Georgia Homeowners Insurance Guide
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Georgia Homeowners Insurance
Explore Georgia Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Peach State is known for its warm weather, but it also has a wide spectrum of different topography. Georgians and the several visitors of the state, get to enjoy miles upon miles of beaches and mountains, while also appreciating some of the nation’s busiest and most historic cities in Atlanta and Savannah. It’s pretty easy to fall in love with the Southeastern state affectionally labeled the Peach State. In addition to the picturesque beaches and mountain ranges, Georgia also provides a home for acres of farmland.
Property insurance becomes increasingly important given the bevy of different terrain and climate driven perils the Peach State brings to the table. Outside of the normal risks such as vandalism or theft, Georgians must also prepare for property damage caused by catastrophes such as hurricanes, tornadoes and even wildfires. Although only a small part of Georgia’s perimeter is along the coast, four of the ten most costly hurricanes to hit the United States have caused property damage in the Peach State (Irma – 2017, Katrina – 2005, Ivan /Frances – 2004, Hugo – 1989).
How Much Does It Cost, and What Does It Cover?
Only 5% of Georgia’s total insured property exposure lies along the coast. But due to the state’s collective catastrophe exposure, residents and property owners pay more for homeowners and renters insurance than the rest of the country.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Georgia | $1,267 | $219 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2018)
For many Georgians, the standard homeowners or renters policy provided in the private marketplace will suffice. Cities such as Atlanta may only truly require coverage for the standard fire, vandalism, or liability. However, if you are lucky enough to own property or live in a place such as Savannah, you may need to access the alternative market created by the Georgia Underwriting Association (GUA); a market of ‘last resort’ for those Georgians that couldn’t secure adequate coverage in the standard market.
Which Carrier Should I Go With?
Comparing carriers is critical in Georgia given the spectrum of perils it presents. The location of your property also plays an important role. Those Georgians that are near large metropolitan areas, away from the mountains and coast, will undoubtedly receive the best rates. Those that have traded the hustle and bustle of the city for smaller coastal or mountain towns, will bear the cost of higher rates.
Top 5 Home Insurance Carriers in Georgia
| Company | Market Share |
| State Farm | 25.9% |
| Allstate Corp. | 12.5% |
| USAA Insurance Corp. | 11.2% |
| Travelers Companies Inc. | 6.0% |
| Liberty Mutual | 5.5% |
Source: Insurance Information Institute (2018)
Many of the carriers in the private insurance market refrain from participating in those areas that are prone to hurricanes, tornados and other catastrophic events. However, thanks to the GUA and the National Flood Insurance Program, there are residual markets available to supplement the private one. Together, they ensure every Georgian has adequate coverage for their respective properties.
Georgia Regulating Agencies And References
