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CheapRenters InsuranceMississippi2022The Best and Cheapest Renters Insurance Companies in Mississippi for 2022: Rankings, Reviews and Rates
In Mississippi, the average cost of renters insurance is $18 per month, $5 more than the monthly national average of $13. Renters insurance in Mississippi can range from an average of $14 to $25 each month. If you shop around, you can save as much as $126 annually.
MoneyGeek found that Nationwide offers the cheapest and best renters insurance in Mississippi, at an average of $172 per year or $14 per month.
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Advertising & Editorial DisclosureLast Updated: 11/11/2022
Edited By |
Margarita Barresi
Written By |
Mark Fitzpatrick
When looking for the best renters insurance in Mississippi, we evaluated companies based on customer service, affordability and financial strength. Renters who value affordability and quality can find the policy that best suits their needs.
CheapRenters InsuranceMississippi2022The Cheapest Renters Insurance in Mississippi
Cheap Renters Insurance Companies in Mississippi
When choosing a renters insurance policy, many Mississippians consider cost as the most crucial factor. The cheapest companies in the state for most people are Nationwide and Metlife, both with an average of $172 per year for renters insurance.
A policy from USAA costs only $64 annually on average and is an excellent option for eligible renters since it contains replacement cost coverage. However, USAA’s policies are only available for military personnel and their families.
These average renters insurance premiums are based on quotes sourced from various ZIP codes across Mississippi for a policy with $20,000 personal property coverage, $100,000 liability coverage and $500 as the deductible.
Personal Property Coverage:
$20,000
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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in Mississippi
With a perfect score of 100, the best renters insurance company in Mississippi is USAA. However, it caters exclusively to military members and their families. Nationwide is a more widely available option and MoneyGeek’s top choice, meriting a score of 85.6.
Our rankings are based on financial stability scores from AM Best, J.D. Power customer service ratings and affordability ratings. While the best renters insurance in Mississippi isn’t always the most affordable, MoneyGeek found that many offer a good balance of quality and cost. It’s important to choose a company that provides peace of mind through its excellent service and reasonable prices.
1
USAA
Score:100
Overall, USAA offers the best renters insurance in Mississippi. The provider gets perfect scores in financial stability, affordability and customer satisfaction. However, USAA only offers policies to current and former military members and their families. A unique coverage USAA offers is protection from damage from an aircraft.
More About USAA
USAA is available in all states and offers coverage for smoke, fire and lightning damage. You can get an estimate of your renters insurance online and calculate how much you’ll need for policies like auto or home insurance. Policyholders can file claims and manage their accounts on the USAA website. Keep in mind that USAA is only available for active military members, veterans and their families.
Read MoneyGeek's USAA renters Insurance Review2
Nationwide
Score:86
Nationwide has high customer satisfaction and financial stability scores. Garnering a score of 85.6 out of 100, Nationwide is the best option for most Mississippi residents. In case of theft, it offers a unique coverage that extends to personal belongings stored in a watercraft, trailer or motor vehicle.
More About Nationwide
While Nationwide is available in most states, except Alaska, Florida, Hawaii, Louisiana, Massachusetts, New Jersey and New Mexico. It offers 11 optional coverages and four discounts, more than the industry average of seven. Policyholders who are always on the go can file claims and manage their policies with Nationwide’s mobile app. Nationwide is also one of the few companies in MoneyGeek’s database that offers free financial advice if you need to set short- or long-term financial goals.
Read MoneyGeek's Nationwide renters Insurance Review3
State Farm
Score:84
With a score of 83.6, State Farm is the third-best renters insurance provider in Mississippi. It earned a perfect score in financial stability and a high rating for customer satisfaction. State Farm policyholders can add coverage for personal injury, a unique coverage that protects against personal claims like defamation or libel.
More About State Farm
State Farm is available in all 50 states. State Farm offers five extra coverage options and two kinds of discounts for renters, fewer than the industry average. You can use State Farm’s mobile app to manage your insurance and banking accounts. To help with budgeting, you can also get a personalized quote on their website and compute for life insurance or retirement savings with their calculator. Additionally, policyholders can set up automatic payments.
Read MoneyGeek's State Farm renters Insurance Review4
Allstate
Score:73
Allstate ranked high in terms of customer service and financial stability, making it MoneyGeek’s fourth-best company for renters insurance in Mississippi. With Allstate, you can add coverage to replace your damaged personal belongings in case of a flood.
More About Allstate
Available in all 50 states, Allstate provides four optional coverages and five possible discounts for policyholders. It offers fewer additional coverages than the industry average of seven. You can get personalized quotes online through Allstate’s website and file and track claims through the mobile app. Allstate also has personal financial representatives who can provide financial advice regarding financial protection, career, family, retirement and more.
Read MoneyGeek's Allstate renters Insurance ReviewMONEYGEEK EXPERT TIP
While selecting the cheapest policy can be appealing, it doesn’t guarantee significant savings in the long run. Sometimes, paying more for the best renters insurance gets you quality service and efficient claims processing.
Largest Renters Insurance Companies in Mississippi
When purchasing renters insurance, it can be a good idea to buy a policy from a larger company. Generally, larger insurance companies are more financially stable and invest more to improve customer service. These factors can make for a smoother experience, especially if you need to file a claim.
