Average Cost of Homeowners Insurance in Mississippi (2024)

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Updated: May 22, 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.

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Rates updated:

Jul 19, 2024

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To establish the average cost of homeowners insurance in Mississippi, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.

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These rates reflect the average cost of home insurance in Mississippi as of 2024.

604,800Quotes Analyzed
7Companies Compared
5ZIP Codes

Average Cost of Home Insurance in Mississippi by Coverage Amount

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.

Average Annual Home Insurance Premium Mississippi by Coverage Amount
$100K Dwelling / $50K Personal Property / $100K LiabilityAverage Annual Premium$3,079
$250K Dwelling / $125K Personal Property / $200K LiabilityAverage Annual Premium$5,346
$500K Dwelling / $250K Personal Property / $300K LiabilityAverage Annual Premium$8,780
$750K Dwelling / $375K Personal Property / $500K LiabilityAverage Annual Premium$12,609

Average Cost of Home Insurance in Mississippi by Insurer

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.

Average Annual Home Insurance Premium Mississippi by Provider
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Mississippi Farm BureauAnnual Premium$2,586
USAAAnnual Premium$3,056
State FarmAnnual Premium$3,589
Foremost InsuranceAnnual Premium$3,686
NationwideAnnual Premium$4,118
AllstateAnnual Premium$6,243
TravelersAnnual Premium$14,143

Average Cost of Home Insurance in Mississippi by Credit Score

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.

Average Annual Home Insurance Premium in NJ by Credit Rating
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
PoorAnnual Premium$13,015
Below FairAnnual Premium$9,972
FairAnnual Premium$7,485
GoodAnnual Premium$5,346
ExcellentAnnual Premium$3,356

Average Cost of Home Insurance in Mississippi by Construction and Roof Type

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.

Average Annual Home Insurance in Mississippi by Construction and Roofing Type
Data filtered by:Results filtered by:
Roof Type:
Roof Type:Composition
$100K Dwelling / $50K Personal Property / $100K LiabilityAnnual Premium$3,079
$250K Dwelling / $125K Personal Property / $200K LiabilityAnnual Premium$5,346
$500K Dwelling / $250K Personal Property / $300K LiabilityAnnual Premium$8,780
$750K Dwelling / $375K Personal Property / $500K LiabilityAnnual Premium$12,609
$1M Dwelling / $500K Personal Property / $1M LiabilityAnnual Premium$16,489

Average Cost of Home Insurance in Mississippi for Newly Constructed Homes

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.

Average Annual Home Insurance Premiums: New vs. Existing Construction
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Existing Construction (2000)Annual Premium$5,346
New Construction (2023)Annual Premium$2,816

Average Cost of Home Insurance in Mississippi by Claims History

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.

Average Annual Home Insurance in Mississippi by Claims Experience
Data filtered by:Results filtered by:
Coverage:$250K Dwelling / $125K Personal Property / $200K Liability
Claim free for 5+ yearsAnnual Premium$5,346
1 claim in past 5 yearsAnnual Premium$5,804
2 claims in past 5 yearsAnnual Premium$6,351
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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.

How to Shop for Home Insurance in Mississippi

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.

Research Home Insurance Basics

Learn what home insurance covers.

Assess Your Coverage Needs
Compare Quotes

Get the best rate by comparing quotes.

Check for Discounts

Ask about bundles and discounts.

Choose a Deductible

Pick a deductible that fits your budget.

Review and Purchase

Buy the policy that meets your needs.

Bundling Home Insurance With Auto Insurance in Mississippi

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.

Home Insurance Discounts in Mississippi

Mississippi homeowners can lower their insurance costs with various discounts.

  • Impact-resistant roofing: Installing weather-resistant materials may reduce premiums.
  • Home safety features: Security systems and smoke detectors often qualify for discounts.
  • Loyalty discounts: Long-term policyholders may receive reduced rates.

Remember, it's beneficial to inquire about potential discounts when requesting a quote.

FAQ: Homeowners Insurance in Mississippi

On average, what is the cheapest insurer in Mississippi?
Is hurricane coverage included in Mississippi homeowners insurance?
What is the biggest factor that impacts the price of homeowners insurance in Mississippi?
How much can I save bundling my home and auto insurance in Mississippi?

Additional Resources for Homeowners Insurance in Mississippi

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

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Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick 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.