Home insurance rates in the United States are rising all over the board this year and have been rising for many years. And while a lot of the price increases are due to insurance companies trying to profit more, most of the increases are in place simply to ensure the companies do not go under.

With massive tornadoes, hurricanes, flash flooding and other natural disasters destroying thousands of homes every single month in the U.S., property insurance rates are through the roof in many states. Luckily, Mississippi’s insurance rates are showing that some relief is in sight for individuals paying inflated rates.

High property insurance rates are not a problem for every homeowner in the country, obviously; but most of the country is at high risk for weather damage around the clock. You have big snow in the northeast, big rain in the northwest, floods and hurricanes in the south, earthquakes in the west, and tornadoes in the Midwest. The risk associated with where you live will greatly contribute to how much you pay for insurance.

The state of Mississippi is showing that not every insurance company is out to gouge you for big dollars, though. According to Mike Chaney, Mississippi’s Insurance Commissioner, the state’s property insurance rates are leveling off, even with a heavy hurricane season expected in the coming months due to sea currents steering storms toward the Gulf.

Why the Rates are Falling and How You Benefit

On its face, it seems a bit confusing. Bad weather is expected yet insurance rates aren’t necessarily spiking. What’s the catch?

Well, there are a variety of factors in play here, and as a homeowner you stand to benefit from them all either immediately or down the line.

First and foremost, there are more insurers in the market today than ever before. Home insurance, unlike health insurance, is available across the nation. That means that Company X is not only insuring homeowners in Texas. This company can insure homes in all 50 states, meaning their profit margin causes the risks to shrink greatly. For every home in Oklahoma at risk of tornado damage, there’s a home in Virginia at little risk.

Then there’s the way homes are built now. The inspection process carried out by insurance companies is a lot more vigilant now, and the state-imposed regulations for home building means that all homes constructed must meet a certain level of quality.

Stronger homes mean that insurance companies have to pay less for damages. Of course, massive weather will wipe out nearly any sort of home, but small things like water and wind damage claims are prevented by quality construction.
If you’re a homeowner struggling with higher property rates, just hang in there. Mississippi is leading the charge in what many experts feel is a contagious trend of leveling rates.