Best Mississippi Home Insurance (August 23)

Are you looking to get the cheapest home insurance quotes in Mississippi? We have analyzed all the major insurers to get you the best homeowners insurance in Mississippi.

Mississippi homeowners insurance: What you need to know

On average, Mississippi home insurance costs $1,516 annually, which is lesser than the national average rate.

Mississippi residents have experienced severe tornadoes and tropical storms due to its location in the tornado-prone Dixie Alley and 62 miles of coastline along the Gulf of Mexico. While home insurance rates in Mississippi tend to be higher, you can still have a reasonably priced home insurance policy. Keep reading to know about how to get affordable house insurance in Mississippi.

What does a homeowners insurance policy cover?

A home insurance policy covers these - Dwelling, Liability, Medical Payments to Others, Personal Property, Other Structures, and Additional Living Expenses. Also, you can buy these coverages in the state.

• Flood insurance: A typical home insurance policy does not offer coverage for flood damage. You can buy one via a private insurer or FEMA's National Flood Insurance Program.
• Replacement cost coverage: Most home insurance policies pay the actual cash value for totaled homes and personal property. But if you buy replacement cost coverage, you can file a claim for the non-depreciated cost of repairing or reconstructing your home or replacing personal belongings. All these depend on the deductible and limits of your policy.
• Valuable items coverage: Standard policies limit the amount of a claim for specific types of personal property, such as antiques, firearms, and jewelry. Consider adding valuable items coverage to protect your valuables.
• Identity theft coverage: Credit card fraud and identity theft are becoming common. Insurers provide various levels of identity theft protection. Some policies only cover the costs of restoring your identity, whereas others include credit monitoring.
• Business property coverage: If you have an office at home, your policy may require additional thought. The limits of standard home insurance may not provide enough protection. So business property coverage can help by insuring expensive items like computers

What isn’t covered by a typical homeowners insurance policy?

A standard home insurance policy doesn’t cover insect and vermin infestations, power outages, earthquakes, flooding, nuclear threats, war, wear and tear, sinkholes, or intentional loss. You must carefully check your policy before purchasing one to ensure the coverages you get.

The cheapest home insurance companies in Mississippi

The Mississippi home insurance rates you pay vary by the insurer you choose. With an average annual rate of $1,024, Allstate offers the cheapest home insurance in Mississippi. It is $492 less than the national average rate. Get quotes from all insurers, compare, and buy if you want to get an even more, cheaper insurance policy.

The best homeowners insurance in Mississippi for those with poor credit

Insurers view poor credit scores as an indicator of risky behavior and an increased risk of filing a home insurance claim, so many charge higher rates. Nationwide has the lowest home insurance rates in Mississippi for a homeowner with poor credit, with an average annual rate of $2,045.

The best homeowners insurance in Mississippi for pool owners

If you have a swimming pool, your home insurance rates will likely be higher. Insurers consider pools risky due to the possibility of injuries and liability claims. Allstate has the lowest home insurance rates for Mississippi homes with swimming pools, with a yearly average rate of $1,384.

The best homeowners insurance in Mississippi for dog owners

If you have a dog that your insurer considers a ‘dangerous breed,’ your Mississippi home insurance rates may rise. The rates are high due to the increased risk of attacks and subsequent liability claims. Allstate has the lowest homeowners insurance rates in Mississippi for a home with a dangerous dog breed, with a yearly average rate of $1,384 per year.

Homeowners insurance deductibles in Mississippi

One of the many options available while buying an insurance policy is your deductible amount. A homeowners deductible is the sum you must pay out of pocket for a claim under your insurance policy. The location of your deductible determines how much insurance premiums you will pay. So, the lower your deductible, the higher the premiums will be. These are the average deductibles offered by home insurance companies in Mississippi.

Mississippi home insurance prices by coverage levels

The level of coverage you select significantly impacts the cost of homeowners insurance in Mississippi. Carrying $100,000 in dwelling coverage costs an average of $1,030 yearly, while carrying additional coverage up to $400,000 costs around $3,317 annually.

Mississippi homeowners insurance costs by city

The area where you live impacts the cost of house insurance in Mississippi. Factors like your ZIP Code, the area’s theft rate, and the volume of claims can affect the insurance rates. The following are the rates in various cities.

Home and auto insurance bundling in Mississippi

How can you lower the rate of homeowners insurance in Mississippi? One way is by bundling your home and auto insurance policies.

Home insurance discounts in Mississippi

Using the discounts provided by your insurer is another way by which you reduce the Mississippi home insurance rates. But ensure to check which discounts you qualify for.

Comparing common features across top companies

Are you seeking the best homeowners insurance in Mississippi? Then check whether your insurer offers these features.

