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Owning a rental property is a great way to create a passive income. However, you have so many things to consider. Though you'll probably purchase landlord insurance to protect the structures and buildings, it doesn't extend to a tenant's personal belongings. They will need to buy renters insurance in Mississippi.
The Mississippi Insurance Department has created a home preparedness article to help homeowners and renters learn about the benefits of insurance. It might be beneficial to give tenants the information so that they understand optional coverages, standard policies, and what's typically covered.
However, you may also have questions about renters insurance. Today, you'll learn all about it in this article. For example, what does it cover? Can you require it? Is it the same as home insurance? Let's dive in!
What Is Mississippi Renters Insurance?
A tenant's rental is their home, and they should want to protect it. The best way for them to do that is through renters insurance. It will cover their personal property, additional living expenses, and personal liability up to the coverage limits.
Though landlord's insurance covers any personal items you have on the premises and the buildings, it doesn't extend to the tenant's things. Therefore, they will need renters insurance to protect themselves.
Average Renters Insurance Rates in Mississippi Per Year
Finding the best renters insurance rates means focusing on the brand. With many renters insurance companies out there, tenants will need to consider the service they receive, policy features, and affordability.
The average cost of renters insurance for those in Mississippi is about $375 per year, which is $31 per month. Overall, it's the second-most expensive state because the national average is only $215.
How Much Does Mississippi Renters Insurance Cost (Based on Popular Cities)?
ValuePenguin claims that people in the northwestern part of the state will see lower renters insurance rates than those by the Gulf Coast. Let's take a look at the numbers for comparison:
- Tupelo - $380/year
- Pearl - $424/year
- Pascagoula - $500/year
- Long Beach - $411/year
- Jackson - $455/year
- Columbus - $305/year
- Biloxi - $482/year
Is Renters Insurance Required in Mississippi?
Federal and state laws do not require tenants to buy renters insurance. However, landlords and property managers can mandate it in the lease agreement. In fact, it's wise for them to do so because it will protect them and the tenant.
What Does Renters Insurance Cover in Mississippi?
Mississippi might be an excellent place to live, and tenants often have a great time here. However, it is prone to many natural disasters, including tropical storms, hurricanes, wildfires, floods, and tornadoes. Will renters insurance cover these things? In most cases, it will help with wind damage, but it won't cover flooding and severe wind from hurricanes and tropical storms.
Here is what a standard renters insurance policy will typically cover:
Personal Property Coverage
Personal property coverage will protect the tenant's personal belongings. If they're damaged or stolen from inside or outside the home, the policy covers them and will help to replace them.
Liability Coverage
Liability protection will protect tenants from financial loss if they're legally obligated to pay for injuries and damage to another person. Overall, liability coverage is a great thing to have, but most people don't realize the benefits.
Medical Payments Coverage
This will pay the medical expenses if someone is hurt at the tenant's home.
Loss of Use Coverage
This is often called additional living expenses. It reimburses a tenant for temporary housing and other things if the house is uninhabitable after a covered event.
What Does Renters Insurance in Mississippi NOT Cover?
Usually, renters insurance won't cover these things:
- Damage Over the Coverage Limits - The policy limit is what the insurer will pay after a covered event. Therefore, it's wise for tenants to know the replacement cost for their items and ensure they get enough coverage.
- Non-covered Events - Some events won't be covered by the renters insurance. We talked earlier about floods and high-wind damage. Therefore, tenants might have to buy separate policies, which will raise their rates.
- Unscheduled Valuables - Most policies won't protect high-cost items. Therefore, if the tenant has electronics, jewelry, and artwork, they may need to schedule them separately, which costs more.
How to Choose the Right Policy
There are many renters insurance companies available, so it's important for tenants to get the right policy. Here are a few tips for them to do that:
- Cost - Affordable coverage is crucial for most tenants, so it's wise to consider the price they pay. Though some companies are higher than normal, they often have optional coverages available for scheduled personal property and more liability protection.
- Coverage Options - Though the coverage included might be enough for some tenants, others will need more. The cheapest option might not always be the best.
- Technology - Tenants often want the convenience of mobile and online services. They should look for companies offering apps and resources.
