renters insurance is $215 per year or $18 per month. Your protection includes coverage for most of your belongings, personal liability, and loss of use if you can’t live in your rented space due to a covered incident.

It’s much more fun to binge-watch HGTV than think about renters insurance. But you know what’s even smarter than a DIY shoe rack? A renters insurance policy that will actually protect you and your stuff in case of an accident.

Jerry

’s put together the basics of how Mississippi

renters insurance

works, how to build a policy, and how to find an affordable policy (hint:

bundle with your car insurance

!).

What is renters insurance?

Renters insurance gives the policyholder financial and legal protection if their personal property is damaged. Usually, homeowners have separate policies which cover the physical building. However, these policies may not cover the renter or the renter’s belongings.

A renters insurance policy normally includes the following coverages:

Property coverage (Coverage C): This insurance covers the actual cash value (ACV) or replacement cost of your belongings if they’re destroyed by a covered peril.

Loss of use coverage (Coverage D): Also known as additional living expenses (ALE) coverage, this part of your policy pays for living expenses, like a hotel room or food delivery, incurred as a result of damage to your property.

Personal liability (Coverage E): If someone else is injured or their property is damaged in your home, your personal liability insurance will cover any amount you’re legally required to pay, including court and attorney fees.

Medical payments (Coverage F): This coverage pays for any medical expenses when someone is injured on your property.

The most important component of a renters insurance policy is the amount of property coverage you have. You can estimate this figure by adding up the value of all the items that would need to be replaced in the event of a disaster. Consider furniture, electronics, art, and clothing.

Keep in mind that landlords can require you to carry a specific amount of personal liability coverage, too. This would cover costs in case someone sues you for an event that occurs on your property (like a dog attack or icy walkway).

What does renters insurance cover?

A renters insurance policy will not cover everything. It only covers the perils that are specifically named in your policy. Standard policies vary from company to company, but most renters insurance policies cover:

Fire

Theft

Frozen plumbing

Windstorm

Vandalism

Hail

Lightning

Impact by a vehicle

Falling objects

Explosion

Your geographic region has a major impact on your coverage. For instance, some states face an unusually high risk of certain disasters like wildfires or floods. In these states, insurance normally excludes this likely peril. In Mississippi, flooding is sometimes excluded.

It’s easy to find out what’s excluded. Just read your policy closely and look for the named perils. If you do not see coverage for a likely peril, then you may need to purchase additional coverage.

What does renters insurance not cover?

Renters insurance is intended to cover personal items in your primary dwelling. Your policy will probably not cover these items:

Work-related items: Whether you own your own business or work from home for someone else, these professional items are not usually covered. Cricuts and work laptops may need a separate policy.

Valuables: Unique and very expensive items are not typically covered under a typical renters insurance. Your first edition Harry Potter book and your Funko Pop collection are probably excluded.

Your car: Cars are usually excluded from a renters insurance policy, even if they are parked on rented property. You will need

car insurance

to cover your vehicle.

MORE:

Mississippi car insurance laws, explained

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Key Takeaway Renters insurance is a good idea for almost all renters since it provides legal and financial protection in case of a covered disaster.

Is renters insurance required in Mississippi?

No, renters insurance is not required by law in Mississippi. However, your landlord can require that you carry a renters policy. You may even have to show proof of a policy before signing the lease.

Even if you are not required to have a policy, it’s still a wise idea to purchase renters insurance. Otherwise, you could be personally liable for legal costs and replacement costs if anything happens inside your home. Could you afford to replace everything in your home tomorrow?

Mississippi renters pay slightly higher than the national average for renters insurance. The average annual payment in this state is $215 per year, which works out to about $18 per month. For the cost of a few chicken sandwiches, you could have a policy that will pay out thousands of dollars in case of a covered incident.

It’s smart to protect your money and your stuff with renters insurance, even if it’s not legally required. A single freak accident is all it takes to change your life forever—renters insurance can help protect you from the unknown.

How to build a Mississippi renters insurance policy

The first step to building a policy is to assess your stuff. Go room to room and note which things need protection, any specific information about the object, and how much it originally cost. Write down:

Quantity

Purchase date

Purchase price

Brand number

Serial number (if available)

After you write down the information, take a picture. It’s helpful for insurance companies to have photographs along with descriptions when processing a claim. This ensures an accurate value assessment—and a fair payout for you.

Now that you’ve sorted out property coverage, you’re ready to choose a personal liability limit. First, check with your landlord to find out if they require a certain threshold of coverage. The average is $300,000 but you can elect for more or less coverage.

You’re almost done. Before you sign the agreement, look carefully to see which perils are covered. Mississippi residents should consider whether they need flood protection. If it’s not in the existing policy, it’s worth asking about a separate policy.

Actual cash value vs. replacement cost

There is one final distinction you need to understand before purchasing a policy. Your policy will either cover actual cash value (ACV) or replacement cost.

Here’s an example that illustrates the difference. Let’s say you bought a new TV a few years ago for $1,000. A lightning storm blows through and triggers a power surge, melting the outlet and ruining your TV.

If you had an ACV policy, you can only claim what your TV is worth now, minus depreciation. This figure could be hundreds of dollars less than you originally paid, especially if you have an older model.

If you had a replacement cost policy, you can claim the full original price to purchase a replacement television of comparable quality. Bear in mind, replacement cost policies cost more but the coverage is better if you need to protect certain assets.

The right policy for you will depend on your needs, your stuff, and your financial situation.

MORE:

What does actual cash value coverage mean on insurance?

How to find cheap renters and car insurance

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Is renters insurance worth it?

Yes! For a low monthly fee, you can get coverage for thousands of dollars. If you’re worried about losing your personal property due to an accident, you should get renters insurance.

What is the average cost of renters insurance in Mississippi?

Rates fluctuate every year, but Mississippi renters generally pay a bit more than the national average of $173 per year. You can expect to pay about $215 per year for your Mississippi renters insurance policy.

You could save 15% or more on renters insurance by bundling

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