What Is Home Insurance & What Does It Cover?
Homeowners insurance in Georgia is unique when compared to other states in the US. While the basics of homeowners insurance are the same across the country, Georgia has its own set of laws and regulations that can affect how coverage is obtained and what is covered.
Home Insurance Concerns in Georgia
Georgia homeowners are at an increased risk of natural disasters. Georgia experiences a high frequency of tornadoes, hurricanes, and flooding, which can cause significant damage to homes. As a result, homeowners insurance in Georgia may have higher premiums and stricter coverage requirements for natural disasters.
Another issue that Georgia homeowners face is the prevalence of sinkholes. Georgia is one of the states in the US with the highest risk of sinkholes due to its geology. Sinkholes can cause catastrophic damage to homes and are typically not covered by standard homeowners insurance policies. Georgia homeowners need to purchase separate sinkhole insurance to ensure they are covered in the event of a sinkhole-related incident.
What Does Home Insurance Cover?
It’s important to read your policy to find out what it covers. Most home insurance policies include standard coverage for these types of incidents:
- Fire
- Hail
- Storm
- Rain
- Wind
- Theft
- Vandalism
- Property damage to others
- Bodily injury to others
It’s important to understand that there are exclusions, too. For example, your policy will not cover flooding unless you purchase flood insurance or a flood insurance rider. Your home insurance may also exclude sewer damage and earthquakes. Our insurance agents can help you understand the limitations of your home insurance policy and make sure you have coverage for all the important areas.
Georgia law requires insurance companies to offer an “open-perils” policy, which covers all types of damage unless specifically excluded. This is different from a “named-perils” policy, which only covers damage caused by events explicitly named in the policy. However, open-perils policies tend to have higher premiums and may not be suitable for all homeowners.
Why You Need Home Insurance
Georgia also has specific laws that can impact homeowners insurance coverage. Georgia law requires insurance companies to offer a separate wind and hail deductible for homeowners insurance policies. This means that homeowners in Georgia may need to pay separate deductibles for wind and hail damage, which can result in higher out-of-pocket expenses.
How Much Does Home Insurance Cost?
There are different ways to save money on home insurance. You can bundle your policy with other insurance policies, such as car insurance. Sometimes you can get discounts by installing security cameras or additional smoke detectors. Finally, it pays off to shop around, which is what we can do for you. We work with multiple insurance carriers to offer you the most comprehensive policy at the best price.
How Can I Save Money on Home Insurance?
There are different ways to save money on home insurance. You can bundle your policy with other insurance policies, such as car insurance. Sometimes you can get discounts by installing security cameras or additional smoke detectors. Finally, it pays off to shop around, which is what we can do for you. We work with multiple insurance carriers to offer you the most comprehensive policy at the best price.
How Does Home Insurance Work?
Homeowners insurance in Georgia is unique when compared to other states. It’s essential for homeowners in Georgia to understand their coverage options, including any additional policies or endorsements they may need to purchase, to ensure they are adequately protected in the event of a loss. Working with Kevin Panter Insurance can help Georgia homeowners navigate the complex world of homeowners insurance and find coverage that meets their specific needs.