Benefits of Having Homeowner's Insurance in Georgia

If you are considering purchasing a house in Georgia, obtaining a homeowner’s insurance policy is one major consideration you have to make.

Though the state does not mandate its residents to purchase this type of insurance coverage, obtaining it is still considered a good move to make. Why? Know that purchasing a home is quite a huge decision to make and it impacts your personal finances extensively. It would make so much sense to obtain an insurance policy that will cover any eventual damage your property might sustain that otherwise would be too costly to address on your own. Generally, homeowner’s insurance coverage in Georgia is composed of two parts. One is the coverage for the actual damages sustained by the property itself, such as from fire, theft, frost, severe windstorm, or earthquake. The second part is coverage from lawsuits for injuries sustained by other people while in your property, such as in the instance that a visitor slipped on your floor and sustained some bodily injuries or in the event that you dog bit a neighbor. One of the common features of homeowner’s insurance policy is the amount of coverage offered by most insurance providers. This amount must not be less than 80% of the actual replacement cost of the house and the personal properties contained within.

The actual amount and the process of determining the actual value of the claim may be dependent on the kind of insurance policy you obtained, as some insurance providers may stipulate including depreciation rate in determining the actual claims you might have. Typically, those who obtained insurance policies covering for replacement cost may be imposed with higher premium rates compared to those who purchased coverage for the actual cost. However, most of the homeowner’s insurance coverage offered in the state does not provide enough coverage for expensive items like jewelry or antique collections. For this kind of concern, homeowners are usually advised to purchase separate coverage for such items. If your property did sustain damages that made it inhabitable for some period of time, you can also make a claim with your insurance provider for them to pay for your stay in hotel or inn while you have your house repaired. This coverage is usually offered and included in almost all homeowner’s insurance package in the state. Subsequently, if your property also becomes damaged due to negligence in the part of your neighbor, you can also file a claim for repairs and restoration.

Should you have difficulty obtaining a homeowner’s insurance policy from several insurance providers you have approached, the state also offers the FAIR Plan, which is also known as the Georgia Underwriting Association. This particular organization was established to help those who are likely to be turned down by insurance providers for one reason or another. This way, you still enjoy some kind of coverage or protection even if your property might be considered to be of high risk among typical insurance providers in your area.

Obtaining a homeowner’s insurance policy also gives the policyholder certain rights and protection that insurance providers cannot deny. One is the right of the policyholder for continued coverage beyond the initial 60-day period of coverage. This is because policies enforced less than 60 days may be canceled by the provider by reasons it deem reasonable, just as long as they mailed a 10-day notice. Beyond this time period, Georgia law only allows insurance providers to cancel insurance policies due to valid reasons, such as fraud, misrepresentation of information, or nonpayment.

And what if you want to dispute the claims settlement or the cancellation made your insurance provider? Consumers in Georgia only need to contact the Consumers Services Division of the Department of Insurance to make complaints and ask for their cases to be investigated.

We help our Georgia customers in Atlanta, Augusta, Columbus, Savannah, Athens, Macon, Roswell, Sandy Springs, Albany, Marietta, GA and other cities in The Peach State lower their premiums and save money on all types of insurance. Use the form above to find low cost auto, homeowners, health, medical, life and long term care insurance. Using our Georgia insurance agent and broker network, you can easily compare rates from multiple providers.

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