As the capital and largest city in Mississippi, Jackson faces unique risks that impact home insurance rates. The national average cost of home insurance is $1,428 per year, but in Jackson, the average annual premium is approximately $1,775. Local factors such as severe weather, risk of flooding, and the age of homes contribute to higher insurance premiums in the area.
Local Factors Impacting Home Insurance Costs in Jackson
Severe Weather: Jackson is prone to extreme weather events such as tornadoes, hurricanes, and thunderstorms, which increase the likelihood of property damage.
Flood Risks: While Jackson is not on the coast, heavy rainfall and the proximity to rivers make certain areas more vulnerable to flooding.
Older Homes: Many homes in Jackson are older, which raises the cost of insurance due to increased maintenance and repair costs.
Home Insurance Rates by Home Age in Jackson
The age of a home significantly impacts insurance premiums. Older homes often have outdated systems, which can increase the cost of repairs and lead to higher premiums.
Home Age
Average Annual Premium
0-10 years
$1,650
11-25 years
$1,720
26-50 years
$1,800
51+ years
$1,950
Home Insurance Rates by Credit Tier in Jackson
Your credit score is an important factor when determining home insurance rates. In Jackson, home insurance premiums vary significantly by credit tier:
Excellent Credit (750+): $1,650 per year
Good Credit (700-749): $1,760 per year
Fair Credit (650-699): $1,895 per year
Poor Credit (Below 650): $2,150 per year
Cheapest Home Insurance Providers in Jackson
Despite the high average cost of insurance in Jackson, several companies offer competitive rates. Here are the most affordable providers in the city:
Provider
Average Annual Premium
State Farm
$1,690
Allstate
$1,780
Nationwide
$1,755
Liberty Mutual
$1,800
Home Insurance Rates by Deductible Amount in Jackson
Choosing a higher deductible can reduce your premiums, but it increases the amount you need to pay out-of-pocket when filing a claim.
$500 deductible: $1,900 per year
$1,000 deductible: $1,775 per year
$2,500 deductible: $1,600 per year
Types of Homeowners Insurance in Jackson
HO-3: The most common policy that provides coverage for the structure, personal belongings, and liability.
HO-5: Offers more comprehensive coverage for both the home and personal property, ideal for higher-value homes.
HO-8: Specifically designed for older homes, offering repair and replacement coverage based on current building standards.
Additional Coverage Options
Flood Insurance: Flooding is not covered under standard policies, so homeowners near flood-prone areas should consider this extra coverage.
Windstorm Insurance: Jackson’s location makes it vulnerable to tornadoes and strong storms, making windstorm coverage a wise investment.
Sewer Backup Insurance: This coverage is essential for older homes with aging plumbing systems, protecting against water damage from sewer backups.
Frequently Asked Questions (FAQs) about Home Insurance in Jackson
How does Jackson’s weather impact home insurance costs? Severe weather events such as tornadoes and thunderstorms increase the likelihood of property damage, leading to higher premiums.
Is flood insurance required in Jackson? Flood insurance is not mandatory, but it is highly recommended if you live near a floodplain or in an area prone to heavy rainfall.