The average annual cost of home insurance in North Dakota is $2,169 for a policy with a $1,000 deductible and $300,000 in dwelling coverage, a bit lower than the national average of $2,532. This may be partly due to the state’s moderate tornado risk. The state had seven tornadoes in 2023.1
You should always compare home insurance quotes from at least three homeowners insurance companies before picking a policy. Here’s what you need to know about finding good home insurance coverage in North Dakota.
You have plenty of good home insurance companies to choose from in North Dakota. The best homeowners insurance companies have affordable rates, extensive coverage options, and reliable customer service. Choose an insurer you can trust to protect your personal property — not just the company with the cheapest rates.
Check out the insurance companies below to start your search. Each is the best insurer for a specific category in North Dakota. The average premiums provided reflect costs for a $300,000 dwelling coverage policy with a $1,000 deductible.
Farmers offers the cheapest home insurance in North Dakota, with an average rate of $96 per month. Home insurance rates in the Roughrider State can vary drastically by insurer because each company determines your policy’s premium differently.
The table below highlights some of the other cheapest home insurance options in North Dakota. The average costs below are for policies with $300,000 in dwelling coverage and a $1,000 deductible.
The average cost of homeowners insurance in North Dakota is $2,169 per year for a $1,000 deductible policy with dwelling coverage of $300,000. But your exact rate will depend on your location, how much coverage you buy, and the company you choose. The higher the coverage limits you select, the higher the premiums you’ll pay.
Some other factors that affect your premium are your home’s structure, size, age, local building material costs, your ZIP code, deductible, and even your credit history. Older homes are often more expensive to insure since they typically have more issues than new houses, making them a greater liability.3
Your dwelling coverage amount also has a significant effect on how much you’ll pay in premiums. Dwelling coverage is the most important part of homeowners insurance, covering property damage after a covered loss, such as a tornado. The higher your dwelling coverage limits are, the more you’ll pay for coverage.
Check out the table below to see just how much your premium can increase when you choose higher dwelling coverage limits for your home. The average monthly premiums below are for North Dakota homeowners policies with a $1,000 deductible.
Your home insurance deductible is how much your insurer requires you to pay out of pocket for damages before it’ll cover any damages. Home insurance deductibles typically range between $500 and $2,000, and the amount you pick will affect your premium. The higher your deductible, the lower your premium will be, and vice versa.
See how your premium for a policy with $300,000 in dwelling coverage can change based on your chosen deductible in the table below.
You can get cheap homeowners insurance in North Dakota in numerous ways. Here are some of the best ways to save on coverage:
Compare home insurance quotes. Always compare quotes from multiple companies. This is the best way to save money on a homeowners insurance policy since every insurer sets premiums differently.
Apply for discounts. Discounts are another great way to save money on your home insurance policy. Nearly every insurance company offers discounts — just ask your insurer about them. For example, bundling your home insurance with your auto insurance is a very common discount that can often save you quite a bit.
Increase your deductible. Raising your home insurance deductible lowers your monthly premiums immediately, but it means you’ll have to pay more out of pocket after a claim. Make sure you can pay the higher deductible before raising it.
Improve your credit history. Boosting your credit can lower your home insurance premiums, as insurers consider your credit history when setting insurance rates. A higher credit-based insurance score indicates a smaller chance of filing a claim, so homeowners with good credit often pay cheaper premiums than homeowners with bad credit.4
North Dakota doesn’t require homeowners to carry any home insurance coverage, but it’s still a good idea to buy it. Home repairs and replacement costs can get very expensive quickly without help from an insurance company. If you have to take out a mortgage on your home, your lender will likely require you to have homeowners insurance anyway.
When buying home insurance, the 80/20 rule is a good guideline to follow for how much coverage to purchase. You should have insurance equal to or greater than 80% of your house’s replacement cost. No matter how much dwelling coverage you end up buying, it’s important to know exactly what your home insurance covers because it won’t cover everything.
Owning a home in North Dakota comes with various perils that homeowners should be aware of, including:
The following information can help answer your remaining questions about homeowners insurance in North Dakota.
The average annual cost of home insurance in North Dakota is $2,169 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. For a policy with a $500 deductible, the average annual cost is $2,386. How much you pay for coverage will depend on your deductible, dwelling coverage amount, ZIP code, home condition, and more.
Farmers has the cheapest home insurance in North Dakota, with an average monthly premium of $96 for a policy with $300,000 in dwelling coverage.
No. North Dakota state law doesn’t require homeowners insurance, but your mortgage company will require it if you have a mortgage.
Even if you don’t have to buy home insurance, it’s a good idea to have it. Home insurance can protect your house and personal belongings in the event of covered perils. It can also cover your liability if someone incurs an injury on your property.
Erie, Amica, and Auto-Owners earned the highest customer satisfaction rankings in the J.D. Power 2023 U.S. Home Insurance Study. Of the companies highlighted in Insurify’s review, American Family and Farmers both have a below-average number of claims filed with the NAIC, which indicates a high level of customer satisfaction.
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