- CompanyMarket Share
- 1.State Farm26.1%
- 2.Southern Farm Bureau15.7%
- 3.Allstate8.3%
- 4.Nationwide7.1%
- 5.Liberty Mutual7.1%
Average Cost of Renters Insurance in Mississippi
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renters insurance is equal to the average.
On average, the cost of renters insurance in Mississippi is $215 per year, roughly $55 more than the annual national average.
The amount of renters insurance you pay in Mississippi depends on your personal property coverage. The higher your personal property value, the higher your premium. Use the calculator below to determine how much insurance you need for your belongings.
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Total:
MONEYGEEK EXPERT TIP
You can save around $126 per year, or $11 per month, just by shopping around and comparing renters insurance in Mississippi. MoneyGeek found that Nationwide offers the most affordable policy, while Allstate has the most expensive rates for renters insurance in Mississippi.
What Factors Impact Renters Insurance Cost in Mississippi
How much you pay every month as your renters insurance premium depends on various factors, including the coverage type, your credit score and your deductible. Make sure you consider these factors when shopping around for cheap renters insurance in Mississippi.
Location
Insurers calculate your rates based in part on your ZIP code. If you live in a neighborhood with high crime rates or frequent natural disasters, you will pay a higher renters insurance premium.
Type of Coverage
Your selected coverage level impacts how much you pay for renters insurance. By doing an inventory of your property before obtaining a quote from your preferred provider, you can easily estimate what it would cost to replace your property and avoid purchasing too much (or not enough) insurance.
Deductible
This is the amount you will be expected to pay once the insurer agrees to cover your claim. Policies that charge a lower monthly premium feature higher deductibles, meaning you will need to pay more out of pocket when replacing your items. Insurers that charge higher monthly premiums often require you to pay less as a deductible.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Actual cash value (ACV) and replacement cost value (RCV) are the two methods used by insurers to reimburse policyholders after a covered incident. ACV policies consider the fact that your property depreciates over time and pay you less for used goods. RCV policies do not factor depreciation in their calculations, and they reimburse policyholders the cost of a new item with the same quality. ACV policies are cheaper than RCV plans, but they pay out less for claims.
Credit Score
In Mississippi, insurers are allowed to rate policyholders based on their credit scores. However, they are not allowed to decline renters insurance based on these scores. Insurers consider renters with bad credit scores to have a high probability of filing claims. Most companies offer discounts for customers with excellent credit scores.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Mississippi: What You Need to Know
Renters insurance can help you protect your property at an affordable rate. In Mississippi, 31% of the population live in rentals. The average monthly rental cost in the state is $777. A standard policy that offers personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500 costs an average of $18 per month, which is only 2.3% of the monthly rent in the state.
What Renters Insurance Typically Covers in Mississippi
While purchasing renters insurance in Mississippi, ensure that you understand what your policy covers. Most companies provide only standard plans that include coverage for personal property, liability insurance, medical payments and additional living expenses. Certain insurers also offer additional coverage for valuables and identity theft protection.
Insurers in Mississippi may also offer coverage for damages caused by common natural disasters like thunderstorms, tornadoes, hurricanes and wildfires.
What Renters Insurance Typically Does Not Cover in Mississippi
Before purchasing your renters insurance, read through the guidelines to understand what it covers. Consult your agent if you have any questions or concerns.
Renters insurance companies in Mississippi provide coverage for many unexpected events and damages. However, their policies may not protect you in all situations, including the following:
- EventDescription
Floods
Your renters insurance likely protects you from water damage resulting from broken water mains and pipes. However, most insurers exclude damage caused by floods. Mississippi is prone to flooding, and renters may need to get flood insurance from the National Flood Insurance Program (NFIP).
Earthquakes
Most renters insurance policies do not provide earthquake coverage, but these events are rare in Mississippi.
Structural Damage
Renters insurance only protects your personal property from damage. It excludes any destruction to the structure of your building. This type of coverage is your landlord’s responsibility.
Roommate Belongings
If your roommate’s name appears on your renters insurance policy, your insurer will replace their property in case of damage. Otherwise, they will need to purchase a separate policy.
Valuable Items
Renters insurance often excludes highly valuable items, such as gaming computers and jewelry. To protect such expensive items, you will need to buy more coverage.
MONEYGEEK EXPERT TIP
If you want to know more about what renters insurance includes, you can browse through the Mississippi Insurance Department website. It offers information about insurance, gives an option to file a complaint and provides contacts for multiple divisions.
You can contact the Mississippi Insurance Department through the following channels:
- Office address: 1001 Woolfolk State Office Building, 501 NW St., Jackson, MS 39201
- Insurance consumer helpline: 800-562-2957
- Email: consumer@mid.ms.gov
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FAQs About Renters Insurance in Mississippi
MoneyGeek answers the most commonly asked questions about renters insurance in Mississippi to help renters determine what they need in a policy.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in Mississippi Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from five of the top insurance companies in Mississippi provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Mississippi. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About the Author
sources
- Mississippi Insurance Department. "Home." Accessed March 30, 2022.
- Nationwide.. "Renters Insurance Coverage." Accessed March 31, 2022.
- Nationwide. "Renters Insurance Discounts." Accessed March 31, 2022.
- USAA. "Renters Insurance Quotes." Accessed March 31, 2022.