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The Best Homeowners Insurance in Mississippi
Homeowners insurance in Mississippi covers you in case of damage to your home or belongings from events like theft, accidents and exposure to the elements. While standard policies won’t reimburse you if your dog pees on your favorite chair or your child decides to use your cell phone as a bowling pin, you will be covered if a hailstorm or thunderstorm damages the structure of your dwelling. Mississippi definitely gets its share of storms, which is one reason why homeowners insurance rates tend to be higher in the Magnolia State.
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According to the Insurance Information Institute, insurance companies in Mississippi endured more than $453 billion in losses in 2019. That’s why Mississippi is one of the more expensive states for homeowners insurance. Keep in mind that rates can vary by insurer, and so can services and coverage. To help you narrow down your options, we’ve chosen our top six homeowners insurance providers in Mississippi.
The 6 best homeowners insurance companies in Mississippi
- Best for customer satisfaction: USAA
- Most affordable: Allstate
- Best local provider: Mississippi Farm Bureau
- Best for discounts: Liberty Mutual
- Best for mobile app access: State Farm
- Best for additional coverage: Shelter Insurance
Best for customer satisfaction – USAA
If someone in your household is a servicemember or veteran, you could make fast friends with the excellent customer support employees at USAA.
USAA offers affordable homeowners insurance to servicemembers, veterans and their families. It’s the only provider to receive a 5-star overall satisfaction rating from J.D. Power, and it has a superior A++ rating from AM Best as well. Under their standard policy, you’re covered against earthquakes, and if your personal property is stolen or damaged, you’ll be covered up to the replacement cost, not just the depreciated value. USAA also offers other insurance products and financial tools to its members.
Most affordable – Allstate
Allstate offers simple, affordable homeowners insurance with discounts that are sure to please the avid coupon clipper.
Allstate may be the cheapest homeowners insurance available to you and it doesn’t come with any free extras, so you’ll only get standard coverage with your policy. It’s also important to note that Allstate has just average customer satisfaction ratings from J.D. Power. Allstate also offers a wide range of insurance products, so you can easily snag that multi-policy discount.
Best local provider – Mississippi Farm Bureau
Mississippi Farm Bureau lets you build your own policy and access your account from anywhere.
While some insurance providers have one standard homeowners policy, Mississippi Farm Bureau allows you to customize your coverage to fit your needs and your budget. The second-largest insurance provider in Mississippi, this company earned an A+ rating from AM Best. It’s not the most affordable of the companies we’ve reviewed, but you could be eligible for certain discounts. If you want local service with in-office support and plenty of accessibility options, Mississippi Farm Bureau could be a great choice for you.
Best for discounts – Liberty Mutual
Liberty Mutual offers countless discounts, but the low customer satisfaction rating may not appeal to you, unless you’re a customer service agent whisperer.
Liberty Mutual offers affordable rates with discounts that can allow some people to secure cheap premiums. For example, you could save $842 if you bundle your homeowners and auto insurance policies. Liberty Mutual offers plenty of digital tools to help you out, from a quick online quote to an app that allows you to file claims.
Best mobile app access – State Farm
State Farm would be a great option for Millennials who are glued to their phones or folks who want a lot of add-ons to their coverage.
The largest homeowners insurer in Mississippi, State Farm, can be pricey. We especially like the award-winning mobile app, which allows you to file and manage claims, access your ID cards, upload photos and documents and get support from your agent. These tools can make the claims process a little easier.
Best for additional coverage – Shelter Insurance
hile some facts are unknown for this smaller insurer, Shelter offers robust coverage that makes getting a quote worth your time.
A Missouri-based insurer with a local Mississippi claims office, Shelter Insurance had fewer consumer complaints to state regulators than other companies of a similar size. While average rates are not available, Shelter can offer you a custom quote and has plenty of discounts you may be eligible for. What’s more, the company offers an array of additional coverage included with its homeowners policy.
How much does homeowners insurance cost in Mississippi?
If you’re looking for cheap home insurance, you may be out of luck in Mississippi. The average annual premium is a whopping $1,537 in the Magnolia State, making it the seventh most costly state to purchase homeowners insurance. The average annual premium in Mississippi is about 27 percent more than the national average of $1,211 for homeowners insurance.
However, your individual premium will depend on several factors, including any discounts you may be eligible for, your location and the crime rate in your neighborhood, the safety features in your home, the age and condition of your home, and even your credit score. The price of your policy will also depend on the amount of coverage you choose and your deductible amount.
