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Best homeowners insurance in Mississippi for 2023

USAA, Allstate, Travelers, Nationwide and State Farm are among the best home insurance companies, according to Bankrate’s research.

Updated Sep 14, 2023
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Quick Facts
Moneybag
$382/year
average savings through Bankrate
Two Thirds
2 out of 3 homes
are underinsured
Insurance Home
1 out of every 20
insured homes makes a claim each year
Circle Check
100% of homes
need insurance before getting a mortgage
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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
Rating: 3.7 stars out of 5
3.7
Bankrate Score
Info
AM Best
A++
J.D. Power score
884
/1,000
Average monthly premium
$126
Average annual premium
$1,514
Get a quote
Allstate
Rating: 3.5 stars out of 5
3.5
Bankrate Score
Info
AM Best
A+
J.D. Power score
815
/1,000
Average monthly premium
$195
Average annual premium
$2,338
Get a quote
Travelers
Rating: 3.3 stars out of 5
3.3
Bankrate Score
Info
AM Best
A++
J.D. Power score
835
/1,000
Average monthly premium
$136
Average annual premium
$1,628
Get a quote
Nationwide
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A+
J.D. Power score
816
/1,000
Average monthly premium
$73
Average annual premium
$874
Get a quote
State Farm
Rating: 3.2 stars out of 5
3.2
Bankrate Score
Info
AM Best
A++
J.D. Power score
812
/1,000
Average monthly premium
$199
Average annual premium
$2,383
Read review
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

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

The top 5 home insurance companies in Mississippi

USAA

Best for military-focused coverage options

Rating: 3.7 stars out of 5
3.7 Bankrate Score
JD Power: 884/1,000 AM Best: A++

Average annual premium

$ 1,514 for $250k dwelling coverage
USAA Review Get a personalized quote

Why USAA made our list: Because USAA only offers products to military and veteran families, it does not qualify for official ranking with J.D. Power. However, it consistently earns top scores. USAA provides earthquake coverage in its standard policy and offers replacement cost dwelling and personal property coverage at no additional charge. The company provides its members a one-stop shop for insurance, with auto, condo, flood, landlord, motorcycle, renters and small business policies available. The company also offers checking and savings accounts, investment products, home mortgages, retirement plans and VA loans.

Who USAA may be good for: Those stationed at Keesler Air Force Base or any of the three other military bases in Mississippi may be interested in the company's military-focused coverage. You can, for example, get coverage specifically designed to protect your uniforms.

Allstate

Best for digital tools

Rating: 3.5 stars out of 5
3.5 Bankrate Score
JD Power: 815/1,000 AM Best: A+

Average annual premium

$ 2,338 for $250k dwelling coverage
Allstate Review Get a personalized quote

Why Allstate made our list: Allstate stands out for the digital tools it offers. The company's mobile app allows you to pay your bill, file a claim, get roadside assistance and more. A digital ID card gives you quick access to your policy information if you need it. Additionally, Allstate has local agents throughout Mississippi should you ever need a more hands-on approach to managing your policy. The company scores below average in the J.D. Power customer satisfaction study, however, so it may need to increase its focus on policyholder relations.

Who Allstate may be good for: If you prefer to handle your insurance business online as opposed to working with an agent, Allstate could be a good option. The app is easy to use and the company's website is functional and robust.

Travelers

Best for policy customization

Rating: 3.3 stars out of 5
3.3 Bankrate Score
JD Power: 835/1,000 AM Best: A++

Average annual premium

$ 1,628 for $250k dwelling coverage
Travelers Review Get a personalized quote

Why Travelers made our list: Travelers offers a host of home insurance protections, like insurance for other structures and loss of use coverage. Aside from standard coverage types, the company has an extensive list of add-ons, or endorsements, for advanced financial protection. For example, there is 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.

Who Travelers may be good for: Travelers' robust list of optional coverage endorsements makes it a good option for homeowners with unique circumstances looking to build a robust policy. For example, Travelers has an add-on that provides additional protection to rebuild to green standards if you have a green home.

