Renters Insurance

The Best Cheap Renters Insurance in Mississippi

The Best Cheap Renters Insurance in Mississippi

Finding the best renters insurance for your needs means choosing the company that combines affordability with effective policy features and dependable service. To help you find coverage, we collected rates across Mississippi from some of the most well-known insurers.

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Mississippi is an expensive state for renters insurance. The lowest price we found for a policy was about $20 per month, or $242 per year. Below, we document the cheapest renters insurance in Mississippi, along with the state's other best insurers.


Best for most renters

Nationwide logo
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Cheapest renters

State Farm logo
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Best for military families

USAA logo
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Methodology

Best renters insurance for most people: Nationwide

Nationwide balances cheap coverage with useful add-ons.
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The good:

  • Highly affordable coverage
  • Protective extra features

The bad:

  • Not the cheapest provider overall

The best renters insurance in Mississippi for most people is Nationwide. Most people can find affordable coverage from this insurer, even in a state that has a high average cost of insurance. Typically, Nationwide charges $21 per month for renters insurance, or $257 per year. This comes out to about the same price per month as the cheapest insurer in the state, State Farm.

Nationwide's policy features give it the edge over its competitors. On top of the protections you get with a standard renters insurance policy, you can purchase coverage for pricey items, like jewelry, and guard against the expenses that come from backed up drains and sump pumps.

The service at Nationwide seems to be consistently strong. The insurer receives far fewer complaints than its size would indicate. Additionally, based on a survey of Nationwide's policyholders, J.D. Power ranked the company seventh among national renters insurance companies.

Cheapest renters insurance: State Farm

State Farm's coverage is the cheapest in Mississippi.
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The good:

  • Most affordable coverage, on average
  • Highly recommended customer service

The bad:

  • Fewer discounts and endorsements

If you're looking for the cheapest renters insurance in Mississippi, State Farm is the best option for you. The average cost of coverage from State Farm is about $20 per month — 23% cheaper than the usual cost of renters insurance in Mississippi. However, there aren't many ways to lower your premiums with discounts at State Farm.

State Farm's customer service is well regarded among its competitors, too. It's ranked third among national insurance companies by J.D. Power for its service, price and policy offerings. Additionally, though State Farm is the largest insurer in the country, it receives only a third of the complaints it's expected to get for its size.

While State Farm's basic coverage will suit the needs of most renters, there aren't many ways to increase your protections by adding endorsements. You can increase the limits of your personal liability coverage to protect your assets if you're charged with a lawsuit, and you can raise your protection for special, high-value property, like jewelry.

Best for military families: USAA

USAA's policy features and customer service are unmatched for renters who qualify for coverage.
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The good:

  • Includes flood coverage with standard policies
  • Highest-rated customer service

The bad:

  • Not available to every Mississippian

The choice for current and retired members of the military and their families is easy: The best renters insurance comes from USAA. Unfortunately, it's only these renters who are eligible to receive rates and purchase coverage.

However, the coverage afforded by USAA is unmatched in terms of the premium forms of coverage that come with a standard policy. USAA includes earthquake insurance, personal replacement cost coverage and most importantly for Mississippians, flood coverage in its policies — not included by other companies.

The service from USAA is the best among companies we surveyed. Its renters insurance is rated second among national providers for its service quality, price and features. USAA also only receives about one-fourth of the complaints expected for its size, according to data from the National Association of Insurance Commissioners (NAIC).

How we chose the best renters insurance in Mississippi

We analyzed renters insurance companies in Mississippi according to how well each insurer fared in three areas. These were:

  • Affordability: How much a renter can reasonably expect to pay for coverage.
  • Coverage options: The quality and availability of standard and extra protections.
  • Customer service: Renters' expectations for quick and fair claims service.

Affordability: Comparing the average cost of renters insurance in Mississippi

The average cost of renters insurance in Mississippi is about $26 per month, or $314 per year. This makes Mississippi one of the most expensive states for renters insurance in the country. It's more common for coverage to cost about $16 per month, according to our calculations.

The cheapest renters insurance in Mississippi comes from State Farm or Nationwide, while Liberty Mutual's policies are typically much more expensive.

A bar graph showing the average costs of renters insurance in Mississippi
A bar graph showing the average costs of renters insurance in Mississippi

What is the average cost of renters insurance in Mississippi?

Insurance provider
Average monthly cost
Average annual cost
Difference from MS average
State Farm$20$242-23%
Nationwide$21$257-18%
Allstate$32$38222%
Liberty Mutual$32$38723%
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The cost you're quoted for renters insurance depends on several factors that differ for each person. For instance, the price of renters insurance depends on your location, the size and material of your home and, most of all, your coverage limits.

The quotes we collected came from a policy with the following coverage limits:

  • Personal property protection: $30,000
  • Liability coverage: $100,000
  • Medical payments to others: $1,000
  • Deductible: $500

Your renters insurance is also determined by a variety of personal details. For this reason, you likely won't even see the same rates as someone who lives close by. Your marital status, insurance history and age can all affect how much you're quoted.

