Best homeowners insurance companies in Mississippi for 2024

Compare the best homeowners insurance companies in Mississippi

The annual average cost in Mississippi for homeowners insurance is $3,285 for $300,000 of dwelling coverage, which is roughly $274 a month. This is above the national average of $2,304, or $192 a month. We used data from Quadrant Information Services to determine average rates for each company on our list: USAA, Allstate, Travelers, Nationwide and State Farm. We also evaluated the companies using multiple other parameters, such as the J.D. Power 2023 U.S. Home Insurance Study, which measures customer satisfaction, and AM Best ratings, which measure financial stability.

The top 5 home insurance companies in Mississippi

Additional Mississippi home insurance companies to consider

Liberty Mutual

Mississippi Farm Bureau Insurance

How Bankrate chose the best home insurance companies in Mississippi

Bankrate's insurance editorial team, which includes licensed agents, reviewed numerous factors to determine the best Mississippi homeowners insurance companies. Using data collected from Quadrant Information Services and our extensive knowledge of insurance in the state, we calculated a Bankrate Score for each company, from zero to five. The higher the Bankrate Score, the better a company fared across our research categories and the more likely it is that the company will be able to offer robust coverage for Mississippi residents at a competitive rate.

Cheapest home insurance companies in Mississippi

If you’re a customer who values cost-effective home insurance policies, you’re not alone. Most homeowners balance the benefits of a policy against their monthly budget. While the average home insurance cost in Mississippi can vary, these companies are selected for their competitive rates. It's important for homeowners to consider not only the price, but also the value and reliability of the coverage offered. By comparing the cheapest home insurance companies in Mississippi, homeowners might find the best fit for their specific needs and budget.

How to get cheap home insurance in Mississippi

Although Mississippi's average home insurance rate is $3,285, you will most likely find that your own rate differs from this. In order to keep your rate as low as possible, there are a few steps you can take to find the best cheap home insurance in the state.

1. Shop around: Avoid making your insurance decision based on a single quote. It's usually a better plan to get insurance quotes from multiple carriers to see which company is able to give you the lowest for the coverage you require. Just be sure you're asking for the same level of coverage from each company so you can do an apples-to-apples comparison.
2. Evaluate your choices: If even your lowest quote seems too high for your wallet, take another look at the coverage you’re requesting. Perhaps there is an endorsement that isn’t a necessity for your home, or adjustments you can make to the coverage levels of your dwelling insurance. You can also consider increasing your deductible, but remember you will need to pay this amount before your insurance kicks in after a covered loss, so you’ll want to ensure it’s an amount you can reasonably pay out of pocket.
3. Improve your credit score: It’s common for insurers to consider your credit history when calculating your home insurance rate. Research shows those with higher credit scores are less likely to file claims, so good credit often translates to lower premiums. As such, experts recommend taking steps to improve your credit in order to qualify for lower rates.
4. Bundle your policies: Bundling is one of the most common discounts on offer in the insurance industry. You can usually land a lower rate by purchasing more than one insurance product from the same company, such as renter’s insurance and auto insurance or home insurance and auto insurance.

Best home insurance discounts in Mississippi

One of the best ways to save money when looking for the best homeowners insurance in Mississippi is by taking advantage of discounts. These commonly allow you to shave a percentage off your premium, and almost all insurers have at least a few of them. Here are a few that you may see in Mississippi.

How to save on home insurance policy renewals in Mississippi

Saving on home insurance policy renewals in Mississippi involves strategic decisions and awareness of available options. Here are some tips to consider:

• Review and compare policies annually: Regularly assess your current policy against others in the market to ensure you're getting the best deal.
• Increase your deductible: A higher deductible can lower your premium, but ensure it's an amount you can comfortably afford.
• Look for discounts: Many insurers offer discounts for various reasons, such as installing safety features in your home.
• Maintain a good credit score: Insurers often use credit history to determine premiums.
• Bundle policies: Consider bundling home and auto insurance with the same company for potential savings.

How much is home insurance in Mississippi?

