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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

Mississippi has some of the highest average home insurance premiums of any state in the US, largely due to its historically extreme weather. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of Mississippi was $1,447, significantly higher than the national average of $1,132. Only four states have higher average home insurance rates than Mississippi.

Mississippi Average Annual Homeowners Insurance Rates
  2012 2013 2014
Mississippi Annual Average $1,314 $1,395 $1,447
Mississippi Price Per Month $109 $116 $121
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 5 5 5
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Mississippi should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. 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 Insurance
  2. Nationwide
  3. Progressive Casualty
  4. Geico
  5. Farmers
  6. Liberty Mutual
  7. USAA
  8. AAA Insurance Co.
  9. Safeco
  10. American Family
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Mississippi that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Mississippi Home Insurance Company Market Share

Source: Insurance Information Institute
Rank Company Direct Premiums Written (in thousands) Market Share
1 Southern Farm Bureau Insurance Co. $155,570 17.5%
2 Allstate $97,053 10.9%
3 Nationwide Mutual Group $73,562 8.3%
4 Liberty Mutual $50,224 5.7%
5 Farmers Insurance Group of Cos. $38,744 4.4%
6 USAA Insurance Group $33,321 3.8%
7 Alfa Mutual Group $24,406 2.8%
8 Travelers Companies Inc. $23,475 2.6%
9 MetLife Inc. $23,365 2.6%

Financial Strength Ratings of Top Mississippi Home Insurers

Source: A.M. Best (Ratings as of 8/21/2015)

  • Southern Farm Bureau Insurance Co.: A+
  • Allstate: A+
  • Nationwide Mutual Group: A+
  • Liberty Mutual: A
  • Farmers Insurance Group of Cos.: A
  • USAA Insurance Group: A++
  • Alfa Mutual Group: A
  • Travelers Companies Inc.: A++
  • MetLife Inc.: A
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Rating Guide

Mississippi Property & Casualty* Insurance Company Market Share

Source:  National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Southern Farm Bureau Insurance Co. $396,907 8.7%
2 Allstate $256,380 5.6%
3 Liberty Mutual $233,806 5.1%
4 Nationwide Mutual Group $232,881 5.1%
5 Travelers Companies Inc. $208,329 4.5%
6 Progressive Group $177,762 3.9%
7 Zurich Insurance Co. $118,882 2.6%
8 United Service Automobile Assurance Co. $111,316 2.4%
9 American International Group $110,548 2.4%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Mississippi.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Mississippi, the average listing price is $182,824, as of July 2015, which is dramatically lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Mississippi’s average burglary rate was 835.6 per 100,000 people, which is considerably higher than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Mississippi, there are 25.4 law enforcement personnel per 100,000 total citizens, slightly lower than the national median of 32 per 100,000.

Home Insurance Hazards

Mississippi has some serious homeowners insurance hazards that are not uncommon in the region like hurricanes, tornadoes, and flooding. Though the state experiences mild and short winters, its propensity for extreme weather during the rest of the year creates significant risk.

Hurricanes: Mississippi is one of the most hurricane-prone state. Its proximity to the Gulf of Mexico means that hurricanes hit Mississippi directly from time to time. According to the National Oceanic and Atmospheric Administration, Mississippi has been hit by 19 hurricanes, nine of which were considered “major,” meaning category 3 or above. Hurricanes can completely devastate whole towns at a time. With them comes heavy rain, strong winds, high waves, and flash floods. A strong hurricane can destroy buildings and bridges, and violently fling loose debris. Hurricanes force people to evacuate their homes and can cause power outages and consequently spread disease. As one of the costliest natural disasters, hurricanes cause about $5 billion in damage throughout the US every year.

Rain and flooding: Mississippi is one of the most humid states, as daily humidity is above 70% on average for the entire year. Mississippi receives on average 59 inches, and over 100 days of rain per year. Southern Mississippi receives more rain than Northern Mississippi. For example, Gulfport, in the Gulf Coast region, receives on average 66 inches of rain and 112 days of rain per year. To contrast, the city of Clarksdale, in the north, receives 54 inches, and 104 days of rain per year. The extremely high amounts of rain that the entire state receives often leads to flooding, especially from December to June. The Mississippi river terminates in the Mississippi River Delta, a region known for being wet. This region floods seasonally, almost every year. Both northern and southern regions of the state are vulnerable, and have had significant floods throughout the state’s history. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program, as typical home insurance plans do not cover floods. Learn more about the NFIP here.

Tornadoes: According to the National Oceanic and Atmospheric Administration, Mississippi averages 26 tornadoes per year, and they are some of the strongest tornadoes in the country. In 2012, the National Weather Service ranked Mississippi the #1 most tornado-prone state. Tornadoes are the most violent type of storm. Strong tornadoes can have winds over 100 mph, travel for miles before slowing down, and can tear buildings from their foundations and flip over cars. Two of the five deadliest tornadoes in US history have occurred in Mississippi, and historically, the state has experienced seven F5 tornadoes, which is the most severe a tornado can be.

Heatwaves: Mississippi is hot year-round, but summers are especially hot. Average summer temperatures are above 90 degrees, often through September or October. That, combined with the humidity, makes it feel even hotter. The human body is not able to cool itself as effectively during these hot, humid times, so this weather event is especially dangerous. Young children and adults over 65 are most susceptible to this weather and its effects, such as heat stroke. And, as temperatures rise, people turn up the air conditioning, which increases energy bills and can cause power outages. While heat is typical of Mississippi, heatwaves are much less common. These long-lasting periods of extra-hot heat, usually over 100 degrees, can be deadly. They can also have an effect on your home, as heat can damage some physical structures.

Mississippi Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Mike Chaney
Insurance Hotline:
(800) 562 – 2957
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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