Nationwide

Best for low average rates

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 816/1,000 AM Best: A+

Average annual premium

$ 874 for $250k dwelling coverage
Nationwide Review Get a personalized quote

Why Nationwide made our list: With its competitively low rate for Mississippi homeowners,  Nationwide offers courage at an appealing price point for those hoping to save money. For more robust protection, coverage options include ordinance or law insurance, as well as coverage for other structures, loss of use and credit cards. Nationwide also has two standout coverage options: Brand New Belongings, which replaces damaged or stolen personal items, and Better Roof Replacement, which uses safer materials if you need to rebuild or repair your roof. 

Who Nationwide may be good for: Nationwide is a good option for Mississippi homeowners who are on a budget. The company's average annual rate is less than half the state average of $1,900.

State Farm

Best for local agents

Rating: 3.2 stars out of 5
3.2 Bankrate Score
JD Power: 812/1,000 AM Best: A++

Average annual premium

$ 2,383 for $250k dwelling coverage
State Farm Review Get a personalized quote

Why State Farm made our list: State Farm has an extensive network of agents throughout the state of Mississippi, so most residents should be able to find a local agent in their town. The company also ranks sixth out of the companies surveyed for customer satisfaction by J.D. Power, which places it above average. If you have additional needs outside of just home insurance, the provider also offers banking services, including auto and boat loans, checking accounts, home mortgages, money market savings accounts and rewards credit cards.

Who State Farm may be good for: Many Mississippi homeowners may prefer to develop a relationship with an in-person agent who can answer questions and help them find the best policy for their needs. If you fall in that category, consider asking State Farm for a quote.

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.

Clock Wait
46
years of industry expertise
Search
122
carriers reviewed
Location
20.7K
ZIP codes examined
Dollar Coin
1.2M
quotes analyzed

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.

$150K
$1,061
$250K
$1,514
$350K
$1,941
$450K
$2,364
$750K
$3,621
$150K
$1,433
$250K
$2,338
$350K
$3,462
$450K
$4,661
$750K
$8,313
$150K
$993
$250K
$1,628
$350K
$2,209
$450K
$2,907
$750K
$5,379
$150K
$566
$250K
$874
$350K
$1,199
$450K
$1,573
$750K
$2,454
$150K
$1,689
$250K
$2,383
$350K
$2,907
$450K
$3,595
$750K
$5,606
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Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.

Where you live plays a role in determining your rate. If you live in a ZIP code where there are few natural disasters and a low crime rate, you are likely to find homeowners insurance at a more affordable rate. Here are some of the cheapest cities in Mississippi for insurance:

  • Little Rock: $1,688 — 11 percent below the state average
  • Ridgeland: $1,688 — 11 percent below the state average
  • Sandhill: $1,693 — 11 percent below the state average
  • Tupelo: $1,700 — 11 percent below the state average
  • Porterville: $1,701 — 10 percent below the state average

Likewise, if you live in an area where there are frequent claims filed to insurers for tornadoes and other natural disasters, you are likely to see higher rates as your insurer needs to charge more to mitigate their risk.

  • Diamondhead: $2,161 — 14 percent above the state average
  • Leakesville: $2,144 — 13 percent above the state average
  • Mc Lain: $2,140 — 13 percent above the state average
  • New Augusta: $2,138 — 13 percent above the state average
  • Beaumont: $2,135 — 12 percent above the state average

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: 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.

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.

Insurance Home
Recent news: Rates skyrocket along the Mississippi coast

Homeowners who live on the Mississippi coast have seen rates spike this year, with typical rate increases ranging from 15 percent to 70 percent. At the same time, some insurers are limiting the coverage options available, leaving homeowners with less flexibility.

Mississippi Insurance Commissioner Mike Chaney blamed a variety of factors, particularly the cost of reinsurance, which is insurance that insurers purchase to help limit their own risk. Things like inflation, the war in Ukraine and the increasing rate of natural disasters all play a role.

Home insurance coverage options 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

Written by
Mary Van Keuren
Contributor, Insurance

Mary Van Keuren has written for insurance domains such as Bankrate, Coverage.com, and The Simple Dollar for the past five years, specializing in home and auto insurance. She has also written extensively for consumer websites including Reviews.com and Slumber Yard. Prior to that, she worked as a writer in academia for several decades.

Edited by Editor, Insurance