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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Feb 26, 2024

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Are you getting the protection you need for your home? Fortunately, there’s a simple way to get the coverage you need. Obrella’s easy-to-use platform helps you get in touch with insurance experts who are familiar with all the ins and outs of home insurance in Montana. We walk you through options from several providers, answer any questions you have, and can even bind your policy—all over the phone!

Montana Home Insurance Costs

Home insurance premiums in Montana average $871 annually, whereas the national average is $1,034 per year. This puts Montana as the state with the 29th highest average insurance premiums in the country.

  • Median Home Value: 200,000
  • Household Income: 51,102
  • Percent of Income on Home Ownership: 28.90%

Montana residents value the protection that comes with home insurance. The median home value in Montana is $184,200, with an average household size of just over two people. With the average household income of $46,972, Montanan’s spend just under 30% of their household income on home ownership. This puts Montana at number 28 for states in the U.S. whose residents spend the most on home ownership.

Of course, this is compounded by the fact that many Montana residents are only part-time residents. Of course, this also puts some residents at risk of losing coverage with a standard policy if their home is unattended for a significant part of the year.

An insurance expert can help you find the right homeowners insurance policy for your Montana home. Call [mapi-phone-link /] to compare top insurance companies.

How Are Montana Home Insurance Premiums Determined?

Insurance companies determine your premium based on the amount of risk they take on by insuring your property. The more likely it is that the insurance company will have to pay for damages to your home, the higher the risk and the higher your premium.

Providers look at your property’s characteristics, value, location, and the surrounding area when determining risk and setting your home insurance premium. Property-specific factors include home size, date of construction, and add-ons like swimming pools and guest homes. Environmental factors, local crime rates, and even the cost of other homes in your area can also affect your premium. So if you live in the middle of a flood plain, you’ll probably wind up paying a higher insurance premium than someone who lives on higher ground nearby. You’ll also be required to have a separate flood policy. Similarly, people owning homes in areas with high rates of vandalism and home burglaries will also typically pay more.

There are a few things you can do to lower your homeowners insurance premiums, however. Surveillance cameras, security systems, motion-sensitive lighting, and other home protection can help lower your rates. Having a high credit score can also help in some cases.

What Should You Know about Homeowners Insurance in Montana?

The majority of Montana home insurance companies have multiple coverage options to pick between. Here are a couple of those options:

  • HO-1: Limited Coverage
    • While an HO-1 policy will cover your home in the event of the first 10 classified disasters fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption this type of policy is no longer available for purchase in most states.
  • HO-2: Basic Policy
    • HO-2 policies are designed to provide coverage in the event that your home is affected by any of the 16 classified disasters.
  • HO-3: Standard, most popular
    • HO3 policies are open-peril policies. In other words, they cover everything that is not specifically excluded. Of course, insurers specifically exclude many common risk factors they don’t want to cover in a standard homeowners insurance policy.
  • HO-8: Older Home
    • To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis, though some older homes may not qualify for full replacement cost policies.
  • The standard policy offers the broadest home protection, with a few exceptions.
  • To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis, though some older homes may not qualify for full replacement cost policies.

What Will Standard Montana Homeowners Insurance Cover?

Many people think the cost of homeowners insurance is a one-size-fits-all safety net. The truth is that you will only be reimbursed if the damages to your home are the result of a situation specifically stated in your insurance policy. in the average policy, you won’t be covered for any hazard if there’s evidence of neglect or if the home was vacant for a significant period.

If your home is damaged by a flood, for instance, you will only be paid for damages if your policy specifically covers flooding. Read on to learn frequently used home insurance coverage terms to help you navigate the specifics of your policy:

  • Coverage A – Dwelling
    • Covers damages to a home and any structures attached to the home. This includes damages to any of the home’s heating system, permanent air conditioning, wiring, or plumbing.
  • Coverage B – Other Structures
    • Structures not physically connected to the house are protected under Other Structures coverage. This includes free-standing sheds, fences, guest homes, and detached garages.
  • Coverage C – Personal Property
    • If the homeowner loses personal belongings due to theft or other damage, personal property coverage will compensate the homeowner for the value of the item be it clothing, furniture, electronics, or jewelry. Personal Property coverage even covers damage to or loss of personal belongings if the theft, loss, or damage occurs outside the home meaning any items kept in a storage unit are covered as well.
  • Coverage D – Loss of Use
    • While a home is being repaired, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability covers the homeowner’s financial loss in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • If someone gets hurt on your property or by your pet, this coverage will take care of any resulting medical bills.

Are There Policies That Cover Vacant Homes?

Whether you move all your belongings out for part of the year or leave them there, not living in your house for that long can be a risk. If you’re not there to check in, you won’t notice if a pipe bursts or the electricity goes out in the dead of winter. This means necessary preventative steps won’t be taken leading to more damage.

The standard homeowners policy won’t cover this type of damage. Many have a set time period for vacancy written into their policies. Some companies offer coverage even if your home is vacant for long periods with a higher annual premium. The insurance company is agreeing to take on a higher risk with these policies. For many Montana property owners, the added coverage is worth the higher annual premium. The cheapest homeowners insurance doesn’t make sense in practice.

Read More: Montana Renters Insurance

Where Can Montana Property Owners Go for Help?

The Office of the Montana State Auditor, Commissioner of Securities and Insurance reviews all homeowners insurance policies in Montana. Reviews are in place to ensure that all policies sold in the state comply with state laws and do not discriminate against any Montanans. If a plan doesn’t qualify after review by the state office, you will not be able to purchase it. The state also provides rate guides to help you compare the prices of all homeowners policies sold in Montana.

Finding the right home insurance policy shouldn’t be difficult. That’s why Obrella makes it easy to find an ideal home insurance policy for your lifestyle. In one simple call, you can talk about your insurance needs with an agent who has the expertise and tools to help you find your ideal home insurance plan. They can quote traditional policies and additional coverages as needed. This way, you can see what the average rates for you are. You’ll even have the ability to bind your policy while you’re on the phone!

Are you looking to find the right home insurance policy for your Montana home? Speak with a friendly and helpful insurance agent today at [mapi-phone-link /].

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