Homeowners Insurance in Newnan, Georgia (2024)

We can think of few places more apt for a breakdown of homeowners insurance than Newnan, Georgia, the self-proclaimed “City of Homes.” Use this guide to answer any questions you may have about finding coverage for your property in Newnan. We explain average rates, cost factors, coverage tips, and more.

The average cost of homeowners insurance in Newnan is about $1,725 annually, with rates ranging from $1,253 to $2,506 for most people. Premiums vary by home value, insurance provider, and more.

The average rate in Georgia is $2,166 per year, so Newnan’s average premium of $1,725 is about 20% below the state average. This is partly due to Newnan’s distance from the coast. 

In the Southeast, properties near the ocean are much more prone to hurricane and flood damage than inland houses. The increased susceptibility to property damage causes coastal homes to typically have higher premiums. Newnan is over 200 miles inland, so possible hurricane risk isn’t as much of a factor in insurance rates in the city.

Home value is a major consideration for all properties, though, and will cause premiums to vary in Newnan. Your house’s replacement cost is one of the largest rating factors companies use because it determines the amount of coverage you need in your policy. Larger, more expensive homes to build need more insurance, so they cost more to cover, which raises rates.

The table below shows average home insurance rates in Newnan for three different common coverage amounts.

As you can see, rates rise as the coverage amount increases, which correlates with home value. However, several other factors impact premiums, so you won’t know exactly how much you’ll pay until you get quotes.

Also, rates vary by the company since every carrier has different business strategies and underwriting methods. So, it’s crucial to compare multiple quotes and providers to find the cheapest home insurance in Newnan.

Homeowners insurance policies financially guard your property against several possible sources of damage officially called perils. Some common perils include fires, wind damage, theft, and water damage. It also protects your personal finances in case of a lawsuit with liability and medical payments coverage. The six general coverage areas are outlined below.

Dwelling Coverage: Covers peril damage to your home’s structure, including the roof, walls, flooring, countertops, plumbing, patios, and more.

Other Structures Coverage: Covers damage to features on your property that aren’t attached to the main house, such as detached garages, sheds, fences, and carports.

Personal Property Coverage: Covers your belongings in and around your property, such as electronics, furniture, clothing, jewelry, tool, and artwork.

Loss of Use Coverage: Covers living expenses if you must move out of your house temporarily after it suffers significant damage. Your insurer can reimburse you for hotel stays, groceries, and more while your house gets rebuilt or repaired.

Liability Coverage: Covers your finances if you’re sued by someone who suffers an injury or property damage and you’re found to be at fault. Your insurer can pay medical bills, legal fees, and more.

Medical Payments Coverage: Covers minor medical expenses if someone gets hurt around your property, regardless of fault.

Getting the best homeowners insurance in Newnan requires understanding your coverage needs and budget. Understand how your policy works so you can tweak it as needed. For example, you can change your coverage limits, add endorsements for additional protection, and adjust your deductible to reduce premiums.

You can alter your policy’s coverage limits to accurately cover your property. It’s common to adjust your dwelling, personal property, and liability limits. Your dwelling coverage limit must be at least 80% of your home’s replacement cost, but you can increase it to 100% (or more at some carriers through guaranteed or extended replacement cost coverage), depending on your budget.

We recommend creating a home inventory to determine the exact amount of personal property coverage you need. An inventory should list all your items and their values. The total cost of your belongings is the ideal personal property coverage limit.

Providers normally require at least $100,000 in liability coverage but often recommend at least $300,000. You can raise your liability coverage relatively cheaply up to $500,000 or more depending, on your assets.   

You can also expand coverage in your policy beyond the default protections with endorsements, which are optional coverage add-ons. Endorsement types and costs vary by provider, so you should read your policy to understand what is and isn’t covered, and then investigate endorsements if you notice an area of your property that’s exposed.

For example, some common endorsements include those for especially costly possessions (like jewelry and artwork), home-based businesses, and water backup through sewers and drains.

You choose your policy’s deductible, which is the out-of-pocket cost before you can file a claim. The deductible you pick affects your premiums. They usually range from $500 to $2,000, and choosing a higher deductible lowers your rates because it makes you more financially responsible for property damage during a claim. This reduces your insurer’s likelihood and extent of a payout, thus lowering your risk as a policyholder, which earns you lower premiums.

Decide on a deductible that works with your budget. Don’t choose one that’s too high to afford, or else you’ll never be able to file a claim, which defeats the purpose of having coverage in the first place.

Unfortunately, flood damage to property is generally not covered by homeowners insurance. You’d need flood insurance, which lenders might require if a property lies in a flood zone as determined by the  Federal Emergency Management Agency (FEMA).

Even if they’re not in federally designated high-risk flood zones, some properties in low-lying areas or near creeks and rivers can flood in Newnan. Truthfully, anywhere it can rain, it can flood, which is why we want to encourage residents to at least look into their options for flood insurance in Newnan.

The National Flood Insurance Program (NFIP) is administered by FEMA and is the largest flood insurance provider in the country. However, several private flood insurance companies can offer higher coverage limits and more options that are attractive to some residents.

If you want to learn more about flood insurance in Newnan, you can fill out our straightforward flood insurance form or contact our team by phone or email.

In addition to location and home value, some more critical factors affecting home insurance rates in Newnan included:

Companies always inquire about your home’s age. Older houses normally have higher limits because their older components are more prone to damage from severe weather or wear and tear. Additionally, carriers may ask about features on your property. Attractive nuisances, including pools, trampolines, or playground equipment, can increase your liability risk and raise rates. Some companies also consider certain dog breeds when determining rates.

Carriers ask about your claims history, typically in the last three to five years, when quoting. People who have recently filed multiple claims are likely to have higher premiums because insurers are wary of covering them.

Your policy specifics influence premiums directly. We mentioned how raising your deductible can lower your premiums and vice versa. Adding endorsements and increasing coverage limits will raise rates. Qualifying for multiple discounts and bundling policies will lower premiums.

Homeowners insurance in Newnan isn’t required by law, but most homeowners must still have coverage because mortgage lenders mandate coverage as a condition of home loans.

Lenders require coverage to protect their investments in properties. Otherwise, if a home they helped buy got destroyed, then they’d have no way to get their money back. If a covered peril, such as a fire or hurricane, destroys your house, the insurance provider will reimburse you and your lender.

Lenders often recommend carriers to go with for coverage when giving a mortgage, but you don’t have to choose their preferred companies, as they may not offer the best rates. You should search for coverage on your own for the best deal. Be sure to choose someone, though, because if you don’t pick a company, your lender will force place insurance on you.

If you want help finding the right home insurance in Newnan, our team at Clovered would love to help. We have years of experience helping homeowners up and down the East Coast with their insurance needs.

You can get homeowners insurance quotes in Newnan with our online quoting tool at any time. All you msut do is input some information about yourself and your property, and you can compare your options from top providers in Georgia in minutes.

If you’d rather chat with one of our licensed agents for a quote, give us a call at 833-255-4117 during business hours. You can also email us with any questions at [email protected]