Buying a home is a stressful process. There are so many choices to make between finding the right house to select the financing option that best fits your lifestyle. One choice many homeowners overlook is determining the right homeowner’s insurance policy to protect their new asset.
Homeowners insurance can be a lifesaver in times of disaster, and in many cases, might even be required by your financial provider. Depending on where you live in the Magnolia State, you might need additional coverage options to ensure your home is always safe and protected in case of an emergency.
There are a number of providers and policies to choose from and the options can feel overwhelming to many buyers. Use this helpful guide to learn more about your homeowner’s insurance options in Mississippi, starting with the top five providers to consider.
Top 5 Homeowners Insurance Providers in Mississippi
Before rushing into a decision about homeowners insurance, it’s best to explore all your available options. Find out why these top five providers are the best rated in the Magnolia State.
1. State Farm
As the largest insurer in the state of Mississippi, it’s no surprise that State Farm ranks number one. With a high level of customer satisfaction, particularly when it comes to handling claims, and top-notch customer service ratings, you can’t go wrong with this provider. State Farm also makes it easy to obtain a quote and purchase your homeowner’s insurance policy online, a key feature many other Mississippi providers simply do not offer.
It’s also one of the most affordable options in the state with low premiums, though the deductibles are higher than average. This is important to keep in mind if you ever need to file a claim for wind or hail damages. All around, State Farm is a great choice for homeowners insurance, no matter where you live in Mississippi.
Allstate is a great option for homeowners looking for peace of mind when it comes to coverage. They offer a separate wind and hail deductible that’s relatively inexpensive, starting at just $1k. Allstate also provides a Claim RateGuard that will protect your rate from going up if you have to file a claim. This is especially beneficial to homes that are in storm-prone areas. They also offer over 14 different discounts to help save you money on your premium. Lastly, Allstate’s online platform is full of helpful resources and tools and is easy to navigate.
On the downside, Allstate’s rates aren’t consistent across the state. Near the coast, they tend to be more expensive, while homes inland are protected for less money. This makes sense since storms tend to hit homes along the coastline, but can make acquiring homeowners insurance more of a hassle for these homeowners..
This national insurance provider has excellent customer review ratings, particularly when it comes to claims satisfaction. If you live somewhere where claims are often filed, you’ll likely be highly satisfied with their service. Nationwide also offers a variety of discounts for renovated homes, protective devices, remaining free of claims, and for combining policies. You also can choose between percentage-based and standard deductible policy options for wind and hail damage.
To counteract this high level of service, Nationwide is slightly more expensive, but in most areas of the state, it’s only around $10 more. There are also less opportunities for discounts with Nationwide, though those opportunities do exist.
4. Liberty Mutual
This well-known insurance provider is another top contender for homeowners insurance in the Magnolia State. Liberty Mutual beats all competitors when it comes to claims deductibles, offering the lowest option at just $500. Add-on policies for hail and wind damage also has a low deductible at $1,000. They also offer a variety of endorsements you can add on, including Inflation Guard, water backup, and replacement cost coverage options. Like State Farm, you can also purchase your policy online (in most counties).
Liberty Mutual is also still an affordable option, though policy prices will range throughout the state. However, because of the large number of add-ons and endorsements available, you might pay slightly more for a Liberty Mutual plan than other providers. On the upside, you’ll pay less out-of-pocket if a claim is ever filed.
5. Mississippi Farm Bureau
If you’re a member of the Mississippi Farm Bureau, then you’re eligible for a homeowners insurance policy through the Bureau. While membership costs $25 to $35 annually, members receive access to a variety of services and products as a result. Mississippi Farm Bureau offers a high number of discounts on their insurance products and their overall service is rated highly among existing customers.
In order to learn more about their pricing and policy options, you’ll need to connect with an insurance agent, though their website does offer some general information. There’s no data on their claims service or offerings, but as one of the largest providers in the state, it’s likely their service is at minimum, satisfactory.
Other Key Considerations When Selecting a Home Insurance Policy
Homeowners insurance in Mississippi is fairly expensive when compared to the rest of the country, due to the prevalence of storms. Since Hurricane Katrina, rates have gone up 225%, and generally cost $300 more than the country’s average pricing. However, pricing is also dependent on where you live in the Magnolia state, with homes along the coast costing more.
There are six specific counties that cost more for homeowners insurance in Mississippi:
- Pearl River
If you own or are buying a home here, you should expect to pay higher rates than the rest of the state, due to proximity to the Gulf.
It’s recommended that anyone buying a home in Mississippi purchases wind and flood insurance, as well. Wind is the number one reason why homeowners file claims, so being protected is important. Flood insurance is also recommended because these claims are also numerous and on average, damages are estimated around $22,000 per household. Protecting yourself is the best way to ensure you don’t have to pay such a large sum out-of-pocket.
When buying a home in Mississippi, it’s important you do your research to find the best provider and custom policy to fit your needs. Mississippi homeowners should always opt for additional protections, like wind/hail and flood, especially if located near the coast.
The options for providers can seem overwhelming, so partnering with a real estate agent is a great option. Agents can help make recommendations depending on the location, condition, and age of your home, and can provide insight into the types of claims often filed for homes in your local market.
Local real estate agents will also help you navigate through complicated home buying processes, helping you find homes, secure funding, choose homeowners insurance, and walk you through all steps of the closing process.
To get connected with a qualified local agent near you, work with Clever. Clever will connect you with a talented Clever Partner Agent for a no-obligation consultation.