Getting a Condo Insurance Quote in Mississippi
As more and more Mississippi residents opt for the convenience of condo life, the demand for condo insurance has skyrocketed. Finding the right condo insurance in Mississippi can be confusing, and all the different aspects that determine how expensive or how cheap your annual coverage will be don’t help. So, we’ve made it our goal to make the condo insurance purchase process a breeze and are here to help by listing a few important considerations worth keeping in mind when negotiating the price of your condo insurance.
Mississippi Condo Insurance Statistics at a Glance
Given the range of factors that influence the price of condo insurance and taking into account the rising property values, condo insurance in Mississippi tends to be slightly more expensive than in some other states. Mississippi residents pay an average of $77 per month or $929 per year for their condo insurance, making it the 41st most expensive state in the country for condo owners to insure their properties. While Mississippians may be spending more on their condo insurance than, say, Michiganians, the good news is that recent trends show a decline in condo insurance prices in Mississippi. Insurance rates for condos in Mississippi are for the most part similar, but research shows that residents in Pascagoula, MS, pay an average of $1,026 per year or $85.50 per month for their condo insurance, making it the most expensive city in Mississippi for condo insurance. On the other hand, condo owners in Starkville, MS, pay an average of just $576 a year or $48 a month for their insurance, making it the cheapest city in the state to insure a condo. Nevertheless, you need to remember that different insurance companies charge different rates, so it’s important to shop around when looking for condo insurance, regardless of where you live.
$542
Average Annual Cost of Condo Insurance in Mississippi
The average cost of condo insurance in Mississippi on an annual basis is $542.
$45
Average Monthly Cost of Condo Insurance in Mississippi
The cost of condo insurance in Mississippi is roughly $45 per month.
27%
Percentage of Income on Ownership for Condos in Mississippi
Residents of Mississippi spend an average of 27% of their income on condo ownership.
23 years
Median Age of a Property Which Requires Mississippi Condo Insurance
The average age of a property requiring condo insurance in Mississippi is roughly 23 years.
What Affects the Costs of Your Condo Insurance in Mississippi
Insurance companies consider several factors when pricing condo insurance and use these to calculate everything from your policy price to how much of a risk you are to insure and how much it could potentially cost them to insure you. Some of these factors, like the location of your condo, the year it was built in, and the construction quality, are typically out of the average condo owner’s control. However, they’re just as likely to contribute to a better deal on your condo insurance as they are to raise your premiums, so all hope is not lost. Other factors taken into account by insurance providers, including your credit history, claims history with other providers, driver’s record, amount of personal belongings in your condo, the people who live with you, and whether you rent or own the condo also play a part in the final price for your condo insurance but, luckily, you can control these to a certain extent. In any case, to benefit from the best possible deal, we strongly recommend that you gather all this information in advance and have it ready when shopping around for quotes on condo insurance in Mississippi.
Average Cost of Condo Insurance in Mississippi by City
If you’ve already looked into condo insurance in Mississippi, chances are you’ve already come across HO6 insurance a couple of times. An HO6 policy is usually all you need when insuring your condo, regardless of whether you live in busy Jackson or Gulfport or a more laid-back town like West Point. To give you a better idea of what to expect when insuring your condo and increase your chances of scoring a better deal, we’ve compiled a list of the average insurance prices paid by condo owners in different parts of Mississippi. It’s worth noting that the below averages are based on condo insurance prices in certain cities, so the price you ultimately end up paying might vary depending on where you’re located.