Common causes of home insurance claims in Mississippi

These are a few reasons that lead to home insurance claims in the state.

• Hurricanes: The Mississippi Gulf Coast is also prone to hurricanes. Hurricane Harvey distressed the Gulf Coast in 2017, causing an estimated $18- $21 billion in property damage across six states, including Mississippi.
• Tropical storms: These are similar to hurricanes but are less devastating. But they can bring strong winds and even flood your home. An agent can help you ensure adequate coverage based on your location.
• Tornadoes: Unfortunately, Mississippi is the third most tornado-prone state in the country. Tornadoes, which frequently strike Mississippi, leave piles of debris in their aftermath, increasing the financial risk that insurance companies must take care of.

Does homeowners insurance cover flooding in Mississippi?

Typically, a home insurance policy does not cover flood damage. So you must buy additional flood insurance via the National Flood Insurance Program (NFIP) of FEMA or a private insurer to get protection against flood damage. The coverage from private flood insurers may vary; however, NFIP flood insurance offers the following coverage.

• Your home's structure - $250,000
• Personal property - $100,000

Does homeowners insurance cover tornadoes in Mississippi?

Since hurricanes can cause enormous destruction and completely demolish structures, insurers are still reluctant to assume the full risk of hurricanes. Mississippi residents are more vulnerable to hurricane damage. More than 100,000 single-family homes are at high risk of hurricane damage.

If you live near the coast, it’s vital to double-check your home insurance policy, as it will not cover the costs of repairing hurricane damage. So you’ll need separate windstorm and flood insurance policies that combine to cover repairs or replacements. If you reside in a hurricane-prone area, your insurer may require you to have an extra hurricane deductible, depending on where you live. The following are the normal hurricane deductible rates in the state.

Factors that affect home insurance rates in Mississippi

Do you want to buy cheap homeowners insurance in Mississippi? Then check for these factors before buying one.

• Your location: The cost of homeowners insurance in Mississippi is influenced by factors like your ZIP code and the area's theft rate.
• Replacement cost: Mississippi homeowners insurance rates vary depending on local labor and construction material costs.
• Age/condition: Insuring older properties will cost more than insuring newer properties.
• Claims history: If you file claims frequently, insurers will consider you a risk. Expect your home insurance premiums to increase then.
• Credit history: Before providing you with home insurance, most insurers will check your credit score. If your credit score is poor, you should expect to pay more for your Mississippi homeowners insurance.
• Dog breed: Many insurance companies consider some dog breeds 'dangerous.' If your insurer considers your dog this way, the rate of Mississippi home insurance will increase.

Tips for buying homeowners insurance

Are you looking to find the best Mississippi home insurance? Then follow these tips!

• Assess your rebuilding costs: Speak with an insurance agent or a reputed builder to determine how much it would cost to reconstruct your house using low-cost building materials and local labor.
• Review the advantage of replacement cost over actual cash value: Replacement cost insurance for your home and other possessions may be required.
• Consider add-on coverage for your expensive items: You will need personal property coverage if you own expensive items such as high-end electronics, athletic gear, musical instruments, or antiques.
• Evaluate your liability coverage needs: Determine the minimum liability insurance limit you need.
• Assess coverage gaps: Many insurers offer increased coverage limits for landscaping elements such as trees and bushes.
• Check financial ratings: All home insurers can obtain ratings from firms such as AM Best and Standard 'Poor'. Some firms, for instance, will not allow you to apply for a mortgage if your insurer does not have a minimum 'A' financial strength rating.
• Check for discounts: Use all the discounts your insurer offers that you qualify for.
• Compare quotes from various insurance companies:The cost of Mississippi homeowners insurance differs based on your insurer. You must compare quotes from all insurers to find the best home insurance policy in Mississippi.

Most common disasters in Mississippi

Mississippi residents deal with many declared disasters, including hurricanes and tornadoes. Severe storms are the most frequent in the state.

Disasters by month

According to FEMA, with 18 and 11 disasters, respectively, April and May have been the busiest months for declared disasters in Mississippi

Disasters by year

According to FEMA, 2020 was the busiest year in Mississippi, with seven declared disasters.

How to get Mississippi home insurance with Way.com

The average homeowners insurance in Mississippi is around $1,516 yearly. However, you can find even cheaper homeowners insurance in Mississippi. But how can you buy one? That’s where Way.com can help you!

You must use our website or app to obtain quotes from all insurers in the state. Then you must compare all these quotes and buy a policy with the most affordable rate. Do you need extra help? Then our home insurance agents in your state can help you. They will help you understand Mississippi home insurance laws, the most difficult insurance terms, coverages, and discounts.