Home Insurance in Madison, MS

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The Significance of Home Insurance in Madison, MS

Madison, Mississippi, was the home of the fourth president, James Madison, and is the 11th most populous city in Mississippi. The local government describes the town as rural and conservative-leaning.

As of 2021, Madison had a population of 27,459 residents. up 7.05% from previous data. The median age of residents is 40.4 years, and the median household income is $119,662.

The median home value in the city is $282,600, and the homeownership rate is 94%. With relatively high ownership numbers, home insurance in Madison, MS, is crucial. Houses are susceptible to damages, including from storms, fires and vandals.

VIU by HUB can help you find home insurance by allowing you to compare multiple policies at the same time. The service has a tool that will enable you to search several policies and providers to find the best rates and coverages.

The Coverages That Matter in Madison, MS

Every insurance policy covers specific perils. When looking for a policy to protect your home and interests, you want to select one that covers the essentials, such as fire, personal property, and anything you deem necessary and vital.

In Madison, properties face severe wind and heat risks. Over 12,000 properties in the city face threats from severe wind events within the next 30 years. Also, in the next three decades, the city may see a 200% increase in the number of days over 108°F.

Beyond climate concerns, homeowners should consider crime risks or threats. Madison is safer than most cities in America, 79%, and it has a lower crime rate than 77% of Mississippi.

The odds of becoming a victim of property crime in Madison is one in 233, placing the city well below many other cities in the country. Also, the odds of becoming a victim of violent crime are even more astounding, one in 4,620.

The safety of Madison bodes well for insurance rates because the city is likely considered a low-risk area. Lower risks should equate to lower insurance premiums and rates.

The Average Cost of Home Insurance in Madison, MS

Most Mississippi cities have higher insurance rates than the nation, and Madison is no different. Madison can cost a homeowner $2,505 annually or $209 monthly. While the cost may seem high, it is several hundred dollars less than the costliest areas in the state.

Location is not the only factor that plays into insurance rates. Most insurers will take into account the policyholder's credit and claim history. Poor credit or a history of making numerous claims on policies can increase annual or monthly costs.

The Typical Covered Perils

When you see a list of covered perils, it refers to things your insurer provides coverage for. Some of the most common covered perils include:

  • Lightning strikes
  • Fires
  • Vandalism
  • Theft
  • Wind or hail damage

The primary concerns for someone living in Madison, MS, are fire and heat. Comprehensive home insurance in Madison, MS, should cover the most common problems for homeowners in the city.

VIU by HUB can help ease the challenge of finding a suitable home insurance policy. The service allows homeowners to review several policies and insurers, comparing coverages easily in a laid-out and thoughtful format. With VIU by HUB, you can quickly find affordable policies that fit your specific needs.

This information is intended for general informational purposes only and is not intended to constitute legal advice.


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