Mississippi is no stranger to inclement weather. Hurricanes, floods, tornadoes — the Magnolia State has seen it all. This increased risk causes surges in annual homeowners insurance costs. The average annual rate for Mississippi homeowners insurance is $1,525, which is $333 above the national average of $1,192, according to the Insurance Information Institute.
With rates so high, it’s important to know that you’re getting what you’re paying for. Look for a policy that offers wide coverage options so you can have peace of mind knowing that your most important asset is well-protected.
To assist you in selecting your Mississippi homeowners insurance policy, we’ve outlined our top picks for providers and included an online quote tool so you can easily compare policies and prices to determine which one is best suited for your needs and budget.
Our Top Picks for Best Homeowners Insurance in Mississippi
- State Farm
- Mississippi Farm Bureau
- Allstate
- Liberty Mutual
State Farm
State Farm is the largest provider of homeowners insurance in Mississippi, dominating over 15 percent of the state’s insurance market. Customers in Mississippi choose State Farm because the company provides exceptional claims services and broad policy options at an affordable price. It not only offers homeowners insurance for urban and suburban properties, it also has farm and ranch coverage for the state’s large agricultural industry.
In the event that you experience a loss, you can easily get in contact with State Farm to report your claim and have the peace of mind knowing that you’re working with one of the largest claims networks in the world. Claims can be filed online, over the phone using a 24-hour claims hotline, in person with a local agent, or by using the State Farm mobile app. If the damage to your home requires emergency water mitigation services or water repair, State Farm can directly connect you to a contractor in your area to conduct the repairs necessary via its Premier Service program.
State Farm’s Discount Double Check feature helps you save money on your premium by automatically applying every price deduction that you are eligible for, so you can remove the guesswork and receive the lowest possible price. It is important to note that State Farm does not offer price breaks to owners of new or recently renovated homes, a discount that many competitors do offer. If you would qualify for that discount, see how much you might save with another insurer when shopping around and comparing quotes.
Mississippi Farm Bureau
Backed by the Southern Farm Bureau and an A+ rating from A.M. Best, Mississippi Farm Bureau is an excellent choice for local and affordable homeowners insurance in the Magnolia State. The company is the second largest insurer in Mississippi and is committed to providing quality customer care, good rates, and wide coverage options for residents in the state. As a member-owned organization like a credit union, the insurance company is a customer-run business with a mission statement that focuses on serving the community first.
Homeowners insuring single-family homes, condos, and farms in Mississippi can find coverage through the Bureau, with standard policies protecting dwellings, additional structures like garages, personal property, and liability coverage. And the Farm Bureau helps you save on your premium by offering deductions for bundling products and having a claims-free history.
If your community has increased risk of flooding and participates in the National Flood Insurance Program, the Mississippi Farm Bureau can also facilitate in adding a separate flood insurance policy.
Allstate
Allstate is a popular option for homeowners insurance in Mississippi because the company offers wide coverage options, multiple discount opportunities, and impressive online policy management tools and resources.
A standard Allstate policy can be supplemented with unique add-on coverages to protect your most valuable assets — be it electronic data, sports equipment, musical instruments, yards/gardens, or a home office. Allstate also offers specialty features like the Claim RateGuard, which guarantees that your premium rate won’t surge just because you file a claim. It can save you a considerable amount of money over time. GoodHome looks at the biggest risks homes in your area or age class tend to have and provides suggestions. You can even plan an escape route from your home.
You can save on your Allstate policy by taking advantage of the company’s many discount opportunities. Take up to 30 percent off for bundling insurance products, 20 percent for switching to Allstate without a home insurance claim, 15 percent for installing protective devices, 10 percent for signing up for a new policy before your current one expires, and 5 percent for setting up automatic payments. Allstate also extends a 10 percent discount for retirees and new customers for their first two years.
Allstate’s online resource center is one of the best in the market. Take advantage of its huge library of articles, tips, checklists and calculators designed to assist you with the homeownership process. Tools such as Allstate’s Premium Gauge, which allows you to see how various factors (e.g., the age of your home) can impact your annual premium price, allow you to better manage your policy and make money-saving decisions.
Liberty Mutual
When it comes to saving you money on your Mississippi homeowners insurance policy, Liberty Mutual is a great option. The company offers policy discounts for standard things like bundling products, installing security devices, and obtaining a quote with Liberty Mutual before your current insurance policy expires. New homes also qualify for insurance discounts.
Additionally, Liberty Mutual offers premium deductions and benefits to customers belonging to one of its 14,000 affiliate employers, groups and alumni associations.
If you experience a loss, Liberty Mutual’s affiliate network comes in handy to connect you with vetted contractors in your area and carry out emergency repairs necessary to restore your home to safe and livable conditions. This service is available 24-hours a day/365 days a year and is a relatively rare offering in the insurance market, definitely adding value and an extra layer of protection to your homeowners insurance policy.
How much is homeowners insurance in Mississippi?
The cost of homeowners insurance is steep compared with the national average. The annual average of $1,525 puts Mississippi at No. 6 in the nation for homeowners insurance costs. This number will vary based on whether you are in an urban or rural area, the value of your home compared with the local market, and the risk of catastrophe in your area. There is more on the risk factors in the next section.
Mississippi Rate Factors
Mississippi is in an area at risk for several major natural disasters. The state gets floods, hurricanes and tornadoes. Hail and lightning are also common in Mississippi. All of these catastrophes affect the insurance rates.
The 4 Best Mississippi Homeowners Insurance Companies
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- State Farm
- Mississippi Farm Bureau
- Allstate
- Liberty Mutual
For a complete guide to insuring your home, read our Guide to Home Insurance and check out the Best Home Insurance companies nationwide.
