Homeowners’ insurance premium in Georgia costs less than in other states. Neither affordability nor availability have been major concerns in a state with hundreds of licensed insurers. But things changed in 2023-2024 when Hurricanes Idalia, Helene, and Milton struck the state. Damage and destruction from the powerful storms caused insurance companies to experience heavy financial losses, which led insurance rates to rise sharply. Rates rose by 30.9 percent from 2019 to 2024 and by 8.1 percent in 2024 alone.
Increases in insurance cost prompted the state legislature to take action with bills and the proposed formation of study committees to examine insurance and reinsurance company practices. This Real Solutions piece contributes to the conversation with insights and ideas on how Georgia’s insurance buyers can secure insurance cover in a competitive private market, with choice and protections for both buyers and providers.
Georgia by the Numbers
In Georgia, the average premium for a homeowners’ insurance policy covering a single-family home valued at $300,000 is $1,954. This compares favorably with the national average of $2,341.
With a median family income of $74,644, Georgians pay 2.6 percent of their income for homeowners’ insurance. A rule of thumb holds that homeowners’ insurance should not exceed 0.5 percent of a home’s value. With a median home value of $272,900, it will take more work to reach that threshold.
Loss of Life, Loss of Property
The three hurricanes that hit the area in 2023 and 2024 were lethal as well as destructive. Helene tragical…
