home insurance in georgia
Although Georgia experiences fewer high-intensity hurricanes than Florida, the state still experiences 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.
georgia home insurance risk factors
Because each state has different risks, there are different geological considerations when it comes to home insurance. To better protect your finances, it helps to understand the common causes of home damage in Georgia, as well as the insurance options available to cover these causes of loss.
common causes of loss in georgia
by knowing which threats are most common in georgia, you can make strategic decisions about what types of coverage to get. Hurricane damage is one of the most prevalent hazards in the Peach State. Although Hurricane Ida of August 2021 saved the state from a direct hit, parts of Georgia were affected by remnants of the storm. In 1994, Tropical Storm Alberto dumped more than 25 inches of rain in less than 24 hours in parts of the state, killing 34 people and displacing more than 50,000.
In Georgia, you can expect higher than average exposure to:
- Flooding: Many areas of georgia are at high risk of flood damage, with an average National Flood Insurance Program (NFIP) claim payout of more than $26,000. Because flooding isn’t covered by home insurance (flood coverage requires a separate policy), the risk of flooding in the state shouldn’t affect the price you pay for home insurance, but it can still be a consideration. for the types and amounts of coverage you purchase. .
- Hurricanes: Georgia’s coastal position carries the risk of hurricane damage, which can be extensive and devastating.
- Tornadoes: Although Georgia is not on tornado street, it is prone to significant tornado activity. While most tornado damage comes from high winds, hail also is common with these convective storms.
- Flood Insurance: Flood damage is generally not covered by a homeowners insurance policy. While it’s helpful to add the coverage to your policy, you’ll likely need to purchase a separate flood insurance policy from NFIP or from a private flood insurer if your home is in a high-risk flood zone. 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 policy or separate endorsement. Even if your homeowners insurance policy covers wind damage, you may have a separate wind deductible for designated 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’ll get the full replacement cost for repairs or a new roof, instead of having depreciation deducted from your settlement.
Now that you know the common causes of home damage in Georgia, you can choose coverage to more intelligently protect your property from these potential hazards.
home insurance coverage options in georgia
In addition to the types of standard homeowners insurance coverage, such as homeowners, liability, personal property, and loss of use coverage, you may want to consider additional coverage to protect against common causes of loss. :
Because Georgia has a relatively high risk of storm-related damage, working with a licensed insurance agent to choose endorsements could be beneficial.