Mississippi Home Insurance

If you own a home in Mississippi, you may want to consider getting a homeowners insurance policy to protect your property and assets from various risks. Homeowners insurance is not required by law in Mississippi, but your lender may ask you to have one if you finance your home. Here are some details of Mississippi home insurance requirements, laws, policies as well as average costs and best companies.

**Requirements**: There are no specific requirements for homeowners insurance in Mississippi, but different policies may offer different types of coverages and limits. A typical policy will include property damage coverage, liability coverage, medical payments coverage, additional living expenses coverage and other coverages for your belongings, other structures, and trees and shrubs. You should check your policy carefully to see what perils are covered and what are excluded.

**Laws**: Mississippi has some laws and regulations that affect homeowners insurance. For example, Mississippi has a valued policy law that requires insurers to pay the full amount of the policy limit for a total loss caused by fire or lightning, regardless of the actual value of the property. Mississippi also has a statute of limitations that limits the time you have to file a lawsuit against your insurer to three years from the date of loss.

**Policies**: Homeowners insurance policies in Mississippi may vary depending on the insurer and the type of coverage you choose. The most common types of policies are HO-3 (special form), HO-4 (renters insurance), HO-5 (comprehensive), HO-6 (townhouse/condominium) and HO-8 (modified coverage form). The difference between these policies is mainly the number and scope of perils covered. For example, HO-3 covers your dwelling on an open perils basis, which means it covers all risks except those specifically excluded, while HO-8 covers your dwelling on a named perils basis, which means it covers only the risks listed in the policy.

**Average costs**: The average cost of homeowners insurance in Mississippi is $1,537 per year, which is higher than the national average of $1,211 per year. The cost of your policy may depend on several factors, such as the location, age and condition of your home, the amount and type of coverage you choose, your deductible amount, your credit score and your claims history. You may be able to lower your premium by shopping around for quotes, comparing coverages and discounts, improving your home security and safety features, raising your deductible or bundling your home insurance with other policies.

**Best companies**: The best homeowners insurance company for you may depend on your personal preferences and needs. However, some factors that you may want to consider when choosing a company are its financial stability, customer service, claims handling and reputation. According to the Insurance Information Institute, the top five homeowners insurance companies in Mississippi by market share are State Farm (26.1%), Southern Farm Bureau Casualty (15.7%), Allstate (8.3%), Nationwide (7.1%) and Liberty Mutual (7.1%). You may also want to check the ratings and reviews of different companies from independent sources such as A.M. Best, J.D. Power or Better Business Bureau.