On the lookout for a new homeowner insurance quote in Mississippi for your condo, house,or mobile home? Homeowner insurance coverage in Mississippi is among the Top 10 U.S. states with the most expensive standard insurance rates. Ranked at No. 6, average annual premiums in the state range between $998 and $1,061.
Like most states, mortgage lenders in Mississippi require loan applicants to get insurance that meets their requirements. However, the Mississippi Insurance Department strongly advises homeowners not to settle with just the cheapest basic policy in order to cut costs. It is recommended that the insurance policy cover at least 80% of the home’s replacement cost. This should be more than the home’s original cost after accounting for property appreciation.
Because of the higher cost of insurance in the state, it is advised that homeowners acquire homeowner insurance policy quotes from several insurance providers. This would enable them to determine which policy and which provider would best meet his/her own needs and their family’s protection needs as well.
In order to ensure that the most accurate quote will be obtained from the insurance company, some important information should be provided. These are:
· The area of the home in square feet
· Description of the home
· Photographs of the home
· Distance of the home from a fire hydrant and the nearest fire department
· Installed protection gadgets and security alarms in the home
· Coverage that the homeowner wants to avail of
The three basic coverage of homeowner insurance in Mississippi are:
· Actual Cash Value: The cheapest coverage, it pays the cost of replacing the home and/or personal belongings after taking into account property depreciation.
· Replacement Cost: Pays the cost of replacing the home and/or personal possessions, but not taking into account the depreciation of the property
· Guaranteed Replacement Cost: The most expensive coverage, it pays the cost to rebuild the home in its exact condition prior to the disaster. Only a few insurance companies offer this coverage.
Among the perils and hazards included in the basic Mississippi coverage are:
· Fire and smoke
· Windstorm, including hurricanes and tornadoes
· Riots or civil commotion
· Theft and vandalism
· Falling objects
· Weight of ice, snow or sleet
· Freezing of plumbing, heating, air conditioning or other household systems
What is not included is structural damage to the home and loss or damage to personal belongings caused by the following:
· Homeowner neglect
· Intentional loss
· Earth movement (or earthquake)
· General power failure
· Acts of war
Floods should be a particular concern for homeowners because Mississippi is a flood-prone state during the hurricane season. In fact, the state was among the hardest hit by Hurricane Katrina. One could obtain flood coverage as a special rider on the basic policy at added cost or purchase it as a separate policy from the National Flood Insurance Program.
Residents requiring assistance for their complaints with insurance providers or need to have their concerns on homeowner insurance in Mississippi addressed may contact the Consumer Help Line of the Mississippi Insurance Department.
Find homeowner insurance rates in each of these Mississippi cities
Aberdeen – Amory – Batesville – Bay St. Louis – Biloxi – Booneville – Brandon – Brookhaven – Byram – Canton – Clarksdale – Cleveland – Clinton – Columbia – Columbus – Corinth – D’Iberville – Gautier – Greenville – Greenwood – Grenada – Gulfport – Hattiesburg – Hernando – Holly Springs – Horn Lake – Indianola – Jackson – Kosciusko – Laurel – Long Beach – Louisville – Madison – McComb – Meridian – Moss Point – Natchez – New Albany – Ocean Springs – Olive Branch – Oxford – Pascagoula – Pass Christian – Pearl – Petal – Philadelphia – Picayune – Richland – Ridgeland – Senatobia – Southaven – St. Martin – Starkville – Tupelo – Vicksburg – Waveland – West Hattiesburg – West Point – Yazoo City
Homeowner insurance in Mississippi provides coverage in the event of damage to your property from theft, fire, floods, and natural disasters as well as protects you from liability for injuries or damage caused to people on your property. The right homeowner insurance plan can help you make the best choices about this important protection for you and your family. Get free quotes on home owner insurance in Mississippi above.