Best homeowners insurance in Mississippi of 2023

Compare the best homeowners insurance companies in Mississippi

The annual average cost in Mississippi for homeowners insurance is $1,900 for $250,000 of dwelling coverage, which is roughly $158 a month. This is above the national average of $1,428, or $119 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 2022 U.S. Home Insurance Study, which measures customer satisfaction, and AM Best ratings, which measure financial stability.

*USAA not officially ranked with J.D. Power due to eligibility restrictions

The top 5 home insurance companies in Mississippi

How Bankrate chose the best home insurance companies in Mississippi

Bankrate's insurance editorial team 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.

Bankrate utilizes Quadrant Information Services to analyze 2023 current rates for ZIP codes and carriers in all 50 states and Washington, D.C. Rates are weighted based on the population density in each geographic region. 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: $150,000, $250,000, $350,000, $450,000, $750,000
• Coverage B, Other Structures: $15,000, $25,000, $35,000, $45,000, $75,000
• Coverage C, Personal Property: $75,000, $125,000, $175,000, $225,000, $375,000
• Coverage D, Loss of Use: $30,000, $50,000, $70,000, $90,000, $150,000
• Coverage E, Liability: $300,000, $300,000, $300,000, $300,000, $500,000
• 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.

How much is home insurance in Mississippi?

Homeowners insurance in Mississippi costs an average rate of $1,900 annually for $250,000 in dwelling coverage. This is considerably more than the national average of $1,428 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.

How to find the best cheap home insurance in Mississippi

Although Mississippi's average rate is $1,900, 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: Your credit-based insurance score is one of the important factors that insurers consider when determining your premium. A high score may net you a low cost because it indicates to insurers that you have a proven history of paying your bills fully and on time. With a poor score, insurers may be concerned about your ability to pay your premium and thus raise their rates to compensate for the risk.
4. Bundle your policies: Almost all insurers offer a bundling discount. By purchasing multiple policies from the same company — usually home and auto — you could receive a percentage off your joint premiums or each individually.

Common home insurance discounts in Mississippi

One of the best ways to save money on your Mississippi homeowners insurance 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.

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.

Frequently asked questions