Mississippi Homeowners Insurance Quotes (2023)

Owning a home in Mississippi can be risky. Natural disasters like floods, hurricanes, and tornadoes can strike without warning and expose homeowners without adequate homeowners insurance to big financial burdens. On average, Mississippi homeowners insurance premiums cost $366 per month. But despite the expense, you don’t want to sacrifice coverage when so much depends on it.

Finding the right homeowners insurance doesn’t have to be a daunting task. This article chronicles the best homeowners insurance companies in Mississippi, including Nationwide, Liberty Mutual, and Safeco. However, you may need a separate flood insurance policy because standard homeowners coverage doesn’t protect against flood damage.

Best home insurance companies in Mississippi

Homeowners in Mississippi have plenty of options for finding quality home insurance. With so many companies offering different coverage levels, it can take time to determine the best solution for your situation. The key is understanding what you need and looking for a company that offers the right coverage at the best price.

Best large insurer: Safeco

Safeco is the best large insurer in Mississippi, offering homeowners a wide range of customizable coverage options to fit their needs. With a J.D. Power score of 809 out of 1,000, Safeco stands out among other insurance companies in the state for its commitment to providing quality service and competitive prices.^[1]

Safeco home insurance policies have an average monthly rate of $727 — nearly double the state average of $366. But the company scores high in customer satisfaction, and the peace of mind may be worth the extra cost.

Best insurer for cheap rates: Travelers

Travelers is an excellent option for Mississippi homeowners looking for reliable insurance coverage at an affordable price. Besides offering the most reasonable rates in the state, it has a 165-year history of protecting homeowners.

On average, homeowners with Travelers pay $209 per month, which is 43% less than the state’s average cost of home insurance. It proves you don’t have to spend a lot just to keep your home safe.

Best for hurricane coverage: State Farm

State Farm is one of the largest insurance providers in Mississippi and has a long history of helping homeowners recover from hurricanes. The company’s J.D. Power score of 829 out of 1,000 in the 2022 U.S. Home Insurance Study is above the industry average.^[1] This score reflects the high level of customer satisfaction with the company’s services and claims-handling process.

Best insurer for high-value homes: Chubb

Chubb offers high coverage levels and exceptional customer service for high-value homes in Mississippi. J.D. Power’s 2022 U.S. Home Insurance Study indicates a below-average commitment to customer satisfaction by the company, with an overall score of 809 out of 1,000.^[1]

Best regional insurance company: Alfa Insurance

Alfa Insurance provides home insurance to protect property and personal possessions in Mississippi and surrounding areas. The company began in 1946, growing out of the Alabama Farmers Federation, and now services more than 1 million customers in 11 states.

Methodology

Insurify’s team of data scientists analyze millions of home insurance quotes, and weigh publicly available reviews, claims payout rates, complaint indexes, financial strength scores, company reputations, and proprietary quoting data. Our editorial team applies this insight to inform our unbiased reviews and recommendations.

How much is homeowners insurance in Mississippi?

Mississippi homeowners pay an average rate of $366 for home insurance. Several factors influence the cost of your policy, including where you live and the type of coverage you select.

How your policy choices affect home insurance rates in Mississippi

“Home insurance exists to protect homeowners from a variety of perils, including fire, natural disasters, and theft,” says Martin Orefice, founder of Rent to Own Labs. 

Understanding how your policy choices affect your home insurance rates can help you make the right decision and save money in the long run.

Your policy form

Special form (HO-3) is the most common homeowners insurance policy type, according to the National Association of Insurance Commissioners (NAIC). Other popular forms include broad form (HO-2) and basic form (HO-1). The main difference is the types of perils they cover. A peril is something that can cause an insurance claim, such as a fire, flood, theft, or storm.

Before purchasing a home insurance policy, it’s crucial to understand the different types of perils that the policy includes. Knowing what your policy covers (and what it doesn’t) can help you avoid unpleasant surprises in the event of a claim.

Your coverage level

Higher coverage levels can result in higher premiums, but they also provide greater peace of mind. It’s like having an extra cushion when sitting on a chair — it may cost more, but it provides additional comfort and security.

Your deductible

Before your home insurance policy kicks in to cover any damage or loss, you’ll pay a deductible. A low deductible usually increases your home insurance premiums. However, you’ll likely pay less out of pocket if something happens to your property. On the other hand, a high deductible can lower your premiums, but you’ll pay more out of pocket when filing a claim.

How location affects home insurance rates in Mississippi

Home insurance quotes vary from state to state, and even from one ZIP code to the next. The difference is due to local climate and weather patterns, the level of crime in the area, and the distance from fire stations, among other factors. For example, Gulfport and Ocean Springs homeowners have a higher risk of hurricane damage and typically pay higher premiums.

What are the cheapest home insurance companies in Mississippi?

With rates 38% to 75% lower than the state average, Travelers, Nationwide, and State Auto offer the cheapest quotes in the state. With these insurers, you can be sure you’re getting a great deal on your home insurance. You may have to pay more for coverage if you have specific coverage needs. Here’s a list of the most affordable homeowners coverage providers in Mississippi.

How much homeowners insurance do you need in Mississippi?

