Finding the Best Homeowners Insurance in Mississippi
The Magnolia State is not unfamiliar with inclement weather. Mississippians have seen it all, from floods to tornadoes and hurricanes; they’ve seen it. These natural disasters, which damaged homes, have made Mississippi the seventh most expensive state for home insurance in the country. Regardless, there is still some cheap homeowners insurance available in Mississippi. To find the best homeowners insurance in Mississippi, you need to research and look for a policy that offers extensive coverage at a reasonably cheap rate. To aid with your search, here are three of the best and most affordable Mississippi homeowners insurance quotes to explore. First is Allstate, which offers a wide array of coverages for various homeowners’ unique lifestyle needs. Additionally, Allstate offers a rate of 10% cheaper than the average price in the Magnolia State. Second on the list is State Farm, which is the largest homeowners insurance provider in the state. Although it only offers homeowners insurance for urban and suburban properties, its rates are affordable and policies broad. Third, we have USAA, which provides coverage for only military families. Despite this, USAA scores a 5 out of 5 ratings on J.D. Power’s rating on customer satisfaction.
| Mississippi Homeowners Insurance Cost Broken Down | Costs |
|---|---|
| Yearly Cost of Homeowners Insurance in Mississippi | $929.00 |
| Costs Per Month for Homeowners Insurance in Mississippi | $77.42 |
How Much is Homeowners Insurance in Mississippi
On average, a homeowner in America pays $1,034 annually on home insurance. However, homeowners insurance rates in Mississippi is over $1,500, which is at least $300 more expensive than in other states. The average cost of homeowners’ insurance in Mississippi can be very well attributed to the highly inclement weather of the Magnolia State. In 2018 alone, insurance providers recorded nearly $400 million in losses in the state. The stormy weather of the coastal areas, added to the high rate of burglary and theft in the region can be blamed for the high cost of home insurance. The rate of burglary in Mississippi is slightly higher than the national rate. Not all cities have the same homeowners’ insurance rates. Cities like Biloxi, Oxford, and Madison record an average home insurance cost of about $2,300. With Madison recording the highest at the rate of $2,586 per annum. In contrast, Aberdeen records the least homeowners insurance rate of $864 per annum. As mentioned earlier, the crime rate, weather, and population of each city directly impact homeowner insurance cost in that city. As such, cities with higher burglary rates, such as Biloxi, have a high home insurance rate of about $2,234 per annum. Albeit, regardless of your city, you should compare prices to find out how much homeowners insurance is in Mississippi, in general, and in your municipality.
| City in Mississippi | Monthly Costs | Yearly Costs |
|---|---|---|
| Jackson, MS | $127.67 | $1,532.00 |
| Gulfport, MS | $162.08 | $1,945.00 |
| Southaven, MS | $101.08 | $1,213.00 |
| Biloxi, MS | $164.75 | $1,977.00 |
| Hattiesburg, MS | $125.17 | $1,502.00 |
| Tupelo, MS | $99.50 | $1,194.00 |
| Olive Branch, MS | $101.42 | $1,217.00 |
| Meridian, MS | $104.17 | $1,250.00 |
| Greenville, MS | $116.08 | $1,393.00 |
| Horn Lake, MS | $100.75 | $1,209.00 |
| Pearl, MS | $105.50 | $1,266.00 |
| Madison, MS | $104.92 | $1,259.00 |
| Starkville, MS | $96.00 | $1,152.00 |
| Clinton, MS | $111.50 | $1,338.00 |
| Oxford, MS | $98.17 | $1,178.00 |
| Ridgeland, MS | $107.08 | $1,285.00 |
