Records Show Insurance Rates Rising in metro Atlanta, GA
There has been a large increase in the number of hailstorms and damage has been extensive, and expensive.
According to a recent report by consumer investigator Jim Strickland, homeowner insurance rates in Atlanta are on their way up. State records indicate that there have been substantial increases granted since 2012, which have affected premiums across the state and the city of Atlanta.
Industry experts say that damage from recent storms across Georgia is spread out across all insurance customers regardless of the damage in their area. There has been a large increase in the number of hailstorms and damage has been extensive, and expensive.
Rate increases vary by insurance company but as an example, State Farm Fire and Casualty has recorded three increase since 2012 which when compounded added up to a rate hike of 23 percent. Allstate Fire and Casualty were also awarded three increases for a combined increase of 28 percent.
Travelers only had two increases but the rise from these two was a whopping 26 percent.
On the other hand, Georgia Farm Bureau and Farmers have not requested a rate increase in the past three years, so their customers have not seen a substantial increase in their rates.
Ralph Hudgens commented on the increases in a recent statement:
“I have worked hard to guarantee a balance between what is fair and affordable for the consumer and making sure that insurers remain in our state and continue to write policies. This has been made more challenging because of the high number of severe weather events such as (tornadoes) and hail storms occurring over the past years. I believe Georgians have benefited from this delicate balance resulting in a competitive marketplace and ample consumer choice.”
Discounts Can Help You Save More
Despite these increases there are ways for Atlanta homeowners to save money on their policies. Discounts and home improvements can result in big savings on your premium.
As an example, if you have suffered hail damage in the last few years, which resulted in a new roof, our agents can help you save some serious coin on your homeowners coverage. Currently, that new roof can put an extra $300 to $700 in your pocket, be sure to notify your agent when you get a quote. Start your Atlanta Home Insurance Quote Now!
Below are just a few of the more common homeowners insurance discounts or credits that can result in savings on your homeowners policy.
Multi-Policy Discount – Almost every home insurer out there offers a multi-policy discount. Insuring your home and car with the same insurance company can result in a discount of up to 20 percent in some cases. Its not just auto insurance that counts, renters coverage, life insurance and even an umbrella policy will result in a bundling discount.
Claim Free Discount – If you have been claims free for a year or two, most insurers will offer a discount. The longer you remain claim free, the bigger the discount will get.
Storm Shutters – If you live in an area that is prone to tornados or hail storms consider putting storm shutters on your home. They will not only protect your house but may result in a discount as well.
Smoke-Free – Smokers are more likely to burn their house down so if your household is smoke free you may be able to save big. Check with your agent about the discount.
Safety Features – Adding a burglar alarm, hard wired smoke detectors or a sprinkler system will result in a cut in your rates. In the case of a sprinkler system, the savings can be very substantial.