Mississippi Home Insurance

With heavy natural disasters in the form of floods, hurricanes, and occasional tornadoes threatening homes and businesses in the state, Mississippi residents understand the necessity of a good insurance policy to protect one’s assets. To help residents keep a handle on their insurance needs, The Simple Dollar has compiled a set of useful resources to assist reads in learning more about insurance in Mississippi. Below you’ll find statistics, resources, and legislation that concerns homeowners insurance in Mississippi.

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Stats in Your State

With just a glance at the graphs below, readers can get a full understanding of how home insurance rates in Mississippi compare to those across the U.S. in recent years. Use the following graphs to get a better perspective on the various factors affecting the housing market, and subsequently the insurance market, across the state.

Homeowner Insurance Premiums

Throughout the 2000s, Mississippi homeowners insurance rates remained steadily above those in the U.S. This is largely due to the hurricane and flood threats that annually cause significant damage — and, in turn, increase homeowners rates — across the region.

Renter Insurance Premiums

Similar to homeowners rates, renters insurance premiums in Mississippi remained above the national average consistently throughout the 2000s. In 2002, renters premiums in the state reached a decade-high of $272 per year, nearly $100 more than the U.S. average.

Existing Home Sales

In 2010, Mississippi's annual home sales sat at roughly 42,000 existing units sold — just above the 38,000 units sold 10 years earlier. Like the rest of the country, Mississippi’s housing market boomed in the mid-2000s before dropping roughly one-third of its volume over the latter half of the decade.

Flood Insurance in Region

2011 flood insurance claims in Mississippi crested $53 million in damages, with more than 1,300 damage claims filed by policyholders. This put Mississippi ahead of its neighboring states in terms of financial losses, though Louisiana logged more than double the number of claims, due to denser populations in flood-prone areas.

Homes Built

According to the Census Bureau, roughly one-third of Mississippi’s homes were built later than 1990, with steady growth each decade from 1960 onwards. The steady farming and shipping industries have provided a steady flow of growth to the state in general.

Rules in Your State

While the Mississippi legislature has implemented relatively vague regulations concerning car and health insurance contracts, due to high frequency of homeowners claims following major storms, a Homeowners Bill of Rights has been instituted to protect citizens from unfair insurance practices.

Representatives & Resources in Your State

Below readers can find the state resources to guide them on their quest to become more informed policyholders and learn more about how insurance works in Mississippi. The Department of Insurance provides a good starting point for consumers to learn more about insurance and their rights in Mississippi.

Mississippi Insurance Department (MID)
Mississippi Insurance Department
1001 Woolfolk State Office Building
501 North West Street
Jackson, MS 39201
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MID Contact Info
Consumer Complaint Resource
Consumers can use this site to file complaints against insurers for poor claims practices and unfair treatment.
MID Homeowners Insurance Resource
The Mississippi Insurance Department has put together a number of informational guides to all things related to homeowners insurance to help consumers choose the best policy and better understand their rights and options in the state.

Federal Emergency Management Association Region 4
With the increased intensity of hurricanes and flooding in recent years, combined with drought seasons and tornadoes, Mississippi residents have been hit hard from numerous angles. FEMA’s regional offices offer support after disasters, but also provide tips on how to prepare for a natural disaster.