| Brandon, MS | $103.33 | $1,240.00 |
| Columbus, MS | $96.33 | $1,156.00 |
| Vicksburg, MS | $115.58 | $1,387.00 |
| Pascagoula, MS | $171.00 | $2,052.00 |
| Gautier, MS | $164.33 | $1,972.00 |
| Laurel, MS | $120.33 | $1,444.00 |
| Ocean Springs, MS | $166.25 | $1,995.00 |
| Hernando, MS | $103.17 | $1,238.00 |
| Long Beach, MS | $154.50 | $1,854.00 |
| Clarksdale, MS | $116.42 | $1,397.00 |
| Natchez, MS | $124.83 | $1,498.00 |
| Corinth, MS | $109.25 | $1,311.00 |
| Diberville, MS | $165.92 | $1,991.00 |
| Greenwood, MS | $119.42 | $1,433.00 |
| Bay Saint Louis, MS | $147.17 | $1,766.00 |
| Moss Point, MS | $145.33 | $1,744.00 |
| McComb, MS | $124.25 | $1,491.00 |
| Grenada, MS | $112.92 | $1,355.00 |
| Canton, MS | $104.25 | $1,251.00 |
| Brookhaven, MS | $121.92 | $1,463.00 |
| Byram, MS | $116.25 | $1,395.00 |
| Cleveland, MS | $117.67 | $1,412.00 |
| Picayune, MS | $125.25 | $1,503.00 |
| Yazoo City, MS | $113.83 | $1,366.00 |
| Petal, MS | $127.50 | $1,530.00 |
| West Point, MS | $104.50 | $1,254.00 |
Mississippi Homeowners Insurance Laws
Mississippi laws do not mandate homeowners to obtain a home insurance policy, which is quite unlike auto insurance mandated by the state. However, prospective homeowners seeking to get a mortgage are usually required by the mortgagor to provide a homeowners insurance policy covering the property. Following the 2005 Hurricane Katrina that affected the Mississippi Gulf Coast, the Insurance regulatory bodies discovered that majority of Mississippians didn’t understand Mississippi homeowners insurance laws. To keep people abreast of their rights and the duties, the department promulgated the Mississippi Homeowner Insurance Policyholder Bill of Rights. This Regulation, taking effect in 2009, was meant to help homeowners know their rights. It also set the Mississippi homeowners insurance requirement that all property and casualty insurance issuers have a set checklist that outlines the content of their policies. The approved list contains fire, explosions, theft, wind and hail, earthquake, and more. The Regulation makes a lot of rights available to the policyholder of home insurance in Mississippi. It also mandates that the policyholder read an insurance agreement's content as to the content bounds him.
What Does Homeowners Insurance Cover in Mississippi
According to 2016, Mississippi Code Title 83 - Insurance Chapter 79 - Property Insurance Clarity Act, the definition of homeowners insurance policies was expanded to include residential home insurance policies and condominium insurance, dwelling fire policies, and renter, and RV property insurance. This definition begs the question: “what exactly does homeowners insurance cover in Mississippi?”. There are five types of homeowners insurance in Mississippi. First, the personal property coverage covers your personal property damaged by a covered calamity. The Liability coverage includes incidences where a guest or a third party sustains an injury in your property or due to your actions. The third type of coverage offered by homeowners insurance in Mississippi is the Loss of Use coverage, which covers instances where a covered calamity has resulted in the inability to use a covered property for some time. The next is the Medical bill coverage, which includes cases where someone suffers an injury in your property or as a result of your negligence. This coverage covers such a person’s medical bills. The final coverage, the other structures coverage, covers additional contents in your home such as the fence, specific trees, a sculpture in your property.
