Coverage for your piece of the World

Home Insurance in Mississippi

Here’s the deal:

You’re going to want homeowners insurance for a lot of reasons. Too many to list. But in a nutshell, you get a home insurance policy to:

  • Repair: When stuff breaks or gets broken.
  • Replace: When stuff is broken to the point it can’t even be repaired.
  • Recover: When stuff is stolen.

These things happen… life happens. See Murphy’s Law.

Also!

Your homeowners insurance policy covers your liability in case anyone is hurt while in your home or on your property.

Here we go with a breakdown of it all:

What does homeowner’s insurance cover?

Homeowners insurance can cover all kinds of things. You can add or remove tons of different coverages. A few examples of events that a typical home insurance policy covers in Mississippi are:
 
  • Fire
  • Theft
  • Water Damage
  • Wind & Hail Damage

 

Property Damage

That’s damage to your house or other structures on your property. Other structures like a detached garage or storage shed.

Wait there’s more! Not only are the structures covered, but your belongings inside are as well!

Something might catch fire. Water pipes might freeze and burst. A huge tree limb might come crashing through your bedroom ceiling during a particularly severe storm while you’re right in the middle of an epic singalong to the Whitney Houston classic I Will Always Love You (Don’t forget Dolly Parton).

Hey, it happens! So a homeowners insurance policy keeps the cost of these potential disasters from hitting your wallet directly.

Now:

Normal wear and tear to your home is not covered by your insurance policy. It’s your responsibility to maintain your house and property. If you don’t perform basic maintenance and that winds up being the cause of major damage, your insurance policy may not cover it.

Your homeowners insurance isn’t a get-out-of-maintenance free card.

So take care of your stuff!

 

Speaking of Your Stuff

Things like furniture, clothing, sports equipment, and appliances are typically covered if they are stolen or destroyed.

However, it’s wise to cover more specific and expensive items such as your baseball card collection, grandma’s engagement ring, and firearms as “scheduled property.”

A standard homeowners insurance policy may already cover these things, but not in a way you’re going to be satisfied with if they’re lost or stolen. Scheduled Personal Property is an additional coverage you can add on to your home policy to cover specific items.

Therefore, it’s always a good idea to talk to your agent about anything specific or high-value. You want to make sure it’s adequately covered. Insurance can be tricky like that. Your idea of an item’s value may not line up with what the insurance company thinks. It’s always a good idea to discuss these things on the front end before something has gone awry and it’s time to make a claim.

 

Liability

Most Mississippi homeowners insurance also covers your liability. What does that even mean?

That’s your financial responsibility for things like injury to others that are on or in your property. Because it happened on your turf, you are liable. (Liable + ility + Liability!)

It gets better:

Not only can a homeowners policy cover injuries to other people, but it can also cover damage to their belongings. For instance, if your buddy’s car is smashed by a falling limb while parked at your house. (What’s with all these falling limbs?) Your home insurance may cover it!

Pro tip: Your homeowners liability coverage may cover injuries to other people or their property caused by your pets. Ask us about it!

 

Additional Living Expenses / Loss of Use

Ok this is really handy:

Let’s say your homeowners policy is covering some major damage to your home like a huge tree falling through your roof. Additionally, let’s say that you’re unable to actually live there while repairs are being made. That’s “loss of use”.

When your home isn’t usable due to covered damage, your home policy can pay for things like hotel rooms and even groceries while everything is being sorted out and repairs are being made. How cool is that?

 

Is homeowners insurance mandatory?

Homeowners insurance is not the law of the land (unlike car insurance in most states).

However, if you’re getting a mortgage loan to purchase a home, your lender is going to require a homeowners insurance policy. They really want that home they’re helping you purchase to be insured for at least the amount you owe on the loan.

 

How much does homeowners insurance cost?

The average cost for home insurance in the United States is about $1,173 annually (that was in 2015).

But if you live around here:

Mississippi is typically grouped in the top ten states subject to the most natural disasters.

What makes it even better?

We’re also surrounded by the other top-ranking states. Great!

Therefore, homeowners insurance rates in Mississippi can be higher than other parts of the country, especially the nearer you are to the Gulf Coast. The actual cost of your policy will vary depending on where you live, the specifics of your home, and a myriad of other factors.

Get in touch with us and we can help you figure out exactly what you’ll need.

Things Your Homeowner’s Insurance Won’t Cover

Mother Nature’s Wrath At least the really bad stuff like floods, earthquakes, and hurricanes. You will usually need a separate coverage or policy to protect your home and your stuff. You can ask us about specific coverages for disasters like these if you live in an area where they’re common.

Laziness The hassle of upkeep and maintenance comes with home ownership. It’s just part of the deal. Your homeowners insurance policy probably won’t cover things that go wrong just because you don’t keep up with basic home maintenance. Keep your little piece of the world in good working order! There are, however, special coverages for things like basic wear and tear on home appliances. Just ask us!

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