When it comes to Mississippi insurance rates, residents find themselves paying a wide range of rates. Mississippians can thank their lower-than-average auto insurance rates on a low number of accidents and safer driving in general. The much higher-than-average homeowners insurance rates, despite a low cost of living in the state, can be attributed to coastal living and a high likelihood for hurricanes and flooding.
With these factors in mind, knowing what you do and don't need when it comes to Mississippi insurance can be difficult. The following tips will give you a general idea.
Mississippi Insurance for Autos
If you want to drive around in Mississippi, you need to have auto insurance. Like every other state, Mississippi has minimum requirements for coverage amounts:
- Bodily Injury Liability--$25,000/50,000. This type of insurance covers the cost of medical bills in the other car if you were at fault in an accident.
- Property Liability--$25,000. This covers any property you may have damaged, including other vehicles.
Keep in mind that these limits are the bare minimum you need and don't cover your own car. Most Mississippi residents carry the following in addition:
- Uninsured Motorist. While not required, it's always a good idea to get this type of coverage included in your Mississippi insurance rates. If you are in an accident the other driver causes and is uninsured, this will keep you covered. Most Mississippians get $10,000/20,000.
- Collision. Also a good idea, this type of insurance covers repair or replacement costs to your car should you get in an accident.
- Comprehensive. This covers non-crash related damage to your car, like theft, hail damage, and flooding.
Mississippi Insurance for Your Home
Coastal living means beautiful scenery and short drives to the beach. But it comes at a price. Hurricanes, wind, and strong storms are to thank for higher than average Mississippi insurance rates.
When shopping for home insurance, make sure you keep the following in mind:
- Flood insurance is not included. Many Mississippi residents found this out the hard way during hurricanes Katrina and Rita. This type of coverage is separate from your homeowners and is regulated by FEMA. Average costs run around $500 a year for $100,000 worth of coverage.
- Don't forget home contents. Unless indicated in your policy, the contents of your home are not included either. Make sure you do an inventory of your personal possessions like clothing and furniture and make sure to get this type as well.
Saving on Your Mississippi Insurance
You can save on your rates by shopping around and comparing quotes from different companies in your area. This is the best way to ensure you are getting the most coverage for the best price. Localinsurance.com is the best source for finding Mississippi insurance rates quickly and easily right from your home.