- Customer Service - In most cases, tenants can file claims online, but they may wish to speak with an agent or representative. Both options should be available.
Available Renters Insurance Discounts in Mississippi
A tenant usually wants to save money on their renters insurance premium, and discounts are a way to do that. Each company is different, but tenants can get significant savings if they consider their options.
Here are the common discounts offered by most brands:
- Multipolicy discount
- Easy pay plans
- 55 and retired discount
- Online purchase discount
- Early shopper discount
- Claims-free discount
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
When landlords require tenants to have renters insurance policies, it can benefit them in many ways. They include:
- Find more reliable tenants.
- Feel no qualms about accepting pets.
- You won't have to use your liability insurance to cover their personal belongings or injuries to others.
Top 5 Best Renters Insurance Companies in Mississippi
Understanding the best renters insurance companies that offer renters insurance is a great first step for you as the landlord. You'll be able to determine if tenants are using reputable sources and can even provide tips on the top choices based on this list.
1. Amica Renters Insurance
If tenants want the best cheap renters insurance, Amica might be a great choice. Though it does cost a little more than Nationwide, it offers excellent customer service.
However, some people say it doesn't offer as many ways to customize coverage. For example, there's no water backup coverage, which is common for sump pump failure and backed-up pipes.
Plus, there are more discounts available with this brand than others. Options include multipolicy, loyalty, claims-free, and online purchase discounts. Tenants can request their renters insurance quote now!
2. Nationwide Renters Insurance
Nationwide might offer the best renters insurance for those in Mississippi. It costs about $20 per month, which is cheaper than the state average.
Likewise, the policies from Nationwide are excellent. On top of the standard policy protections tenants get, they can also buy extra coverage for their valuable items, protect themselves from backed-up sump pumps and drains, and even upgrade to receive replacement cost coverage.
Most people are happy with the service they get at Nationwide, too. It hasn't seen many complaints from the Better Business Bureau or the National Association of Insurance Commissioners. Tenants can request a renters insurance quote here!
3. USAA Renters Insurance
Another great choice for a cheap renters insurance company is USAA. It's only available for retired and current military members and their families, but it's excellent if tenants can qualify.
Overall, USAA offers unmatched coverage in its standard policy. Tenants can get flood coverage, earthquake insurance, and personal replacement cost coverage. Most companies don't include these options automatically.
Plus, USAA has excellent customer service. Most people file claims quickly and receive payouts fast.
4. State Farm Renters Insurance
State Farm is available in every state, but it's not one of the cheapest renters insurance companies. Still, tenants often go with it because of the many coverage options available. Plus, they can save money if they have car insurance through the brand.
Overall, the mobile app will help tenants manage their accounts. Whether they need to get extra coverage or file a claim, it's all easy.
5. SURE Renters Insurance
SURE could have the cheapest renters insurance rates out of all of them. It's backed by Assurant, which is a provider that focuses on each person's needs. Plus, it can find the lowest price and select that renters insurance company to work with.
Coverage options include replacement cost, identity fraud, sewage/drain backup, liability, loss of use, and personal property coverage. Tenants can request an instant quote, buy and manage the renters insurance policy online, and much more.
What Is DoorLoop?
Mississippi renters will likely want to have a renters policy in place to cover their personal property. As the landlord, you can require this. However, you also need a way to keep everything organized, and DoorLoop can help!
DoorLoop is an all-inclusive property management software designed for all landlords, including those with mixed-use, commercial, or residential portfolios.
With it, you can:
- Get your customized and free website. Tenants can apply online, and you can effortlessly market vacancies with Zillow and Trulia.
- Manage your accounting tasks.
- Offer a tenant portal.
- Manage your maintenance requests online to avoid multiple calls and texts from tenants.
- Collect rent with ease.
- Manage your rental portfolio.
Are you ready to learn more? You can schedule your demo today and find out if DoorLoop is right for you!
Why Work with DoorLoop
All tenants should have a renters insurance policy, and you can require it with ease when you choose DoorLoop. They can submit their own companies! Plus, they could apply directly for a renters policy on the application or through the portal. Lemonade and SURE power this part, depending on the state. Learn more about DoorLoop's renters insurance today!
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