Nearly one-third of Mississippi’s residents live in rental homes. For property owners, working as a landlord is a great way to build equity while bringing in income. Whether you are renting out a single-family home or have invested a multi-unit apartment building, it's a good idea to protect your investment. You can do this by securing a Mississippi landlord insurance policy matched to your needs and risks.
Shopping for a suitable policy can be time-consuming. Our network of independent insurance agents can make the process faster and easier. These agents can explain your many coverage options and answer any questions you might have so that you can make an informed decision when purchasing a policy. Find a member agent near you today to start comparing Mississippi landlord insurance quotes.
- More than 22 million Americans derive income through rental properties
- They provide rental units to more than 107 million renters across the country
- Approximately 500 Americans become landlords every day
Investing in rental property can be a lot of work, but the income potential is great. As a landlord, you do face risks, however. Fortunately, you can protect your finances with a landlord insurance policy.
What Is Mississippi Landlord Insurance?
Landlord insurance is a type of homeowners insurance designed specifically to meet the unique coverage needs faced by landlords. If your rental home is covered by a traditional homeowners policy, your insurance company may refuse to honor your claims if they discover that the home was occupied by tenants. As a landlord, you are not responsible for providing coverage for your tenants’ personal belongings. They will have to do this themselves with a renters insurance policy. You will, however, need to cover your own property and have suitable liability coverage for your tenants and their guests. Landlord insurance provides this coverage.
Recent Rental Statistics: Mississippi vs. National Numbers
- U.S. median gross rent: $871
- MS median gross rent: $689
- U.S. rental vacancy rate: 7.40%
- MS rental vacancy rate: 13.13%
- U.S. percentage of renters by household units: 35.42%
- MS percentage of renters by household units: 30.19%
What Does Mississippi Landlord Insurance Cover?
Landlord insurance provides you with both personal property and liability insurance coverage.
- Personal property insurance: This coverage includes reimbursements for costs associated with repairing or replacing personal property that is lost or damaged by covered events such as fire, theft, vandalism, and certain weather events. You may need to purchase separate endorsements for some catastrophic events such as earthquakes, floods, and hurricanes. This coverage will encompass the structure of your property and any content that is owned by you, such as appliances, carpeting, and light fixtures. Some policies will also include coverage for surrounding structures like detached garages and sheds.
- Liability insurance: This insurance provides coverage for medical costs and property replacement if a tenant or a tenant’s guest is injured on your property and you are deemed liable. If you find yourself involved in a lawsuit involving a tenant, your landlord insurance will provide coverage for your related legal fees, court costs, and liability expenses.
Is Mississippi Landlord Insurance Expensive?
You can expect your Mississippi landlord insurance policy to be a bit more expensive than a typical homeowners insurance policy. Tenants bring with them certain insurance risks, largely due to the high likelihood that home repairs go unreported to you, as the homeowner. For example, your tenant may not notice that a leaky sink has caused water damage to the basement. Also, as a landlord, you have an increased risk of being held liable for injuries since you must cover both your tenants and your tenants’ guests if they are injured on your property. Your policy rate will be determined by several factors, including:
- The value of your property
- The amount of coverage purchased
- The location of your rental home
- Your claims history
- The amount of your deductible
- The insurance provider you select
You may qualify for discounts if you combine your landlord insurance policy with other policies such as your homeowners or car insurance.
Find the Right Mississippi Landlord Insurance Policy
An insurance agent in our network can help you be sure that your rental property is properly covered. These independent agents work with several different insurance companies and can provide you with a variety of competitively-priced policies from which to choose. This saves you from the hassles of comparison shopping. There are several local member agents with offices in Mississippi, so it is easy to find an agent conveniently located near you. These agents can answer your insurance-related questions, explain policy details and can even advocate for you during the claims process if you are in need of assistance.
Contact a local member agent today to start comparing Mississippi landlord insurance quotes.