injured on your property.

Homeowners who rent the property to others get fair rental value coverage to help them recoup losses when the property is unrentable due to a covered loss.

With a House & Property policy, the structure of your home is insured on an open perils basis so you’re protected from losses related to many of the most common perils Georgia homeowners face. These include:

• Hurricanes.
• Wind.
• Fire.
• Theft.
• Vandalism.

Your personal property gets named perils coverage – essentially, covering losses caused by any of the 16 perils listed in your policy. However, you may also add an endorsement to your policy to provide coverage for personal property on an open perils basis.

According to the Insurance Information Institute, the average yearly premium in Georgia is $1,403. That puts the Peach State in the top 15 of states when it comes to home insurance costs.

But insurers can look at several factors to determine your premium, including the age of your home as well as its size, location, and building materials. Additionally, your claims history and coverage selections all impact your home insurance costs. As a result, home insurance quotes can vary quite a bit between insurance companies.

There aren’t any laws in Georgia that make home insurance mandatory. However, mortgage lenders often require home insurance before they’ll offer a mortgage. The lender is usually added as a named insured, so it knows the home will be repaired if a loss occurs.

Georgia has seen its fair share of windstorms and wildfires, and that means Georgia homeowners need to protect their investments. One of the main reasons Georgia’s homeowners insurance rates are so high is the state’s likelihood for natural disasters. Tornadoes are common (and may become more so as Tornado Alley shifts), plus the state is exposed to hurricanes and tropical storms both along its coastline and coming out of the Gulf.

Interested in upgrading your House & Property insurance? You can add endorsements to:

• Enhance your personal property coverage. Personal belongings are normally insured for their actual cash value, but you can get an endorsement that changes it to replacement cost coverage.
• Cover damage from water back up. A water backup and sump overflow endorsement helps pay for damages not often covered by home insurance.
• Help with required upgrades after a loss. Adding an ordinance or law endorsement makes it easier to meet new building codes by covering the extra costs.