Georgia Insurance Rates Going Up

Georgia drivers and homeowners are in for some bad news. Providers of both home insurance coverage and auto insurance protection are raising their fees across the state – rates seem to be going up across the country. This means that many people, no matter how perfect their payment records or driving histories, are going to have to pay more for their home and auto insurance.

Home Insurance Rates Up

The Georgia Department of Insurance released the news on June 16th, informing homeowners that four of the biggest home insurance providers in the state were raising their average rates by 5-11% percent over the coming year. Again, this means that home insurance rates will rise for everyone who gets their policy from these companies, and it has nothing to do with a policyholder’s credit, payment history or risk factor. It’s simply a general and across-the-board rate hike for everyone.

Car Insurance Rates Up

Many Georgia residents will also see their car insurance prices rise too. According to the state’s Department of Insurance, several of the Georgia’s largest auto insurance providers will be raising their rates by an average amount of 2.4%. While not as steep as the rise in home insurance costs, still, this rise will come at a bad time for many Georgia residents who are struggling to make ends meet in these tough economic times.

The reasons for these price hikes are numerous, but the most important reasons come from the Wall Street disaster of the past year, and spring storms. Both of these events incurred major losses for Georgia’s insurance companies, and they’re looking for ways to beef up their bottom lines.