Homeowners Insurance in Savannah, Georgia
- Homeowners Insurance in Savannah, Georgia
Savannah is a charming and historic Southern city. Once you visit, you can see how you would want to call it home.
While living in the South has many perks, it also has drawbacks. Potential severe weather, in addition to other unexpected events, can cause financial headaches if you don’t have the right homeowners insurance.
This guide explains everything you need to know to find the best homeowners insurance in Savannah, including average rates, cost factors, and money-saving tips.
How Much Is Homeowners Insurance in Savannah, Georgia?
The average cost of homeowners insurance in Savannah is about $1,966 annually, higher than the average statewide Georgia rate of $1,245.
While Savannah has avoided major hurricane impacts for years, its location on the Atlantic coast leaves it more vulnerable to strikes than inland cities, which likely contributes to higher premiums in general.
Another critical factor affecting rates is your home’s value. Insurers analyze the replacement cost, which is the cost needed to rebuild your house after damage, as a primary component of your insurance premium. Look below at average rates in Savannah for some common home values.
|Average Cost of Homeowners Insurance in Savannah
Home value isn’t the only factor that influences rates. The insurance marketplace is highly competitive, and you’ll find slightly different premiums at every provider, so you may be able to find a better deal at one over another.
Cheap Homeowners Insurance Companies in Savannah
Allstate had the cheapest homeowners insurance in Savannah, but you may be able to find affordable coverage from other companies depending on your property and coverage needs. Many factors affect rates, and you can’t be sure of the cheapest coverage until you get quotes.
Home insurance companies assess many factors when giving you coverage, and every company has a slightly different way of calculating their rates. Also, their business needs and strategies can change over time, which affects insurance costs. This means that the coverage won’t cost the same at every insurer, so you should always shop around to find the best price.
The following table lists some large home insurance companies in Savannah and their average rates, where Allstate ranked as the most affordable.
|Average Rates of Homeowners Insurance Companies in Savannah
|Average Annual Rate
These averages are useful to know, but keep in mind that they’re just that: averages. You may encounter different Savannah insurance rates when you provide specific information about your property.
Also, insurance agents in Savannah are a valuable lifeline if you want additional help. Agents partner with companies and can shop your information with several carriers to find the best deal for you.
We partner with the nation’s top homeowners insurance companies so you can get a custom policy at an affordable price.
Savannah Homeowners Insurance Coverages
Every home insurance policy contains the same areas of coverage, no matter the company. All plans protect your property and liability in several ways, as briefly outlined below.
|Savannah Homeowners Insurance Coverages
|Dwelling coverage covers your home’s physical structure, like the roof, walls, patios, foundation, and pipes, from covered perils.
|Other Structures Coverage
|Other structures coverage extends coverage to features on your property unattached to the main house, such as fences, pools, sheds, and detached garages.
|Personal Property Coverage
|Personal property coverage guards your belongings, including furniture, clothing, electronics, and jewelry, from theft and damage.
|Loss of Use Coverage
|Loss of use coverage helps cover living expenses if your home is rendered uninhabitable by major property damage. Your insurance can cover lodging, groceries, and gas while you’re displaced.
|Liability coverage covers medical bills and legal fees that result from a lawsuit if you’ve been found liable for someone’s injuries.
|Medical Payments Coverage
|Medical payments coverage is designed to cover minor medical expenses if someone gets hurt around your property without the need for legal responsibility.
How to Get the Best Homeowners Insurance in Savannah
The best homeowners insurance in Savannah is the policy that addresses all your coverage needs while staying within your budget. Every policyholder is different, so there’s no outright best company to recommend. Instead, you should customize your policy to fit your circumstances and shop around to ensure you get the best price.
Address Coverage Needs
You can fine-tune your policy by adjusting your coverage limits and adding endorsements if needed. Each coverage area mentioned above comes with a maximum possible payout called a limit. Insurers will recommend limits for you when quoting based on the information you provide about your home and belongings, but you can change these to better suit your situation.
Your dwelling limit can range from 80% to 100% of your home’s replacement cost. Raising your dwelling limit will better cover you in case of a total rebuild but will also increase your premiums notably, so weigh your needed protection against your budgetary constraints. You may also need to consider actual cash value or replacement cost coverage.
