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Home and car insurance rates on the rise in Georgia

As Georgians struggle to cope with an ongoing recession, their car and home insurance rates are on the rise. Hit hard by storms and losses on Wall Street, insurance companies have been increasing their rates this year in Georgia and in other states.

According to the Georgia Department of Insurance, four of the largest insurance companies operating in Georgia are raising their average homeowners’ insurance rates by 5 percent to 11 percent this year.

The rate hikes by State Farm, Cotton States, First Liberty Insurance Corp. and Nationwide Mutual Fire Insurance were approved by the agency and affect nearly 40 percent of the state’s homeowners, The Atlanta Journal-Constitution reported on its Web site Saturday.