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Looking to own property in Mississippi, or maybe you’re already a homeowner? There are a lot of things to know. As a property owner, the regulations and laws are always being changed or improved, which makes it important to know what you’re dealing with when it comes to Mississippi’s property laws. Keeping up with everything can be confusing and a bit challenging, especially if you find yourself in a situation where you have to lean on the law to protect your investment. It may even be advantageous to consider working with a home insurance attorney who also understands how these laws work.

Property Insurance

The State of Mississippi has strict regulations on property insurance and how it is maintained. Interestingly enough, although homeowners’ insurance is not required by law, home equity lenders and mortgage companies have this built in as a requirement. Mississippi also has a homeowner insurance policyholder bill of rights that outlines how companies must do business. This includes:

  1. The right to competitive pricing practices and marketing methods, so they can decide the best value among coverage.
  2. The right to advertising that accurately reflects the benefits and limitations of any policy being considered.
  3. The right to receive good service from competent, honest individuals, as well as having questions answered promptly.
  4. The right to a policy that is easy to read, along with copies or replacements when requested.
  5. Policies that comply with Mississippi’s laws to require economic delivery of loss prevention and coverage.

There are other specifications in the law that help homeowners understand what their rights are. Additionally, homeowners must receive an outline of coverage to ensure they know what their policy does and does not cover. Insurers are required to follow a comprehensive checklist, including coverage, limitations, exclusions, deductibles, provisions, cancellation, etc.

A homeowner’s policy in Mississippi should include weather damage, accidental damage, property crimes, liability for any accidents on the property, and provide coverage in the event you have to vacate the residence through no fault of your own.

Adverse Possession Laws
In Mississippi, you can become the legal owner of property without purchasing it from the rightful owner. This falls under the Adverse Possession law. Some people may also consider it the rights of a squatter.

The law states that the person must occupy the property for 10 years to be able to claim ownership and pay taxes on the property for at least 2 years. Additionally, someone may adversely possess a portion of the property of their neighbor by building a driveway or fence on that property. This falls under improvements.

Homestead Laws
Certain homestead protection laws help homeowners who are going through bankruptcy. The most that can be saved in bankruptcy for the land and buildings is $75,000. While there are additional things you need to know, a home insurance attorney is equipped to assist you through this process.

Leases and Rental Agreements
If you rent out your home, you must abide by Mississippi’s Residential Landlord & Tenant Act. Due to the evolving nature of this law, working with a licensed and experienced attorney is your best option. By law, you do not have to limit the amount of a security deposit and you do not have to pay interest on those deposits. You must repay any rental-related deposits within 45 days of the renter terminating their tenancy. You must also abide by the federal housing and other state laws.

Property Line and Fence Laws
When a neighbor encroaches on your property, there are laws in place to protect your property. There are state and local laws and ordinances (based on where you live) that must be followed. These state statutes include contributions toward fence maintenance, fence departure from the dividing line, consent for fence removal, and cutting down or killing trees.

Inheritance Laws

Mississippi does not collect estate or inheritance tax. If an estate is higher than a certain amount, the property may be subject to federal estate tax. If there is a will present, it may go through probate, or if the total value of the estate (or home) is $75,000 or less, the heirs of the property can avoid probate.

Know and Understand Your Rights Offered by Mississippi’s Property Laws
With so many different types of laws designed to protect homeowners, it is easy to overlook certain rights offered by Mississippi’s property laws, especially in the event of something happening that could directly affect your property. Having a property insurance lawyer on speed dial can save you time and money when faced with adversity or confusing situations.

It’s no secret that Mississippi lies in a vulnerable state due to its proximity to the water and how it is positioned. This leaves the area open to inclement weather, which could be a challenge to homeowners who need to protect their investments. When these challenges occur, the last thing you want is to have to deal with an insurance company that denies claims or does not follow the law. Work with an insurance attorney who understands all the laws of the State of Mississippi, ready to work on your behalf in getting things in order and fighting for your rights.

One of the most frequent claims from homeowners in the state deals with flood insurance. Due to the low-lying levels, it is easy to become burdened with floodwaters that may cause extensive damage. Don’t put yourself in a situation where you don’t have coverage to fight. When you have issues with filing your claim or are denied, we can take it from there.

We also handle property insurance claims about issues with the property after having a tenant, and other scenarios where you may feel you don’t have any protection. We are here to serve you! Before you assume you have no recourse, consult with a professional. It may be your saving grace.

If you need assistance with a property insurance claim for your property in Mississippi, call The Morgan Law Group today!