Mississippi Condo Insurance

Find the Best Condo Insurance Rates & Companies in Mississippi 

Many Mississippi residents in urban centers like Jackson or beachfront cities like Gulfport choose to live in condos rather than single-family houses. Condominiums offer conveniences like landscaped grounds, community pools, and sometimes security services, as well as convenient locations near shopping and work. If you own a condo, you can protect your investment with Mississippi condo insurance.

A local independent insurance agent in Mississippi can help you find the right coverage today. They'll ensure you get matched to a policy that blends the right amount of coverage and cost. But first, here's a deep dive into Mississippi condo insurance requirements, average costs, coverages, and more.

Best Condo Insurance Companies in Mississippi

There's no shortage of condo insurance companies in Mississippi. However, quality matters, and you're looking for the best coverage available. That's why we've included a list of our top picks for the best condo insurance in Mississippi for you. Start by checking into these outstanding carriers. 

1. Progressive: This carrier sells condo insurance and many other types of personal and business insurance. Progressive has an excellent financial strength rating from AM Best and provides 24/7/365 customer service.
2. Foremost: This carrier sells condo insurance and many other types of personal insurance. Foremost has excellent ratings from both AM Best and the Better Business Bureau (BBB), offers multiple discounts, and provides 24/7 claims reporting.
3. Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has superior ratings from AM Best and the BBB and offers nationwide coverage and 24/7 claims reporting services.

A Mississippi independent insurance agent can help you compare your coverage options with top-rated carriers like these.

What's the Difference Between HO3 and HO6 Condo Insurance?

When you're looking to insure a condo, it's helpful to understand the difference between HO3 insurance and HO6 insurance. For condo owners, HO6 insurance is what you're looking for. HO6 policies are designed to cover a condo's contents, otherwise known as your personal property. 

In contrast, HO3 policies are geared towards owners of single-family homes and include protection for not just contents but also the structure and foundation of the building itself. When you own a condo, the structural elements are typically covered by the homeowners association's master insurance policy.

Is Condo Insurance Required in Mississippi?

While you're not required by state law to have condo insurance in Mississippi, you'll likely still need to get a policy. That's because most mortgage lenders actually require condo insurance upon signing the agreement. Further, having condo insurance can help you get the reimbursement you deserve after a hefty lawsuit, a break-in, or another type of property loss. 

What Does Condo Insurance Cover in Mississippi?

Condo insurance provides liability and personal property coverage, as well as reimbursement for additional living expenses. Usually, a Mississippi condo insurance policy includes the following types of coverage:

• Contents coverage: This covers your personal possessions, such as furniture, clothing, electronics, and jewelry, against losses due to theft, fire, and other covered perils. 
• Liability coverage: This pays for your legal defense, as well as court fees and other related expenses, if you face a third-party lawsuit over claims of personal property damage or bodily injury.
• Loss of use coverage: This can pay for extra expenses, such as takeout meals, gas, and hotel rooms if you're forced to temporarily live elsewhere due to a covered disaster that requires extensive repairs to your condo.

A local independent insurance agent can discuss the specifics of your condo with you and help you find the right policy that includes all the coverage you need.

What's Not Covered by Mississippi Condo Insurance?

Your Mississippi condominium insurance comes with certain exclusions, as well. Understanding these exclusions can help you avoid filing claims that are bound to be denied by your insurer. In Mississippi, condo insurance typically won't cover the following:

• Intentional or malicious acts against third parties
• Damage caused by water or sewer backups
• Flood or earthquake damage to your personal property
• Routine maintenance expenses
• Insect damage or infestation

Note that you can often add endorsements to your coverage for flood damage or damage caused by sewer backups.

How Much Does Condo Insurance Cost in Mississippi?

Usually, condo insurance is much more affordable than homeowners insurance since the scope of coverage is much smaller. Currently, the average cost of condo insurance nationwide is $455 per year, while the average in Mississippi is $610 annually. Though the cost of condo insurance is, on average, considerably higher in Mississippi than in many other states, your specific rates can vary based on the following factors:

• Your exact location
• Your personal claims history
• Your deductible amount
• The type and amount of coverage you choose

You may also be able to save money on your policy by asking your agent about common condo insurance discounts in Mississippi.

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