The 5 Biggest Risk Factors That Can Push Up Your Atlanta Home Insurance Rates

by Michael Lindell

Costs and inflation are making it hard for people all over the country to pay their bills, and it looks like homeowner's insurance is doing the same. But there is good news for people who live in Atlanta: Georgia has some of the lowest rates in the country, with an average monthly cost of only $901, which is a steal compared to the national average of $1,406.

But before you start to party, keep in mind that not all rules are the same. Some danger factors can make your Atlanta home insurance rates go up by a lot.

Summary:

Older homes pose hidden problems, leading to expensive repairs and higher premiums.
Georgia's vulnerability to natural disasters, like hurricanes and flooding, increases insurance costs.
High-crime areas raise the risk of property damage or burglary, resulting in higher premiums.
Pets, particularly larger breeds, can raise liability concerns and premiums.
Renovations and pools increase liability risks and repair costs, impacting insurance rates.

Understanding the Insurance Gamble

Risk rating is what insurance companies do all day. The more likely it is that you'll need to make a costly claim, the more your premium will be. For them, it's a risk; they're betting on whether you'll need to file a claim and how much it will cost. Here's a closer look at the five biggest risk factors that can impact your Atlanta home insurance:

The Risk of Older Homes: There are many lovely old houses in Atlanta that are often priced very reasonably. But what seems like a good deal at first may end up costing you more in insurance costs in the long run. Hidden problems are more likely to happen in older homes because they may have been ignored for a long time or use old materials like wires and water. Because these things can make fixes or replacements more expensive, insurers are less likely to cover them. The National Association of Home Builders says that keeping older homes in good shape and replacing old systems can greatly lower the risk of these issues and may even lower your insurance rates. You might want to talk to a qualified home tester to find any problems before they become expensive claims.
Living on the Edge of Nature's Fury: Climate change is a hard fact of life, and extreme weather events are happening more often. This means that more insurance claims will be made across the country. Unfortunately, Georgia is right in the middle of these problems. The state is especially vulnerable to these risks because it experiences a lot of storms and floods. Because of this, Atlantans who live in places that are more likely to be hit by these disasters can expect to pay higher rates to represent the higher risk. Some insurers, though, will lower your rates if your home has features that lower these risks. Some homes may be eligible for savings if they have storm screens or were built to higher flood standards. You can use flood zone maps from the Federal Emergency Management body (FEMA), which is a government body, to find out if your home is in a high-risk flood zone.
Crime Stats and Your Insurance Rates: When it comes to property insurance, living in a high-crime area is like getting hit twice. Crime makes it much more likely that someone will break in or damage your property, which means that the insurance faces a higher risk of claims. In this case, your rates will be higher. In the worst cases, living in a neighborhood with a lot of crime could make it hard or impossible to get regular homeowner's insurance. You can find information to help you figure out how common crime is in your area. The Atlanta Police Department puts out a crime map that can help you figure out how often crimes happen in your area. Some insurers may also give you a discount if you have a security system or live in a gated neighborhood.
Pets: Though we love our pet friends, they can make our insurance costs go up. Your insurance rates may go up if you have a big dog or a breed that insurers see as high-risk. The thinking behind this is that bigger dogs are more likely to hurt someone, and some kinds are known to be more violent. But some insurance companies will lower your rate if you take your dog to obedience training classes. There are also times when getting your pet neutered or spayed can get you a deal.
Renovations and Pools: Renovations can raise the value of your home, but they also raise the cost of fixes or replacements, which means your insurance company will charge you more. In the same way, swimming pools can cause people to die and can greatly increase your lawsuit claims. So, even though that garden oasis might look perfect, you should know that it will cost you a lot. Talk to your insurance agent before you make any changes to your home or add a pool to find out how they might affect your rates. If you want to lower the risk, you could use fire-resistant materials when you do repairs or put up a fence around your pool.

Keeping Your Atlanta Home Insurance Affordable

The good news is there are steps you can take to keep your Atlanta home insurance costs under control:

Shop Around Like a Hawk: Don't settle for the first quote you get. Get quotes from multiple insurers to find the best rate. There are online resources that can help you compare rates from a variety of companies.
Raise Your Deductible, Lower Your Monthly Bill: This is a strategy where you agree to pay a higher out-of-pocket amount in case of a claim. By increasing your deductible, you can significantly lower your monthly premium. However, be sure to choose a deductible you can comfortably afford in case you do need to file a claim.
Fortify Your Home and Earn Discounts: Many insurers offer discounts for homes with features that make them more resistant to weather events, fire, and theft. Consider installing storm shutters, a security system, or upgrading your roof to fire-resistant materials. These improvements can not only protect your home but also lead to substantial discounts on your insurance premiums.
Discounts Are Out There, Ask and You Shall Receive: Don't be shy about asking your insurer about available discounts. Many companies offer reductions for things like bundling your home and auto insurance, having good credit, being claims-free for a certain period of time, or even completing homeowner's safety courses.
Review Your Coverage Regularly: Your needs and the value of your home can change over time. It's important to review your homeowner's insurance policy annually to ensure you're not paying for unnecessary coverage. If you've made significant improvements to your home, you might need to increase your coverage amount. Conversely, if you've paid off your mortgage, you may be able to remove some coverage options and lower your premium.
Remove Unnecessary Structures: Old sheds, detached garages, or other unused structures on your property can increase your liability and raise your premiums. If you have any outbuildings that you don't use or maintain, consider removing them to reduce your overall risk profile.

By following these tips, you can take control of your Atlanta home insurance costs and ensure you have the coverage you need to protect your biggest investment. Remember, a little effort can go a long way in saving you money on your homeowner's insurance.

More Related Topics

GET MORE INFORMATION

Michael Lindell

Agent | License ID: 395224

+1(404) 664-8098