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

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. That's 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. This h 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. The state experiences mild and short winters. But its propensity for extreme weather during the rest of the year creates 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's been hit by 19 hurricanes. Nine of them 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. 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's important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. 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. They're 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. They can tear buildings from their foundations and flip over cars. Two of the five deadliest tornadoes in US history have occurred in Mississippi. Historically, the state has experienced seven F5 tornadoes. These are the most severe tornadoes.

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 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.