On average, your neighbors pay $126 a month.See Your Rates
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.
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 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|
|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.
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.
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:
|Rank||Company||Financial Rating||Market Share|
|1||Southern Farm Bureau||A+||17.5%|
|5||Farmers Insurance Group||A||4.4%|
|7||Alfa Mutual Group||A||2.8%|
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 insurance rates depend on your home’s unique characteristics. These are the main home factors that influence your premiums:
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.
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.
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.
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:
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.
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.
Homeowners have plenty of home insurance policy options to choose from. In MS, you can choose from these policy types:
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