The State of Mississippi doesn’t require you to have home insurance, but if you have a mortgage, your bank or mortgage company almost certainly will. Mississippi’s coastal areas experience hurricanes, and the water and wind damage of any tropical weather occurrence can affect any part of the state. Since homeowner’s policies don't cover floods, you may also want to consider purchasing a flood policy.
Shop around for policies and get familiar with different coverage options to find the one that best suits your needs. The most common types of insurance sold in Mississippi are:
- HO-3, which is an all perils policy that lists specific exclusions (an all perils policy excludes only those items you choose to exclude)
- HO-5, an all-inclusive policy
- HO-6, which covers townhomes and condominiums
- HO-8, which is modified coverage for older homes
Comparing Mississippi Home Insurance Rates
Since the cost of a homeowner's policy can vary greatly in Mississippi, research some ways to lower your premiums. Many factors affect the cost of your policy, including:
- Where you live
- Replacement cost or cash value of your home and belongings
- Smoke detectors and fire extinguishers in key places
- Dead bolts and a burglar alarm
- Credit history
- Combining policies in a bundle package
Remember that if you live in a flood zone, you may be required to have a flood policy in addition to a regular homeowners policy, which is only available through a government run program. Use FEMA's map service to find out if you live in or near a flood zone.
Additionally, with Mississippi's wind mitigation program, a wind mitigation inspection can qualify you for a policy discount. A third-party source provides an inspection of your home and notes any factors that can diminish damage in the event of a disaster.
Hurricanes and Floods in Mississippi
Mississippi is no stranger to extreme weather. Severe thunderstorms, tropical storms, hurricanes, and floods are all possible in Mississippi, and it's important to be prepared when severe weather hits. Keep your insurance policies up to date and keep a current inventory list. Also, have an emergency kit with things like bottled water, flashlights, canned food, and non-perishable items just in case. Keep important papers in a waterproof bag in a safe, accessible place.
Keep in mind that extreme weather causes flooding, but it's not the only cause, especially if you choose to live in a low-lying area. If you are near a flood zone or in an area at risk of hurricanes, will want to learn more about the coverage and cost of flood insurance at floodsmart.gov.
Frequently Asked Questions About Mississippi Home Insurance
1. How do you know how much coverage to buy?
You should have enough to cover the structure of your home and your possessions. If you have a significant amount of expensive jewelry or collectables, you may need a rider for these items. Your insurance agent can help you to determine the amount of coverage you need.
2. What is wind mitigation and why is it important?
Wind mitigation is an inspection of your home that offers suggestions to protect your home from hurricanes. It is free to eligible homeowners and can reduce the cost or your insurance premium.
3. What should you do if you need to file a claim?
Take an inventory of the damage and the possessions lost as soon as possible. Gather all receipts for anything you need to replace or fix immediately.
4. Where can you go if you have questions?
You can contact the Mississippi Insurance Department Consumer Services Division with any questions or concerns about your claim. This is a great resource, especially for those new to the area.
How to Get Great Rates on Mississippi Home Insurance
Has it been a while since you shopped for homeowner’s insurance? Is so, loyalty doesn’t always pay because prices vary from insurer to insurer. Another company may offer you a much better deal. Looking for home or renter’s insurance quotes? insuranceQuotes.com can help you find the best homeowner’s or renter’s insurance policy at the best price. Every year, we match 15 million consumers to the nation’s biggest home insurance companies, including Allstate, State Farm and Farmers.
Mississippi Home Insurance Resources
MS Insurance Department
Consumer publications and information on various types of insurance in Mississippi