The quotes in this study were collected using a sample profile with the characteristics of a 30-year-old unmarried male renter. Our profile didn't have a history of making any claims and, in fact, had no prior insurance.

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Policy features: Evaluating the strength and availability of an insurer's offerings

The amount of coverage is different with each insurance provider, even though most offer similar standard forms of protection. The following table displays the extra forms of coverage offered by each insurer in our study.

Insurer
Personal property coverage
Personal liability
Earthquake
Water-backup coverage
Identity theft protection
Replacement-cost coverage
Valuables plus
USAAUnknownUnknownX--XX
State Farm$10,000 – more than $100,000$100,000 – $1 millionX-X-X
Nationwide$15,000 – more than $100,000$100,000 – $1 million-XXXX
Liberty Mutual$5,000 – $25,000$100,000 – $1 millionX-XXX
Allstate$15,000 – more than $100,000$100,000 – $500,000--X--

An asterisk indicates this coverage is included with a standard policy.

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Adding endorsements to your renters insurance will raise your premiums. However, it can be a good idea to change your coverage as your needs evolve and you accrue more property and assets. Renters insurance isn't mandatory, unless your landlord requires it, so you have a great deal of freedom to personalize your protection.

  • Water backup protection: Pays for damage that happens because of a backed-up drain or broken sump pump system.
  • Replacement cost coverage: Replaces your lost or damaged property with full-value replacements, rather than taking account of an item’s depreciation.
  • Valuables plus: Allows you to add extra coverage to special items, such as jewelry and firearms, which aren't typically covered in full by standard policies.

Customer service: Examining the dependability of Mississippi's insurers

We scrutinized three measurements of service to determine which renters insurance companies have the best reputations for meeting the needs of their customers in a prompt, fair manner. We consulted the NAIC's Complaint Index, J.D. Power's Homeowners Insurance Study - Renters Insurance and A.M. Best's Financial Strength Ratings.

Insurance company
NAIC Complaint Index
J.D. Power score (out of 14)
A.M. Best Financial Strength Rating
State Farm0.353rdA++
Mississippi Farm Bureau0.13Not ratedA
Allstate0.476thA+
Liberty Mutual0.5711thA
Nationwide0.357thA+
USAA0.252ndA++
Farmers0.129thA
Alfa Mutual Group0.51Not ratedA
Travelers0.4613thA++
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  • NAIC Complaint Index: A company's Complaint Index reveals the number of complaints it receives relative to its size. The NAIC uses 1.00 to represent the normal number of complaints expected, meaning insurers with a sub-1.00 index get fewer complaints than expected.
  • J.D. Power Homeowners Insurance Study - Renters Insurance: J.D. Power polled policyholders from the nation's largest renters insurance companies and ranked them according to their service, price and policy features.
  • A.M. Best Financial Strength Rating: A.M. Best's credit ratings communicate how equipped an insurer is to remain solvent during economic contractions or after disasters that necessitate widespread claim payouts. Most insurers score well, so it's easy to identify riskier companies.

Mississippi renters insurance rates: City-by-city breakdowns

While collecting rates for our statewide survey, we found the average cost of renters insurance in many of Mississippi's largest cities. Our findings are displayed below along with the difference between the cost in each city and the state's average.

Your renters insurance doesn't cover the flood damage that accompanies a hurricane or tropical storm. While you won't have to worry about damage to your home's structure, you can purchase a flood insurance policy for your property to avoid damage if you live on the ground floor or in a home by Mississippi's coast.

Renters in Mississippi's many coastal cities could have trouble requesting quotes online. In Biloxi, Gulfport and Pascagoula, tenants may be asked to contact a representative in person or over the phone instead of filling out an online quote form.

On average, the cheapest renters insurance in Mississippi is found in Gautier, while coverage is more expensive in Clarksdale and Jackson.

City
Average monthly cost
Average yearly cost
Difference from MS average
Jackson$32$38922%
Southaven$24$293-8%
Hattiesburg$26$314-1%
Meridian$26$309-3%
Tupelo$25$296-7%
Olive Branch$24$285-10%
Greenville$30$36515%
Horn Lake$24$292-8%
Pearl$26$311-2%
Clinton$31$37317%
Starkville$25$295-7%
Columbus$28$3345%
Show All Rows
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Methodology

We collected 125 quotes from addresses across Mississippi to find the best renters insurance company in the state. Our rates reflect the price of $30,000 of personal property coverage, $100,000 of personal liability and $1,000 of medical payments to others. The sample profile we used to obtain our quotes has the qualities of a 30-year-old unmarried renter with no pets and no history of insurance.

Chris Moon

Chris is a Product Manager for ValuePenguin with years of experience in addressing critical questions about mortgages and homeowners insurance. He spends his time evaluating insurance providers and policy features to understand where consumers might find the most cost-effective coverage. Chris has contributed insights to the New York Times and many other publications.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.