Are MS Coast homeowner insurance rate hikes easing? What experts, records say

Rate hikes on homeowners insurance appear to be easing in Mississippi, particularly along the Coast, where premiums have grown to rival house payments for some residents.

“It’s getting better,” said Andy Case, director of property and casualty rating for the Mississippi Insurance Department.

As a general rule, Case said, rates aren’t coming down, “but it does appear to be stabilizing, finally.”

But the insurance department has approved one big hike — an average of 17.2% for dwelling policy renewals — that took effect in January for state wind pool policies. The wind pool, insurer of last resort for six South Mississippi counties, covers wind and hail damage for property owners unable to find coverage in the private market.

The hike follows an average wind pool rate increase of 14.8% for homeowner policies in 2024.

“We’re catching up, to be very honest,” said Durr Boyles, the wind pool’s executive director. “These two rate increases have basically gotten us to where we’ll break even. I’m losing a little bit still, but I’m going to address that with my expenses internally.”

Case said the market for reinsurance has improved, which should bring some rate relief. Insurance companies buy reinsurance to help cover their losses from major hurricanes and other catastrophes.

“Re-insurance is a HUGE factor in rates and that’s especially true on the Coast since, for some companies, reinsurance can make up to 70% of the rate charged by the insurer to the policyholder,” Case wrote in an email. “ . . . As a regulator, I’m happy to see rates stabilizing, but I’m particularly eager to see the coming reinsurance markets in the next three months and how that may translate to reduced rates at the policyholder level in the coming year.”

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