Mississippi Homeowners Insurance Guide
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Mississippi Homeowners Insurance
Explore Mississippi Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Magnolia State is home to the second largest river in the U.S. and often considered the birthplace of blues music. Needless to say, its roots within American history run deep. Although Mississippi is bursting with natural and cultural beauty, the large body of waters that surround it (the Mississippi River and the Gulf of Mexico), can make insuring property a bit complicated. Whether you live in the Mississippi Delta, or Biloxi, flooding is an event that you must prepare for every year. Unfortunately, flood isn’t the only peril property owners in Mississippi must prepare for. Mississippians also must navigate around hurricanes, tornadoes, and even a few wildfires.
What Does Homeowners and Renters Insurance Cover, and How Much Does It Cost?
Mississippians’ property coverage is quite expensive when compared to the rest of the country. In fact, they boast the highest renters insurance premium in the U.S. Due to Mississippi’s location and region, it is susceptible to several catastrophic perils, in addition to the normal ones that are typically covered by a standard policy; such as fire, theft and vandalism.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Mississippi | $1,537 | $258 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
The costliest hurricane to ever hit the U.S., Hurricane Katrina, caused close to $14 billion in insured losses in the Magnolia State back in 2005. Then about a decade later, in 2017, Hurricane Harvey ravished Mississippi again. The relatively high property insurance premiums levied by carriers in Mississippi are undoubtedly impacted by the state’s track record regarding catastrophic losses.
Which Property Insurance Carrier Should I Choose?
Given the high cost of property insurance, Mississippians must be diligent when choosing a carrier. Financial stability should be an integral factor in the decision of which insurance provider to partner with. Carriers could reasonably file for bankruptcy due to Mississippi’s propensity to endure severe property insurance losses, driven by natural disasters.
Top 5 Home Insurance Carriers in Mississippi
| Company | Market Share |
| State Farm | 26.1% |
| Southern Farm Bureau Casualty | 15.7% |
| Allstate Corp. | 8.3% |
| Nationwide Mutual Group | 7.1% |
| Liberty Mutual | 7.1% |
Source: Insurance Information Institute (2019)
The property insurance market is rather concentrated within Mississippi with the top two carriers controlling over 41% of the market and the top five over 64%. Thus, Mississippians may not have as many options as other states when it comes to property insurance. However, the Magnolia State does offer alternative markets, just in case property owners cannot find coverage within the standard one. The Mississippi Underwriting Association (MWUA) was formed in 1987 as a market of last resort, and provides windstorm and hail insurance for property owners in the state. The National Flood Insurance Program (NFIP) is available for those Mississippians in need of flood coverage.
Whether you have a penchant for blues or American history, Mississippi provides an opportunity for its property owners and visitors alike to indulge in its physical and cultural beauty. The Magnolia State is susceptible to several natural disasters, however, the state’s network of standard and alternative markets is able to provide adequate property coverage where needed.
