Mississippi Renters Insurance

How to Find the Best Renters Insurance in Mississippi

Experts break down renters insurance costs, coverages, companies, and more.

Apartment complex in suburban Mississippi in fall season sunset. Find Mississippi renters insurance.

An estimated 32% of all homes in Mississippi are occupied by renters. Whether you are a professional leasing an apartment in Jackson or a student renting a house with friends near the Ole Miss campus in Oxford, if you are among the many tenants in this state, you can benefit from having renters insurance.

Independent agents in Mississippi can help you find an ideal renters insurance policy. These agents do not work for a particular insurance provider, so they are free to shop around to find the coverage you want at a price you can afford. Contact an independent insurance agent near you to get started.

Is Renters Insurance Required in Mississippi?

Renters insurance is not required by law in Mississippi. Although some landlords in this state may require their tenants to carry coverage as one of the terms of their lease, this insurance is nearly always optional.

Whether or not it is required, renters insurance is highly recommended. A policy can provide you with a wide range of coverage at a very low price. Unfortunately, too many renters in the Magnolia State do not realize the importance of having this coverage until it is too late.

How Much Does Renters Insurance Cost in Mississippi?

In a state where the average rent is $780 a month and 40.2% of renters spend more than 30% of their income on rent and utilities, it is understandable why some people don’t want to add to their housing costs by buying renters insurance. However, these policies are surprisingly affordable.

The average cost of a renters insurance policy in Mississippi is just $258 a year. That is less than $22 a month for the peace of mind that having a policy can provide you.

Some factors that can make your actual cost higher or lower than this average rate include:

  • The value of your personal property
  • The crime rate and weather risks where your home is located
  • The size of your deductible
  • Whether you are bundling your coverage with another policy like car insurance or motorcycle insurance

When you take the time to request customized quotes from a few competing insurance providers, you can be certain that the policy you are choosing is offered at a reasonable price. Independent agents make comparison shopping easy.

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What Does Renters Insurance Cover in Mississippi?

Your renters insurance policy can protect your finances in three different ways. Your policy will provide you with:

  • Contents coverage: This is designed to cover the cost to repair or replace your personal belongings if they are lost or damaged by a covered hazard. Covered risks include:
    • Property crimes, including burglary and vandalism
    • Fires, including accidental fires, wildfires, and fires caused by lightning strikes
    • Severe weather events, including hurricanes, tropical storms, thunderstorms, windstorms, tornadoes, and hail
  • Loss of use coverage:  This is designed to cover your costs if you are displaced from your home due to damage caused by a covered disaster like a fire or a tornado. It can continue to cover your additional living expenses until you are able to safely return to your home or you have found a new place to live.
  • Personal liability coverage: This can cover your financial responsibilities and legal representation if you unintentionally cause someone else to experience injuries, property damage, financial loss, or other harm.

When you buy your policy, you will want to be sure that you have a suitable amount of contents coverage. That way, if all of your belongings are destroyed in a disaster, you will have the funds necessary to replace them and start over.

What Isn't Covered by Mississippi Renters Insurance?

As with any insurance policy, renters insurance has some limitations. Most notably, your policy will not cover damage or expenses related to:

  • Floods: Renters insurance does not cover flood damage, even if the flood is the direct result of a covered hurricane. If you are renting a house or a ground floor apartment, you may want to give serious consideration to supplementing your renters insurance with a contents-only flood insurance policy.
  • Pests: Loss or damage related to infestations by rodents, bedbugs, or other pests are not covered. If you believe the infestation is due to negligence on the part of your landlord, you can take them to small claims court to get reimbursed for your losses.
  • Your roommates’ property: If you rent with roommates and you carry renters insurance but they do not, if something happens to your rental home and there is a large amount of property loss and damage, your policy will only cover your belongings.
  • Damage to your car: Vehicles are not included in the personal property covered by your renters insurance. If your car is damaged or vandalized while parked in the lot at your rental property, you can be compensated for the damage by your car insurance, as long as your policy includes comprehensive coverage.

How Can an Independent Agent in Mississippi Help Me Find the Best Renters Insurance Policy?

If you are looking for a good renters insurance policy, a local independent agent can help. These agents can answer your insurance-related questions and can save you time and money by shopping around to find the coverage you want at the most competitive price.

Best of all, it doesn’t cost anything to get information from an independent agent. Contact an insurance agent near you to start comparing customized quotes from some of the best renters insurance companies in Mississippi.

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https://www.census.gov/quickfacts/fact/table/MS/PST045219

https://www.iii.org/fact-statistic/facts-statistics-renters-insurance