We suggest making a home inventory to determine the exact amount of personal property coverage you need and raising your liability limits beyond the minimum required amount. For most people, $300,000 to $500,00 in liability coverage is sufficient, but make sure you have enough to guard your assets. You don’t want to be caught short in case of a liability claim, as medical payments and legal fees can rack up quickly after an accident.
While policies protect against over a dozen covered perils, you may still need additional protection to guard your home and belongings fully. You can enhance your coverage through endorsements, which are optional coverage add-ons.
Endorsements vary by company, but some common ones include:
Adding endorsements will raise your premiums, but, depending on your coverage needs, they may be worth it. Some companies also offer sinkhole coverage.
Shopping around is the best way to save money on insurance premiums. It’s the only proven way to find the best rates, discounts, and endorsement options. Comparing carriers will also give you insight into their customer service and other qualitative factors about a company, which can influence your decision on which carrier you choose.
What to Know About Flood Insurance in Savannah
Despite all the different coverages and possible endorsements in home insurance, you’ll never find a policy that includes flood damage. Flooding is excluded from all homeowners insurance policies, which is important to note because floods are the most common natural disaster.
Floods can be caused by storm surges, thunderstorms, hurricanes, coastal erosion, and mudslides. Savannah’s low elevation and coastal proximity leave it very vulnerable to flooding. Several streets flood regularly during heavy rains, and many properties on or near the water are in federally designated flood zones.
The Federal Emergency Management Agency (FEMA) creates flood risk maps for the country and also funds the National Flood Insurance Program (NFIP). The NFIP is the largest flood insurer in the country.
Even if you’re not in a high-risk flood zone, you should consider Savannah flood insurance to fully protect your property. Just one inch of floodwaters can cause over $20,000 in damages to your home.
NFIP premiums on homes in high-risk flood zones range from $829 to $2,173 annually, while prices are higher on non-primary residences. You can also check your options from private flood insurance companies, which are growing in popularity as technology improves.
Do you want to pay for costly and common flood damage yourself or have an insurance policy pick up the tab?
Cost Factors of Home Insurance in Savannah, Georgia
The average cost of homeowners insurance in Savannah is $1,966 annually, but your exact price depends on many factors about yourself and your property. Some of the most important factors insurers consider to determine Savannah insurance rates include:
- Home replacement cost
- Home age
- Home features
- Claims history
- Policy deductible
Insurers usually value your home by its replacement cost. The more it costs to rebuild your home, the higher your insurance premiums will be.
Details that influence your home’s ability to withstand damage affect premiums. Having old structural components like the roof, siding, pipes, and HVAC will raise rates because older construction is more likely to suffer damage from storms or wear and tear.
Companies will also ask about features in and around your home. Certain attractive nuisances, such as pools or trampolines, increase your liability risk and will raise your rates. Conversely, having security systems or deadbolt locks can lower premiums.
People who have filed several home insurance claims in the recent past often pay more for coverage as insurers view them as a greater financial risk than someone who has never filed. Raising or lowering your home insurance deductible will also affect rates. Higher deductibles mean lower premiums.
Is Home Insurance in Savannah Required?
Homeowners insurance in Savannah isn’t required by law, but a mortgage lender will require coverage as long as you make payments.
Lenders require home insurance as part of their loans to protect the money they’ve invested. If the home gets destroyed by a covered peril, the insurance policy will provide a payout to you and your lender, guarding all parties’ financial interests.
If you don’t maintain your own property insurance in Savannah, your lender will force place insurance on you, which we always recommend avoiding.
How to Get Home Insurance Quotes in Savannah
For most people, the purchase of a home is one of the most significant investments you make. Taking the time to find the right insurance coverage is essential to safeguard your life. Compare several home insurance quotes in Savannah when looking for coverage to find the best deal.
Our team at Clovered is happy to help you. Compare your options and potentially buy coverage in minutes with our online quoting platform. As an independent insurance agency, we partner with Georgia’s top insurers to bring you the most competitive rates possible.
We partner with the nation's top homeowners insurance companies so you can get a custom policy at an affordable price.
The editorial content on Clovered’s website is meant to be informational material and should not be considered legal advice.