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How to get the right insurance coverage for your home or business
Not sure what insurance plan is the best for your home or office? At One Stop Restoration in Atlanta, we often work with clients who feel overwhelmed by their options. So, we’re here to help clarify a few things that you should know about residential and commercial insurance in Atlanta.
Home Insurance Basics
Every homeowner in Georgia is required by law to have home insurance, but not all coverage plans are the same. Here are a few different terms that you’ll want to familiarize yourself with:
- Dwelling Coverage. This is the part of the insurance policy that covers your physical home, not what’s inside or the land it’s on. Typically, this will cover damage from a house fire, vandalism, hail, falling objects, and other hazards.
- Flood Insurance. One thing that many homeowners may not realize is that dwelling coverage and flood insurance are two separate policies. Here in Georgia, flood insurance isn’t legally required, but it’s highly recommended given our unique climate. Additionally, some homeowners must sign up for flood insurance in compliance with their mortgage. Luckily, the National Flood Insurance Program (NFIP) can help many Atlanta homeowners access an affordable flood insurance plan.
- Water Damage and Sewer Backup Coverage. Another tricky distinction in insurance plans is natural flooding versus water damage from a burst pipe or sewer backup. These are considered two different situations requiring different kinds of insurance coverage.
- Mold damage. In many instances, mold remediation is only covered in the wake of a specific incident that is covered by the insurance. For example, your water damage coverage may cover mold remediation after a burst pipe. But, if you happen to find a hidden mold problem that’s the result of poor circulation, you may not be covered.
- Personal Property. This insurance coverage can help you restore or replace ost items of value, such as electronics, furniture, art, and appliances.
- Loss of Use. Loss of use insurance can be extremely helpful in the case that you need a place to live while your home is being repaired.
- Personal Liability. This kind of insurance coverage protects the homeowner from liability in the case of an accident that happens on your property.
- Windstorm Coverage. Finally, you’ll want to pay attention to whether your coverage plan covers windstorms and hail as this is another common weather pattern here in Atlanta.
A homeowners insurance plan may include a variety or only a few of these categories, so it’s important to look closely and make sure that you’re fully covered.
The average cost of home insurance in Georgia
Depending on your coverage plan, the age of your home, and the area where you live, you could pay anywhere from $1200 to $2,900 per year for homeowners insurance.
Commercial Insurance Basics
Finding the right insurance for your business is a slightly different process than homeowners insurance. Here are a few areas to focus on during your search:
- Business Property Insurance. This is the insurance that will cover the physical property of your business, from the front desk to the kitchen, to computers and equipment. In general, property insurance covers damage from fires, break-ins, or storms, but not flooding.
- Liability Insurance. Liability insurance is something that all business owners need to have to protect themselves legally in the case of an accident on their property.
- Worker’s Comp Insurance. If your business has more than three employees, you’ll be required to have worker’s comp insurance to provide for employees who were injured or became ill on the job.
- Additional add-ons. Depending on what kind of business you have, you may also want to invest in commercial auto coverage, cyber insurance, or any other relevant kind of insurance.
Often, these three types of coverage are all included in one plan, called the Business Owner’s Policy. But, not all BOPs offer the same coverage, so make sure to take a closer look at what’s included!
Cost of business insurance
As with homeowners insurance, the cost of commercial insurance will depend on the amount of coverage you need and where your business is located. The nature of your business will also factor into your annual cost. But, in general, business owners in Atlanta can expect to pay somewhere between $300 and $5000 per year.
Most trusted insurance providers in Atlanta
When looking for the right homeowners insurance provider in Atlanta, you want someone who can offer expansive coverage for the best price and with the best customer rating. According to recent reports, the following insurance providers are most likely to meet your criteria:
- Chubb
- Country Financial
- State Farm
- Travelers
- USAA
- Allstate
Do’s and don’ts for buying insurance
Now that you know some of the basics of home and business insurance, you’ll have a better idea of what to look for in a plan! Here are a few do’s and don’ts as you start searching for the right provider:
Do: Get quotes from a number of different providers
While it can be helpful to look at averages, you can’t know whether a provider is right for you until you receive a detailed quote from them. The quote should factor in a number of questions, including your zip code, the age of your home, or in the case of a business, the number of employees, business category, and more.
Don’t: Assume anything
When it comes to insurance, everything needs to be crystal clear. If something isn’t explicitly included, such as sewer backup or hailstorms, it probably isn’t covered in your plan. So, ask as many questions as you need to understand exactly what’s covered.
Do: Verify that the insurance provider is licensed to sell insurance in the State of Georgia
You can check a provider’s license on the official website of the State of Georgia.
Don’t: Forget to ask about discounts
Many insurance providers offer discounts through bundling or for certain customers such as teachers, military members or senior citizens. So, don’t forget to ask whether you qualify for any of the many discounts they may offer.
Ask One Stop Restoration all your property insurance questions!
Here at One Stop Restoration in Atlanta, we have plenty of experience working with insurance claims and policies for our customers in East Point, Midtown, Decatur and more. So, if you’re wondering whether you’re covered or how your insurance policy will affect your restoration or renovation, reach out to us with your questions!
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