You might be curious about what the average cost of homeowners insurance is in Georgia. It’s a valid question – you want to know if you’re getting a good deal for your insurance. Well, we’ve got the answer to that question for you, but that’s not all we have to say on the topic. See, the thing is that there are lots of factors that determine your home insurance rates. These factors could be causing your homeowners insurance to be either higher or lower than the average. We’ll give you the average cost of home insurance in Georgia and explain what can influence your home insurance rates.
The average cost of homeowners insurance in Georgia:
According to March 2017 article on Insurance.com, Georgia’s average home insurance rate is $1,103 for $200,000 of dwelling coverage with $300,000 of liability insurance and a $1,000 deductible. That’s 10% below the national average of $1,244 – not too shabby!
For $300,000 of dwelling coverage with the same limit of liability and the same deductible, the rate would be $1,601, which is 8% below the average for the same coverage.
What are the factors that influence homeowners insurance premiums?
Like we mentioned above, there are a lot of things that can determine your home insurance rate. Some of the factors are…
The insurance company itself.
Insurance companies determine and interpret risk differently, which is why you may get different quotes from different companies. That’s why it’s generally a good idea to shop around for your home insurance.
What your home is made of.
A home made of brick, which is not flammable, may cost less to insure than a home with a wood frame. Whatever material your home was built with, it’s important that you have enough home insurance to completely rebuild it if it were destroyed by a fire, including the costs of cleanup and reconstruction.
Your credit score.
Your credit score has an impact on your home insurance rates because insurance companies see your credit score as an indicator of risk. A good credit score means that you’re a lower risk (and will most likely mean that you get lower home insurance rates) while a poor credit score means that you’re a higher risk (and will most likely get higher insurance rates.) See how that works? You may want to check your credit report for errors if possible and take steps to better your score prior to shopping for home insurance.
How close you are to a fire department.
The nearer you are to a fire station, the faster emergency services can respond to a fire. That means you’ll have less damage to your home, you may also have lower homeowners insurance premiums.
Your limits of coverage.
More insurance costs more money – makes sense, right? So, the higher you set your coverage limits, the higher your premium will be. However, having higher limits means that you won’t have to pay as much out of pocket if you have a big claim because your insurance will cover more of the costs. When figuring out what limits are right for you, remember that it’s crucial to make sure that you have enough home insurance to completely rebuild your home and all of the belongings in it.
Your deductible is that amount you agree to pay if you have a claim before the insurance company will start covering expenses. The higher your deductible, the lower your premiums – and vice versa. So, you have to choose if you want to pay more for your premiums or more out of pocket if you have a claim. It’s a balancing act, and you have to consider your disposable income and how much you can comfortably afford to pay if you have a claim when you set your deductible. You don’t want it to be so high that it would be unfeasible to pay if you have a claim.
Age of the home.
Newer homes may have lower premiums due to discounts for less risky, modern features. However, doing home improvements to make the home safer (such as replacing the wiring) can allow you to lower the premiums on an older home.
If you qualify for discounts on your home insurance, you could score some significant savings on your insurance premiums. Some common discounts that you may qualify for are having a home security system, having a fire alarm system, and having multiple policies from the same company. These aren’t the only discounts out there, though, so be sure to ask your agent what discounts you could qualify for.
Things like trampolines and swimming pools, called attractive nuisances, may raise the price of your homeowners insurance because they increase the risk of someone getting hurt on your property.
If you have a dog that’s on the “dangerous dog” list, you might face higher insurance premiums. Insurance companies can be wary of insuring dogs that are of a certain breeds or dogs that have a history of aggression, so it’s important to check how your dog could affect your home insurance rates.
Your claim history.
The more claims that you’ve filed, the higher a risk you are to an insurance company. The claims history of homes in your area could also play a part in your rates, as they show the insurance company how high a risk your area is for things like burglary.
As you can see, there’s a lot that goes into determining your Georgia home insurance rates. The average cost of home insurance in Georgia tends to be a bit lower than the national average, but there are a lot of factors that an insurance company will examine when quoting you for home insurance. Our team of insurance agents would be happy to help you through the process of getting home insurance quotes that suit your specific insurance needs and home. All you have to do to get home insurance quotes is fill out our quote form or give us a call today.