Madison, MS Homeowners Insurance

Your Complete Guide to Madison, MS Homeowners Insurance

Finding the right homeowners insurance policy has never been easier.


Madison is a great place to call home. This city offers its 25,000 residents a low crime rate, great schools, beautiful parks and trails, and southern charm and hospitality. If you are among the proud property owners in this Mississippi city, you can protect your investment in your house by purchasing a comprehensive homeowners insurance policy.

Independent insurance agents in Madison can help you find a reliable, yet competitively priced, homeowners insurance policy. Find an insurance agent near you to get more information and start reviewing customized quotes.

How Much Does Homeowners Insurance Cost in Madison, MS?

To get an idea of how much a policy will cost you, let’s look at some averages:

  • National average yearly premium: $1,211
  • Mississippi average yearly premium: $1,537
  • Madison, MS average yearly premium: $1,362

The average homeowners insurance rate in Mississippi is higher than the national average. In Madison, the average rate is lower than the state average but still higher than the national average. Of course, your quoted costs can vary significantly from these figures because home insurance rates are based on several factors such as:

  • The age, size, and value of your house
  • The number of stories your house has and whether it has a basement
  • The crime rate and common weather hazards in your ZIP code
  • How much dwelling and contents coverage you are purchasing
  • Your claims history and credit score
  • The amount of your deductible

If you bundle your home insurance with other policies such as car insurance or business insurance, you can often get all of your coverage at discounted rates. An independent agent in Madison can help you find a competitively priced home insurance policy that meets both your coverage and budgetary needs.

Madison Homeowners Insurance Covers Your Property

Homeowners insurance is designed to cover loss or damage to the structure of your home (dwelling coverage) as well as to the personal property inside it (contents coverage). Certain high-value items such as collections or excessive electronics or jewelry may require you to purchase additional riders in order to be fully covered.

Homeowners in Madison are most likely to experience damage caused by high winds, severe storms and hail.

Catastrophic Events in Mississippi

  • Number of federally declared disasters in Mississippi: 83
  • Most common reasons for disasters in the state:  Severe storms
  • Average number of tornadoes per year in Mississippi: 43
  • Average amount of property damage per year in MS:  $414.3 million
  • 1 in 15 insured homes has a claim each year.

You will want to be sure that your coverage limits are high enough to allow you to rebuild, repair, or replace damaged property if your home is significantly damaged by a disaster like a fire or a tornado.

The risk of tornadoes in the Madison area is 164% higher than the national average. One of the worst to strike this area was an F4 twister that touched down 5.7 miles from the Madison city center in 2001. This tornado caused about $12 million in damage. Fortunately, tornadoes, like the other risks listed above, are covered by most home insurance policies.

Talk to your local insurance agent to learn more about protecting your valuable property.

A Word about Flood Damage in Madison, MS

Be aware that while homeowners insurance covers damage caused by most major weather events, it does not cover flood damage. This is true even if the flood is the direct result of a covered hurricane or tropical storm. Flooding is a very real risk in Madison.

Fortunately, your local insurance agent can help you supplement your home coverage with flood insurance through the National Flood Insurance Program (NFIP). The City of Madison is an NFIP participant city as well as a Community Rating System (CRS) community. This means that residents can purchase flood insurance at reduced rates.

While residents in designated flood zones have the highest risk, flood damage can happen just about anywhere. In fact, FEMA reports that around 20% of all flood insurance claims are for properties in low-risk areas. Talk to your local insurance agent to learn more about the benefits of adding flood insurance to your coverage portfolio.


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Homeowners in Madison Need Liability Insurance

Homeowners insurance does more than just cover your property. It also provides you with personal liability insurance. This can protect you if accidents or mishaps for which you can be held accountable lead to injuries or property damage to others.

Homeowners liability coverage is designed to absorb expenses like court costs, legal fees, and damages when they are associated with a covered liability lawsuit. Examples of times that you may need to use this liability insurance include if:

  • A visitor to your home suffers a serious head injury in an fall.
  • You accidentally injure a friend while goofing around at Liberty Park and your friend, who is uninsured, needs to undergo surgery and months of physical therapy.
  • Your dog gets loose and bites a delivery person.
  • Your child damages your neighbor’s new car while hitting baseballs in the yard.
  • An area business takes issue with a scathing review you posted online and threatens to sue you for libel.

If you want to have even more liability coverage than your home insurance policy can provide, an independent insurance agent can help you secure an affordable umbrella insurance policy as well. Talk to your agent to learn more about homeowners liability insurance.

Homeowners Insurance Covers against Property Crimes in Madison

The burglary rate in Mississippi is higher than the national average. However, in Madison, the risk is extremely low. There are only about 10 burglaries reported in Madison every year.

  • Number of burglaries per 1,000 homes in the US: 4.69
  • Number of burglaries per 1,000 homes in Mississippi: 7.81
  • Number of burglaries per 1,000 homes in Madison: 0.72

In the unlikely event that your house is broken into, you may find it comforting to know that your homeowners insurance can provide compensation for your losses. Your local insurance agent can help you review your policy’s contents coverage to ensure that your most valuable belongings are appropriately covered.

What about Insurance for Second Homes and Vacation Homes?

If you are among the Madison residents who own more than one residential property, your extra house is likely to have additional risk factors that insurance companies will take into consideration when they calculate your rates. Depending on certain details about your second home, you may be required to purchase specialized home insurance coverage.

If you own a multi-family house nearby that you rent out to students at JSU Madison, your liability and property damage risks will be higher than they are for your primary residence. That is why this type of home would need to be covered by landlord insurance.

Or maybe you own a winter vacation house near the Gulf Coast. If the house is left vacant and unattended for several months out of the year, your insurance company is likely to require you to carry vacant home insurance during the times the property is unoccupied.

A local insurance agent can help you review the coverage needs of your secondary properties and can help you find the best home insurance coverage for all of them.

Why Work with an Independent Insurance Agent in Madison, MS?

You can turn to one of the many independent insurance agents in Mississippi when you are looking for answers to your insurance-related questions, if you need the advice of a trusted professional, or if you just want help finding the best and most affordable homeowners insurance policy for your Madison home.

Contact an insurance agent with an office near you to learn more. You will soon discover how easy it can be to compare customized, competitively priced home insurance quotes from a variety of reliable insurance companies.

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