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Homeowner’s Insurance Premiums in Mississippi

Are you in the middle of buying your first home, and starting to get exhausted? You’re not alone. But we must warn you: it’s important to make sure you learn everything you need to know about becoming a responsible home owner. And, for better or worse, purchasing a homeowner’s insurance policy is an important part of that process. Without homeowner’s insurance coverage, even the tiniest little accident can produce a heap of financial problems for you. But finding the right insurer and getting a comprehensive policy for a fair price can help alleviate many of the potential pitfalls that homeowners face.

In the state of Mississippi, the most common type of homeowner’s insurance policy is referred to as an HO-3 policy. It protects your home, its contents, and the general structure. However, there may be policy exclusions depending on which company underwrites your policy, so make sure to go over your documents carefully with your insurance agent. Suggested coverage amounts on a $200,000 home may look something like:
 

Types of Coverage Coverage Amount
Replacement Cost (Dwelling) $160,000
Replacement Cost (Contents) $80,000
Personal Liability $100,000
Medical Expense $1,000
Deductible $500

Typical coverage limits for an HO-3 policy in Mississippi are listed in the table above. If you feel that you need more coverage for your property, liability, or want to expand your coverage options, you may need to discuss these particulars with your insurance carrier. In many states, basic homeowner’s insurance policies don’t include coverage for common natural disasters that could damage your home or property. They also may not include enough coverage for the true value of your home – either now, or potentially in the future.

Average Homeowners Insurance Rates in Mississippi Legend: Average Rate Biloxi Gulfport Hattiesburg Jackson Southaven 250 500 750 1000 1250 1500 1750 2000 2250 2500 2750 3000 3250 $3221 $3267 $2469 $1948 $1756

 

Your location, and the risks to your home that it presents, will have an impact on your yearly premium. But keep in mind that these are estimates for average quotes across the region as a hole. In a city like Southaven,, for example, your required premium payment could be as low as $948 from one company, or as high as $2,423 from another provider across town. That’s nearly a $1,500 difference between companies for insuring the same piece of property within the same city. That’s why it’s so important to shop around!

High & Low Property Insurance Rates in Mississippi Legend: Lowest Estimated Rate Highest Estimated Rate Biloxi Gulfport Hattiesburg Jackson Southaven 300 600 900 1200 1500 1800 2100 2400 2700 3000 3300 3600 3900 4200 $2834 $4252 $2875 $4312 $2173 $3259 $1714 $2571 $1545 $2318

Laws and Requirements

The interesting thing is that no laws exist that require homeowners to purchase insurance. But there are many external pressures that make it practically necessary. If your home was paid for with a mortgage from a bank, for example, your lender has the legal right to require that you maintain a homeowner’s insurance policy. And, although not legally required, it is important to take a home inventory in order to purchase homeowners insurance from your chosen provider.

Taking a Home Inventory

Are you capable of taking an honest and thorough inventory of your home? Because you’re going to have to. You don’t want to over-estimate your property’s value and end up paying too much for coverage. But at the same time, it’s equally important – if not more important – to make sure you don’t underestimate your property’s value, either. Doing so could leave you with thousands of dollars in repair and/or replacement costs should your policy’s coverage limits fall short.

Choosing What (and How Much) Coverage

The basic HO-3 policy that many Mississippi home insurance companies offer is really only the tip of the iceberg. On top of your basic policy, there are many other factors to consider. Such as:

  • Fires – fires, and wildfires especially, are a growing concern in the woodsy northern Mississippi countryside. While even the most basic homeowner’s insurance policy provides for wildfire coverage, they may come inspect your property to make sure your house is as protected as can be from catching fire or spreading the blaze.
  • Floods – flooding, and especially flash flooding, have become a problem for Mississippi property owners in recent years. This is especially true along the state’s southern coast. It would be wise to discuss flood coverage with your homeowner’s insurance agent, or contact the NFIP (National Flood Insurance Program).
  • Wind – ever since the volatile hurricane season of 2005, homeowners insurance premiums have been relatively high in order to protect against insurance companies going bankrupt from paying out expensive claims. Be sure to discuss damage from wind, hurricane, and similar instances of severe weather. They may have riders available that can protect your home and property from such perils.
  • Covering Your Property – In truth, your home is the shell around which you keep all of your precious belongings. Things like clothes, artwork, electronic devices, and more need to be financially protected, too. This is another reason why taking an honest and thorough home inventory is so important to the insurance buying process. In Mississippi, financial protection for your belongings is included in a typical HO-3 policy.
  • Liability Coverage – this type of coverage is also included in Mississippi homeowner’s insurance policies. Unfortunate incidents on your property can happen when you least expect them. And if you are somehow deemed at fault, you may be legally liable for medical, repair, or replacement costs to the injured party.
  • Umbrella Coverage – if your basic homeowner’s policy doesn’t cover the full value of your home and property, you may have to purchase additional coverage called “umbrella coverage”. Purchasing this coverage will increase the limits on how much your insurance company will pay out in the event of damage. It will likely, however, end up raising your premiums as well.

Replacement Cost vs. Actual Cash Value

Once you take your home inventory, you’ll have to keep updating it on a yearly basis. Taking a single inventory can’t predict what your property values will be several years from now – and disasters can strike at any time. Whether you purchase a policy based on the Actual Cash Value of your property or its Replacement Cost Value can make a big difference in how much you get paid in the event that you have to file a claim.

How Your Credit Score May Influence Your Rate

If you’re worried that getting multiple quotes from several companies will ruin your credit report, you can go ahead and rest easy. This is because of all the different variables that go into calculating how much coverage you need versus how likely you are to file a claim. With car insurance, for example, your company will likely perform a “hard check” in order to determine your credit rating. This check goes on your credit report, and too many checks could lower your score. Auto insurance companies justify this sort of invasive check because most people usually don’t request very many quotes before purchasing a policy.

Homeowner’s insurance, on the other hand, works a bit differently. You need to get several different opinions on the true value of your home, your property, and how much it will cost to insure everything. So in order to prevent credit checks from giving consumers misleadingly low scores, homeowners insurance companies perform what is called a “soft check” or a CLUE report. This involves gathering information about you, your home, and your property in indirect ways that won’t hurt your credit history, but will help give your underwriter a more accurate picture of your potential risk.

Mississippi Homeowners Insurance Rates by Credit Score Legend: Median Credit Homeowner Excellent Credit Homeowner Biloxi Gulfport Hattiesburg Jackson Southaven 300 600 900 1200 1500 1800 2100 2400 2700 3000 $3221 $2287 $3267 $2320 $2469 $1753 $1948 $1383 $1756 $1247

Learn More

For more information, feel free to click any of the links you see in this article. They all lead to more detailed information about homeowner’s insurance, specifics on purchasing a policy, and how to find the best deal. You should also contact local resources in your state, such as:

Mississippi Insurance Department – Consumer Guide to Homeowners Insurance

The Official Mississippi State Government Website

The National Flood Insurance Program (NFIP)

Or contact them directly through the following resources:

Mississippi Insurance Department
Consumer Services Division
P.O. Box 79
Jackson, MS 39205
Phone: 800-562-2957 | Fax: 601-359-1077
consumer@mid.ms.gov

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