Homeowners insurance in Mississippi costs an average rate of $3,285 annually for $300,000 in dwelling coverage. This is considerably more than the national average of $2,304 for the same amount of coverage. Your personal rate is likely to differ from this, as it is based largely on your circumstances, such as your credit and insurance history, as well as your home's age and condition. The state’s high rates may be partly accounted for by the fact that Mississippi sees frequent tornadoes, and is ranked first for the number of tornadoes it experiences each year. The state's coastal regions may also experience damage due to tropical storms and hurricanes.

Mississippi homeowners insurance rates by city

Mississippi home insurance rates can vary significantly by city, reflecting the diverse risk factors and housing markets across the state. Factors like local weather patterns, crime rates and proximity to bodies of water can affect premiums in different cities. To provide a clearer picture of these variations, a map and searchable data table are available below, offering detailed insights into the homeowners insurance rates by city in Mississippi. This information can be a valuable tool for residents seeking to understand and compare insurance costs within the state.

*Rates are for $300,000 in dwelling coverage.

What does home insurance cover in Mississippi?

In Mississippi, a standard HO-3 home insurance policy typically covers your dwelling, other structures on your property, personal property, loss of use, personal liability and medical payments. Personal property coverage is on a named perils basis, while dwelling and other structures are covered on an open perils basis, meaning they are protected against all perils not specifically excluded. Relevant perils for Mississippi, given its climatic conditions, include:

• Hail or windstorms: Given Mississippi's susceptibility to severe weather, this coverage is crucial for protecting against damage from storms.
• Floods: While not typically covered in standard policies, many insurance professionals recommend purchasing separate flood insurance in Mississippi due to its flood risk.
• Fire or lightning: This peril is essential for safeguarding against common risks like house fires and lightning strikes.

These covered perils are particularly pertinent in Mississippi, where natural disasters like storms and floods are more frequent.

Additional home insurance coverage types in Mississippi

In addition to standard types of coverage on HO-3 policies — the most common type of home insurance policy — most insurers offer optional add-ons, called endorsements, that allow you to personalize and expand the coverage your policy gives you. Here are some of the ones that are found at the best Mississippi homeowners insurance companies.

• Flood insurance: Flooding is one significant peril not covered by standard HO-3 policies. If you live in a flood zone, or even if you live near a small creek that overflows occasionally or some other body of water, you may want to consider flood insurance, which is available through your insurer from the National Flood Insurance Program.
• Replacement cost coverage: Some policies are designed so that you will receive the depreciated amount of the value of your belongings after a covered loss. For example, if your 10-year-old couch is now only worth $100, you would receive that amount to replace it. Replacement cost coverage, however, will pay you an amount to allow you to purchase a new couch of comparable value after your loss.
• Valuable items coverage: Your personal possessions are covered up to a point by your standard policy, but if you have items of particularly high value, such as jewelry, artwork or extensive electronics, consider adding extended coverage to more fully protect them.
• Identity theft coverage: This type of add-on is becoming more common, and some insurers even include it in their basic coverage. It adds financial protection for fraudulent use of your credit card or identity, often online. The coverage may pay for credit monitoring or for expenses related to restoring your credit after a breach.

Common Mississippi home insurance problems

Homeowners in Mississippi face several challenges when securing home insurance due to the state's unique risks and insurance market. These challenges include:

• High risk of natural disasters: Mississippi's susceptibility to hurricanes, floods and severe storms increases insurance costs and might complicate obtaining coverage.
• Limited availability: Some insurers may limit coverage in certain high-risk areas, forcing homeowners to seek policies through state-run programs or the surplus lines market.
• Higher premiums: Due to the increased risks, Mississippi homeowners often face higher premiums compared to other states.

These factors can impact the availability and affordability of Mississippi home insurance, emphasizing the need for careful consideration when selecting the best homeowners insurance in Mississippi.

Frequently asked questions

Additional profiles:

• Coverage A, Dwelling: $150,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $35,000, $45,000, &75,000
• Coverage C, Personal Property: $75,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $500,000
• Coverage F, Medical Payments: $1,000

Bankrate Scores 

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories.

Each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. Our scoring model provides a comprehensive view, indicating when companies excel across several key areas and highlighting where they fall short.