| City in Mississippi | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Jackson, MS | $64 | $766 |
| Gulfport, MS | $81 | $973 |
| Southaven, MS | $51 | $607 |
| Biloxi, MS | $82 | $989 |
| Hattiesburg, MS | $63 | $751 |
| Tupelo, MS | $50 | $597 |
| Olive Branch, MS | $51 | $609 |
| Meridian, MS | $52 | $625 |
| Greenville, MS | $58 | $697 |
| Horn Lake, MS | $50 | $605 |
| Pearl, MS | $53 | $633 |
| Madison, MS | $52 | $630 |
| Starkville, MS | $48 | $576 |
| Clinton, MS | $56 | $669 |
| Oxford, MS | $49 | $589 |
| Ridgeland, MS | $54 | $643 |
| Brandon, MS | $52 | $620 |
| Columbus, MS | $48 | $578 |
| Vicksburg, MS | $58 | $694 |
| Pascagoula, MS | $86 | $1,026 |
| Gautier, MS | $82 | $986 |
| Laurel, MS | $60 | $722 |
| Ocean Springs, MS | $83 | $998 |
| Hernando, MS | $52 | $619 |
| Long Beach, MS | $77 | $927 |
| Clarksdale, MS | $58 | $699 |
| Natchez, MS | $62 | $749 |
| Corinth, MS | $55 | $656 |
| Diberville, MS | $83 | $996 |
| Greenwood, MS | $60 | $717 |
| Bay Saint Louis, MS | $74 | $883 |
| Moss Point, MS | $73 | $872 |
| McComb, MS | $62 | $746 |
| Grenada, MS | $56 | $678 |
| Canton, MS | $52 | $626 |
| Brookhaven, MS | $61 | $732 |
| Byram, MS | $58 | $698 |
| Cleveland, MS | $59 | $706 |
| Picayune, MS | $63 | $752 |
| Yazoo City, MS | $57 | $683 |
| Petal, MS | $64 | $765 |
| West Point, MS | $52 | $627 |
Choosing the Best Condo Insurance Company in Mississippi for Your Needs
Choosing the best condo insurance company in Mississippi for your needs is all about putting in time and effort now to save you trouble in the long run. You can’t put a price on the peace of mind knowing that you, your family, and the possessions you’ve worked so hard for are safe, so don’t shy away from spending that extra bit of time to hunt down the most comprehensive and affordable coverage you can find. Don’t risk your home and all the work you’ve put into it just for the sake of saving a few dollars. Look around and compare quotes from a few companies before making your final decision and go with the company you feel best suits your needs. Never, ever succumb to any pressure a company may put on you. No reputable or professional company will ever try to force you into making a decision or paying a price you’re not comfortable with. On that note, the best condo insurance companies reward their long-term and loyal clients with discounts and added benefits, so it’s worth looking into what a potential company can do for you in the future. Lastly, when you think you’ve found a provider you can work with, check the Mississippi department of insurance website to make sure they’re fully licensed and to find out more about the status of their license, their fiscal stability, and any past complaints that may have been filed against them.
The Top Rated Condo Insurance Companies in Mississippi Based off Consumer Ratings
Serving condo owners in the United States for over 50 years, State Farm is the top-rated condo insurance company in Mississippi based on consumer ratings. A study conducted by JD Power on condo insurance in Mississippi scored State Farm a 4 out of 5 (above average) for the coverage they offered, as well as their billing and payment methods, customer support, and claims handling processes. State Farm also received an NAIC complaint ratio of 0.19 in Mississippi, and like most insurance companies, they offer discounts on insurance premiums for condos either built or renovated to withstand any natural disasters that may occur in the Magnolia State. When taking independent metrics on condo insurance firms in Mississippi into consideration, USAA scored a 5 out of 5 on the JD Power rating, while Nationwide scored the lowest in the state with a 2 out of 5. Furthermore, Mississippi Farm Bureau had the lowest NAIC complaint ratio with a 0.14, while Allstate had the highest with a 0.34.
| Mississippi Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| Travelers Ratings for Condo Insurance in Mississippi | 2/5 | 0.28 |
| Allstate Ratings for Condo Insurance in Mississippi | 3/5 | 0.34 |
| Mississippi Farm Bureau Ratings for Condo Insurance in Mississippi | N/A | 0.14 |
| MetLife Ratings for Condo Insurance in Mississippi | 2/5 | 0.2 |
| Nationwide Ratings for Condo Insurance in Mississippi | 2/5 | 0.29 |
| USAA Ratings for Condo Insurance in Mississippi | 5/5 | 0.14 |
| State Farm Ratings for Condo Insurance in Mississippi | 4/5 | 0.19 |
Mississippi Condo Insurance Requirements
Under Mississippi Condominium Law, a condominium owner in Mississippi is free to purchase condo insurance for their benefit but isn’t legally required to do so. The Condominium Law requires all condominium associations to purchase and maintain insurance for the whole condominium building and specifies that this policy takes precedence over any insurance carried by condo owners who choose to purchase their own separate insurance policy. Despite there being no legal requirement to do so, condominium owners in Mississippi should still consider carrying condo insurance that protects them against any damage or event not covered by the association’s policy, as well as their personal property, liability, and any improvements they make to their units.
