The average cost of homeowners insurance in Mississippi is $3,012 per year for $300,000 in dwelling coverage, according to Insurify data. Compare this with the national average cost of a $300,000 policy coming in at $2,532, and Mississippi residents pay more than many others across the nation.
Mississippi’s weather plays a part in these high rates, and Mike Chaney, the state’s insurance commissioner, attributes the high cost of home insurance in the Magnolia State to hurricane, wind, and tornado threats.1
While premiums are higher than average, it’s still possible for Mississippi residents to find affordable coverage. Here’s how.
Many home insurers offer affordable and comprehensive coverage in the Mississippi area. But no one company will be right for all homeowners, as insurers price policies differently and offer different coverage options.
Here, you can see some of the best home insurance companies in the state, alongside customer bases who may benefit most from a particular company’s offerings.
Mississippi Farm Bureau provides the cheapest homeowners insurance coverage in Mississippi. But the cheapest insurer for you will depend on several factors, including your age, location, marital status, claims history, and more. That’s why you should always shop around to find the right home insurance policy for you.
The table below shows the most affordable insurers, on average, for the state.
In Mississippi, the average annual homeowners insurance premium for $300,000 in dwelling coverage is $3,012. This is above the national average of $2,532 in annual premiums for a $300,000 policy. A high risk of hurricanes, wind, and tornadoes helps drive up premium costs in the state.
The average Mississippi home is worth $179,749, according to Zillow.5 The higher the value of a home, the more expensive a homeowners insurance policy becomes.
Insurers charge more to provide more coverage for costlier homes because if a covered event damages or destroys the home, the insurer will have to pay out a larger amount for repairs or rebuilding.
The table below shows average premium prices, based on coverage limits, so you can get an idea of what insuring different homes would cost for different levels of protection.
You must cover the cost of your deductible before your homeowners insurance pays for any covered loss.
If you opt for a low deductible, you can expect your insurer to charge higher premiums since your insurer is taking on more of the risk. In contrast, when you raise your deductible, your policy premiums will decline. This can be an effective way to lower your insurance costs, but you should never set your deductible so high you can’t afford to pay it should you need to file a claim.
The table below shows how much homeowners pay for policies with different deductible amounts in Mississippi.
You can save money on homeowners insurance in Mississippi, no matter where you live, by taking a few simple steps:
Shop around. Some insurers charge average premiums that cost more than twice what competitors charge. Shopping around helps you find the cheapest insurer for your specific profile and needs.
Install safety features. Smoke detectors and alarm systems help reduce the risk of devastating loss from a fire or break-in. Most insurers offer discounts if you put these safety features in place. They can also offer added peace of mind.
Bundle coverage. Insurers offer discounts if you buy multiple insurance products from the same company. The more policies you have, the greater the discounts for each kind of coverage.
Monitor your claims. If you have a long history of filing claims, your insurer will likely charge you more for a policy than someone who files fewer claims. Be mindful of how many claims you file, and remember that a claim now could affect your long-term rates.
If you have a mortgage, your lender will require you to buy dwelling coverage that pays to rebuild or replace your home in the event of a loss.
In addition to this mandatory coverage, you may also want:
Other structures coverage to protect your shed, garage, or pool
Personal liability coverage in case visitors hurt themselves at your house
Personal property damage coverage to pay to repair or replace your possessions, especially if you have expensive valuables in your home
You may also consider buying replacement cost coverage rather than actual cash value coverage. Actual cash value, or ACV, coverage pays to repair or replace your belongings after deducting for depreciation. Choosing a replacement cost policy allows you to rebuild your home to its current condition and replace lost or damaged property with new items based on current prices.
Be sure to review your policy carefully to see exactly what your homeowners insurance covers.
Mississippi homeowners face a serious risk of major weather events, with Mike Chaney, state insurance commissioner, warning about the dangers of hurricanes, high winds, flooding, and tornadoes. Here’s what homeowners need to know about these potential disasters.
If you still have questions about Mississippi homeowners insurance, check out the answers below.
The average cost of homeowners insurance in Mississippi is $3,012 per year for $300,000 in dwelling coverage. The national average is $2,532, meaning Mississippi residents pay more than homeowners in many other states.
USAA offers the cheapest rates in Mississippi, starting at a monthly premium of $130 for $300,000 in dwelling coverage.
Yes. GEICO has an office in Mississippi based in the Biloxi-Gulfport area.
No. The state itself doesn’t require you to carry homeowners insurance. But if you have a mortgage on your home, your lender will likely require you to carry coverage in order to protect its investment.
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