Home Insurance in Georgia

WRITTEN BY: Amelia Ciffone

UPDATED: MAY 24, 2022 | 2 MIN READ

Homeowners insurance in Georgia is only a little more expensive than the national average. There are perils associated with the occasional hurricane and flood, but less so than in nearby states, and easy access to FAIR plans for homeowners who can’t get insured. It may not be the best state for homeowners, but it certainly isn’t the worst. 

  • Fun fact  – Not only is Georgia the largest state east of the Mississippi river, but it has the greatest number of counties: 159 in total! 

Average Rates in Georgia

Average homeowner’s insurance premiums in Georgia are around $1,267 per year, which is only a little bit more expensive than average. The national average is $1,211 dollars per year. I’m a list of most to least expensive states to insure a home in the United States, this puts Georgia at #18. For context, Missouri and South Carolina are slightly higher up on the list; but North Dakota, Washington DC, and South Dakota are slightly below Georgia.

What about renters? That’s a good question. The national average for renters insurance is $180 for an annual premium, which comes out to about $16 a month on average. Georgia, unfortunately, is noticeably higher at $219 per year. But when you put it in context, it’s only about $18 or $19 per month. So you shouldn’t sweat it too much. 

Georgia Legal Insurance Requirements

For the most part, there are no special requirements or rules in Georgia when it comes to homeowners insurance. Much like every other state in the US, you don’t even have to purchase homeowners insurance unless your home is still under a mortgage. Banks require you to have homeowners insurance in order to protect their investment because, technically, they still own the home. But once you are free and clear that debt, you’re free to do what you please – but it’s still a good idea to make sure you have adequate coverage, even though you are no longer beholden to a bank. 

Common Risk Factors in Georgia

Georgia has all sorts of natural disasters that homeowners need to worry about. The small part of the state that is located near the Gulf Coast, obviously, has to worry about hurricanes and flooding. The middle in northern part of the states, although far from the coast, may still have to worry about severe weather from thunderstorms, hail, and other disasters. be sure to talk to your homeowners insurance agent about wind damage, hurricanes, and what you can do to protect yourself – especially if you live near the coast. Also, don’t hesitate to contact FEMA to see if you can get flood insurance through the national program, or call around and see if there is a private insurance company who will sell you flood coverage. Most homeowners are unaware that homeowners insurance never covers flood damage, unless it’s from a covered pipe burst peril or the like. 

But what do you do if you live in a high-risk area? Well, your first step should be to try as hard as you can to find standard homeowners insurance coverage. But not everybody who lives in a high-risk area can accomplish that feat. If you are in this boat, then you should reach out and contact the Georgia Underwriting Association. They are an arm of the national FAIR insurance program, a program designed to make sure homeowners like you get at least bare minimum coverage, despite your high-risk status. Beware: these plans won’t be cheap. And they certainly won’t cover as much as a traditional homeowners insurance policy will. But if you absolutely cannot find coverage anywhere else, this may be your only option. 

Insurance Demographics/Statistics in Georgia

So you already know that your location and the natural disasters which occur frequently there are some of the biggest contributing factors to the total cost of your homeowners insurance premium. But what other factors come into play? Well, we’re about to discuss the next four biggest factors which can make or break your premium. 

  • Home Prices: The average cost of a home in Georgia is $206,804. That’s around $50,000 less than what most people are paying for their homes in other parts of the country. What does this mean for you? Well, since most homeowners insurance companies want you to insure your home for at least 80% of its replacement cost value, this means that you will get to purchase slightly less coverage and pay for a lower premium.
  • Property Crime: Unfortunately, property crime statistics in Georgia are a little less rosy than they are in other parts of the country. Nationally, the average homeowner only has a 1 in 43 chance of becoming a victim of property crime; in Georgia, however, that chance is more frequent. There were 25.74 incidence of property crime per 1,000 residents last year, which gives you a 1 in 39 odds of having property crime happened to you.
  • Average Income: The higher your income especially when compared to the averages in your area – the more likely your insurance company is going to trust you with financial responsibility and offer you a lower premium in return. In Georgia, the average annual income for a single-family household is $58,756. This is around $3,000 less than the national average. And if you are making more than your state average – or even the national average – you’re that much more likely to get a lower insurance rate.
  • Higher Education: The same thing goes for higher education. The more education you have achieved, the more your insurance company will trust you to be financially responsible and pay your premiums on time. In Georgia, 31% of homeowners have at least a bachelor’s degree. This is only one percentage Point lower than the national average of 32%. 

Where To Purchase Home Insurance in Georgia

Here’s a scary statistic for homeowners: every year when their policy comes up for renewal, only 44% of them actively search for a better rate from a different company. And of those who are actively searching, only 17% are searching online! But why? It’s so easy to compare multiple quotes in a matter of hours or even minutes if you’re using the internet as your search tool. And it’s even easier than ever with us here at Agile Rates.

At Agile Rates, our experts know how to help you find the most affordable quotes from the best companies in your area. You don’t need to spend hours tediously searching through a phone book, talking to strangers over the phone, trying to negotiate a better annual premium. We can help you find a better price today, and leave you plenty of extra time to take care of other important tasks. Just reach out and contact us. We are ready and eager to hear from you.