The cheapest homeowners insurance in Mississippi
While these average rates can give you an idea of which insurers offer the most affordable policies, your individual premium will differ from these averages. That’s why it’s important to get customized quotes from several different insurers, so you can ensure you’re getting the best rate.
| Rank | Company | Average annual premium |
|---|---|---|
| 1 | Allstate | $734 |
| 2 | Liberty Mutual | $1,200 |
| 3 | USAA | $1,451 |
| 4 | Mississippi Farm Bureau | $1,996 |
| 5 | State Farm | $2,176 |
[ Read: What Home Insurance Discounts Are Available? ]
Choosing your provider
When selecting the best homeowners insurance provider for you, it’s important to be aware of your coverage needs, budget and desired accessibility. First, you’ll want to decide if you should go with a local or national carrier. Each comes with benefits and drawbacks.
Local carrier
Pros:
- Physical claims office.
- Agents have knowledge of the community.
- Customer service is often faster and more convenient.
Cons:
- Often provide fewer online tools and resources.
- Fewer discounts and not as many insurance products.
[ More: How to Compare Home Insurance Quotes ]
National carrier
Pros:
- Lots of package options.
- National companies often have greater financial stability.
- More bundling options.
Cons:
- Often less friendly customer service.
- Less knowledge of the local community.
Things to know about homeowners insurance in Mississippi
Rather than focusing solely on cost, compare what’s covered in each policy. Some insurers offer additional protection outside of what’s considered standard. You’ll also want to pay attention to what’s not covered, and ensure you’re financially prepared for scenarios that your homeowners insurance won’t help you with.
Additional home insurance coverage in Mississippi
Most standard homeowners insurance policies do not cover certain natural disasters like hurricanes and floods. Flooding is the most common natural disaster in the U.S., and Mississippi has its fair share of floods. If you want to be protected in case of water damage, you should consider purchasing flood insurance in addition to your standard policy. You may also want to purchase hurricane coverage.
[ Next: What Does Home Insurance Cover? ]
Parts of Mississippi are also tornado hot spots, but tornadoes are typically covered under standard homeowners insurance policies, unlike floods and hurricanes. However, you should check with your provider to make sure you have the coverage you need.
Some insurers offer these additional protections as add-ons, or you may have to purchase a separate policy.
Mississippi home insurance FAQs
While homeowners insurance is not legally required for Mississippi residents, if you finance the purchase of your home, your lender will require you to purchase home insurance. Even if you buy your home with cash, you shouldn’t forego homeowners insurance if you want to protect your asset.
The average annual premium for home insurance in Mississippi is $1,537. But your individual premium could vary significantly from that figure. Factors affecting your home insurance rate include your location and the age of your home.
Most standard homeowners policies include the following types of coverage:
- Property damage coverage.
- Additional living expenses coverage.
- Liability coverage.
- Medical payments coverage.
- Coverage for your dwelling and other structures.
Too long, didn’t read?
The average annual premium is costly for homeowners insurance in Mississippi, but several insurance companies, including Allstate, offer rates below the state average. You should also pay attention to the customer service ratings and accessibility options when choosing the right home insurance provider for you.
We welcome your feedback on this article and would love to hear your experiences with the home insurance companies we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
Keep Reading
Methodology
The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.
For every review, our editorial team:
- Identifies five measurable aspects to compare across each brand
- Determines the rating criteria for each aspect score
- Averages the five aspect scores to produce a single SimpleScore
Here’s a breakdown of the five aspect scores and their rating criteria for our reviews on home insurance.
Why do some brands have different SimpleScores on different pages?
To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.
However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare State Farm’s home insurance according to our criteria for the best home insurance, it scores a 3.8 out of 5. But when we compare State Farm according to the criteria for the best auto insurance, it scores higher, since the features the company offers can vary by the type of insurance.
Discounts
We looked at the number of discounts each company offers – more discounts mean a higher score.
Coverage Options
We awarded higher scores to the companies that offer more coverage options.
Support
We awarded higher scores to companies with the most channels for customer support.
Customer Satisfaction
We leveraged the J.D. Power 2019 Home Insurance Satisfaction Study℠ to see how customers rated their experience with each company. (If a company wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)
Accessibility
We looked at the level of accessibility of each company – the more resources they have the higher their score
Reviewed by
Nashalie Addarich
Insurance EditorNasha Addarich is an editor at The Simple Dollar and a former attorney who specializes in home insurance, auto insurance, life insurance, and savings. She is a former contributing editor to Reviews.com.
