Mississippi Homeowners Insurance

Fran
Fran Majidi
December 18, 2020

Homeowners Insurance in Mississippi: Complete Consumer Guide

If you are a homeowner in Mississippi, there are some facts you should know about your home state. The capital of Mississippi is Jackson, the largest city in Mississippi, and the state flower is the magnolia, which is why it’s called The Magnolia State. The mockingbird is Mississippi’s state bird. Mississippi is named after the Mississippi river and means “big river” in the Ojibwe language. About 65% of the state is forest land, which is why Mississippi’s hickory and oak woods are used in furniture and floors across America. Other natural resources include soybeans and sweet potatoes. Agriculture, manufacturing, mining and fishing are all big industries here.

Types of policy for Homeowners Insurance in Mississippi

HO-1 is the most basic type of home insurance policy and it is the least expensive. However, many carriers do not offer it because it has such minimal coverage (10 perils).

HO-2 covers a bit more than the basic form, but is still limited in scope and less commonly used than the HO-3 form. Some insurers also do not offer this type of policy just as they don’t offer HO-1.

HO-3 is the most common type of homeowners insurance policy and has a broader coverage than the HO-2 form. This is the most commonly purchased type of homeowners insurance.

HO-5 is the most comprehensive form of homeowners insurance. It’s the most common type of homeowners insurance after the HO-3.

HO-6 is for condo owners, and is usually a walls-in policy that doesn’t cover much of the structure if at all. Without an HO-6 form, condo owners are not covered for the personal property.

HO-8 is a special type of homeowners insurance policy for homes that don’t meet the standards for other policy forms. Some older homes qualify for this type of coverage.

What factors affect rates on homeowners insurance in Mississippi?

Several factors affect homeowners insurance rates, construction type and materials being at the top of the list. Consider how durable and flame resistant your home is because it’s reflected in your rate. Whether or not you bundle home and auto will affect your rate too. So will your credit score, how much it’ll cost to rebuild your home and the crime rate in your area. Every insurer weighs each factor differently so it’s important to compare and save.

Top 5 disasters in the State of Mississippi

Mississippi federally declared Severe Storms as the most common disaster with 38 counts since 1953, followed by Hurricane, Tornado, Flood, and Biological disasters. Here are the top 5 federally declared disasters in the state of Mississippi:

Rank

Declaration Title

Disaster Number

1Severe Storms38
2Hurricane18
3Tornado12
4Flood10
5Biological2

Source: Federal Emergency Management Agency (FEMA)

How much is homeowners insurance in Mississippi?

The average cost of homeowners insurance is $1099 a year in Mississippi.

Source: The average cost of homeowners insurance by state, Business Insider.

Crime Rate: Is Mississippi a safe state?

2019 Crime in Mississippi Crime Number Crime Rate*
Property Crime70,7072,375.8
Burglary18,660627.0
Larceny-Theft46,3001,555.7

*Rate per 100,000 inhabitants

Safest Cities in Mississippi by Property Crime*

  • Petal, MS has a population of 10,702 with a Property Crime rate of 5.7 per 1k. The city average home value is approximately $152,731.
  • Madison, MS has a population of 25,862 with a Property Crime rate of 10.4 per 1k. The average home value there is about $282,136.
  • Brandon, MS came in third as the safest city in the state of Mississippi and has a population of 24,426 with a Property Crime rate of 11 per 1k. Its home value averaged at about $205,485.
  • Ridgeland, MS has a population of 24,171 with a Property Crime rate of 20.1 per 1k. Its average home value is $197,787.
  • Olive Branch, MS has a population of 38,761 with a Property Crime rate of 23 per 1k. The city home value averaged $247,031.

*Based on FBI Uniform Crime Reporting 2019, some cities have been eliminated because of changes in the state/local agency's reporting practices and cities with populations under 10,000. Zillow’s State/Cities average home value for a single family home or a condo as of Sept. 2020.

Compare Home Insurance Rates in Mississippi

Top homeowners insurance companies in Mississippi

Nationwide understands that Mississippi homeowners have specific needs. They offer policies that can be customized to fit your budget and lifestyle. A couple of features that may meet your needs include water backup protection and identity theft protection.

Allstate offers some of the lowest rates available. They have many discounts you may be eligible for and they offer up to $10,000 for accidental damage. Allstate gets an A+ from AM Best for financial stability and high ratings from J.D. Power for customer satisfaction.

Metropolitan Insurance also offers affordable home insurance at replacement cost. It’s easy to pair your policy with NFIP flood insurance through MetLife, which was awarded an A+ from AM Best for financial stability and average customer rating from J.D. Power. MetLife also offers identity protection coverage with every policy.

Mississippi Home Insurance FAQs

How does replacement cost insurance work?

Unlike Actual Cost, which factors in depreciation of your possessions, replacement cost would replace your item. It often costs a little bit more but if you need to file a claim, it may be worth it.

Will homeowners insurance cover a sinking porch?

The answer to this depends on the cause of the sinking. Certain situations like a flood or drought or even wet or dry soil would usually be excluded. You’d need a separate flood insurance to cover the damage if it was caused by a flood.

How do you calculate dwelling coverage?

This is a very good question because people wrongly estimate that it’s the value of the home and property. No, base it on what it would cost to rebuild your house completely, materials and labor.

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