Information is power when it comes to shopping for Mississippi homeowners insurance. If you are a first time shopper or looking around for better coverage on your existing home, getting a little information on home insurance is a great way to save money and give you a little peace of mind.
Getting an Accurate Rate Quote
Getting a rate quote for your home is an important part of the process toward getting the ideal Mississippi homeowners insurance. When getting these rate quotes it is important that you give accurate and complete information so that the quote you receive is also complete and accurate.
You will need to provide the following information in order to get an accurate quote.
- Any security devices in home
- Distance from nearest fire department
- Distance from nearest fire hydrant
- General description of home
- Square footage of home
- Year home was built
You will also want to have an idea of the type and amount of coverage you are looking for. Some homeowners insurance companies may hold off on a final quote until they have seen a picture of the home and/or the appraisal document of the home.
The Right Amount of Coverage
The right amount of home insurance is necessary to make sure you are properly protected in case a devastating accident happens that completely destroys your home and its contents. You will want to make sure that your policy covers the structure of your home as well as the contents of your home and any other significant structures on the property.
When considering replacement cost, go for a minimum replacement percentage of 80 percent on your policy. This is the minimum; it is generally recommended that you purchase a policy that will pay 100 percent of the replacement cost if you can afford the policy.
Also pay attention to the coverage for medical payments, loss of use and liability. These are important, but sometimes forgotten parts of your policy. Most standard Mississippi homeowners insurance policies will have these areas covered, but make sure the limits are high enough to protect you, but also not too high as to put the policy out of your price range.
Types of Homeowners Insurance
There are several different types of Mississippi homeowners insurance, which gives you more options and allows you to get the policy that fits your specific needs. Here are the most common policy types that are offered by insurance companies in Mississippi.
- HO-1/HO-2: These are policies for single-family homes that offer the most basic coverage. HO-1 generally covers your home and contents from 11 perils and an HO-2 policy against 17 perils. The perils will be listed on the policies.
- HO-3: The most comprehensive homeowners insurance policy for single-family homes. It provides protection against all perils (sometimes called an all-risk policy) except for some exclusions such as flooding.
- HO-4: Renters insurance and is used mainly to provide replacement cost for your belongings.
- HO-6: This type of insurance is for those who own a townhouse or condominium and is similar to a single-family policy with some slight differences.
- HO-8: If you own a much older home that would cost much more to replace than the actual market value of your home, you would need this “Modified Coverage.”
Homeowners Insurance for Flooding
Flooding is a major issue for most of the residents in Mississippi. A great amount of the state is susceptible to flooding and therefore homes are at risk. Because of the great risk, most private insurers do not offer coverage for flood damage. If you need flood insurance, you can purchase it from a federal program, the National Flood Insurance Program, through your Mississippi homeowners insurance company.
Save Money With Rate Quotes
If you are reading this article, you are already on your way to saving money on your Mississippi homeowners insurance. By taking the time to inform yourself, you are now ready to make better decisions. The next step is to gather several Mississippi homeowners insurance rate quotes. Getting the quotes are free and you can gather them online in only a few minutes. Once you have the quotes in hand, you can pick the one that offers you the most coverage at the best price.