The Best Homeowners Insurance in Georgia

Ok, let’s get down to brass tacks, who has the best homeowners insurance in Georgia?

There’s a lot that goes into figuring out who has the best homeowners insurance in Georgia. The ads on TV lead us to believe that having the best homeowners insurance means having the lowest price. At the Roberts Insurance Group, we think the price you pay is a big factor but it’s not the only factor...

The answer to this question has to do with whether or not the insurance has the best coverage for your individual situation.

The best home insurance coverage will make sure that you do not have to rely on Go Fund Me or or other donations to make sure you are back on your feet and right where you left off before tragedy struck.

HERE ARE SOME KEY THINGS TO LOOK FOR IN YOUR HOME INSURANCE COVERAGE:

• Building Coverage – This is the meat and potatoes of your homeowners policy. This coverage is what pays to repair or rebuild your home if something happens. The way that this coverage is calculated is through a replacement cost estimate software. Essentially, your agent or carrier will enter in data and characteristics about your home. Everything from the square footage, to the number of bathrooms, to the type of flooring. The software, which is constantly updated with recent claims data and material pricing, calculates an estimated replacement cost or “the amount of money that the insurance company thinks it will take to rebuild your home from scratch”. Every carrier has their own formula for this but they are all usually pretty similar. As a Georgia homeowner, you want to make sure that all of this data is accurate and up-to-date. In addition to making sure this coverage limit is high enough, you need to make sure that all losses are at replacement cost as opposed to actual cash value. We’ll touch on those differences in another post. 
• Personal Property Coverage – Make sure that your coverage limit is enough to cover all of your personal belongings. If you were to pick your home up, turn it upside down, and then shake it.. Everything that falls out would be considered your personal property. Although it may not seem like you have a lot, you do! It is very expensive to go buy all new clothes, new furniture, new decor, new this, new that. Most carriers will have a minimum amount of coverage that they will allow you to carry, which is usually a percentage of your dwelling coverage. As a homeowner, you need to make sure to speak with your agent or broker to see if you need to increase this coverage. Another thing to consider is to get an HO-5 policy versus the standard HO-3. We’re getting a little in the weeds here (we’ll go over these differences in full in another post) but many companies now offer an HO-5 homeowners policy, which will give you much better coverage for your personal belongings. 
• Scheduled Personal Property – Did you know that there are special limits for specific types of personal property? Things like jewelry, firearms, precious metals (gold/silver), fine art, collectibles, etc. typically have a cap on how much coverage you can get on your homeowners policy. If you have a collection that exceeds $2,000, you need to discuss getting these things fully covered with your agent or broker. This can be done by scheduling the items on your homeowners policy or by buying a separate inland marine/floater policy. 
• Liability Insurance Limits – This is a VERY important coverage that comes with your homeowners insurance. It helps protect your income and assets (such as your home!) from being at risk if a lawsuit is ever brought against you. Liability insurance provides your defense costs and to cover any settlement or judgement that may be levied against you. Accidents happen. Georgia homeowners need to make sure they have adequate liability coverage to protect their income and assets when bad luck strikes. For example, one client was at the grocery store and looking over their shopping list. They came around the corner and accidentally knocked an elderly lady to the ground, which caused a broken hip, a concussion, and other injuries. Had this client not had liability insurance in place, he would’ve been liable for almost $100,000 in damages. We also recommend that all homeowners add an extra layer of liability insurance in the form of an Umbrella Insurance Policy.
• Additional Living Expense Coverage – This coverage pays to pay for additional living expenses that you may have if you are forced to move out of your home due to a claim. Primarily used to pay for a place to rent, it can also be applied to extra food, gas, child/animal care costs, and more. It’s important to make sure this coverage limit is high enough to cover the cost of a local, comparable, rental property for 18 months. It’s also important to know how long this coverage can apply as many policies will only pay this coverage for 12 months. 
• Other Structures Coverage – This coverage pays to fix or replace any detached structures on your property. Anything from a detached garage, to a shed, to fencing, and more. This standard coverage is typically based on a percentage amount of the dwelling coverage (or Coverage A). It is important to review this with your agent or broker to ensure that your separate structures have sufficient coverage in place. 

These are just a few of the things to look for and consider when evaluating your homeowners policy. As you can see, there are several things to review before reviewing the price you pay or the company you’re with.

Is it worth saving $50 to have extra exposure for a claim that could cost you $100,000 out of pocket? Is it worth paying an extra $200 to have your policy with a “big-name” insurance company?

The answer to both is NO. Having the right coverage in place should be your top priority. 

Many of the “big-name” insurance companies spend billions and billions of dollars advertising on TV, online, and in your community. They try to create a message that “since you see us everywhere, we offer something no one else can”. This is a bit misleading. They imply that you may not get certain coverages elsewhere, which is not true at all. It all comes down to making sure you have the right coverage in place. 

Take a minute and contact one of the professionals at the Roberts Insurance Group to make sure you have the right coverage in place. 

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