Some Georgia insurers raising rates
Many Georgia homeowners insurance companies have implemented price increases during the past few years due to disasters and fraud. The Atlanta Journal-Constitution says those hikes are now filtering down to residents and causing some concern.
The paper says many companies received state approval for rate increases last year, which have raised the ire of some residents dealing with the struggling economy. However, experts told the source that many of the low rates seen in the past simply weren't sustainable after recent events.
Robert Klein, an associate professor of risk management and insurance at Georgia State University, told the paper that homeowners insurance companies generally don't have high profit margins. He added that if consumers are facing higher costs, they should take advantage of competition to find low prices.
"I'd say that is their primary protection - shopping around," he told the paper.
The state has experienced a number of recent disasters during the past year. Most recently, a series of storms which hit northern Georgia on Labor Day resulted in an estimated $15 million in damages.
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