Find the Best Homeowners Insurance Rates & Companies in Mississippi
Homeowners insurance in Mississippi costs about $1,537 per year, on average. The current US average cost for home insurance is $1,211 annually, so rates in Mississippi are quite a bit more expensive. Overall, Mississippi ranks seventh highest for the most expensive home insurance rates in the nation.
The current average home value in Mississippi is $163,052. To properly protect your investment, you'll need the right kind of policy. A homeowners insurance policy provides coverage for not only your home's structure, but also your personal property, liability, and more.
An independent insurance agent can help you get equipped with the right home insurance policy for your needs. For starters, here's a deep dive into homeowners insurance in Mississippi.
Best Homeowners Insurance Companies in Mississippi
We've surveyed tons of carriers in the state and narrowed the results down to only the best home insurance companies in Mississippi for your convenience. Here are our top picks:
- Progressive: Progressive offers home insurance as just one of their many insurance products. The carrier has excellent financial strength and offers 24/7/365 customer service as well as tons of discount options.
- Travelers: Travelers offers a ton of individual coverages, including homeowners insurance. The carrier has an extensive history in the industry, as well as solid financial strength and excellent customer feedback. Travelers also provides tons of discounts and 24/7 claims reporting.
- Stillwater: Stillwater offers home insurance and many other types of personal property coverage. The carrier has excellent ratings from both AM Best and the BBB and offers 24/7 claims reporting.
- PURE: PURE offers home insurance and many additional types of personal coverage. The carrier also has excellent financial strength and 24/7 claims reporting.
An independent insurance agent can help you browse homeowners insurance coverage for your Mississippi home from any of these trusted carriers.
What Can Homeowners Insurance in Mississippi Cover?
Homeowners insurance in Mississippi is designed to consider all aspects of the home, including the owner. The following coverages come standard in home insurance policies:
- Personal liability: Can reimburse costs for an attorney and other legal expenses if you get sued by a third party for bodily injury or personal property damage claims.
- Personal property: Can reimburse costs related to theft, damage, or destruction of your personal belongings like clothing if they get stolen, etc.
- Dwelling: Can reimburse costs related to the damage or destruction of your home's structure by fire, vandalism, and more.
- Loss of use: Can reimburse extra costs if you're required to live elsewhere while your home undergoes repairs after a major covered disaster like a fire.
Some disasters just can't be covered by a home insurance policy. In Mississippi, property is most prone to these common disasters in the state:
- Severe storms
- Extreme heat and drought
Home insurance can cover damage from some of these natural disasters, but not all. A separate flood insurance policy is required to reimburse the costs of damage by water and flooding from natural sources like hurricanes, severe storms, etc. However, a home insurance policy can cover costs of wind damage by severe storms and tornadoes.
What Won't Homeowners Insurance in Mississippi Cover?
Even the best home insurance policy comes with exclusions. In Mississippi, home insurance typically won't cover these perils and costs:
- Malicious or intentional acts against others
- Wear and tear damage
- Routine maintenance
- Natural flood damage
- Earthquake damage
Flood damage in Mississippi
Since Mississippi is prone to natural flooding, be sure to speak with an independent insurance agent about adding a flood insurance policy to your coverage. But you might also want to consider adding an earthquake insurance policy, since the state is also prone to these disasters, and they're excluded by home insurance. Having to pay to rebuild or repair your home out of your own pocket after one of these disasters could be extremely costly.
Average Cost of Homeowners Insurance in Mississippi
Average rates for home insurance in Mississippi are $1,537 per year, compared to the national average of $1,211. Coverage rates in Mississippi rank the seventh highest in the country. Higher costs of home insurance can be due to a number of factors, including property values in the area, the area's risk of natural disasters, local crime rates, and more.
Average Mississippi Home Insurance Costs by City
Not only do home insurance costs vary by state, but also down to each specific city. In Mississippi, residents in the city of Oxford currently pay the highest home insurance rates of the whole state on average, at $2,586 per year. The Mississippi city with the best and cheapest homeowners insurance rates is Booneville, where residents pay an average of $1,225 annually for home coverage.