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The average cost of flood insurance coverage in Georgia is $684 per year for policies purchased through the National Flood Insurance Program (NFIP). NFIP policies are the most common type of flood insurance, but you can also obtain coverage from a private insurer. While flood insurance isn't legally required by the state of Georgia, it may be required by your mortgage lender if your home is in a high-risk flood zone.
How much does flood insurance cost in Georgia?
In Georgia, the average annual premium for flood insurance is $684, but that cost varies widely depending on where you live and how your home is built. Areas that have low elevation or exist closer to bodies of water can be designated by the NFIP as high-risk areas for flooding, with correspondingly higher costs of insurance. For instance, the marshes of Glynn County represent a different risk of flooding than Atlanta's city blocks.
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For instance, a typical flood insurance policy in Kingsland costs $372 every year for $273,359 in coverage. Compare this to Albany, where the average flood insurance premium was $1,222 for an average coverage limit of just $195,301. Location factors heavily into both the price of the flood insurance policy and the compensation it offers in the event of an actual flood.
How to get flood insurance in Georgia
Like most other types of insurance coverage, flood insurance can be purchased by contacting an insurance agent licensed within Georgia. An agent can help you estimate the proper amount of coverage to buy for your home and give you a quote. One major difference to keep in mind is that the rates for federal flood insurance are regulated by the NFIP. Quotes for flood coverage through the federal program won't change much from company to company.
You may also encounter some unique obstacles when purchasing flood insurance coverage. For example, your agent may ask you to provide proof of elevation before issuing a quote. Also, not all homeowners qualify for NFIP coverage, and the amount of coverage itself can sometimes fall short of what you need. In such cases, you'll have to compare quotes for a private flood insurance policy.
Flood insurance companies in Georgia
Flood insurance is widely available from both agents and insurance companies in Georgia. However, most insurers who sell flood policies do so through the NFIP, which means you'll receive similar pricing no matter which company you choose. On the other hand, shopping around will make more sense if you decide to look for private flood insurance quotes, which can vary like any other type of coverage.
The following list includes 21 insurers who are approved to sell NFIP flood insurance policies in Georgia by the Federal Emergency Management Agency (FEMA). Out-of-state companies are included on this list as surplus line insurers, who receive approval to provide certain forms of specialized insurance in other states.
- Allstate Insurance Co.
- American Bankers Insurance Company of Florida
- American Modern Home Insurance Co.
- American National Property and Casualty
- American Reliable Insurance Co.
- Auto-Owners Insurance
- Bankers Insurance Co.
- Fidelity and Deposit Companies
- First Community Insurance
- Hartford Fire Insurance Co.
- Liberty Mutual Fire Insurance Co.
- Omaha Property and Casualty Insurance Co.
- Prudential Property and Casualty Insurance Co.
- Selective Insurance Company of America
- Southern Farm Bureau Casualty Insurance Co.
- State Farm Fire and Casualty Co.
- The Hartford
- The Philadelphia Contributionship
- Travelers Insurance
- Unisun Insurance Co.
- Vesta Fire Insurance Corp.