Mississippi Homeowners Insurance
Mississippi homeowners insurance is important protection for one of your biggest assets, a home. If the residence is under a mortgage, you are usually required to provide insurance. Mississippi is prone to tornadoes every year from February to May, and even gets a hurricane or two every now and then. If you have not purchased homeowners insurance, to protect your house in the event of one of these natural disasters, consider what would happen if it were to be hit by a tornado. Would you have the financial means to rebuild? Many Mississippi homeowners do not.
Luckily, Mississippi homeowners insurance is very affordable and easy to purchase. You can shop online, get several quotes from providers in MS, and then purchase Mississippi homeowners insurance right from the comfort of the home office. The best thing is that you will save money on rates by shopping online. Homeowners insurance is not expensive, especially when you consider what it would cost to rebuild a house in the event of a disaster. You can even escrow your insurance directly into the house payments to make it even more convenient. Why not shop now, and start covering your Mississippi residence tomorrow with a homeowners insurance policy?
Available Coverage in MS
There are several types of Mississippi policies available. Whether you own a house Biloxi or a mansion in Greenville, you will find a policy that will fit your coverage requirements as well as fall within your budget. A basic Mississippi homeowners insurance policy will cover the residence and outbuildings, personal property, loss of use, and personal liability. Most basic policies do not cover extreme weather conditions such as a hurricane, but many do cover tornados. It is important that your review the policy carefully to determine what is covered and what may be excluded.
Although a basic Mississippi homeowners insurance policy will cover a home and the outbuildings, you may be surprised to find that they are covered below market value. If this is the case in your policy, it may be because your home is being covered at the replacement cost. The replacement cost is the cost in materials and labor it would take to rebuild the residence. For additional premiums, you may be able to have the policy changed to reflect market value. For outbuildings, you might be surprised that the replacement value is only around 10% of the whole property amount, regardless of size and property inside. If this is too low for your needs, you can have it increased as well for a slightly higher premium.
The personal property that the basic Mississippi homeowners insurance covers is everything that you have in the home. This includes clothing, electronics, collectibles, furniture, anything. It is important to note that the coverage may not be at market value, but instead at depreciated value. Make a list of your belongings to review with the provider. If you have specific items that you would like to increase the coverage on, such as jewelry, the insurer will provide you with additional endorsements to the policy that will cover such items.
Loss of use provides the homeowner and their family the means to stay in an alternate location while a home is being repaired or rebuilt should it become necessary. This could be a hotel, friend or family member's home, or even a rental unit if required. Again, there are limits to this coverage, so review the policy carefully before purchase.
Personal liability covers the owner in case of suits, property damage, or medical costs arising out of someone, who is not a resident, being injured on the property. This homeowners coverage would provide financial assistance for medical bills, repair, or replacement of property, and litigation charges if it becomes necessary. Remember, you could be sued whether the damage resulted from something you did or not, so be sure to cover your assets properly for personal liability.
Understanding Mississippi Perils
Most basic Mississippi homeowners insurance policies will provide coverage for perils such as fire or lightening, but if you are concerned about earthquakes, floods, hurricanes, or landslides, you may want to purchase hazard insurance as a supplement to the basic homeowners policy. Hazard insurance will provide coverage for specific perils such as hurricanes. Talk to a Mississippi homeowners insurance provider to determine if a hazard policy is needed in your area.
Mississippi homeowners insurance is an important part of protecting your family against financial loss in case of a disaster. Take the time to determine what the value of your home and valuables are before shopping for homeowners policies. Make a list of the valuables you have and be sure to identify anything that requires special coverage. A Mississippi home is an important asset. Protect it today by shopping online and comparing rates. If a natural disaster were to strike, you will be glad you did.