Best Condo Insurance In Mississippi For 2025

In June of 2024 Federal Disaster Assistance was made available to Mississippi as a direct result of the tornadoes, storms, floods, and winds that affected several counties throughout the state.

This disaster relief represents one of many natural disasters that have affected Mississippi over the last few years resulting in a significant increase for condo insurance premiums, roughly 81% more than the national average.

Condo insurance has gone up as the insurance commissioner for Mississippi has asked for a 33% increase to help offset the costs of the rising natural disasters.

So is it a requirement to carry insurance at all and if so how can you find affordable coverage?

Average Cost Of Condo Insurance In Mississippi

On average, condo insurance in Mississippi comes to $3,384. The most affordable option is Southern Farm Bureau, charging around $2,365 annually. See the table below for annual premium estimates from some of the state’s leading condo insurance providers.

Average Cost Of Condo Insurance By Building Property Limits

There’s no one-size-fits-all approach to condo insurance. The coverage you should get depends largely on how much it would cost to rebuild your condo. Below is a comparison table showing average monthly premiums at various coverage levels.

There’s no one-size-fits-all approach to condo insurance. The coverage you should get depends largely on how much it would cost to rebuild your condo. Below is a comparison table showing average monthly premiums at various coverage levels

When selecting insurance, don’t just chase the cheapest rates; find a policy that strikes a good mix of affordability, coverage, financial security, and reliable customer support.

Average Cost Of Condo Insurance By City

The following table outlines the average expenses for condo insurance across several of Mississippi’s largest cities.

Most Expensive ZIP Codes For Condo Insurance In Mississippi

Condo insurance costs reach a high in Mississippi’s 38655 ZIP code, averaging $3,055 per year.

Cheapest ZIP Codes For Condo Insurance In Mississippi

Condo insurance is least expensive in ZIP code 38637, with an average yearly cost of $2,965.

How Much Condo Insurance Do I Need In Mississippi?

Picking the coverage amount for a condo in Mississippi comes down to several factors:

1. Take time to calculate the potential cost of rebuilding your unit
2. Take an inventory of the value of your personal belongings within the condo
3. Consider any additional coverage that you might want

All of these can help you decide the amount that best fits your needs.

What Does Condo Insurance Cover In Mississippi?

Also known as HO-6 insurance, condo insurance is a form of homeowners insurance specifically for condos. Coverage amounts range between things like $ 100,000 and $500,000 in liability as well as loss assessment coverage. You can pick a policy that covers things like:

1. Personal property which covers things like the cost of your jewelry or electronics in the event that a thief breaks into your condo and takes them or another covered event causes damage
2. Loss of use which reimburses you for costs like hotel bills and other expenses in the event that you can’t live in your condo while repairs are being done
3. Liability which can help prevent you if someone sues you or is injured on your property

Most condo insurance only covers the interior of your condo but if you have exterior buildings or outdoor spaces that are not shared units, you can get additional coverage for these.

Is Condo Insurance Legally Required In Mississippi?

There are no state laws in Mississippi that require condo insurance. However, if you take out a mortgage on your condo, lenders will typically require HO-6 policies and each condo association might have certain coverages and limits.

Investing in a condo insurance policy can help protect not just your unit but any improvements you have made like upgraded floors or renovated kitchens, as well as protect your personal property against things like burglary and fire.

How To Save Money On Mississippi Condo Insurance

There are multiple strategies for securing affordable condo insurance in Mississippi, while still having solid coverage. Raising your deductible is one of the easiest methods to lower your premium, but consider your ability to pay a higher amount out-of-pocket if you need to file a claim.

Additionally, taking steps to weatherproof and protect your condo against break-ins can also lead to lower premiums. This could involve installing storm protection and enhancing home security features.

How To Get An Online Condo Insurance Quote In Mississippi

The easiest way to find reliable condo insurance in Mississippi is by comparing quotes from several reputable providers. Insuranceopedia is a great place to start your search. To receive accurate quotes, be ready to share the following details:

• Your name
• Your condo’s address
• The construction year of your condo
• The type of exterior walls
• Your condo’s square footage
• The cost to rebuild your property
• The estimated value of your belongings
• The number of occupants in your condo
• Your claims history
• Any security or safety devices in place

Factors That Impact The Cost Of Your Condo Insurance Policy

Mississippi insurance companies review four main factors when setting your premium for condo insurance.

 Location Of Your Condo

In Mississippi there is a distinct difference in terms of the cost of a condo insurance policy between coastal regions and inland regions.

Coastal regions are more prone to floods and storms as well as other natural disasters leading directly to costly premiums.

In Mississippi the average premiums are higher along coastal regions compared to inland regions. From 2004 to 2022 the average premiums for condo insurance were $1,677 annually for a coastal home compared to $982 annually for an inland home.

That said, major cities where burglary rates are high will also have higher costs for condo insurance policies. In Mississippi, there is an annual average home burglary of 350.2 per 100,000 people. Cities like Corinth have crime rates three times that of the state average, however, meaning such cities are likely to have higher condo insurance premiums to account for the higher rates of crime.

Claims History

A history of claims can negatively impact your premiums just the same as a clean claim history can help you negotiate for lower premiums.

Age And Construction Type Of Your Condo

The average home age in Mississippi is around 48 years old and the older your property is the more likely you are to have an increased risk of claims for things like heating issues, outdated wiring, and plumbing problems. This can lend itself to hire premiums just the same as the materials used in the construction can increase or decrease premiums, based on the expected cost of repairs and replacements.

Replacement Cost

Higher replacement costs mean higher premiums since this coverage ensures your condo is rebuilt after a covered event.

Compare Condo Isurance Rates By State