Georgia Homeowners Insurance

Last Updated on September 29, 2020 by Andrew Lee

As a homeowner, you definitely feel pride, joy, and satisfaction with what probably is your biggest investment. And because you spend a lot on it, it makes complete sense that you keep it protected from any potential damage or loss.

One of the easiest methods to protect your home is to purchase and maintain a robust Georgia homeowners insurance policy. With this, you can have peace of mind and a sense of security knowing that your insurer will help you cover costs in the event that your home and/or the valuables it contains sustain damages or become permanently unusable.

Average premiums for homeowners and renters insurance in Georgia

In the United States, the average homeowners insurance premiums is $1,096, as the National Association of Insurance Commissioners (NAIC) recently reported.

Homeowners paid an average of $1,044 making Georgia the 22nd state with the highest insurance premiums

Renters, on the other hand, had a median expenditure of $226 putting the state at the 6th place in the same ranking

On a month to month basis, the average premium payments GA homeowners pay toward this particular form of insurance product is $77.77, as financial resource firm ValuePenguin revealed.

Comparing the state’s average with that of the country, there is a slight difference of .95%.

According to United Policyholders, it takes insurance company takes 18-24 months to settle claims after filing.

Coverage categories in the event of a loss

According to the Office of Commissioner of Insurance (OCI), homeowners insurance In the State of Georgia should provide coverage for the residential building itself and its contents, as well as personal liability.

OCI further explained that the policy should help cover the costs associated with damage to your home and other outbuildings (garage, sheds, etc.); your personal belongings and other valuables; and rental reimbursements in the event your home becomes un-livable for a short period of time. It should also protect you from lawsuits filed by people who experience injury-causing accidents in your home you are at fault for.

In many cases, a basic insurance policy doesn’t cover property damage/loss involving automobiles, as well as those brought about by natural disasters like earthquakes and floods. However, Georgia insurers offer coverages for these separately.

Key Facts and Market Trends in Georgia: The NAIC also conducted an assessment of the key facts and market trends within the country’s insurance industry. The results showed that the State of Georgia has a total of 91 domestic insurance companies. With the licensed foreign companies included in the count though, this number rises to 1,705.

Georgia’s length of waiting time for insurance company settlements

You shouldn’t expect your insurance company to settle with you right after you file a claim. Insurers follow quite the complex process, so you need to wait for about 18 to 24 months. According to United Policyholders, this is the length of time allotted for completing repairs, rebuilding, or processing replacements.

You cannot tell for sure when a disaster can hit your home and affect it and its contents severely. So rather than take a risk, just invest in a robust Georgia homeowners insurance policy.

Getting the full value of a claim for disaster-induced property damage

When your house sustains damage caused by a disaster, the settlement value you’ll receive from your insurer depends on how much insurance you purchased. Properly insuring your home means taking into consideration its full, current value and then insuring it at full cost. It’s best you obtain insurance not less than 80% of your property’s replacement value.