GA residents see homeowners insurance rates spike

Higher rates hitting as hurricane season sets in

The Atlanta Journal Constitution says homeowners in Georgia are facing home insurance rate hikes from four of the largest insurance companies in the state.

Citing statistics from the Georgia Department of Insurance, the Journal Constitution says policies could go up by between 5 percent and 11 percent this year.

The news source has Martin Grace, a Georgia State University professor of insurance and risk management, on the record saying that home insurance rates could be on the move because of worry over vulnerability to hurricanes or because the state has typically had lower-than-average rates compared to neighbors in the Southeast.

June 1 marked the first day of hurricane season and Georgia's insurance commissioner John Oxendine said consumers need to check their home insurance plans annually to ensure "adequate coverage."

Renters are not immune to damage either and might need a separate policy to ensure their belongings are protected - do not rely on landlord's coverage, says Oxendine.

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Posted: June 15, 2009

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