Best homeowners insurance in Mississippi of 2021
Homeowners insurance is not cheap in Mississippi. According to Bankrate’s 2021 study of quoted annual premiums, the average cost of home insurance is $1,773 per year in Mississippi for $250,000 dwelling coverage. It is more expensive than the national average of $1,312 per year. Mississippians pay higher rates due to the high cost of losses incurred by insurance providers, which totaled more than $400 million in 2020 for all types of insurance.
Best home insurance companies in Mississippi
To choose the best Mississippi home insurance companies, we used J.D. Power & Associates for customer satisfaction scores, 2021 rate data from Quadrant Information Services and our knowledge of coverage options and discounts from the various providers.
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
*USAA is not eligible for official ranking with J.D. Power due to eligibility restrictions
Allstate ranks sixth in J.D. Power’s 2020 U.S. Home Insurance Study with a 829/1000 rating. We particularly like Allstate’s discounts. Eligible policyholders may earn up to a 25% discount when they bundle multiple policies and up to 20% off if they switch to Allstate after remaining claims-free with another provider. Allstate offers a wide range of insurance products, including auto, business, condo, identity protection, landlord, life, motorcycle and renters coverages, along with investment products and retirement plans.
Learn more: Allstate Insurance review
Nationwide makes a robust offering for home insurance. You can choose from available ordinance or law insurance, as well as coverage for other structures, loss of use and credit cards. Nationwide also has two signature programs, which includes Brand New Belongings coverage that replaces damaged or stolen personal items and Better Roof Replacement, which uses safer materials if you need to rebuild or repair your roof. Policyholders also have the option to add on extra types of coverage, like identity theft coverage, insurance for valuables and flood insurance.
Learn more: Nationwide Insurance review
Travelers offers a whole host of home insurance protections, like insurance for other structures and loss of use coverage. There is also optional special personal property coverage, contents replacement cost, insurance for valuables and water backup and sump pump overflow coverage. Travelers also offers the option for $25,000 worth of identity fraud expense reimbursement coverage.
Learn more: Travelers Insurance review
In J.D. Power’s study, State Farm ranks seventh in the nation. The insurer also offers homeowners a few ways to save on their premiums, including a possible discount for installing impact-resistant roofing. Besides home insurance, State Farm sells condominium, farm and ranch, manufactured home, rental property and renters insurance, along with term, universal and whole life insurance. The provider also offers banking services, including auto and boat loans, checking accounts, home mortgages, money market savings accounts and rewards credit cards.
Learn more: State Farm Insurance review
USAA consistently received high ratings in J.D. Power’s study. While it earned the top score, USAA does not qualify for ranking in the study because it only offers products to military and veteran families. USAA offers replacement cost dwelling and personal property coverages at no additional charge. USAA also provides earthquake coverage in its standard policy. USAA offers its members one-stop shopping for insurance, including auto, condo, flood, landlord, motorcycle, renters and small business policies. The company also offers checking and savings accounts, investment products, home mortgages, retirement plans and VA loans.
Learn more: USAA Insurance review
How much is homeowners insurance in Mississippi?
Mississippi is significantly cheaper than neighboring states with an average cost of $1,773 each year for home insurance. Other states are much more expensive, with Arkansas and Louisiana both hovering between $1,800 and $2,200 per year for $250,000 in dwelling coverage. Mississippi homeowners pay higher than average home insurance rates due to the frequency and severity of storms.
Home insurance in Mississippi
Every state has unique factors that may determine certain elements that homeowners are more likely to consider when they purchase insurance.
Common causes of loss in Mississippi
Homeowners in Mississippi are subject to several threats:
- Tornadoes: Mississippi ranks third in the nation for tornadoes. In 2018, 68 tornadoes touched down in the Magnolia State. Unfortunately, tornadoes frequently plague Mississippi, leaving piles of rubble in their wake and increasing the financial risk insurers must shoulder.
- Hurricanes: Mississippi’s Gulf Coast also faces the threat of hurricanes. In 2017, Hurricane Harvey pummeled the Gulf coast causing an estimated $18.4 to $20.4 billion in property damages in six states. Mississippi was one of those states.
- Tropical storms: These storms are similar to hurricanes but a bit more mild. Still, they can bring strong winds and even flooding to your home. An agent can help ensure you have enough coverage based on your address.
Home insurance coverage options in Mississippi
Most Mississippi homeowners insurance companies offer optional extra coverages that some homeowners find valuable. These add-ons help fill in the gaps that standard policies do not cover.
- Business property coverage: If you have a home office, there may be an additional consideration for your policy. The limits of the standard home insurance policy might not offer enough protection. That is where business property coverage can help provide insurance for expensive items such as computers.
- Flood insurance: Standard policies do not cover flood damage. Some providers offer this coverage directly as an additional endorsement. Otherwise, you can purchase a policy through the National Flood Insurance Program.
- Identity theft protection: Fraudulent credit card use and identity theft are rampant. Insurers offer various levels of identity theft coverage. Some policies only help pay expenses related to restoring your identity, while others offer credit monitoring.
- Replacement cost coverage: Most standard home insurance policies pay actual cash value for totaled homes and personal property. However, if you purchase optional replacement cost coverage, you can file a claim for the non-depreciated cost of repairing or rebuilding your home, or replacing personal belongings, subject to your policy’s deductible and limits.
- Valuable items coverage: Standard policies limit the amount of a claim for certain types of personal property, like fine art, firearms and jewelry. So, if you own an expensive wedding ring, the average policy may not be enough. You might consider adding valuable items coverage to protect it.
Frequently asked questions
What is the best homeowners insurance in Mississippi?
The best homeowners insurance in Mississippi is relative to your needs. Many homeowners need a simple, standard policy, while other homeowners have more complex insurance needs. When shopping for home insurance, pay close attention to the details such as liability and personal property limits. If a standard package does not meet your needs, find another insurer or consider adding optional coverages.
How do I get homeowners insurance in Mississippi?
Most major insurance companies service Mississippi, and many offer online quotes on their websites. Whether you shop online or visit local insurance agencies, get quotes from several insurers before deciding on a home insurance policy.
Is Mississippi homeowners insurance expensive?
On average, Mississippi home insurance rates are 45 percent higher than the national average. Mississippians pay higher homeowners insurance rates due to the frequency and severity of storms.
Is homeowners insurance required in Mississippi?
No. State law does not require you to purchase home insurance, but if you take out a mortgage to buy a home, the lender will likely require it.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.