Homeowners insurance for Mississippi homeowners*

Want to protect your home in the Magnolia State? You've come to the right place.

With its low cost of living, friendly people, and beautiful weather, Mississippi may be the ideal place to buy a home. But while most of the year is sunny and warm, the Magnolia State is also vulnerable to extremes that put homes and increase insurance rates. In fact, Mississippi homeowners insurance premiums are about 11% higher than the national average.

*But we're a different kind of insurance company, and we've reimagined our policy forms to make a customizable coverage for Mississippians. Our new policy, called House & Property, or HD3 insurance, adapts to your home.

The base policy covers your home when you rent it out to others, similar to a dwelling fire insurance policy (DP3) you might get from other insurers. If you live in your home full or part time, you can opt for an owner-occupied endorsement that provides coverage similar to an HO3 policy, or standard home insurance.

Read on for more details about how we can help you get affordable, flexible insurance for your home.

Creating House & Property insurance for Mississippi

The first thing you need to know is that we will offer insurance for your Mississippi home through the Kin Interinsurance Nexus Exchange, rated “A – Exceptional” by Demotech, Inc.** This indicates we're ready to handle your claims ﹘ even in a catastrophe.

FSR-A.png

As a Mississippi homeowner, you can to apply for a unique and flexible coverage called House & Property insurance. Like most home policies, it covers your:

If you occupy the home you’re insuring, then you can also insure your:

If you rent your home to others, then you can get insurance for your rental income. This protects your rental income if a covered peril makes the home uninhabitable.

House & Property insurance can cover your home and other structures for their replacement cost. When it does, you’re insured for what it costs to replace your home using materials of a similar quality if your home is damaged by a covered peril, such as fire, windstorm, hail, and theft.

In some situations, your home or your roof may be insured for its actual cost value. Your personal property is also typically insured for its actual cost value, but you can change that to replacement cost coverage with an endorsement.

Mississippi homeowners are also eligible for our Signaure Coverage Collection. This array of endorsements is designed specifically for high-value homes and their contents.

Read the Mississippi Policyholder Bill of Rights.

Mississippi home insurance rates

Mississippians pay an annual average of $1,674 for their homeowners insurance. That’s more than $300 the national average. You should note, however, that your costs may be different than the average based on your:

  • Home’s age and size.
  • Location.
  • Building materials.
  • Claims history.

How to save money on insurance for your Mississippi home

You may qualify for a discount on Mississippi House & Property policies if you:

  • Install home security systems, including fire prevention, water detection, and burglar alarms.
  • Protect your home from wind damage.
  • Have a clean claims history.

You can also save on your coverage by raising your deductible. A higher deductible means you pay more in a claim, and that helps reduce the premium. However, you want to choose a premium option that fits your budget. Otherwise, you may have problems getting repairs completed.

Want to see if a policy through Kin can help you save? Enter your address to get a quote.

Mississippi House & Property insurance deductibles

Our House & Property insurance in Mississippi has three deductibles. The first is a standard deductible that applies in most covered claims. The other two are:

  • A hurricane deductible that applies to damage caused by hurricanes, tropical storms, and tropical depressions.
  • A wind/hail deductible that applies to damage caused by severe thunderstorms, windstorms, and hail.

Deductible options

Standard deductible Hurricane deductible Wind/hail deductible
  • $500
  • $1,000
  • $2,500
  • $5,000
  • $10,000
  • 1%
  • 2%
  • 3%
  • 4%
  • 5%
  • 10%
  • 1%
  • 2%
  • 3%
  • 4%
  • 5%
  • 10%

Is homeowners insurance required in Mississippi?

The state of Mississippi does not require you to get insurance, but your lender may. Mortgage lenders have a vested interest in your home and want to make sure it’s repaired when it’s damaged. That’s why many lenders may also require flood insurance depending on where you live.

But even if you don’t have to get home insurance, getting coverage is a good idea. Getting a House & Property policy from Mississippi home Kin can cover common perils that may damage your home, like hurricane, tornadoes, and other severe storms.

Of course, weather risks aren’t the only perils your home insurance covers. The cost of damage from fire, theft, and vandalism are a few of the other issues that Mississippi homeowners insurance guards against. Without insurance, you’re responsible for the entire loss no matter how much it costs.

Top risks for Mississippi homeowners

Hurricanes Over 40 percent of hurricanes that hit Mississippi are a Category 3 or higher.
Severe storms Mississippi’s annual average of days with severe storms is 81.
Tornadoes and windstorms Mississippi sees approximately 27 tornadoes every year.

Mississippi homeowners insurance FAQs

Is hurricane insurance required in Mississippi?

You can’t actually buy a hurricane insurance policy, but don’t worry. Damage caused by hurricane winds is covered by Mississippi homeowners insurance. However, damage caused by storm surge typically requires separate flood insurance.

Is wind and hail insurance required in Mississippi?

You aren’t required to have wind and hail coverage in Mississippi, but homeowners policies purchased through us typically include it. People living along the Gulf coast should look at their home insurance policies closely because some providers don’t cover wind and hail damage in that area.

Why is homeowners insurance in Mississippi so expensive?

The main reason Mississippi homeowner insurance is so expensive is because the state sees frequent and severe storms, including tornadoes and hurricanes. Homeowners who face those risks pay more for their home insurance, driving up the overall average for the state.

**In Mississippi, our agency is Kin Insurance Network Distributor, LLC and we offer coverage provided by Kin Interinsurance Nexus Exchange as an excess and surplus producer. Our agency number is MS005725.

Check out how much our customers love Kin

Related Posts:Get more answers