Home Insurance in Gulfport, Mississippi
Understanding Home Insurance Costs in Gulfport
As a coastal city, Gulfport faces different risks compared to inland cities like Jackson. The average cost for home insurance in Gulfport is $2,150 per year, well above the national average of $1,428. The coastal location, hurricane risk, and flood potential drive up home insurance rates in the city.
Local Factors Impacting Home Insurance Costs in Gulfport
- Hurricane Risk: Gulfport is vulnerable to hurricanes and tropical storms, which can cause severe property damage.
- Flood Risk: Being on the Gulf Coast, many homes in Gulfport are located in flood zones, increasing the need for additional flood coverage.
- Windstorm Risks: The city experiences strong winds and storms, which can damage roofs and siding, raising insurance premiums.
Home Insurance Rates by Home Age in Gulfport
Home insurance costs in Gulfport are impacted by the age of the home, with older properties tending to have higher premiums.
| Home Age | Average Annual Premium |
|---|---|
| 0-10 years | $1,950 |
| 11-25 years | $2,050 |
| 26-50 years | $2,200 |
| 51+ years | $2,400 |
Home Insurance Rates by Credit Tier in Gulfport
Home insurance rates in Gulfport vary based on your credit score. Here’s how credit tier affects premiums:
- Excellent Credit (750+): $2,000 per year
- Good Credit (700-749): $2,120 per year
- Fair Credit (650-699): $2,275 per year
- Poor Credit (Below 650): $2,500 per year
Cheapest Home Insurance Providers in Gulfport
Despite the high cost of home insurance in Gulfport, some providers offer competitive rates. Below are the cheapest options available:
| Provider | Average Annual Premium |
|---|---|
| State Farm | $2,000 |
| Allstate | $2,100 |
| Nationwide | $2,150 |
| Liberty Mutual | $2,050 |
Home Insurance Rates by Deductible Amount in Gulfport
Raising your deductible can lower your premium, but it also means you’ll pay more out-of-pocket when filing a claim.
- $500 deductible: $2,350 per year
- $1,000 deductible: $2,150 per year
- $2,500 deductible: $1,950 per year
Types of Homeowners Insurance in Gulfport
- HO-3: Standard home insurance covering the structure, personal belongings, and liability.
- HO-5: Premium coverage that includes comprehensive protection for both the home and personal property.
- HO-6: Insurance for condo owners, covering the interior of the unit and personal property.
Additional Coverage Options
- Flood Insurance: A necessity for Gulfport residents due to the city’s coastal location and flood risk.
- Windstorm Insurance: Given the high risk of hurricanes and tropical storms, windstorm insurance is essential for Gulfport homeowners.
- Hurricane Deductible: Many insurance policies in Gulfport have a separate hurricane deductible, which applies in the event of hurricane-related damage.
Frequently Asked Questions (FAQs) about Home Insurance in Gulfport
- Do I need flood insurance in Gulfport? Yes, flood insurance is highly recommended for Gulfport homeowners due to the city’s vulnerability to flooding.
- How does Gulfport’s location on the Gulf Coast affect insurance premiums? The risk of hurricanes, flooding, and wind damage significantly raises home insurance premiums in Gulfport.
Comparison of Home Insurance in Jackson vs. Gulfport
- Jackson: $1,775 average annual premium
- Gulfport: $2,150 average annual premium
Gulfport’s coastal location and exposure to hurricanes make it more expensive to insure homes than Jackson, which experiences more inland risks like tornadoes and severe thunderstorms.
- About the Author
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Autumn Cafiero Giusti is a licensed life and health insurance broker and award-winning journalist with more than 20 years of experience. She writes extensively about flood, Medicare, home, and life insurance for publications like U.S. News and CBS News.
