Updated: November 21, 2024
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The average cost of homeowners insurance in Mississippi in 2024 is $5,346. This average is more than double the national average of $2,423.
Aside from the amount of coverage, the provider has the largest impact on premiums in Mississippi. The difference between the lowest and highest premium amounts averages $13,017 per year. If your rates have recently increased, we've also analyzed the cheapest home insurance in Mississippi to guide you in finding more affordable options.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Nov 21, 2024
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Table of Contents
To establish the average cost of homeowners insurance in Mississippi, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of home insurance in Mississippi as of 2024.
In Mississippi, homeowners pay an annual premium of $5,346 for insurance with $250K in dwelling coverage, $125K in personal property coverage and $200K liability coverage. This rate is $2,923 more than the national average.
When deciding how much coverage you need, consider the costs of rebuilding your home, replacing personal property and covering additional structures and liability. For example, a Mississippi policy with $100K in dwelling coverage costs $3,079 annually. If you own a larger home requiring $500K in dwelling coverage, the annual premium increases to $8,780. These figures demonstrate the impact of coverage amounts on your insurance premiums.
| $100K Dwelling / $50K Personal Property / $100K Liability | $3,079 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $5,346 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $8,780 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $12,609 |
Premiums for homeowners insurance in Mississippi show a marked variance among providers for similar levels of coverage. For instance, the annual cost can range significantly, with some insurers offering rates that are substantially lower than the state's average, while others may quote premiums that exceed the state average by a wide margin.
If you're searching for the most suitable option, you can review the best homeowners insurance in Mississippi. Differences in underwriting criteria, such as the insurer's loss experience and operating expenses in the state, often lead to these price disparities.
| Mississippi Farm Bureau | $2,586 |
| USAA | $3,056 |
| State Farm | $3,589 |
| Foremost Insurance | $3,686 |
| Nationwide | $4,118 |
| Allstate | $6,243 |
| Travelers | $14,143 |
Homeowners in Mississippi with excellent credit pay an average annual premium of $3,356 for homeowners insurance, which is $1,990 less than the state average of $5,346. Conversely, those with poor credit face premiums averaging $13,015 annually, exceeding the state average by $7,669. Credit scores directly influence insurance costs, with lower scores correlating to higher premiums due to the perceived risk of potential claims.
Although you might not experience an immediate improvement to your credit score, long-term efforts can yield lower insurance rates. In the interim, homeowners can explore different insurance providers to find more favorable terms. It takes less than 15 minutes to compare insurers and uncover the most affordable Mississippi home insurers.
| Poor | $13,015 |
| Below Fair | $9,972 |
| Fair | $7,485 |
| Good | $5,346 |
| Excellent | $3,356 |
Your home's roofing material can influence your homeowners insurance premium in Mississippi. While not the most significant factor, it does play a role due to the durability and risk profile of the materials used. For example, homes with tile roofs may have lower premiums because of the material's resilience.
Similarly, the construction type of your home affects insurance costs. Materials that are more resistant to common hazards, such as fire, can lead to lower insurance rates. Homes with superior construction materials typically see more favorable premiums compared to those with standard frame construction.
Use the drop-downs in the table below to see how premiums change based on your home's materials.
| $100K Dwelling / $50K Personal Property / $100K Liability | $3,079 |
| $250K Dwelling / $125K Personal Property / $200K Liability | $5,346 |
| $500K Dwelling / $250K Personal Property / $300K Liability | $8,780 |
| $750K Dwelling / $375K Personal Property / $500K Liability | $12,609 |
| $1M Dwelling / $500K Personal Property / $1M Liability | $16,489 |
Generally, insuring a newly constructed home in Mississippi costs less than covering an existing home. The average annual premium for new homes is $2,816, which is $2,530 lower than the $5,346 average for older homes. The table below shows how premiums vary between new and existing constructions based on the coverage amount.
| Existing Construction (2000) | $5,346 |
| New Construction (2023) | $2,816 |
In Mississippi, homeowners with a five-year claim-free history can expect an annual premium of approximately $5,346 for standard coverage. However, those with one claim in the past five years will see their average premium rise to $5,804, reflecting an increase of $458. Homeowners with two claims within the same period face a further hike, with an average premium of $6,351, which is $1,005 above the baseline for those who have been claim-free for five or more years.
| Claim free for 5+ years | $5,346 |
| 1 claim in past 5 years | $5,804 |
| 2 claims in past 5 years | $6,351 |
In Mississippi, hurricanes and tornadoes are the most costly natural disasters for homeowners. While standard homeowners insurance typically covers wind damage from tornadoes, hurricane damage can be more complicated. Policies often cover wind damage but may exclude flood damage, which can accompany hurricanes. Other natural disasters, such as flooding, are not covered by standard policies. Consider other insurance products for additional protection.
Shopping for home insurance in Mississippi can be a smooth process, and getting a good deal is definitely within reach. Here's how to find the best deal for you.
Learn what home insurance covers.
Ask about bundles and discounts.
Pick a deductible that fits your budget.
Buy the policy that meets your needs.
In Mississippi, homeowners can often find savings by bundling their home and auto insurance policies. Residents can save up to about $1,152 by opting for a multipolicy bundle, with an average savings of about 16%. This strategy simplifies your insurance management and can lead to significant financial benefits. Review the best Mississippi home and auto bundles to maximize multipolicy discounts.
Mississippi homeowners can lower their insurance costs with various discounts.
Remember, it's beneficial to inquire about potential discounts when requesting a quote.
The cheapest insurer on average in Mississippi is Mississippi Farm Bureau, with premiums around $2,586. For more affordable options, see cheap national providers.
Hurricanes, a common natural disaster in Mississippi, may be covered, but it varies by insurer. Flood damage is not usually covered — separate flood insurance can be purchased through the National Flood Insurance Program or a private flood insurer, and some home insurers offer it as an endorsement. Consider looking into insurance products that can protect you from other natural disasters.
The biggest factor impacting homeowners insurance prices in Mississippi is the insurance provider, with premiums ranging from $2,586 to $14,143.
Bundling in Mississippi can save you up to $1,152.
When considering homeowners insurance in Mississippi, it's important to have access to reliable resources that can offer guidance and detailed information. Below is a curated list of valuable resources for homeowners in the state:
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
