Insurance
Mississippi Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: May 22, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Jul 26, 2024
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MONEYGEEK EXPERT TIP
According to MoneyGeek's analysis, Travelers offers Mississippi's most affordable homeowners insurance. We found the cheapest home insurance companies in Mississippi to identify the best options for various profiles.
We also uncovered the top homeowners insurance companies in Mississippi, based on various homebuyer profiles and types of homes, for individuals looking for a fine balance between affordability and customer service.
How to Estimate the Cost of Your Homeowners Insurance Policy in Mississippi
In Mississippi, the price of homeowners insurance can vary substantially depending on the home and buyer profile. Besides factors such as your location, credit score and the amount of coverage you select, your home’s age, safety features and the cost to rebuild affect your premium.
To get an idea of how much your potential homeowners insurance monthly payments will be, enter the relevant data into the MoneyGeek calculator below.
Mississippi
Prices for homeowners insurance vary greatly from one region of Mississippi to the next. If you live in an area that is more vulnerable to crime, fire or natural disasters, you can expect to pay more for your insurance than someone who lives in a region with fewer risks.
Dwelling Coverage
The policy’s dwelling coverage is the sum needed to rebuild/repair your home if it is damaged in a covered peril. The amount of dwelling coverage in your policy affects how much your homeowners insurance costs.
Having a higher dwelling coverage limit on your policy will provide more protection from damage, but it will also cost more. In Mississippi, the average dwelling coverage for homeowners insurance is $100,000.
Deductible
Your deductible is the amount you must pay out of pocket when submitting an insurance claim.
For instance, if your homeowners insurance deductible is $1,000 and your claim amount is $10,000, you are responsible for $1,000 while the insurer pays the remaining $9,000. A policy with a higher deductible will have a lower monthly payment.
Liability
If you, your pet or a family member causes bodily injury or property damage to a third party in your home, liability insurance will pay for the damages. It pays for death benefits, legal expenses, maintenance costs, medical expenses and compensation for suffering.
We advise you to buy sufficient liability insurance to guard against potential lawsuits. If you raise your liability limit by tens of thousands of dollars, you may pay only a few dollars more every month.
Personal Property
Your personal property includes both items inside and outside your home. This section of your policy reimburses you for lost or stolen personal property.
Use the calculator below to assess how much coverage you require for personal property. It helps ensure that you have adequate coverage.
Credit Score
Your credit score is considered when calculating your home insurance premium in Mississippi. Homeowners with poor credit scores may be seen as most likely to file a claim. As a result, insurance companies consider them a greater risk and charge them higher prices.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Mississippi
Mississippi has one of the highest home insurance prices in the country. A $250K dwelling policy in Mississippi has an average cost of roughly $3,221 per year. Homeowners can expect to pay around 33% more than the national average.
The following table shows the typical cost per level of coverage in Mississippi for homeowners insurance. It can help you understand how much your required coverage may cost.
Average Annual Premium in Mississippi for Homeowners Insurance
| $100,000 | Average Annual Premium$2,292 |
| $250,000 | Average Annual Premium$3,221 |
| $500,000 | Average Annual Premium$8,259 |
| $750,000 | Average Annual Premium$12,369 |
| $1,000,000 | Average Annual Premium$16,430 |
| $2,000,000 | Average Annual Premium$33,768 |
| $3,000,000 | Average Annual Premium$51,381 |
MONEYGEEK EXPERT TIP
One of the most important aspects of a homeowners insurance policy is the dwelling coverage. In the case of a catastrophic loss, you will need enough coverage to cover the cost of rebuilding your home.
The amount of dwelling coverage you need will be affected by factors like the home's age, size and shape. This may be determined with the help of a professional appraiser or through your insurance provider.
Remember that an inaccurate estimate might result in considerable extra expenditures if you need to rebuild your property. For additional protection, you may add inflation guard coverage or extended replacement coverage to your homeowners policy in Mississippi.
Frequently Asked Questions About Home Insurance in Mississippi
Due to the many factors that must be considered, obtaining homeowners insurance in Mississippi can be challenging. To help you better comprehend the scenario, MoneyGeek has provided answers to some often-asked questions.
How much does homeowners insurance cost in Mississippi?
MoneyGeek's research finds that the average annual cost of homeowners insurance in Mississippi is $3,221. The state's average premium is around 33% higher than the national average. In terms of homeowners insurance, the state is one of the country’s most expensive.
How do I know how much dwelling coverage to get?
Mississippi's standard dwelling coverage is $100,000. To determine how much dwelling coverage your home requires, you must first assess its replacement cost. That requires determining the current labor, material and construction expenses. A real estate agent, your insurer or an appraiser should be able to help you with this.
Insurance
Methodology
To determine the average cost of homeowners insurance in Mississippi, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from a fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
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.
sources
- Insurance Information Institute. "What is covered by standard homeowners insurance?." Accessed August 25, 2022.