Find the Best Homeowners Insurance in Mississippi
The latest research by QuoteWizard shows that Mississippi Farm Bureau offers some of Mississippi’s best homeowners insurance rates, though other carriers can also help you save. Here’s the information you need to find the best homeowners insurance in Mississippi.
In this article:
How much is homeowners insurance in Mississippi?
In our review of thousands of quotes available statewide from leading insurance companies, we found that the average cost of homeowners insurance in Mississippi is $285 a month. This is nearly double the national average of $144 a month and third highest in the nation.
Only Oklahoma ($304 a month) and Texas ($286 a month) have higher homeowners insurance rates than Mississippi.
Severe weather is among the leading factors that drive up homeowners insurance rates in Mississippi, and those living along the Gulf Coast typically pay more than those in inland areas.
For example, the average price of homeowners insurance in Gulfport works out to $273 a month, compared to $178 per month in Southaven. The average rate in Jackson is $229 per month.
| Area | Average monthly rate |
|---|---|
| Southaven | $178 |
| Jackson | $229 |
| Gulfport | $273 |
| State average | $285 |
| National average | $144 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Who offers Mississippi’s best rates on homeowners insurance?
Statewide, Mississippi Farm Bureau offers the lowest average rate on homeowners insurance. Its rate ($237 per month) is cheaper than those from USAA ($284) and State Farm ($290).
| Company | Average monthly rate |
|---|---|
| Mississippi Farm Bureau | $237 |
| USAA | $284 |
| State average | $285 |
| State Farm | $290 |
| Allstate | $304 |
| Travelers | $308 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
However, our analysis of rates in different parts of the state shows that Mississippi Farm Bureau does not always come out on top. The organization does offer the best average rate in Gulfport, but USAA has the best average rate in Jackson, while Allstate leads the way in Southaven.
| Company | Average monthly rate |
|---|---|
| Mississippi Farm Bureau | $105 |
| State Farm | $152 |
| State average | $273 |
| Travelers | $296 |
| Allstate | $342 |
| USAA | $471 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
| Company | Average monthly rate |
|---|---|
| USAA | $183 |
| Travelers | $194 |
| Mississippi Farm Bureau | $210 |
| State average | $229 |
| State Farm | $267 |
| Allstate | $289 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
| Company | Average monthly rate |
|---|---|
| Allstate | $154 |
| Travelers | $162 |
| Mississippi Farm Bureau | $178 |
| State average | $178 |
| USAA | $179 |
| State Farm | $218 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
See how much you can save when companies compete for your business
Do I also need flood insurance?
If you live in a designated flood zone, your lender will require flood insurance because a standard homeowners insurance policy does not cover damage caused by flood. Floods can also damage homes located outside designated flood plains, and these homes tend to qualify for better rates on flood insurance than those in flood zones.
Most flood insurance policies are purchased through the National Flood Insurance Program (NFIP), which is backed by the federal government. But private flood insurance is becoming more widely available.
Separate research by QuoteWizard shows the average cost of an NFIP flood insurance policy in Mississippi is $801 a year, or $67 a month. This is lower than the national average of $958 per year, or $80 per month.
You can purchase NFIP flood insurance through an authorized local agent or directly through NFIP. You can shop for private flood insurance with most local insurance agents or online.
Who offers the best customer service for homeowners insurance?
We reviewed customer satisfaction scores from J.D. Power and complaint data from the National Association of Insurance Commissioners (NAIC) to compare the customer service levels of Mississippi homeowners insurance companies.
Among national carriers serving Mississippi, USAA and State Farm have the highest satisfaction scores in J.D. Power’s survey. Mississippi Farm Bureau was not included in the report.
Meanwhile, NAIC records show that USAA and Travelers had no confirmed complaints in Mississippi in 2020, the most recent year for which data is available.
| Company | Satisfaction score* | Complaints** |
|---|---|---|
| USAA | 882 | 0 |
| State Farm | 835 | 7 |
| Mississippi Farm Bureau*** | NA | 6 |
| Allstate | 829 | 7 |
| Travelers | 800 | 0 |
|
*Source: J.D. Power 2021 U.S Home Insurance Study **Source: National Association of Insurance Commissioners ***Satisfaction score not listed in J.D. Power report. |
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J.D. Power’s satisfaction scores are based on five factors: interaction, policy offerings, price, billing process and policy information, and claims.
Which are the state’s largest homeowners insurance companies?
When it comes to market share, State Farm is the largest homeowners insurance company in Mississippi based on premiums written, followed by Mississippi Farm Bureau.
| Company | 2020 market share (by written premium)* |
|---|---|
| State Farm | 25.5% |
| Mississippi Farm Bureau | 15.2% |
| Allstate | 7.6% |
| Travelers | 2.5% |
| USAA | 2.1% |
| *Source: Mississippi Insurance Department | |
Why is homeowners insurance so expensive in Mississippi?
In addition to the risks of severe weather, Mississippi’s high burglary rate helps make homeowners insurance expensive in the state, according to Mississippi Independent Insurance Agents.
“The more likely it is that something bad will happen, the more expensive the home insurance policy will be,” the group says on its website.
Mississippi led the nation in tornadoes in 2020, the National Weather Service reported. And Mississippi has the 12th most homes at risk of storm surges, according to CoreLogic.
Among neighboring states, Louisiana has the next highest homeowners insurance rate, $2,505 a year, followed by Arkansas, at $2,402 a year.
| State | Average annual rate |
|---|---|
| Mississippi | $3,417 |
| Louisiana | $2,505 |
| Arkansas | $2,402 |
| Alabama | $2,100 |
| Tennessee | $1,868 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
How can I save on homeowners insurance?
Comparing quotes, asking about discounts and raising your deductible are three common ways to reduce your homeowners insurance premiums.
Comparing quotes: Since each company uses a slightly different formula to determine your rate, you may qualify for a significantly better rate with one carrier than you do with others.
Discounts: Most carriers offer multi-policy discounts for bundling your home and auto coverage, along with any insurance you have on a boat, motorcycle or rental property, for instance.
State Farm offers discounts to those with hail-resistant roofing, while Travelers offers discounts for those with smart-home features that issue alerts when they detect a fire or home intrusion.
Increasing your deductible: Another way to reduce your premium is to increase your deductible, which is the amount of money you pay toward a claim before your insurance coverage kicks in.
In Mississippi, the average rate on a homeowners policy drops $24 per month when you raise the deductible from $1,000 to $2,000, as shown in the following chart.
| Deductible | Average annual rate |
|---|---|
| $500 | $307 |
| $1,000 | $285 |
| $1,500 | $275 |
| $2,000 | $261 |
| Note: Average rates are based on non-binding estimates provided by Quadrant Information Services. Your rates may vary. | |
Methodology
We used Quadrant Information Services to generate thousands of home insurance quotes for every ZIP code in Mississippi from the following providers:
- Allstate
- Mississippi Farm Bureau
- State Farm
- Travelers
- USAA
Our sample homes used the following policy specifications:
- $275,000 dwelling coverage
- $27,500 other structures
- $137,500 personal property
- $55,000 loss of use coverage
- $100,000 liability
- $5,000 medical payments
- $1,000 deductible; unless otherwise noted
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