What is Mississippi landlord insurance?
When you lease your home to others, you face additional risk that a standard homeowners policy doesn’t cover. That usually means getting landlord insurance, a type of dwelling coverage designed for individuals who regularly rent out their homes to others.
Landlord insurance (often called a DP3 policy) provides the property coverage you need in case your home’s structure or the belongings you've left at the home experience physical damage. These policies often have liability coverage to protect you if someone is injured on your property.
In Mississippi and several other states, our carrier partners offer a highly customizable insurance policy for homeowners and landlords called House & Property insurance. This coverage can protect homes when they’re your primary residence or when you only have tenants living there.
What's covered by Mississippi landlord insurance?
The House & Property base policy is essentially a type of landlord insurance, making it a good choice for people with rental properties in Mississippi. But if the property is your primary residence, then a single endorsement can make Home & Property insurance appropriate for your situation.
As a landlord policy, House & Property can cover:
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The dwelling.
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Attached structures, including garages, fences, or gazebos.
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Any belongings you own that remain in the home, such as fixtures and furniture.
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Loss of rental income if a covered loss makes the home uninhabitable.
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Cosmetic damage to floors.
When you live in the home, you can customize your House & Property policy to include liability coverage, medical payments coverage, and a variety of other coverages that are commonly found in homeowners insurance. Plus, it covers your home on an open-perils basis, which means the structure of your home is insured for damage from any event except those listed as exclusions in your policy.
What's not covered by Mississippi landlord insurance?
Mississippi landlord insurance doesn’t cover tenants’ belongings, regular maintenance costs, or items damaged by normal wear and tear. Additionally, the following perils are excluded from the landlord insurance policies that our partners offer in Mississippi:
What homes are eligible for House & Property insurance in Mississippi?
A House & Property policy in Mississippi is suitable for people who live in their homes for most of the year or who rent it out. Policies can cover a variety of homes, including:
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One- to four-family homes used for residential purposes (including condos and townhomes)
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Modular homes built to comply with all applicable state and local building codes
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Owner-occupied properties and non-owner-occupied properties
Mobile homes, manufactured homes, motor homes, houseboats, house trailers, or trailer homes are not eligible for this type of landlord insurance in Mississippi.
How can House & Property insurance help Mississippi landlords?
Maybe the best reason to protect your rental property in Mississippi with House & Property insurance is the flexibility this policy offers. It can be customized to fit the unique characteristics of your property and how you use your home (e.g., long-term rental, short-term rental, owner-occupied, etc.)
Plus, House & Property insurance provides the financial protection you need against a wide range of risks. That includes natural disasters as well as more common sources of property damage, including fire, burst pipes, and windstorms.
Finding the proper insurance is an important responsibility for landlords. If you’re ready to get a quote, you can enter your address now.
New to renting out properties? Our tips for landlords can help you avoid many common pitfalls.
How much does landlord insurance cost in Mississippi?
According to the Insurance Information Institute, landlord policies generally cost about 25% more than standard homeowners policies. This is partly because having tenants can increase your risks – and that can mean you’re more likely to file an insurance claim.
What factors impact the cost of Mississippi landlord insurance?
Landlord insurance premiums in Mississippi are based on the type of rental property you have and the property's unique risk factors. Typically, insurance companies consider several characteristics, such as:
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The size of your property. The more square footage you have, the more expensive your property is to insure.
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The age and construction of your building. For example, brick homes are more resistant to strong winds and less prone to fire damage, so they are often less expensive to insure.
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The weather and crime risks in your city. It costs more to insure a property in a city with a high crime rate or extreme weather risks.
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The type of building and the number of rental units. The cost of landlord insurance tends to be higher for multi-family complexes than for smaller rental properties like duplexes or single-family homes.
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The presence of an attractive nuisance. Some things are just riskier by nature, so having an attractive nuisance, like a pool or trampoline, often comes with higher insurance costs.
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The coverage amounts and deductibles you choose. Selecting larger deductibles can help you save on your monthly premium.
It’s important to note that homes with older roofs tend to have higher landlord insurance premiums. Any older structural, plumbing, or mechanical elements will also likely lead to higher insurance costs. That’s a great reason to keep siding, pipes, and HVAC systems up-to-date.
Tips for saving on your Mississippi landlord insurance
Rental properties with security systems, sprinklers, or burglar alarms usually have lower landlord insurance premiums. Putting safety and security first by having these systems may also make you eligible for a discount on your Mississippi landlord insurance.
There’s several other ways to qualify for a discount, like:
Choosing a higher deductible is another common way to save on your Mississippi landlord insurance. You’ll have three different deductibles to work with when you purchase a Mississippi House & Property policy:
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Your standard deductible, which applies to the majority of claims.
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Options: $500, $1,000, $2,500, $5,000, and $10,000
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A hurricane deductible, which applies to named storms.
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Options: 1%, 2%, 3%, 4%, 5%, or 10% of Coverage A
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A wind/hail deductible, which applies in severe convective storms.
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Options: 1%, 2%, 3%, 4%, 5%, or 10% of Coverage A
Remember - you're responsible for paying your deductible, so pick an amount you can afford even in the worst case scenario.
Mississippi landlord insurance frequently asked questions
Is landlord insurance required in Mississippi?
Unless you have a mortgage on your property, you won’t be required to have landlord insurance in Mississippi. If you have a mortgage, your landlord will require you to have appropriate insurance coverage. Either way, it’s always a good idea to get the right insurance to protect any property you own.
Can a landlord require renters insurance in Mississippi?
Yes, Mississippi landlords can require tenants to have renters insurance. In these cases, you need to outline the insurance requirements in the lease agreement.
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