New Year means New Home Insurance Concerns!

New Year means New Home Insurance Concerns!

February 22, 2024

Living in the Peach State brings a unique charm, but also its own set of risks when it comes to your home. From scorching summers to powerful storms, understanding how these factors influence your homeowner's insurance is crucial. Let's dive into some key differences between Georgia and the rest of the US.

Weathering the Storm: Georgia ranks 5th in the nation for thunderstorm frequency, according to the National Oceanic and Atmospheric Administration (NOAA). That means lightning strikes, hail damage, and windstorms are more common concerns for homeowners here. Reflecting this risk, average premiums in Georgia are $1,761, slightly higher than the national average of $1,759 (Bankrate, 2024).

Flood Risks: While hurricanes aren't as frequent as on the coasts, flash flooding is a significant threat in Georgia. The state ranks 11th for flood losses nationwide (Federal Emergency Management Agency, 2023). Remember, standard homeowner's insurance typically excludes flood damage. Purchasing separate flood insurance is crucial for many Georgia residents.

Know Your Coverage: When comparing policies, understand what's included. Remember, coverage for natural disasters like hail, wind, and floods might not be standard. Talk to your agent about specific endorsements or riders to ensure your home is protected against the risks most relevant to your area.

Beyond the Basics: While weather-related events pose higher risks in Georgia, traditional concerns like theft and vandalism are still important. Research crime rates in your area and consider additional coverage if needed. Additionally, be sure your dwelling coverage reflects the current market value of your home.

Shop Around: Don't settle for the first quote! Compare policies from multiple companies to find the best combination of coverage and price. Remember, your individual circumstances and risk factors will influence your premium, so personalized quotes are essential.

By understanding the unique risks your Georgia home faces, you can make informed decisions about your homeowner's insurance. Remember, proactively addressing these concerns can save you money and stress in the long run.