Homeowners Insurance in Athens, Georgia

Even if you’re not a Georgia Bulldog, Athens is a vibrant and enjoyable place to live. Let us help you protect your way of life in the city by helping you find the best homeowners insurance.

 In the following guide, we break down average premiums, typical requirements, and money-saving tips to help residents secure the best home insurance in Athens. 

The average cost of homeowners insurance in Athens is about $1,886 annually, but the exact price you pay varies by company, property, and more.

The statewide average homeowners insurance cost in Georgia is about $2,166 yearly, so rates in Athens are about 13% below the state average. This friendly cost is likely due to Athens’ distance from the Atlantic coast. 

Cities near the beach have greater chances of hurricane damage, one of the major concerns for insurers in the Southeast. Coastal properties tend to have higher premiums. Athens is far from the coast, which likely helps reduce insurance costs.

Another significant factor in insurance premiums is your home’s value. Insurance companies typically derive your house value from its replacement cost, which is the cost to rebuild it based on construction, materials, and labor expenses.

Larger, nicer homes cost more to build and more to insure. Look at the following table that shows some common home values and their associated average insurance rates. Note how premiums always climb as home value rises.

Although rates vary by company, the coverages contained in home insurance plans remain constant. Every policy protects your home and liability, generally separated into six coverage areas as follows.

The best insurance in Athens is the policy that covers your property and liability sufficiently at a price you can afford. This can come from any company, and there’s no outright best choice for an insurance provider since every policyholder differs in their coverage needs and budget.

To find the best insurance, you should understand when and how your policy covers you so you can tweak your plan to fit your needs, such as adjusting your coverage limits or adding endorsements. You should also always shop around to find the best price, discounts, and customer service.

Recognize when and how your home Athens home insurance covers you. If there’s a coverage gap, you may be able to address it with an endorsement.

Home insurance reimburses you for damage at either actual cash value or replacement cost. Actual cash value coverage factors in depreciation when paying you for damage or items, always lowering the amount of money you receive. Replacement cost coverage enables your insurer to reimburse you what you paid for an item regardless of its age. If you have the choice, replacement cost coverage is preferable in your policy but is also more expensive. 

Every plan protects against over a dozen possible damage sources called perils. If you notice a peril or other area of your property not covered by default, you can purchase an endorsement to supplement your coverage. You can get endorsements for sinkholes, water backup, and especially expensive jewelry or art, to name a few.

You should also ensure your policy limits protect you fully. Make a home inventory to determine the amount of personal property coverage you need and raise your liability limits beyond the minimum expected amount to be safe.

Once you know what coverage you need, you can take certain steps to reach your desired price point. Always shop around for the best price and customer service. Underwriting practices and business strategies vary by company, producing different rates at every carrier. You should compare your options to find the most affordable choice. Consider getting the help of an Athens insurance agent.

Another easy way to lower your premiums is by raising your deductible. Your deductible is the amount of money you must pay when filing a claim before your insurer picks up the rest of the damage bill. You choose your deductible when quoting.

Typical deductibles range from $500 to $2,000. Picking a deductible on the higher end of the range puts you responsible for covering a greater portion of the damage out of your own pocket. But, it also makes you less of a financial risk to your provider, lowering your premiums. Find a balance between what you can afford and the deductible you want.

Most people don’t realize that their home is at some risk of flood damage. Floods are the country’s most common and costly natural disaster.

While there are few federally designated flood zones in the city, this doesn’t mean properties are totally safe. Anywhere it can rain, it can flood, and heavy rainfall has caused flooding issues in Athens in the past. The National Flood Insurance Program, the country’s largest flood insurer, reports that over 20% of its claims come from outside high-risk flood zones.

Unfortunately, your home isn’t fully protected from flood damage without a separate policy for flood insurance. You may want to consider a policy from the NFIP or a private flood insurance provider.

Some of the most critical factors affecting home insurance costs in Athens include:

Location: Houses in damage-prone locations, such as flood zones or high-crime neighborhoods, often have higher premiums. Conversely, homes in gated communities or near fire hydrants can receive discounts.

Home Age: Older dwellings tend to have higher premiums because older construction and components are more prone to damage. Insurers are wary of dated roofs, pipes, and other elements that can fail during a weather event or break down more easily due to wear and tear. 

Home Characteristics: Companies will also inquire about several aspects of your home’s construction and other features. Factors that raise your liability risk, such as having a pool or owning a historically aggressive dog breed, can raise premiums. Security systems, on the other hand, can lower rates.

Claims History: During the quoting process, carriers normally ask if you’ve filed any claims in the past three to five years. Like having a spotty driving history with your auto insurance, filing several home insurance claims signals a greater financial risk to the insurer, and a person or place that generates multiple claims usually has higher insurance rates.

Policy Details: Higher coverage limits and opting for endorsements will increase your premiums while qualifying for discounts and raising your deductible will lower rates.

Although no law requires coverage, homeowners insurance in Athens is required if you have a mortgage, as lenders mandate insurance coverage in all home loans. 

Lenders stipulate home insurance as part of a home loan to protect their investment in your property. If a fire or other covered peril destroyed your house, the insurance company would reimburse you and your lender, so ideally, no one loses their money.

If you don’t maintain your own insurance during your mortgage, your lender will force place coverage on you. Force-placed insurance is up to the lender’s discretion, and they choose a more expensive and less comprehensive policy than a plan you can get on your own.

Force-placed insurance isn’t in your best interest, which is just another reason why taking the time to shop for the right property insurance in Athens is so important.

Whether you’re a new buyer or an existing homeowner looking to save money on coverage, you should always compare multiple home insurance quotes in Athens. Our team at Clovered has the knowledge and expertise to make the process easy.

If you’d like to see your options online, you can use our quoting platform to compare plans from top providers in your area. It only takes a few minutes to input some basic information about yourself and your property,

Or, if you’d rather speak with a licensed agent for your quote, give us a call at  833-255-4117 during business hours. You can also email us at [email protected] with any questions. We’d be happy to help you find the best insurance in Athens, Georgia.