What is Mississippi landlord insurance?
Mississippi landlord insurance is a type of dwelling coverage designed for individuals who lease their properties to others for an extended time or for those who regularly rent out a vacation home or an investment property.
Landlord insurance (often called a DP3 policy) provides property coverage for physical damage to the home's structure, personal property coverage for the owner's belongings, and liability coverage that protects the owner if a tenant or a tenant’s guests gets hurt on the property.
In Mississippi and several other states, Kin offers a highly customizable insurance policy for homeowners and landlords called House & Property insurance. This coverage can protect homes when they’re your primary residence or when you only have tenants living there.
What's covered by Mississippi landlord insurance?
The House & Property base policy is essentially a type of landlord insurance, making it a good choice for people with rental properties in Mississippi. But if the property is your primary residence, then a single endorsement can make Home & Property insurance appropriate for your situation.
As a landlord policy, House & Property can cover:
Attached structures, including garages, fences, or gazebos.
Any belongings you own that remain in the home, such as fixtures and furniture.
Loss of rental income if a covered loss makes the home uninhabitable.
Cosmetic damage to floors.
You can upgrade your House & Property policy to include liability coverage, medical payments coverage, and a variety of other coverages. In some cases, you may also be eligible for additional living expenses coverage.
What's not covered by Mississippi landlord insurance?
Mississippi landlord insurance doesn’t cover tenants’ belongings, regular maintenance costs, or items damaged by normal wear and tear.
House & Property insurance covers your home on an open-perils basis, which means the structure of your home is insured for damage from any event except those listed as exclusions in your policy.
The following perils are excluded from our Mississippi landlord insurance:
What types of homes can be covered by House & Property insurance?
A House & Property policy in Mississippi is suitable for people who live in their homes for most of the year or who rent it out. Policies can also cover a variety of homes, including:
One- to four-family homes used for residential purposes (including condos and townhomes)
Modular homes built to comply with all applicable state and local building codes
Owner-occupied properties and non-owner-occupied properties
Mobile homes, manufactured homes, motor homes, houseboats, house trailers, or trailer homes are not eligible for this type of landlord insurance in Mississippi.
How can House & Property insurance help Mississippi landlords?
Maybe the best reason to protect your rental property in Mississippi with House & Property insurance is the flexibility this policy offers. It can be customized to fit the unique characteristics of your property and how you use your home (e.g., long-term rental, short-term rental, owner-occupied, etc.)
Plus, House & Property insurance provides the financial protection you need against a wide range of risks. That includes natural disasters as well as more common sources of property damage, including fire, burst pipes, and windstorms.
Finding the proper insurance is an important responsibility for landlords. If you’re ready to get a quote, you can enter your address now. But if you're new to renting out properties, our article on how to be a landlord can help you avoid many common pitfalls.
How much does landlord insurance cost in Mississippi?
According to the Insurance Information Institute, landlord policies generally cost about 25% more than a standard homeowners policy. This is partly because having tenants can increase your risks – and that can mean you’re more likely to file an insurance claim.
What factors impact the cost of Mississippi landlord insurance?
Landlord insurance premiums in Mississippi are based on the type of rental property you have and the property's unique risk factors. Typically, insurance companies consider several characteristics, such as:
The size of your property. The more square footage you have, the more expensive your property is to insure
The age and construction of your building. Masonry homes tend to have lower landlord insurance premiums than frame homes (i.e., concrete brick vs. wood construction) because masonry homes are more resistant to strong winds and less prone to fire damage.
The weather and crime risks in your city.It costs more to insure a property in a city with high crime rates or extreme weather risks.
The type of building and the number of rental units. Landlord insurance costs are often higher for multi-family complexes than for a rental property with a single tenant or a duplex.
The presence of an attractive nuisance. Some things are just riskier by nature, so having an attractive nuisance, like a pool or trampoline often comes with higher insurance costs.
The coverage amounts and deductibles you choose. Selecting larger deductibles can help you save on your monthly premium.
Your roof's condition can also seriously impact your landlord insurance costs. Properties with older roofs tend to have higher landlord insurance premiums, as do those with older siding, pipes, and HVAC systems.
Tips for saving on your Mississippi landlord insurance
If your property has fire sprinklers, burglar alarms, gated access, or other security systems, you may save some money or qualify for a discount on your Mississippi landlord insurance.
You may also be eligible for a discount if you:
You can also save money on your Mississippi landlord insurance by increasing your deductible. Our Mississippi House & Property insurance policies have three types of deductibles:
Mississippi landlord insurance FAQ
Is landlord insurance required in Mississippi?
Landlord insurance is not required in Mississippi, but as a rental property owner, it is in your best interest to have it. What’s more, if you have a mortgage on your property, your lender will require you to have proper insurance coverage.
Can a landlord require renters insurance in Mississippi?
You can require your tenants to purchase renters insurance in Mississippi. In these cases, you must specify the insurance requirements in the lease agreement.
How can you get a Mississippi landlord insurance quote?
Contact us to get a Mississippi landlord insurance quote. You can get a quote online or