Mississippi Homeowners Insurance Quotes (2024) - Insurify (2024)

The average cost of homeowners insurance in Mississippi is $4,312 per year for $300,000 in dwelling coverage, according to Insurify data. Compare this with the national average cost of a $300,000 policy coming in at $2,377, and Mississippi residents pay more than many others across the nation.

Mississippi’s weather plays a part in these high rates, and Mike Chaney, the state’s insurance commissioner, attributes the high cost of home insurance in the Magnolia State to hurricane, wind, and tornado threats.^[1]

While premiums are higher than average, it’s still possible for Mississippi residents to find affordable coverage. Here’s how.

Best home insurance companies in Mississippi

Many home insurers offer affordable and comprehensive coverage in the Mississippi area. But no one company will be right for all homeowners, as insurers price policies differently and offer different coverage options.

Here, you can see some of the best home insurance companies in the state, alongside customer bases who may benefit most from a particular company’s offerings.

Cheapest rates: Mississippi Farm Bureau

Best insurer for veterans and servicemembers: USAA

Best insurer for in-person support: Nationwide

Best insurer for coastal residents: Allstate

Cheapest home insurance in Mississippi

Mississippi Farm Bureau provides the cheapest homeowners insurance coverage in Mississippi. But the cheapest insurer for you will depend on several factors, including your age, location, marital status, claims history, and more. That’s why you should always shop around to find the right home insurance policy for you.

The table below shows the most affordable insurers, on average, for the state.

Cost of homeowners insurance in Mississippi

In Mississippi, the average annual homeowners insurance premium for $300,000 in dwelling coverage is $4,312. This is above the national average of $2,377 in annual premiums for a $300,000 policy. A high risk of hurricanes, wind, and tornadoes helps drive up premium costs in the state.

Cost of homeowners insurance by dwelling coverage amount

The average Mississippi home is worth $179,749, according to Zillow.^[5] The higher the value of a home, the more expensive a homeowners insurance policy becomes.

Insurers charge more to provide more coverage for costlier homes because if a covered event damages or destroys the home, the insurer will have to pay out a larger amount for repairs or rebuilding.

The table below shows average premium prices, based on coverage limits, so you can get an idea of what insuring different homes would cost for different levels of protection.

Cost of homeowners insurance by deductible

You must cover the cost of your deductible before your homeowners insurance pays for any covered loss.

If you opt for a low deductible, you can expect your insurer to charge higher premiums since your insurer is taking on more of the risk. In contrast, when you raise your deductible, your policy premiums will decline. This can be an effective way to lower your insurance costs, but you should never set your deductible so high you can’t afford to pay it should you need to file a claim.

The table below shows how much homeowners pay for policies with different deductible amounts in Mississippi.

How to get cheap homeowners insurance in Mississippi

You can save money on homeowners insurance in Mississippi, no matter where you live, by taking a few simple steps:

• Shop around. Some insurers charge average premiums that cost more than twice what competitors charge. Shopping around helps you find the cheapest insurer for your specific profile and needs.

• Install safety features. Smoke detectors and alarm systems help reduce the risk of devastating loss from a fire or break-in. Most insurers offer discounts if you put these safety features in place. They can also offer added peace of mind.

• Bundle coverage. Insurers offer discounts if you buy multiple insurance products from the same company. The more policies you have, the greater the discounts for each kind of coverage.

• Monitor your claims. If you have a long history of filing claims, your insurer will likely charge you more for a policy than someone who files fewer claims. Be mindful of how many claims you file, and remember that a claim now could affect your long-term rates.

How much homeowners insurance do you need in Mississippi?

If you have a mortgage, your lender will require you to buy dwelling coverage that pays to rebuild or replace your home in the event of a loss.

In addition to this mandatory coverage, you may also want:

• Other structures coverage to protect your shed, garage, or pool

• Personal liability coverage in case visitors hurt themselves at your house

• Personal property damage coverage to pay to repair or replace your possessions, especially if you have expensive valuables in your home

You may also consider buying replacement cost coverage rather than actual cash value coverage. Actual cash value, or ACV, coverage pays to repair or replace your belongings after deducting for depreciation. Choosing a replacement cost policy allows you to rebuild your home to its current condition and replace lost or damaged property with new items based on current prices.

Be sure to review your policy carefully to see exactly what your homeowners insurance covers.

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

Mississippi homeowners face a serious risk of major weather events, with Mike Chaney, state insurance commissioner, warning about the dangers of hurricanes, high winds, flooding, and tornadoes. Here’s what homeowners need to know about these potential disasters.

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  Hurricanes

  Mississippi saw 21 tropical storms and four major hurricanes in 2021, which made it the third-most active season on record. The 2020 hurricane season was the most active, with 30 named storms and six major hurricanes, according to the Mississippi Emergency Management Agency.^[6] Homeowners insurance won’t cover flooding from hurricanes, although policies should cover wind damage.

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  Flooding

  Optional flood insurance is available through the National Flood Insurance Program operated by the Federal Emergency Management Agency, as well as from some private insurers. Consider purchasing a flood insurance policy if you live in a high-risk area.

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  Tornadoes

  Mississippi experiences an average of between 30 and 100 tornadoes each year, according to the Mississippi State Department of Health. Tornadoes can come with wind speeds of up to 250 miles per hour, and unfortunately, Mississippi is the site of three of the deadliest tornadoes in U.S. history. Most standard homeowners insurance policies cover tornado damage.

Mississippi homeowners insurance FAQs

1. Mississippi Insurance Department. "MITIGATION PROGRAM WOULD SAVE MONEY, PROPERTY AND LIVES."
2. WLOX. "Insurance companies leaving high-risk climate areas, limiting Coastal residents with affordable coverage options."
3. U.S. Department of Commerce. "2021 Was An Active Year For Tornadoes in Mississippi."
4. United States Census Bureau. "Mississippi."
5. Zillow. "Mississippi Housing Market."
6. Mississippi Emergency Management Agency. "Hurricanes."

Christy Rakoczy has been a personal finance and insurance writer for over a decade. Her work has been published on USA Today, MSN, Yahoo Finance, Credit Karma, Forbes Advisor, and more. Christy has a JD from UCLA School of Law and previously worked as a data analyst for Blue Cross and as a paralegal studies instructor before transitioning to writing full time.