Mississippi Landlord Insurance

Find the Best Landlord Insurance Rates & Companies in Mississippi 

A large portion of Mississippi’s residents live in rental homes. For property owners, working as a landlord can be a great way to build equity while bringing in income. Whether you rent out a single-family home or own a multi-unit apartment building, it's critical to protect your investment. A Mississippi landlord insurance policy can help you achieve this.

A Mississippi independent insurance agent can help you find all the landlord insurance you need. They'll ensure you get matched to the ideal policy for your unique rental units. But first, here's a deep dive into Mississippi landlord insurance requirements, costs, coverage options, and more.

Best Landlord Insurance Companies in Mississippi

Many different carriers in Mississippi sell landlord insurance. However, not all policies are equal in terms of coverage quality and rates. That's why we've only included a few of our top recommendations for the best landlord insurance companies in Mississippi. Start by checking into these outstanding carriers first.

1. Progressive: This insurance company sells landlord insurance and many other types of personal and business insurance. Progressive has great financial strength and offers many discounts and 24/7/365 customer service.
2. Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has high ratings from both AM Best and the Better Business Bureau (BBB) and offers many discounts and 24/7 claims reporting services.
3. REinsure Pro: This insurance company sells landlord insurance and many other types of property insurance. REInsure Pro has a superb rating from the BBB and is known for its fast claim responses.

A Mississippi independent insurance agent can help you compare landlord insurance quotes from any of these carriers as well as others.

What Is Landlord Insurance?

Landlord insurance is a type of property insurance designed to meet the unique coverage needs of landlords. If your rental home is covered by a homeowners insurance policy, your insurance company may refuse to honor your claims if they discover the property was occupied by renters. Landlord insurance provides the protection needed against losses due to necessary property repairs and rebuilding after incidents of fire damage, hail, vandalism, explosions, etc., as well as for third-party lawsuit expenses.

How Is Landlord Insurance Different from Home Insurance?

Loss of income coverage, an aspect of business insurance, is also present in landlord insurance. This coverage can reimburse landlords for lost rental income during periods in which tenants cannot occupy their rental properties. The cause of the loss must be due to a covered peril such as fire damage. Loss of income coverage can help landlords continue to generate their typical revenue and pay continued expenses during temporary periods. Landlord insurance also differs from home insurance because it considers the increased risk of property damage landlords face from their tenants. 

Is Landlord Insurance Required in Mississippi?

Landlord insurance isn't required by state law in Mississippi. However, you might still want to seriously consider getting coverage. Without landlord insurance, you might have to pay the cost of your legal defense if you get sued by a tenant or another third party. You could also have to pay out of your own pocket to repair or rebuild your rental properties after incidents of fire, vandalism, etc.

What Landlord Insurance in Mississippi Can Cover

In Mississippi, landlord insurance doesn't come standard. That means you can customize your policy with each type of coverage you want to include. Many carriers offer the following coverage options:

• Liability insurance: Covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
• Premises medical protection coverage: Covers medical expenses if a tenant gets injured in a covered event while living at your rental property. 
• Dwelling coverage: Covers repairs to your rental property's dwelling and attached structures in case of fire, smoke, vandalism, windstorms, hail, or tenant-caused damage or destruction.  
• Other structures coverage: Covers losses related to the damage or destruction of detached structures against the same perils as dwelling coverage.
• Loss of income coverage: Covers lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire. 
• Optional coverage: Some additional coverage options for landlords to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.

A Mississippi independent insurance agent can offer suggestions for the most critical coverage to include in your specific landlord insurance policy.

What Landlord Insurance in Mississippi Will Not Cover

Just like any other type of coverage, landlord insurance comes with its own set of exclusions. In Mississippi, landlord insurance typically doesn't cover any of the following:

• Maintenance costs related to property wear and tear
• Damage caused by water or sewer backups
• Malicious and intentional acts to third parties
• Earthquake or flood damage
• Your personal property

Though landlord insurance doesn't tend to cover any of these losses by default, you can sometimes purchase endorsements to increase your coverage. Sewer backup endorsements are often available to add to landlord insurance, and you can typically purchase separate flood or earthquake coverage as well.

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Average Cost of Landlord Insurance in Mississippi

The average cost of landlord insurance in Mississippi is $1,973 annually. Keep in mind, though, that your policy's costs are often determined by the following:

• The value of your rental units
• The amount of rental units insured
• Your claims history
• If pools or other possible "attractive nuisances" are at your rental units
• When the rental units were constructed
• The size of your rental units
• The precise location of your rental units

Mississippi landlord insurance discounts are offered by many carriers in the state and can help to reduce your premium rates. You may be eligible for savings by bundling your coverage with another policy.

Popular Questions about Mississippi Landlord Insurance