Table of Contents
- How much does renters insurance cost in Mississippi?
- Average cost of renters insurance in Mississippi
- Cheapest renters insurance in Mississippi: Nationwide
- Disadvantages of Nationwide renters insurance in Mississippi
- Best renters insurance in Mississippi: Liberty Mutual
- Other renters insurance providers in Mississippi worth looking at
- More helpful things to know about Mississippi renters insurance:
- Other questions about Mississippi renters insurance
- How we gathered our data on Mississippi renters insurance prices
How much does renters insurance cost in Mississippi?
Renters insurance in Mississippi costs around $33.11 per month, which is significantly higher than the national average of $20 per month.
Farmers is by far the most expensive insurer in the state, with prices averaging a staggering $50.19 per month. Nationwide consistently offers the cheapest renters insurance, with rates of around $19.25 per month.
Mississippi’s renters insurance rates are a little unusual. In most states, the highest prices are found in the biggest cities, but this isn’t always the case in MS.
For instance, the capital city of Jackson is also the most populous in the state. However, it has the fourth most expensive renters insurance prices, with rates averaging $34.80 per month. Biloxi ($43.09) is the most expensive city to get renters insurance in, despite having a population less than one third the size of Jacksonville’s.
The variables that contribute to renters insurance prices in MS include:
- Crime rate: Because renters insurance covers theft, insurers look at the crime rate in your zip code when they set your monthly premiums (the price you pay for renters insurance).
- Inclement weather: Renters insurance doesn’t cover flooding, but it does cover many other forms of weather damage, including wind and lightning damage. For this reason, if your area is prone to extreme weather, such as tornadoes or hurricanes, you’ll have to pay more for renters insurance.
- Proximity to emergency services: Mississippi is a relatively rural state with plenty of farmland and forested land. If you live in one of those areas and are further away from local hospitals or fire stations, it may impact your insurance rates.
There are also a few personal factors that can affect the prices you’ll receive:
- Your claims history: If you’ve filed a lot of insurance claims in the past, you may see a hike in your monthly rates. Some insurers may even reject your application for renters insurance outright.
- Your credit and payment history: In Mississippi, most renters insurance companies will run your credit when they process your application. If you have poor credit, you’ll have to pay more.
- Your coverage and deductible: As you’d expect, if you buy more coverage, you’ll end up paying more. Similarly, if you choose a lower renters insurance deductible (the amount you’re expected to pay out of pocket when filing a claim), it will result in increased monthly premiums, and vice versa.
Average cost of renters insurance in Mississippi
First, we’ll look at the average yearly and monthly rates for renters insurance across Mississippi’s major cities:
Renters insurance prices in MS by city
|City||Average price (monthly)||Average price (yearly)|
Next, let’s take a look at the average cost of renters insurance offered by every major insurer in Mississippi:
Renters insurance prices in MS by insurer
|Insurer||Price||Difference from average|
Cheapest renters insurance in Mississippi: Nationwide
Overall, Nationwide offers the cheapest renters insurance in the state of Mississippi. If you choose Nationwide, you can expect prices that are roughly $13.86 per month cheaper than the state’s average.
Nationwide is cheap, but is their renters insurance any good? Let’s look at some of their advantages and disadvantages in the Magnolia State.
Advantages of Nationwide renters insurance in Mississippi
- Personalized service: Nationwide offers a free annual consultation with an agent to review your coverage options. This ensures you’ll get the coverage you need, and your agent may have suggestions about changes to your policy that can save you money, too.
- Credit card coverage: If your credit card is lost or stolen, Nationwide will cover any fraudulent activity up to your policy’s limit. Many other insurers offer similar coverage, but you usually have to get it by buying an optional renters insurance rider. Nationwide offers it in their standard policies.
- Building alterations coverage: Unlike most providers, Nationwide will compensate you for any damage that occurs to alterations or additions you make to your own rental property. For instance, if you install a new light fixture and it falls or short-circuits, they’ll reimburse you for the loss.
Disadvantages of Nationwide renters insurance in Mississippi
- Actual cash value coverage: Standard policies from Nationwide include actual cash value coverage. That means if any of your belongings are lost, stolen, or damaged, you won’t get as much from Nationwide as you would with replacement cost coverage. You’ll only receive reimbursement for the depreciated value of the item. You can add replacement cost coverage to your policy, but it will cost extra.
- No round-the-clock customer support: Some other large insurance companies (e.g. Allstate and State Farm) offer 24/7 support. With Nationwide, if something happens and you need to contact them over the phone, you’ll have to call between 8 am and 11 pm EST.
Best renters insurance in Mississippi: Liberty Mutual
Although Nationwide has many advantages, we found that overall, Liberty Mutual offered the best renters insurance policies in Mississippi
Advantages of Liberty Mutual renters insurance in Mississippi
- Discounts: Liberty Mutual’s base prices aren’t the cheapest in the state, but they offer more discounts than any other insurance company. For instance, they offer discounts for paying for your policy online, switching over from a competitor (before your old policy lapses), installing fire safety and security devices in your home, bundling your renters and auto insurance policies, and more.
- Flood insurance: As mentioned, most renters insurance providers don’t offer flood coverage. However, Liberty Mutual partners with the National Flood Insurance Program to provide separate flood insurance This is a definite perk for people in Mississippi, as the state is susceptible to flash flooding.