To qualify for a mortgage, you typically must purchase home insurance. To get the protection you need, make sure you know what the policy covers before buying it. It’s important to understand the components of your home insurance policy to ensure that you have the proper protection for your home and belongings.

What home insurance coverages should you buy in Mississippi?

Your homeowners policy should include any or all of the following coverages:

• Dwelling: This covers the home’s structure, such as the roof, walls, floors, and permanent fixtures, as well as personal belongings inside the home.

• Other structures: This covers any structures on your property that aren’t attached to the main building. This includes detached garages, sheds, fences, and other outbuildings.

• Personal property: This covers items in the home that you and your family own, such as furniture, electronics, clothing, and jewelry. It also covers the cost of replacing items that might be lost or damaged due to certain risks, including fire, theft, and vandalism.

• Loss of use: This covers additional living expenses if you can’t occupy your home due to a loss. This can include hotel stays, restaurant meals, and other necessary costs while your home undergoes repairs.

• Personal liability coverage: This covers losses due to property damage or bodily injury that you or a member of your household may cause to another person. It also covers legal fees if someone sues you.

• Medical payments: This covers expenses related to the medical treatment of someone injured on the insured property, regardless of who’s at fault. This includes medical bills, rehabilitation costs, and even funeral expenses. The limit is usually only $1,000.

What optional home insurance coverages should you buy in Mississippi?

These coverages usually aren’t included in your general policy, but you may want to include them as add-ons:

• Guaranteed replacement cost coverage: This pays the full cost of repairing or replacing your home after damage or destruction. This type of coverage is more comprehensive than other types of coverage, as it doesn’t take depreciation into account.

• Flood insurance: This is a separate policy that covers repairing and replacing your home and personal belongings after flooding. It may also cover the costs of additional living expenses if you can’t live in your home during the repair process. Premiums are around $700 per year for homes in high-risk areas.

• Earthquake insurance: This is an add-on or separate policy that covers damage to your property from an earthquake. It typically includes the structure of your home, personal belongings, and other structures on your property. It may also cover the costs associated with relocation during repairs and debris removal.

• Water backup of sewer: This covers water damage from septic tank backups, overflows, and water damage from burst pipes. Some homeowners policies include this coverage, but others require you to add it separately.

• Personal umbrella liability: Umbrella insurance provides additional protection beyond the limits of your existing insurance policies. It covers a wide range of potential liability claims and offers more financial protection.

• Business use of your home: This is an add-on to your home insurance policy that covers any damage or losses that occur while conducting business activities at your home. It also covers any liability arising from business activities, such as visitors getting injured on your property.

How much home insurance coverage should you have in Mississippi?

When selecting your home insurance policy, consider the value of your home and its location. The value influences the amount of coverage you need. Depending on the location, natural disasters and crime rates can affect your risk. You’ll also want to think about any optional coverages you may need, such as flood insurance or water backup insurance.

To find the best homeowners insurance company that meets your specific needs, get quotes from at least three different insurers before settling on one. Keep in mind that no one policy works for everyone, so take the time to find the right one for you.

What are some of the biggest risks when owning a home in Mississippi?

These perils could endanger your home in Mississippi:

• Hurricanes: Homeowners policies generally include hurricane coverage, but you may pay a separate deductible of around 2% of your property’s value.

• Flooding: Standard home insurance policies don’t cover flood damage, so supplemental coverage is necessary. The National Flood Insurance Program (NFIP), a program through the federal government, sells policies to homeowners. Some private insurance companies also offer flood coverage.

• Tornadoes: Most home insurance policies cover tornado damage as a standard peril, but some don’t. Look into the Mississippi Windstorm Underwriting Association for information about windstorm insurance.

How can you save money on homeowners insurance in Mississippi?

The following strategies could help you save big on your homeowners insurance.

Bundle

Bundling multiple policies with one provider can qualify you for a discount on your premiums. By insuring both your home and car with the same provider, for example, you can take advantage of a potential bundling discount and reduce the overall cost of your insurance coverage. Bundling can also simplify the insurance-buying process and make it easier to keep track of your policies and payments.

Review policy limits yearly

An annual review of your policy can also help you save money on home insurance.

“It is important to review home insurance policies each year to make sure you have adequate coverage and will get the full benefit should something happen to your property or possessions,” Orefice says.

Ask about discounts

Insurance providers offer various discounts, such as a multi-policy discount or a safety device discount. Even small reductions can add up over time, resulting in substantial savings. When getting home insurance quotes, ask about these discounts to lower costs and maximize your savings.

Comparison shop

Comparing home insurance policies is an essential part of finding the right policy for your needs and budget. When you comparison shop, you can see prices from different insurers and find out if you qualify for discounts and special offers. It takes time to compare prices, but that time investment can lead to substantial savings.

Average home replacement cost in Mississippi

Replacement cost is the estimated cost to reconstruct your home using the same type of building materials. Your insurance policy should be enough to cover the replacement cost of your home in the event of a loss. If a loss exceeds your insurance coverage, you may have to pay out-of-pocket expenses to repair or rebuild your home or replace your belongings.

Here are average home values in cities around Mississippi to consider when setting your policy limits.

Learn More: Replacement Cost vs. Market Value

Mississippi homeowners insurance FAQs