Georgia Homeowner Insurance Rates Rising: 3 Ways to Protect Your Wallet
Homeowners in and around Atlanta, GA are well-advised to shop rates because of rising home insurance costs. Wayne Ellison, 20-year insurance agent gives helpful tips on how to lower home insurance costs.
(ATLANTA, GA) – Georgia homeowner insurance rates are rising, and homeowners are having to scramble to protect themselves from these rate hikes. According to Wayne Ellison, of the Ellison Insurance Agency located in Norcross, GA, “insurance costs are increasing partly because of the rising costs being incurred by insurance carriers to replace residential dwellings after a loss. Home values have dropped. If your insurance premium hasn’t dropped, now’s the time to shop.”
According to Wayne Ellison, a veteran insurance broker and agent of more than 20 years, “this is the time for homeowners to reassess their current coverage because they might be over-insured. Just as an example, if someone purchased a $450,000 home prior to the real estate market crash in 2008, they might be paying for $360,000 in replacement coverage, but the current value of their home might only be $280,000. In that case, the homeowner might only need $224,000 in coverage. That difference in value would create a noteworthy savings in most middle-income households. I recommend my clients to take the following four steps to minimize unnecessary costs:
- Check to see what the tax-assessor’s value of their home is. While that’s typically less than market value, they can compare it to the assessed value prior to 2008 and see if there’s more than a 20% drop. If so, they need to complete their due diligence in determining their home’s current market value.
- Have their real estate agent to run comps for their home to get an idea of what current market value is.
- Have an appraisal done by a professional appraiser. While this is the most costly approach, it’s a reliable way to get a true market value for their home.
- After re-assessing the market value of their home, follow-through by getting a home insurance quote.”
Ellison says anyone looking for Georgia homeowner insurance can use an agency like his to save time and money by shopping multiple carriers at once to find the best rates in this new economy.
Last week marked 12 years in business for the Ellison Insurance Agency. They assist clients throughout metro Atlanta looking for car insurance, homeowner insurance, business insurance, motorcycle insurance, life insurance, boat insurance, and mobile home insurance.
- Contact Information
- Wayne D. Ellison
- Insurance Agency Owner
- Ellison Insurance Agency
- (1) (678) 906-4056
- Contact via E-mail
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