- Extra help in disaster situations: In the same vein, if your area is affected by a disaster, such as a flood or hurricane, Liberty Mutual will dispatch catastrophe response experts to assist you. This is a big perk in Mississippi, which is vulnerable to hurricanes because of its proximity to the Gulf Coast and also regularly sees tornadoes.
Disadvantages of Liberty Mutual renters insurance in Mississippi
- Limited personal property coverage: Liberty Mutual’s renters insurance plans are pretty spartan. For instance, their personal property coverage is limited to $25,000, which isn’t much if you have lots of valuables to protect. By way of comparison, many other providers allow you to pick up to $50,000 or $100,000 in coverage, and State Farm offers up to $1,000,000.
- Actual cash value coverage: Like Nationwide, Liberty Mutual offers actual cash value coverage by default in Mississippi. It’s possible to upgrade to replacement cost coverage, but it’s annoying to have to do so when many other insurers offer it in their standard policies.
- Low customer satisfaction ratings: In a 2020 survey, the consumer research firm J.D. Power rated Liberty Mutual’s renters insurance 11th out of 14 providers. Most of the customers they surveyed were still reasonably happy with their insurance, but the company does receive a higher-than-average number of complaints.
Other renters insurance providers in Mississippi worth looking at
Depending on your situation, there might be other providers in Mississippi that you should consider. We’ll outline the best renters insurance companies for:
- Veterans and military families
- Gun owners
- People living in Tornado Alley
Best for military members and families: USAA
With four military bases in the state, Mississippi is home to plenty of servicemembers. For those with military ties, USAA’s renters insurance is arguably the best available.
USAA has a reputation for providing superior customer service and more comprehensive coverage than their competitors. They’re the only renters insurance provider that includes flood coverage in their standard policies. This is particularly valuable in places prone to tornadoes, hurricanes, and flash floods, like most of Mississippi. USAA is also the only renters insurance provider that covers earthquakes by default.
The catch is that USAA is only available to select individuals — current and former military servicemembers and the spouses and children of other USAA members. If you don’t have military ties, unfortunately you aren’t eligible for their insurance.
Best for gun owners: Progressive
Some renters insurance policies feature sub-limits that restrict how much coverage they provide for certain classes of valuable items, like firearms. If you have a gun collection, an add-on that extends your policy’s coverage limit could save you a lot of money.
Progressive has very affordable property riders that provide more coverage for your firearms. Note that you probably will have to disclose your gun collection to Progressive to get this additional protection.
Best coverage for tornados: Farmers
Nearly all insurance providers offer coverage for wind damage, which includes tornadoes. However, tornado-related claims can be tricky because they’re often very large. If you have to file one, it’s best to have a provider that has a reputation for not fighting their customers when they make expensive claims.
In general, Farmers has a reputation for having a reasonable claims handling process. If you live in a tornado-prone area and you have a lot of valuable possessions, this may justify Farmers’ higher-than-average renters insurance prices.
More helpful things to know about Mississippi renters insurance:
If you’d like more information on the most popular insurance providers in Mississippi, take a look at our renters insurance reviews. We provide a breakdown of the following companies:
Other questions about Mississippi renters insurance
Here are a few of the most commonly asked questions about renters insurance in the Magnolia State:
Is renters insurance required in Mississippi?
No, renters insurance isn’t required in Mississippi. Renters insurance isn’t like auto insurance; you’re not bound by law to purchase it anywhere in the country.
However, renters insurance is almost always worth getting. You don’t want to be caught without it if something happens and you need to replace your belongings.
Also, keep in mind that many landlords require their tenants to obtain renters insurance as a condition of their lease, and they’re within their rights to do so. If your landlord makes renters insurance mandatory, you do have to get it.
Does renters insurance require a credit check in Mississippi?
Yes, you’ll need to submit to a credit check to get renters insurance in Mississippi. There are only a few states that place restrictions on how insurers can use your credit, and Mississippi isn’t one of them. To learn more, read our guide on how to get renters insurance with no credit check.
How much should I pay for renters insurance in Mississippi?
The answer to this question depends upon your situation and your budget. When you start looking for renters insurance, create a home inventory and make sure you purchase enough coverage to protect everything you own. The price of renters insurance tends to be quite low (it’s one of the cheapest types of insurance out there) so even if you have a larger-than-average inventory, you probably won’t end up paying too much.
How we gathered our data on Mississippi renters insurance prices
When we collected our quotes, we used the following information. All of these affected the prices we received:
- Insured party: Male, 30-years old, unmarried, employed, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on personal property coverage)
- Deductible: $500
Earlier in this post, we listed the other factors that affect the price of renters insurance, such as your credit score and your neighborhood’s crime rate. It’s also important to note that renters insurance rates can fluctuate over time, so your quotes may differ slightly from ours. However, they probably won’t differ by more than a few dollars.
The quotes listed in this article also don’t include additional charges, like the installation fee that some insurers add onto the first month’s premium. To learn more about that, read our guide on how to get renters insurance with no down payment.
You can see our complete data set below:
Average prices for Mississippi renters insurance by city and insurer:
|City||Allstate||GEICO||Progressive||State Farm||Liberty Mutual||Nationwide||Midvale||Farmers|
A dash (-) means we were unable to obtain a quote from that insurer in that location. Call a local agent for details.