3 MS cities are among the most expensive in US for renters insurance. See where & why
Three Mississippi cities rank among the most expensive in the United States for renters insurance, with the Gulf Coast emerging as the priciest area, a recent study found.
Tenants in Jackson, Biloxi and Gulfport pay some of the highest rates for renters insurance in the country, well above the national average of $264 annually, according to a November study by Insurify, a digital insurance company.
“Several factors influence renters insurance costs, and they vary significantly between states and cities,” Insurify experts said. “Severe weather, such as hurricanes and wildfires, can lead to expensive claims, driving broader insurance losses that ultimately result in rate hikes.”
Here’s what to know about the cost of renters insurance in Jackson, Biloxi and Gulfport.
Jackson
Jackson, Mississippi is the second most expensive U.S. city for renters insurance, with renters paying an average annual premium of $519 — nearly twice as much as the national average, according to Insurify.
Severe weather risks, lower-than-average credit scores and burglary and theft rates in Jackson are possible reasons tenants have to pay more for insurance, analysts said.
Biloxi
Not far off from Jackson, Mississippi, Biloxi ranks third-priciest city in the country for renters insurance, according to Insurify. The average annual renters insurance premium for the city is $489, analysts said.
High risk climate hazards for the area, fire incidents and low credit scores could all be contributing factors to the higher costs, according to Insurify.
Gulfport
Gulfport, Mississippi ranks fifth most expensive city for renters insurance with an average annual renters insurance premium of $486, according to Insurify.
Some potential factors of the higher costs include climate risks, higher property crime rates, lower-than-average credit scores and fire risks, analysts said.
What are the most expensive US cities for renters insurance?
These are the top 10 most expensive cities in the country for renters insurance, according to Insurify:
1. Detroit, Michigan
2. Jackson, Mississippi
3. Biloxi, Mississippi
4. New Orleans, Louisiana
5. Gulfport, Mississippi
6. Louisville, Kentucky
7. Atlanta, Georgia
8. Lafayette, Louisiana
9. Baton Rouge, Louisiana
10. Conway, Arkansas
What are the least expensive US cities for renters insurance?
These are the top five least expensive cities in the country for renters insurance, according to Insurify:
1. Rapid City, South Dakota
2. Syracuse, New York
3.. Newark, Delaware
4. Austin, Texas
5. Watertown, South Dakota
How did insurance company come up with analysis?
Analysts at Insurify calculated the average cost of renters insurance after looking at thousands of proprietary renters insurance quotes from major insurance companies.
