Best and Cheapest Homeowners Insurance in Mississippi as Rated by Customers in 2023
If you've ever filed a homeowners insurance claim, you know the importance of having a company you can trust to help you through the situation. There are many things that can cause you to have to file a claim from unexpected natural disasters to theft or vandalism. In the event you may need to file a claim, don't you want to feel confident you've protected your home with one of the best Mississippi homeowners insurance companies?
To help you be more confident in your home insurance company, we have reviews and rankings for hundreds of homeowners insurance companies. So you can evaluate and compare the best Mississippi home insurance companies. In the table above, you can sort through every homeowner's insurance company ranked on Clearsurance. Next to each insurer, you'll find the company's rating, which is based exclusively on the reviews and ratings provided by customers.
Note: Only those companies with at least 25 homeowners insurance reviews are eligible to appear in the Mississippi homeowners insurance rankings.
It's important to talk to an experienced insurance agent before making a final decision on what homeowners insurance company to go with. Whether you are shopping for the best homeowners' insurance policy you can find or looking for a cheap home insurance quote, ensure you know what type of coverage you are getting and the policy limits. A standard policy for a single family residence will cost more than a condo policy because one policy is covering the entire structure, and the other has more limited responsibilities. Don't sacrifice necessary coverage for cheap home insurance.
If you're looking for additional information on one of the best homeowners insurance companies in Mississippi, you can visit the company's profile page where you'll learn about the company, additional coverages, and potential discounts offered. You can also read reviews to see what other policyholders have to say about the home insurance company.
On this page:
- Best homeowners insurance rates in Mississippi for a $200K dwelling
- Best homeowners insurance rates in Mississippi for a $400K dwelling
- Mississippi property crime statistics
- Mississippi disaster statistics
Among the companies analyzed, Safeco offers the cheapest average home insurance rates in Mississippi for a $200K home. Many policies are based on the estimated replacement cost, not the sales price. So your coverage on a $200,000 home could vary accordingly. Zip code, any extra amenities you may have, and claims history also play into your rates. This is based on a sample quote.
Compare the average homeowners' insurance rates in Mississippi for the five largest home insurers in the state in the table below.
|Company||Average rates for $200K dwelling|
|State Farm Insurance Company||$1,735|
These rates are based on a $200,000 dwelling with the following coverage limits: $100,000 personal property, $20,000 loss of use, $20,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Mississippi will differ. Rate data is provided by Quadrant Information Services.
Of the home insurance companies analyzed, Safeco also offers the cheapest homeowners insurance rates for a $400K Mississippi home. Homeowners insurance premiums may vary based on zip code, credit score, and other factors. The below rates offer a general range of what you can expect.
In the table below, find the average homeowners insurance rates for the five largest insurers in Mississippi.
|Company||Average rates for $400K dwelling|
|State Farm Insurance Company||$2,737|
These rates are based on a $400,000 dwelling with the following coverage limits: $200,000 personal property, $40,000 loss of use, $40,000 other structures, $300,000 liability and $5,000 medical. The policy has a $1,000 deductible. The house used for the profile was constructed in 2004 and the individual had a good insurance score. The rates displayed should only be used for comparative purposes as individual rates in Mississippi will differ. Rate data is provided by Quadrant Information Services.
Theft and vandalism or malicious mischief are among the 16 perils a standard homeowners insurance policy protects you from. So, how does crime in Mississippi compare to other states around the country? The FBI published the following statistics on crime in Mississippi for 2016:
- Property crime - 82,732
- Burglary - 23,354
- Larceny theft - 55,054
All three statistics for Mississippi, when compared to the national average rate per 100,000 inhabitants, rank higher than the national average.
What does this mean for cheap homeowners insurance? Home prices in many parts of Mississippi are low. In areas where crime rates are particularly high, you may pay more to account for the increased risk of break-ins and property damage. The price of personal property coverage may also rise.
Weather-related incidents are typically among the costliest homeowners insurance claims. The liability for this is distributed throughout the year. So you don't pay more during hurricane season, but you also don't pay less during other parts of the year. The cheapest homeowners insurance in Mississippi may be more expensive than areas without significant natural disaster risks.
FEMA has published statistics for each state since 1953. Data is updated through August 2018. Here’s a look at the Mississippi federally declared disasters since 1953:
- Severe storm - 30
- Hurricane - 17
- Tornado - 12
- Flood - 10
- Severe ice storm - 1
- Snow - 1
How are homeowners insurance rates calculated in Mississippi?
Ever wonder why you pay what you do for home insurance in Mississippi? Some things may be obvious, like the age of your home. But other factors that contribute to the price of home insurance may not be as obvious. Here's a list of some of the things homeowners insurance companies consider when quoting you a rate:
- The level of coverage required
- The size of your mortgage
- Your credit score
- The square footage of your home
- The geographic location of your home in Mississippi
- The condition of your home
- The age of your home
- The proximity of your home to a fire station
- Your previous claims record
- The amount of your deductible
- Optional add-ons like umbrella insurance
Zillow estimates that homeowners can expect to pay approximately $35 each month for every $100,000 of your home's value.
The average cost of home insurance in Mississippi is higher than the national average annual premium. Homeowners in Mississippi pay higher rates due to the high cost of losses incurred by insurance providers. However, rates for dwelling coverage in Mississippi are significantly cheaper compared to the surrounding states such as Arkansas or Louisianna. Homeowners also pay more due to the frequency and severity of storms.
Additionally, homeowners in Mississippi are subject to common causes of loss such as: tornadoes, hurricanes, and tropical storms. Most homeowners companies offer optional coverage as extra protection to fill in the gaps that standard policies do not cover. The additional coverage options include: business property coverage, flood insurance, identity theft protection, replacement cost coverage, and valuable items coverage. A standard policy includes only: dwelling coverage, liability coverage, personal property coverage, and additional living expenses.
How does Clearsurance rate and rank the best homeowners insurance companies in Mississippi?
Consistent with its mission towards greater transparency, Clearsurance does not keep its rating and ranking formulas in a black box. Our algorithm analyzes a range of inputs from our independent community of insurance customers, including:
- Customer Service
- Claim service
- Likelihood to renew
The algorithm also takes into account the percentage of what customers say the company does well vs. the percentage of what customers say the company could do better.
The Clearsurance customer ratings and rankings are derived entirely from customer reviews and ratings.
Homeowners Insurance Guide
Your home is likely your most valuable asset, making it that much more important that you insure your home with one of the best Mississippi homeowners insurance companies. But beyond just picking a company, it's crucial to have the right coverage and to understand that coverage. Did you know that a standard homeowners insurance policy has six types of coverage? And did you know that there are usually 16 types of perils found in a homeowners insurance policy?
With different homeowners insurance companies claiming to offer the cheapest home insurance, it smart to understand what policy works best for you and your family. Shop around for the average cost at each company, and discuss your options with an experienced insurance agent.
At Clearsurance, we want to make sure you have a strong understanding of your homeowners insurance coverage and what it all means. Check out our homeowners insurance guide to become a smarter insurance customer. And for more educational content on other homeowners insurance topics, check out our homeowners insurance blog!
Frequently Asked Questions
Who offers the best homeowners insurance rates in Mississippi for a $200K home?
Among the companies analyzed, Safeco offers the cheapest average home insurance rates in Mississippi for a $200K home.
Who offers the best homeowners insurance rates in Mississippi for a $400K home?
Of the home insurance companies analyzed, Safeco offers the cheapest average homeowners insurance rates for a $400K Mississippi home.