| Costs of Home Insurance in Mississippi by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Alcorn County, MS | $94.67 | $1,136.00 |
| Desoto County, MS | $83.00 | $996.00 |
| Forrest County, MS | $104.00 | $1,248.00 |
| Hancock County, MS | $122.67 | $1,472.00 |
| Harrison County, MS | $123.33 | $1,480.00 |
| Hinds County, MS | $103.33 | $1,240.00 |
| Jackson County, MS | $130.25 | $1,563.00 |
| Jones County, MS | $96.33 | $1,156.00 |
| Lafayette County, MS | $83.33 | $1,000.00 |
| Lamar County, MS | $100.25 | $1,203.00 |
| Lauderdale County, MS | $88.08 | $1,057.00 |
| Lee County, MS | $83.83 | $1,006.00 |
| Lincoln County, MS | $100.92 | $1,211.00 |
| Lowndes County, MS | $84.17 | $1,010.00 |
| Madison County, MS | $88.00 | $1,056.00 |
| Marshall County, MS | $93.75 | $1,125.00 |
| Monroe County, MS | $91.75 | $1,101.00 |
| Oktibbeha County, MS | $80.42 | $965.00 |
| Panola County, MS | $84.92 | $1,019.00 |
| Pearl River County, MS | $111.67 | $1,340.00 |
| Pike County, MS | $101.25 | $1,215.00 |
| Pontotoc County, MS | $98.08 | $1,177.00 |
| Rankin County, MS | $89.17 | $1,070.00 |
| Warren County, MS | $93.67 | $1,124.00 |
| Washington County, MS | $100.33 | $1,204.00 |
Top Rated Homeowners Insurance Companies in Mississippi Based on Ratings
There are a lot of companies offering homeowners insurance in Mississippi. Here are some of the top-rated homeowner insurance companies in Mississippi to help your search for a befitting insurance policy. Top on the list is the USAA, which scored 5 of 5 on the J.D. Power’s overall satisfaction rating and an A++ on the AM ratings. This company also offers a wide variety of policies for veterans and their eligible family members. Next is State Farm; this company scores a 4 out of 5 on J.D. Power’s ratings; the company is the largest home insurer in the market, and it offers its customers ways to reduce their premium. In third place on our list of best homeowners insurance companies in Mississippi is the AAA. This company is well known amongst motorists, but they also offer home insurance. Scoring a 4 out of 5 on J.D. Power ratings, this company makes this list for its notorious rebuilding cost coverage option. This option helps you rebuild your lost home regardless of your policy’s liability limit. Scoring high also is Farm Bureau, which scores an A+ on AM rating. The Mississippi Farm Bureau, the second-largest insurer in the state, is best known for its excellent customer service and affordable rates.
| Mississippi Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| Travelers Ratings for Homeowners Insurance in Mississippi | 2/5 | 0.28 |
| Allstate Ratings for Homeowners Insurance in Mississippi | 3/5 | 0.34 |
| Mississippi Farm Bureau Ratings for Homeowners Insurance in Mississippi | N/A | 0.14 |
| MetLife Ratings for Homeowners Insurance in Mississippi | 2/5 | 0.2 |
| Nationwide Ratings for Homeowners Insurance in Mississippi | 2/5 | 0.29 |
| USAA Ratings for Homeowners Insurance in Mississippi | 5/5 | 0.14 |
| State Farm Ratings for Homeowners Insurance in Mississippi | 4/5 | 0.19 |
How to Lower Homeowners Insurance in Mississippi
The cost of homeowner insurance policies isn't fixed. Although homeowners' insurance rates keep increasing in the last decade in Mississippi, in 2020, it is sure to hit an all-time high. We would be discussing how you can lower your homeowner's insurance within Mississippi. The first thing to do is explore a lot of options and get quotes from as many companies as possible. Next, you should raise your deductible. Most insurance companies require a minimum of $500 deductible; however, you can save as much as 25% on premium if you can raise your deductible to as high as $1000. You also want to take advantage of all the homeowner's insurance discounts available in Mississippi. For instance, Allstate offers impressive rebates all year round, such as a whopping 25% discount when you bundle. Upgrading your home security system can also be a great way to beat down your premium. A swimming pool increases your property value, so you might want to consider that before installing one. Companies like State Farm offers discounts if you install impact-resistant roofs. You can repair the plumbing, wiring, and roofing if need be. The more calamity prone your property is, the lower your premium.
Compare Homeowners Insurance in Mississippi Before Buying
The importance of doing your homework before proceeding to buy a home insurance policy cannot be overemphasized. When shopping for homeowners insurance policies in Mississippi, you have to decide what your priorities are. This involves determining the amount of coverage you need and desire. Once this is done, you can then begin to compare quotes from different insurance providers. Be on the lookout for companies that offer affordable homeowners insurance within Mississippi. Also, pay attention to the kind of coverages they offer, and be sure they offer the type of coverages you want. Next, you want to look up the optional coverages they offer, as some companies may provide options that suit you. Once you’ve shortlisted the companies that meet these criteria, you begin to look at the discounts they offer, customer reviews, ratings, and the companies’ financial strength before selecting an insurance policy.