What's Covered with Your Condo Insurance in Mississippi
When comparing different insurance policies, you’re bound to notice that most condo insurance providers in Mississippi offer standard coverage plans comprising of building property coverage, private property coverage, loss of use coverage, and liability coverage. Building property coverage covers expenses arising due to damage to the internal structure of your condo (such as your walls, floors, and tiles) and permanent fixtures caused by a covered event, like a flood or a fire. Personal property coverage covers you for any damage or losses to your personal property, such as your clothes, furniture, or electronics, caused by a covered event, like a fire or a burglary. If anything renders your condo not fit to live in, loss of use coverage covers any additional living expenses you might face when moving to alternate accommodation. Condo insurance providers in Mississippi generally cover liability damages up to $100,000, meaning they’re the first to pay out if you’re deemed liable for any property damage or personal injury that occurs in your condo.
| Average Costs of Condo Insurance in Mississippi by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Alcorn County, MS | $47 | $568 |
| Desoto County, MS | $42 | $498 |
| Forrest County, MS | $52 | $624 |
| Hancock County, MS | $61 | $736 |
| Harrison County, MS | $62 | $740 |
| Hinds County, MS | $52 | $620 |
| Jackson County, MS | $65 | $782 |
| Jones County, MS | $48 | $578 |
| Lafayette County, MS | $42 | $500 |
| Lamar County, MS | $50 | $602 |
| Lauderdale County, MS | $44 | $529 |
| Lee County, MS | $42 | $503 |
| Lincoln County, MS | $50 | $606 |
| Lowndes County, MS | $42 | $505 |
| Madison County, MS | $44 | $528 |
| Marshall County, MS | $47 | $563 |
| Monroe County, MS | $46 | $551 |
| Oktibbeha County, MS | $40 | $483 |
| Panola County, MS | $42 | $510 |
| Pearl River County, MS | $56 | $670 |
| Pike County, MS | $51 | $608 |
| Pontotoc County, MS | $49 | $589 |
| Rankin County, MS | $45 | $535 |
| Warren County, MS | $47 | $562 |
| Washington County, MS | $50 | $602 |
How to Get Mississippi Condo Insurance Discounts
The easiest way to get a discount on your condo insurance is to just ask about any discounts you or any family members may be eligible for. A few discounts commonly offered by Mississippi insurance providers include new client, multi-policy, loyalty, and paid-in-full discounts. What’s more, nearly all insurance companies in Mississippi feature their own discount or loyalty programs, and you’ll typically find a few companies that offer discounts in addition to the standard ones provided by other companies.
| Condo Insurance Deductible | Average Mississippi Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $189 |
| $1,000 | $178 |
| $1,500 | $173 |
| $2,000 | $156 |
| $5,000 | $136 |
Getting the Best Mississippi Condo Insurance Rates
Shopping around is vital to saving on your Mississippi condo insurance plan and you could be amazed by how much you can save, but it doesn’t have to be as hard as you think. All you have to do is call us and we’ll help you determine which company can give you the best deal on your condo insurance. Asking a fellow condo owner could also help you save on your insurance since many condo insurance companies offer referral discounts and bonuses. Another way you could potentially save on your insurance would be to look into the possibility of paying a higher deductible in exchange for a lower premium. Bear in mind, however, that paying a higher deductible means that you’ll need to foot the bill for any damages below the deductible, so make sure you’re in a financial position to afford this should the worst happen. If you’re not willing to pay a higher deductible, find out whether any of your current insurance providers offer deals or discounts on multiple insurance policies. For instance, your car insurance provider might offer you a better rate on your condo insurance or a reduced premium if you purchase both policies from them. In the same way, bundling your insurance policies could also make you eligible for loyalty discounts. While discounts can save you up to 10% on your insurance premiums, perhaps one of the best ways to get a better rate on your condo insurance is to pay attention to your credit rating and keep it as high as possible, as insurance companies often consider it when pricing insurance policy premiums and tend to offer better rates to clients with high credit scores.