Renters Insurance Mississippi
The average estimated cost of a rental insurance policy in Mississippi was $171 a year in 2013. Renters insurance is less expensive than many people realize: average homeowners insurance is $960 a year in Mississippi.
Comparing Renters and Owners Insurance in 2013 in Mississippi
There were 28076 burglaries reported in Mississippi in 2012. The landlord's policy does not cover renter's damages like burglary. Thus to get protection from events like fire, burglary and other disasters renters insurance is essential.
Renters Insurance Coverage Types:
Actual cash value policy:
The Actual cash value policy covers the depreciated value of loss. For example, a Camera bought for $4110 might be worth only $2060 in six months, and that is all one is going to get for it.
Replacement Coverage Policy in Mississippi:
- Quoting the same example, the insurance essentially may not pay for the Camera but one will get adequate amount to buy another laptop same as the lost/damaged one. The replacement cost insurance in Mississippi costs around $42.75 more than the actual cash value policy.
- The average renters insurance of $10 per month is 1.18% of median monthly rent, taking into account Mississippi median rent as $850 per month.
Estimated Renters Insurance for Different House Types in Mississippi
|House Type||Median Rent||Estimated Renters Insurance|
Deductibles in Mississippi:
In Mississippi, by choosing a $500 deductible over a $250 deductible, an average of $18.81 can be saved on the insurance premium.