Looking for home insurance 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 at risk. The result? Higher insurance costs. In fact, the chance for thunderstorms, tornadoes, and hurricanes means Mississippi homeowners insurance premiums are about 11 percent higher than the national average.
But Mississippi homeowners may soon be able to save money on their coverage by working with us. Let’s take a closer look at what you get when you buy Mississippi home insurance from Kin.
The first thing you need to know is that we will offer Mississippi home insurance through the Kin Interinsurance Nexus Exchange, rated “A – Exceptional” by Demotech, Inc. This indicates its ready to handle your claims ﹘ even in a catastrophe.
Mississippi homeowners will be able to apply for a unique and flexible homeowners policy 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 would cost to replace your home using materials of a similar quality if it’s 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.
Read the Mississippi Policyholder Bill of Rights.
Mississippians pay an annual average of $1,622 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:
You may qualify for a discount on Mississippi homeowners insurance policies purchased through Kin if you:
You can also save on your home insurance by raising your deductible. When you do this, you pay more if you have 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 done during a claim.
Want to see if a policy through Kin can help you save? Enter your address to get a quote.
House & Property insurance has three deductibles. The first is a standard deductible that applies in most covered claims. The other two are:
Policies placed through Kin have standard deductible options of $1,000, $2,500, and $5,000. Hurricane and wind/hail deductibles are percentages of your dwelling coverage. Select from either 2 or 5%.
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. Mississippi home insurance policies placed through Kin can cover common perils that can 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.
|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.|
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.
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.
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.
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