Home Insurance in Mississippi

Mississippi homeowners insurance: what you need to know

The average cost of a Mississippi home insurance policy is $1,727 per year or $144 per month. This is more than the national average rate.  The best way to find affordable homeowners insurance in Mississippi is to compare rates and consider policies from multiple insurance companies. 

Major discrepancies exist in homeowners insurance costs from state to state including Mississippi. Home insurance policy rates by state may differ based on the value of — and frequency of — homeowners claims filed in that state, and also on the value of the belongings and property you're covering.

Get an idea of average home insurance rates in Mississippi by reviewing the below data. 

 

Table of contents:

1. Rates by company
2. Rates by coverage amount
3. Rates by deductible amount
4. Rates by city
5. Bundling savings
6. Frequently asked questions
7. Natural disaster coverage

 

The cheapest home insurance companies in Mississippi

Rates for homeowners insurance in Mississippi can vary based on the insurance company you select. Allstate offers the cheapest home insurance policies in Mississippi — just $1,012 per year. This compares favorably to the state average price of $1,727, offering a $715 discount on the state's average rate.

Get a head start on looking for cheap homeowners insurance by viewing average rates from top Mississippi companies, listed below. Then, review our guide discussing home insurance carriers' ranks by customer satisfaction. 

 

AFFORDABLE HOME INSURERS IN MISSISSIPPI

Insurance Company	Average Yearly Rate in Mississippi
Allstate	$1,012
Safeco	$1,494
Travelers	$1,614
Mississippi Farm Bureau	$1,919
USAA	$2,224

 

Mississippi home insurance prices by coverage levels

How much you spend on home insurance coverage is greatly affected by the level of coverage you choose. In Mississippi, carrying $100K dwelling coverage costs an average of $1,018 per year, while carrying additional coverage up to $400K costs $3,305/year.

 

POPULAR COVERAGE LIMITS IN MISSISSIPPI

Coverage Level	Average Annual Cost
$100,000 Dwelling	$1,018
$200,000 Dwelling	$1,727
$250,000 Dwelling	$2,131
$400,000 Dwelling	$3,305

 

Homeowners insurance deductibles in Mississippi

One of the multiple decisions available when shopping for homeowners policies is the amount of your deductible. A homeowners deductible is how much your insurance requires you to pay out of pocket toward a claim. Where you choose to set your homeowners deductible is linked to how much you will pay for insurance.

When considering your homeowners deductible, a good rule of thumb is that the lower your deductible, the higher your premiums. Therefore, if you need your home insurance rates to be lower, it pays to keep your deductible higher. Bear in mind that your deductible should not be set at an amount that you would have difficulty paying in the event of a loss.

Take a look at may of the average deductibles offered by home insurance companies and an approximation of average insurance costs.

 

HOME INSURANCE PREMIUMS BY DEDUCTIBLE IN MISSISSIPPI

Deductible Tier	Average Annual Homeowners Insurance Rate
$500	$2,271
$1,000	$2,131
$1,500	$2,071
$2,000	$1,876
$5,000	$1,629

 

Mississippi homeowners insurance costs by city

Not every city in Mississippi has equal home insurance costs. Policy rates rely on on city-specific factors like the number of claims filed nearby, meaning your specific ZIP code impacts how much you pay.

The best homeowners insurance in Mississippi is found in Paris. An average home insurance policy in Paris costs $1,738 annually. The below table shows the best places to live in Mississippi if you’re looking for cheap homeowners insurance.

 

CHEAPEST CITIES FOR HOMEOWNERS INSURANCE IN MISSISSIPPI

City	Average 12-Month Home Insurance Rate
Paris	$1,738
Taylor	$1,746
Oxford	$1,747
University	$1,748
Abbeville	$1,756

 

Home and auto insurance bundling in Mississippi

If you're trying to save on insurance, consider purchasing your homeowners and car insurance policies from the same company. Bundling auto and home insurance in Mississippi can lead to substantial savings on car insurance. Purchasing bundled policies in Mississippi leads to yearly savings of $142.

 

HOME AND AUTO BUNDLING DISCOUNTS IN MISSISSIPPI

Avg. Annual Rate (No Bundle)	Avg. Annual Rate (w/ Bundle)	Annual Savings ($)	Annual Savings (%)
$1,510	$1,368	$142	10%

 

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Mississippi homeowners insurance FAQs

 

Does GEICO have homeowners insurance in Mississippi?

Yes - GEICO is an option for homeowners insurance if you own a home in Mississippi.

Does Progressive offer homeowners insurance in Mississippi?

Yes - if you own a home in Mississippi, Progressive is an option for insuring your home.

 

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Natural disaster coverage in Mississippi

 

Does homeowners insurance cover tornadoes in Mississippi?

Because hurricanes can cause devastating destruction and demolish structures altogether, insurance companies remain hesitant to assume the full risk of hurricanes as a whole. If you live in Mississippi, you could face an increased risk of sustaining hurricane damage. In fact, 102,596 single-family residences are at extreme risk of hurricane damage in Mississippi.¹

If you live near the coast, it's essential to verify the details of your homeowners insurance policy because a basic home policy won't be sufficient to cover the costs of repairing damage caused by hurricanes — you would need separate windstorm and flood insurance policies, which would work together to cover repairs or replacements. Depending on your location, your insurer may make it compulsory to have a separate hurricane deductible if you reside in an area that's at high risk for hurricanes.

Learn about high-risk homeowners insurance here.

 

HURRICANE DEDUCTIBLE RATES IN MISSISSIPPI

Company	Average Annual Rate w/ Hurricane Endorsement
Liberty Mutual	$1,208
Southern Farm Bureau	$1,504
MetLife	$1,668
USAA	$1,831
State Farm	$2,179

 

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Sources:

¹Insurance Information Institute

 

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