It's a good thing that Mississippi is a relatively inexpensive place to live. Because if you've purchased homeowner's insurance in the past you know this is one area where the Magnolia State puts a heavy burden on its residents. Like a breezeless July day, the weight of insurance can be stifling. According to the National Association of Insurance Commissioners' 2007 report, Mississippians pay an average of $1,019—7th highest in the nation. You're obviously here to save money on your Mississippi house insurance rates. And we'll give you some tips on that. Stay with us.

Mississippi House Insurance 101
Whether you live in a shotgun house in Tupelo, a stately Antebellum in Natchez, or a new home outside of Jackson, you'll most likely be shopping for a Mississippi house insurance policy that has these basic elements:

  • Coverage A- Dwelling
    This will pay to rebuild/repair your home in the event of a peril such as fire, tornado, etc. If you have a mortgage, you will probably have to cover at least 80% of the home's value.
  • Coverage B- Other Structures
    This covers unattached property like sheds and garages and is typically 10% of your home's coverage amount.
  • Coverage C- Personal Property (PP)
    This repairs or replaces your personal belongings and coverage is usually 50% of your home's amount of coverage.
  • Coverage D- Additional Living Expenses
    This pays for alternate living arrangements should your home become unlivable because of a peril covered in Coverage A. It's usually about 20% of the home's coverage amount.
  • Coverage E- Comprehensive Personal Liability
    This protects you in the event someone is injured on your property. It typically covers law suits and damages and usually starts at $100,000 per accident.
  • Coverage F- Medical Expense
    Pays for medical expenses per person, per accident when someone is injured on your premises.

A Few Things to Consider
Mississippi Wind Mitigation Program- A qualified inspector will identify areas where your home can be strengthened to mitigate damage during a hurricane. The inspections are free through the Mississippi Insurance Department and can save you money on your policy if you make the improvements. Program excludes Mobile/Manufactured homes, apartments, condos, and multi-family dwellings.

Your house's replacement value: This is the cost to replace/rebuild your home using today's construction costs usually expressed as a price per square foot. It's not the market value and does not include your property and foundation.

The difference between "actual cash value" (ACV) and "replacement cost": ACV takes depreciation (age, wear, tear) into consideration when calculating for a loss. For example, your home is struck by lightning and destroys your $3,000 52" Samsung TV. Because you bought the TV four years ago, it may now only be worth $1,500 give or take—its depreciated value. Replacement cost—usually purchased at a slightly higher premium of 2% to 15% of base premium—replaces, repairs, or rebuilds (in the case of houses) using the same or similar materials without considering depreciation.

Valuables like firearms, jewelry, special collections: if you have items like these you'll probably want to ask an agent if they're covered. Usually, they're only covered—if at all—up to a small limited amount.

Ways to Lower Your Mississippi House Insurance Rates
One way to save up to 50% on your Mississippi house insurance rates is to ask an agent about discounts. Here are a few that are typically offered:

  • Protective devices like dead-bolt locks, smoke detectors, fire extinguishers, automatic sprinklers, burglar/fire alarms, and new plumbing/wiring.
  • Multi-line (house, auto, life)
  • Senior (55+)
  • Non-smoker
  • Paying in advance vs. making monthly or bi-monthly payments.
  • Payroll deducted payments.
  • Military
  • New house discounts; the newer the house the lower the risk.
  • Claims free discount
  • Wind mitigation improvements
  • Credit Score

Finally, the best way to save on your Mississippi house insurance rates is to comparison shop with LocalInsurance. Let LocalInsurance scour the web for the best prices from agents in your area. It's free, easy and could save you hundreds.

If you are interested in learning more about Mississippi home insurance, there are a number of resources that are offered by the state. Mississippi has a Department of Insurance which can help ensure that you have the appropriate coverage for your home and provide you with useful information when selecting a homeowners insurance policy.