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Homeowners Insurance in Mississippi

Amy Danise

Mississippi homeowners need to be ready for floods, hurricanes and tornadoes. Having the right insurance is crucial in a state where natural disasters can be devastating, and standard homeowners insurance may not be enough.

How do I get insurance for hurricanes in Mississippi?

Hurricanes have two damaging elements: Wind and water.

Wind: Mississippi home insurance will cover wind and hail damage for homeowners who don’t live on the coast.

Coastal residents in George, Hancock, Harrison, Jackson, Pearl River and Stone counties may find that home insurers won’t sell wind and hail coverage as part of a policy. In these cases you can turn to the Mississippi Windstorm Underwriting Association (MWUA). The MWUA provides only windstorm and hail insurance; you’ll still need a homeowners insurance policy for liability, fire and other problems. Any licensed Mississippi home agent can help you get an MWUA policy.

Water: Flood insurance covers hurricane storm surges, floods from heavy rains and the overflow of rivers, lakes and streams. It’s available through the National Flood Insurance Program (NFIP), and any licensed Mississippi home agent can help you get an NFIP policy.

NFIP flood insurance takes effect 30 days after you buy it, so don’t wait until a hurricane is forming to buy it.

Areas served by the Mississippi Windstorm Underwriting Association

Source: Mississippi Emergency Management Agency

What does Mississippi homeowners insurance cover?

A typical policy in Mississippi has six main coverage types:

  1. Dwelling: Coverage in case your house is damaged or destroyed by a problem covered by the policy, such as a fire or tornado.
  2. Other structures: This coverage pays for damaged structures that aren’t attached to a house, such as garages, storage sheds and fences.
  3. Personal property: Coverage that pays for belongings (such as furniture, clothing and household items) that are damaged, stolen or destroyed.
  4. Loss of use: This pays for additional living expenses if you have to temporarily move out because of house damage.
  5. Personal liability: Coverage in case you’re legally responsible for someone else’s injury or property damage.
  6. Medical payments to others: This coverage pays smaller medical bills for people hurt on your property. 

How much is Mississippi home insurance?

The average yearly Mississippi homeowners insurance premium is $1,525 for a typical policy, according to the National Association of Insurance Commissioners. That’s higher than the nationwide average of $1,192 a year.

20 largest Mississippi homeowners insurance companies

Rank in Mississippi Company Market share % in the state
1 State Farm 26.08
2 Southern Farm Bureau Casualty 16.01
3 Allstate Corp. 8.7
4 Liberty Mutual 7.41
5 Nationwide 7.11
6 USAA 4.73
7 Farmers Insurance 3.73
8 Alfa Mutual Group 3.61
9 Shelter Insurance 2.96
10 Travelers 2.26
11 MetLife 2.26
12 Assurant 1.61
13 Progressive 1.61
14 State Auto 1.59
15 Coastal American Insurance Co. 1.3
16 Munich Re 1.26
17 AIG 1.05
18 Chubb 0.81
19 Centauri Insurance 0.72
20 The Hartford 0.56
Source: S&P Global Market Intelligence, based on homeowners multiple peril insurance market share in 2018.

What if I can’t find Mississippi home insurance?

The Mississippi Residential Property Insurance Underwriting Association may be able to provide basic home insurance if you’re unable to find it on the private market. Its policies do not include liability, theft or vandalism coverage.