Homeowners Insurance in Mississippi

Homeowners insurance in Mississippi will include coverage for windstorms, fire, and other perils, but you’ll want to add flood insurance.
Written by Talullah Blanco
Reviewed by Melanie Reiff
Mississippi does not require homeowners insurance, but most mortgage lenders will require you to carry coverage. You can shop for homeowners insurance by comparing quotes and choosing the policy with the coverage you need.
Homeowners insurance is the only way to protect your home and its contents from fire, lightning, theft, and other perils. If you bought a home in Mississippi, you’ll want a homeowners insurance policy that provides coverage for the most common disasters in your state, and you’ll likely want to add flood insurance.
That's why the home and
car insurance
broker app
has compiled everything you need to know about
homeowners insurance
in Mississippi. We’ll break down what it is, the perils it covers, and how much it costs. 

What is homeowners insurance? 

Homeowners insurance pays for losses and damages to your home, property, and your personal belongings in the event of a covered disaster. The standard homeowners insurance policy provides coverage to repair or rebuild your home, additional living expenses, and even litigation fees in the event someone is injured on your property.
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Basic components of homeowners insurance

Here are the five elements of coverage the standard homeowners insurance policy will include:
  1. Structure (Coverage A): Pays to repair or replace damage to the interior or exterior of your house caused by covered disasters like fire, lightning, windstorms, and vandalism. 
  2. Additional structures (Coverage B): Damages to freestanding garages, sheds, fences, or other structures on your property caused by disasters will also be covered by homeowners insurance.
  3. Personal property (
    Coverage C
    ): Provides financial compensation for personal belongings destroyed in an insured disaster. From clothing and jewelry to furniture and appliances, your homeowners insurance policy will cover most of the contents of your home. 
  4. Personal liability (Coverage D): Liability coverage protects you from possible lawsuits for bodily injury or property damage that occur on your property by a family member or even a pet. 
  5. Additional living expenses (
    Coverage E
    ): Reimburses you for rent, hotel rooms, meals, and any other temporary living expenses incurred while you are waiting for your home to be repaired.
When you purchase a homeowners insurance policy, there are three levels of coverages you can choose from. The most basic coverage is covering the actual cash value (ACV), which covers the cost of your home and the belongings in them at the time of its loss.
The replacement cost is the amount it would cost to repair your home and replace its contents up to your coverage limit while the guaranteed or extended replacement cost pays for the cost to rebuild your home at current prices, even if it exceeds your liability limit.
Key Takeaway: Your homeowners insurance policy will provide financial stability and legal protection in the event someone is injured on your property and a lawsuit arises.

Named perils

Named perils are the disasters and circumstances outlined in your homeowners insurance policy. These perils are typically included in the standard homeowners insurance policy:
  • Fire
  • Smoke
  • Lightening
  • Windstorm or hail
  • Volcanic eruption
  • Weight of ice, snow, and sleet
  • Freezing of a plumbing
  • Fallin objects 
  • Explosion
  • Vandalism, malicious mischief, and theft
  • Riot or civil commotion
  • Accidental discharge or overflow of water steam
  • Accidental tearing, cracking, burning, or bulging
  • Sudden and accidental damage from artificially generated electrical current 
It’s important to carefully read over the policy to understand what is and is not covered by your homeowners insurance. 
Key Takeaway: There may be perils that cause widespread damage in your state but are not named in your homeowners insurance policy.

Is homeowners insurance required in Mississippi?

Mississippi law does not require homeowners to purchase insurance, but most mortgage lenders will require you to carry coverage for the duration of your loan. 

How to get homeowners insurance

Shopping for homeowners insurance is similar to shopping for car insurance. You’ll start by comparing quotes from several companies. Insurance premium quotes will vary between providers for the same coverage, so don’t settle on your first one. 
If you don’t know where to begin, get a quote from your car insurance provider to bundle your home and auto insurance. Most insurance companies will offer bundling discounts that will save you between 5% and 10% on both policies. 
You can also compare homeowners and car insurance bundling with
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If you own a home in Mississippi, tornadoes, hurricanes, and floods are the most common natural disasters that will put your home at risk.
The first two are covered by the basic home insurance policy, but floods are not covered. Rising river levels along the Mississippi River cause severe flooding each spring. If you live in Mississippi, you should purchase flood insurance to protect your home from flooding. 
Here are three strategies that can help you protect your home against possible flood damage:
  • Water backup coverage can pay for water removal and repairs following a burst or backed-up pipe.
  • Flood insurance
    protects your home from flooding from a source outside of your home. You can get it through FEMA’s
    National Flood Insurance Program (FLIP)
    or a referral. 
  • An HO-5 or open perils policy covers any peril unless it’s specifically listed as an exclusion in your policy

How much does homeowners insurance cost in Mississippi?

Homeowners in Mississippi can expect to pay more for their home insurance than the national average, but significantly less than homeowners in neighboring states. 
The average cost of homeowners in Mississippi is $1,727 per year which is slightly higher than the national average cost of $1,312 per year. There are a few factors that affect the cost of homeowners insurance in the Magnolia State. 

Frequency and severity of storms

Tornadoes, hurricanes, and tropical storms can cause serious damage to your wind and water damage to your home. Unfortunately, Mississippi ranks third in the nation for tornadoes and faces the frequent threat of hurricanes and tropical storms each year. 

Crime rates

Mississippi has the 29th lowest total crime rate of all the states, which is significantly lower than its neighboring states. Crime rates can affect the price of your insurance premium. Insurance companies consider homes located in states with higher crime rates a risk to insure. 

Homeowners insurance discounts in Mississippi

If you are eligible for discounts you can save money on your homeowners insurance policy. Here are the most common discounts providers will offer homeowners:
How to get it
Bundling home and auto insurance
could earn you a 5% to 10% discount on your policies
First-time homeowner
If it’s your first time purchasing a home, most insurance companies will offer you a discount.
If you haven’t filed a claim in the last 2 to 3 years, you may receive a discounted rate.
Storm proofing
If you live in an area prone to natural disaster, upgrading your roof or installing weather-related safety measures could earn you a discount on your homeowners policy.
Security system
Set up a security system to prevent theft and you may be eligible for a discounted insurance rate.
Upgraded fire alarm
Setting up your fire alarm to contact the fire department directly could earn you a discount.

How to save on home and auto insurance

With so many variables to consider, finding a
homeowners insurance
policy that offers the coverage you need at an affordable price can be stressful.
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Tornado insurance isn’t a separate coverage, so it will be included in any homeowners policy. Although homeowners insurance isn’t a legal requirement in Mississippi, it’s required by most lenders (and it’s a good idea!).
The average cost of Mississippi homeowners insurance varies based on demographics and other factors, but you can expect to pay about $1,727 per year.
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