Protect What You Own with Renter's Insurance in Mississippi

Purchasing a renter’s insurance policy is one of the easiest (and cheapest) ways to protect yourself and your belongings while renting your home in Alabama. A typical policy costs only $10 to $20 per month and can save you much more should unexpected damage or liability occur. 

But despite its affordability and practicality, only about half (55%) of U.S. renters currently have renter’s insurance, most of whom must have a policy per their landlord’s requirements. 

We’ve prepared this article to help you understand why you need renters insurance in Alabama and how to obtain a policy in this state—from cost and coverage to additional policies you may need.  

What is Renter’s Insurance? 

Renter’s insurance is insurance that covers specific types of losses suffered by renters during their occupation of a rental property. A typical renter’s insurance policy covers personal property, liability protection, and additional living expenses. Renter’s insurance often kicks in after damage from natural disasters, accidents, or other incidents.  

An important note: Renter’s insurance does not cover the actual building itself. The physical building you live in should be covered by your landlord’s insurance. Renters insurance helps protect you and the belongings you own within the property that may be damaged or stolen. 

Why Do I Need Renter’s Insurance? 

Everyone who rents their home—whether that be a single-family home, studio apartment, mobile home, townhome, condo, or other type of property— should have a renter’s insurance policy. This is because even though you don’t own the physical building you are renting, the items you keep within it (or even in your car, or elsewhere) could still be damaged or stolen. 

For example, imagine that a fire occurred in your apartment complex. Your landlord’s insurance would cover the damage to the actual building, appliances, and building systems. However, your landlord is not responsible for replacing all your lost clothes, furniture, electronics, and other belongings. That’s what renter’s insurance is for.  

Renters insurance policies can also cover medical or legal expenses if you are sued. For example, your renter’s insurance would apply if someone gets injured in your home and you are responsible for their medical bills. 

An average renter’s insurance policy includes $20,000 – $30,000 of personal property coverage and doesn’t cost you more than a $20 bill each month. It’s a small price to pay for the great financial security renters insurance offers. 

What Does Renters Insurance Cover? 

Renter’s insurance has three main categories of coverage. 

• Personal Property: Personal property refers to any belongings like clothes, furniture, electronics, etc. Your personal property is subject to limits and requires a deductible. However, your insurance will reimburse you should your personal property get damaged by disasters such as the following:  
• • Fire and smoke 
  • Storms, lightening, wind, hail 
  • Theft 
  • Vandalism 
  • Explosions 
  • Winter weather damage 
  • Damage from infrastructure tearing, cracking, burning, etc. 
  • Sudden, accidental damage from electric currents 

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• Liability: Liability coverage pays for your medical or legal bills should you be responsible for an injury on the property or damage to the property itself. 
• Loss of Use/Living Expenses: Loss of use insurance kicks in if the property you rent becomes uninhabitable due to damage or repairs. It pays for your hotel bills and even certain food expenses while you wait for repairs to be completed. 

There are a few disasters renter’s insurance doesn’t cover, like flooding. It’s important to read your renter’s insurance policy to understand what is and isn’t included. If you need coverage that isn’t included, you can purchase add-on policies, such as water backup coverage, theft extension coverage, scheduled valuables coverage, or earthquake and volcano coverage. 

Mississippi Renters Insurance 

Renters insurance in Mississippi protects you and your belongings from a range of perils. Mississippi is notorious for its volatile weather—damage is possible from a range of severe weather events including tornadoes, hurricanes, tropical storms, heavy rains, and others. In fact, Mississippi is one of the top states for frequency of major disaster declarations. 

If your home and belongings are damaged or lost entirely by a severe weather event, burglary, etc., your Mississippi renters insurance policy will reimburse either the actual cash value or the replacement cost, depending on the policy you choose. You can also submit a renters insurance claim to cover legal and/or medical expenses up to your liability limits and minus your deductible. 

What Does Renters Insurance Mississippi Cost? 

Due to its propensity for natural disasters, Mississippi’s renters insurance rates are among the highest in the U.S. According to NerdWallet, the average Mississippi renters insurance premium in 2024 is $252, or about $21 a month. This rate contrasts with the national average monthly cost of $12 for renter’s insurance. Note that there are some fluctuations for this average, as cheap renters insurance policies typically have higher deductibles and more expensive options have lower deductibles. Many insurance companies also offer renters insurance discounts for bundling with an existing policy. 

Despite its comparatively higher prices, however, Mississippi’s renter’s insurance rates are still very affordable for most renters. The small investment it requires is well worth a few extra dollars a month considering how common weather-related property damage is in the state. 

What Are the Most Common Claims in Mississippi? 

The most common renter’s insurance claims in Mississippi are damage from tornadoes, hurricanes, tropical storms, and heavy rains. From 2010 to 2020, Mississippi experienced 211 tornadoes totaling $1,465,197,100 in damage. Likewise, each hurricane in Mississippi causes around $24,177,816 in damage. The only way to protect yourself and your valuable belongings financially in case of damage from these extreme weather events is to purchase a renter’s insurance policy. Keep in mind that flooding due to hurricanes is commonly excluded from homeowners’ and renter’s insurance policies (see information about flood insurance below). 

What Additional Policies Do I Need in Mississippi? 

Mississippi renters also need flood insurance. Flooding can occur after hurricanes, heavy rains, or rising water levels near large bodies of water. 

FEMA data from the past several decades shows that flood events are common in all parts of the state. Based on FEMA reports between 1996 and 2019, Mississippi ranked sixth highest in the U.S. for total claim dollars paid for flooding damage ($3,089,431,983.24) and eighth highest for number of total paid flooding-related claims (50,677). Flooding is especially common among counties that border the Mississippi River and in central-southern areas like Hinds and Rankin Counties.  

If your home is within a floodplain or has previously flooded, investing in flood coverage is a smart decision. Flood coverage is typically excluded from most renter’s insurance policies, so a separate policy is necessary. The National Flood Insurance Program (NFIP) helps renters find a flood insurance policy customized to their individual needs and coverage preferences. 

How to Get Renters Insurance in Mississippi 

Most major insurance providers offer renter’s insurance, often bundled with auto insurance for a lower price. To determine your policy and coverage details, your insurer will typically ask you a few questions about the rental unit (such as the type of building, year it was built, and address) and the dollar value or replacement cost of high-value personal belongings you own. You’ll be able to tailor your policy and coverage details to your needs. 

Get Renter’s Insurance with Innago 

Innago offers renter’s insurance through our partnership with Viaffinity. If you’re a renter, regardless of whether your landlord uses Innago, you can purchase a policy and get protection for you and your personal belongings. You can get quick and affordable quotes, customize your coverage, and add an additional person onto your policy at no extra cost.