Insuring your Montana home costs an average of $2,175 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible, which is lower than the national average of $2,520.
Wildfires and wildlife intruders are top risks in Montana, and homeowners insurance usually covers them. Floods are the second-most-common disaster in Montana, but home insurance doesn’t cover flood damage, so you’ll need an extra policy.
You should always compare quotes from multiple insurers to find the cheapest coverage that meets your needs. Here’s what you need to know about Montana homeowners insurance.
The state of Montana has many quality home insurance companies, but the best one for you depends on your specific situation and needs.
Start your search for homeowners coverage with the insurers below.
Chubb offers the best value for cheap home insurance in Big Sky Country. Its average monthly home insurance premium is $69 — cheaper than the state average. But the cheapest option isn’t always the right choice. When shopping for a home insurance policy, consider a company’s financial stability, customer service, and coverage options.
As the data below shows, prices can vary quite a bit from one insurance company to the next. That’s why it’s important to compare your choices carefully.
The average Montana home insurance policy with $300,000 in dwelling coverage and a $1,000 deductible costs $2,175 yearly, but prices are on the rise. Insurify’s data science team predicts home insurance rates will increase by 6% nationwide, with Montana’s costs expected to surge by 12%.
A mix of factors determines how much you pay. Insurers consider your home’s age, size, and construction materials. The location of your home, your credit history, and your claim history also play an important role.
Dwelling coverage is the part of your policy that helps pay to repair or rebuild your home if a covered event damages or destroys it. You can directly influence your premium costs by choosing how much dwelling coverage you want.
Choosing a higher dwelling coverage limit gives you more financial protection if your home suffers significant damage, but increased protection comes at a higher price. As you’ll see in the table below, more coverage means your insurer assumes more risk, increasing your premiums.
See the average annual premiums for a policy with a $1,000 deductible by coverage limits below.
A home insurance deductible is the amount of money you agree to pay out of your own pocket before your insurance company picks up the tab for a claim. In other words, it’s your share of the financial responsibility if you have a covered loss.
The amount you choose can make a big difference in your premiums. Generally, opting for a lower deductible shifts more of the potential financial burden to your insurance company, which means you’ll pay more in monthly premiums. A higher deductible can lower your homeowners insurance quote since you’re agreeing to take on a larger portion of the cost if you file a claim.
Here’s how much you might pay for coverage if your policy with $300,000 in dwelling coverage has a $500 deductible compared to a $1,000 deductible.
You don’t have to compromise coverage to save on your insurance premiums. With a few savvy strategies, you can secure the best homeowners insurance in Montana at a great price.
Here are a few of the most efficient options to cut your homeowners insurance cost without sacrificing the protection your home deserves.
Choose your location wisely when buying a home. Where you call home can have a big effect on your insurance rates. For example, the Billings Fire Department earned a high rating from the Insurance Services Office (ISO), placing it in the top 4% nationwide. Proximity to a highly ranked fire department could translate to lower homeowners premiums for Billings residents.3
Increase your deductible. Your deductible is the amount you agree to pay out of pocket before your insurance kicks in to cover a claim. A higher deductible can lead to lower monthly premiums. You’ll spend less up front but pay more if you file a claim. So, make sure you have enough savings stashed away to cover the cost.
Bundle your policies. If you’re already paying for auto insurance, consider bundling it with your homeowners policy. You could lower your premiums by 25% or more and have the convenience of managing your policies in one place.
Shop around to compare quotes. Take the time to gather quotes from multiple insurance companies and compare them side by side. Each insurance company has its own formula to calculate premiums, and the difference in cost might surprise you. Plus, some companies, like USAA, offer discounts for homeowners living in certain areas.4
When you’re ready to buy a home in Montana, you’ll want to protect your investment with the right homeowners insurance policy. Your lender will insist on proof of insurance if you finance your house with a mortgage. But settling for bare-minimum coverage isn’t necessarily the best approach.
When determining the right amount of insurance for you, consider your home’s unique features, the value of your belongings, and your personal liability risks. Most importantly, understand the ins and outs of your policy to avoid surprises.
You need to prepare for potential hazards in Montana. Wildfires are a significant natural disaster, with 90% of the state at risk and Missoula County facing the highest danger. Flooding is the second most-common disaster, and bears are another common risk.
Here’s how you can protect your home from these Montana threats.
Wildfires: Homeowners insurance typically covers wildfire damage. But finding and keeping coverage is getting harder for Montana homeowners. Due to increasing wildfire risk, some insurance companies are refusing to write new policies, not renewing existing coverage, and charging higher premiums.
Flooding: Homeowners insurance policies don’t protect against flood damage. Coverage is available as an add-on or stand-alone policy. To get flood insurance, contact your current insurance company or another private insurer. You can also buy a policy through the National Flood Insurance Program (NFIP).
Bears: Unsecured trash, fruit trees, and chickens can attract bears to your home, and grizzly and black bears often cause significant property damage. Luckily, homeowners insurance usually covers it. But a standard home insurance policy may not cover damage to swimming pools and hot tubs, and most coverage doesn’t include personal belongings, such as furniture.
The following information can help answer your remaining questions about finding homeowners insurance in Montana.
The average cost of a Montana homeowners insurance policy with $300,000 in dwelling coverage and a $1,000 deductible is $2,175 annually. How much you pay for coverage will depend on your dwelling coverage limits, deductible, ZIP code, and more. If you live in an area at high risk of flooding, you’ll need to pay for a separate flood insurance policy.
Chubb has the cheapest home insurance in Montana for a policy with $300,000 in dwelling coverage and a $1,000 deductible, with an average monthly premium of $69.
No. Montana state law doesn’t require homeowners insurance. But your mortgage company likely will require you to purchase it if you have a mortgage on your home.
Even if you don’t need to meet lender requirements, it’s a good idea to have home insurance. The coverage can protect your home and personal belongings in the event of covered perils.
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