Best Home Insurance Rates in Mississippi

On average, your neighbors pay $126 a month.

See Your Rates

Compare Homeowners Insurance in Mississippi

Mississippi is the birthplace of the blues, Elvis Presley, Morgan Freeman, and root beer. The Magnolia State hosted the first ever rodeo, and its name has become a standard for counting seconds. However, its propensity for extreme weather and flooding means added home insurance risks for residents of The Hospitality State.

Average Mississippi Homeowners Insurance Rates

How much is home insurance in Mississippi? Some of the highest homeowners insurance premiums of any state in the US can be found in Mississippi. This is mostly due to the historically extreme weather. The average cost of homeowners insurance in Mississippi was $1,508. That's much higher than the national average of $1,173. Only five states have higher average home insurance rates than Mississippi.

Mississippi Average Annual Homeowners Insurance Rates
  2013 2014 2015
Mississippi Annual Average $1,395 $1,447 $1,508
Mississippi Price Per Month $116 $121 $126
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 5 5 6
Source: Facts + Statistics: Homeowners insurance

Choosing a homeowners insurance company in Mississippi should be easier. The key to finding the best rates is to compare homeowners insurance quotes in Mississippi from multiple companies.

Best Mississippi Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Mississippi. Out of the 9,760 Mississippi homeowners that used QuoteWizard to request insurance quotes last year, 1,097 had no home insurance.

  1. Allstate
  2. Nationwide
  3. Progressive
  4. Geico
  5. Farmers
  6. Liberty Mutual
  7. USAA
  8. AAA
  9. Safeco
  10. American Family
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Best Homeowners Insurance Companies in Mississippi

The above list shows the most popular home insurers in Mississippi according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Top Mississippi Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Financial Rating Market Share
1 Southern Farm Bureau A+ 17.5%
2 Allstate A+ 10.9%
3 Nationwide Mutual A+ 8.3%
4 Liberty Mutual A 5.7%
5 Farmers Insurance Group A 4.4%
6 USAA Insurance A++ 3.8%
7 Alfa Mutual Group A 2.8%
8 Travelers Companies A++ 2.6%
9 MetLife A 2.6%
Find affordable homeowners insurance in Mississippi
See how much you can save!
Get Quotes

Mississippi Home Insurance Rate Factors

Insurance companies look at several factors to determine your homeowners insurance prices. Some of these factors, like your pets and credit score, are specific to each individual and home. Other factors, like property crime rates, affect all MS residents.

Your Personal Rate Factors

Your House

Your insurance rates depend on your home’s unique characteristics. These are the main home factors that influence your premiums:

  • Your home’s age. Do you own an old home? If so, your insurance rates are probably higher. That’s because old homes need major repairs more often than new homes. Major repairs can mean large insurance claims. Most MS homes are relatively old, with 7 percent built between 1970 and 1979.
  • The quality of your roof. You can earn lower rates if you keep your roof well-maintained with region-appropriate material. Proper roof upkeep may be the difference between major repairs and minor damages after a disaster. That’s why insurers charge less for homes with roofs in good condition. In MS, for example, keep your rain gutters clear to prevent flooding.
  • Your home’s replacement cost. This is how much money it takes to build your home from the ground up. This dollar amount should match you dwelling/structure coverage, which is a central part of a home insurance policy. A high replacement cost means high premiums. Replacement cost depends on the style and size of your home, not how much you bought it for. For example, an expensive home in Ocean Springs could actually have a lower replacement cost than a home bought for less in Hattiesburg.

Claims History

The claims on your record play a big role in your insurance rates. Filing a claim virtually guarantees a rate increase. Claims stay on your record for five to seven years. And if you file more than one claim during that period, your premiums could skyrocket. You may even find your coverage cancelled. That’s why homeowners should always try not to file any avoidable claims.

Pets

People who own exotic pets or a specific dog breed usually pay more for homeowners insurance. If you fall into that category, you may even have a hard time finding a company to insure you in the first place. According to the AVMA, 45.2 percent of MS residents are pet owners, the sixth highest rate in the country.

Credit Score

Many homeowners are surprised to find that companies will look at their credit score to price their policy. People with a bad credit score pay more for homeowners insurance. And unfortunately, MS has the worst credit score in the nation.

Mississippi Rate Factors

Weather

MS is the 15th most natural disaster-prone state in the country. Areas with a high risk of natural disasters have higher homeowners insurance rates. MS is located on the tornado belt and the Gulf Coast, where inclement weather is a constant danger. But exact weather risks depend on where in the state you live. Most Mississippi residents face the following weather threats:  

  • Floods
  • Earthquakes
  • Hurricanes
  • Tornadoes

There is a high risk of hurricanes in your state, which means flooding is common. Homeowners insurance policies don’t cover flood damage. Make sure to buy flood insurance before a storm hits. According to the Mississippi Insurance Department, there are steps you can take to minimize the damage caused by a natural disaster.

  • Check to see that your house has been properly “tied” to the foundation
  • Buy flood insurance
  • Add steel plates or anchor bolts between your home and the foundation
  • Keep your yard clear of debris in case of a storm

Property Crime

Property crime has a big impact on your insurance prices because home insurance covers theft, vandalism, and burglary. That’s why areas with high property crime rates also have high homeowners insurance rates. MS has the 18th highest property crime rate in the country. In 2017, the state had an average property crime rate of 2,733.9 per 100,000 residents.

But property crime rates vary depending on where in the state you live. For example, Jackson has an average of 46.37 property crimes annually per 1,000 people. Gulfport, on the other hand, has an average of 50.99 property crimes annually per 1,000 people.

There are steps you can take to reduce the risk of a burglary occurring at your home. These steps include: deadbolt locks, alarms, security cameras, and more.

Types of Home Insurance Policies

Homeowners have plenty of home insurance policy options to choose from. In MS, you can choose from these policy types:

  • HO-1: This is the most basic insurance policy and it covers normal damages.
  • HO-2: This is a broad homeowners insurance policy. It covers everything in HO-1, plus falling objects and damages to AC units, pipes, and other home systems.
  • HO-3: The most popular homeowners policy type. HO-3 covers all damages unless specifically excluded, it also covers unattached structures.
  • HO-5: A comprehensive policy like HO-3, but HO-5 comes with more coverage and less property claim limitations. It is considered a premium policy.
  • HO-6: This policy offers similar coverage as HO-3, but for condo owners. It covers possessions and provides liability.
  • HO-7: If you own a mobile home, this is probably the policy for you. It offers similar coverage as HO-3, but for mobile homeowners.
  • HO-8: If you own an old home, you may need a policy to cover its specific needs. This policy is like HO-3, but for older homes.

Mississippi Insurance Department

Website:
Homepage
Insurance Commissioner:
Mike Chaney
Insurance Hotline:
(800) 562 – 2957
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

QuoteWizard.com LLC has made every effort to ensure that the information on this site is correct, but we cannot guarantee that it is free of inaccuracies, errors, or omissions. All content and services provided on or through this site are provided "as is" and "as available" for use. QuoteWizard.com LLC makes no representations or warranties of any kind, express or implied, as to the operation of this site or to the information, content, materials, or products included on this site. You expressly agree that your use of this site is at your sole risk.