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Best homeowners insurance companies in Montana for 2024
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Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Compare the best home insurance companies in Montana
Bankrate’s insurance editorial team’s extensive research revealed that USAA, Chubb, Travelers, Allstate and State Farm are among the best Montana homeowners insurance companies. Based on premium data from Quadrant Information Services, the average cost of Montana homeowners insurance is $2,311 per year, which works out to around $193 a month.
As part of our review process, we looked at each company’s policy offerings, insurance rates and discounts for homeowners insurance, as well as financial strength and customer satisfaction ratings from third-party agencies like S&P, Moody’s, AM Best and J.D. Power. The better a company performed in each of these categories, the higher its Bankrate Score for a maximum score of 5.0 out of 5.0. Below, these carriers stand out for offering comprehensive coverage and strong ratings for customer service and claims handling.
| Insurance company | J.D. Power | Average monthly premium | Average annual premium | |
|---|---|---|---|---|
|
881
/1,000 |
$113
|
$1,361
|
||
|
801
/1,000 |
$131
|
$1,568
|
||
|
809
/1,000 |
$266
|
$3,191
|
||
|
829
/1,000 |
$161
|
$1,934
|
||
|
790
/1,000 |
$213
|
$2,559
|
Powered by Coverage.com (NPN: 19966249)
Coverage.com, LLC is a licensed insurance producer (NPN: 19966249). Coverage.com services are only available in states where it is licensed. Coverage.com may not offer insurance coverage in all states or scenarios. All insurance products are governed by the terms in the applicable insurance policy, and all related decisions (such as approval for coverage, premiums, commissions and fees) and policy obligations are the sole responsibility of the underwriting insurer. The information on this site does not modify any insurance policy terms in any way.
Bankrate's trusted insurance industry expertise
Read our full methodologyThe home insurance market can be complicated, but Bankrate's insurance editorial team used our unique perspective to bring readers information they need to make educated decisions when shopping for home insurance.
46
years of industry expertise
122
carriers reviewed
34.5K
ZIP codes examined
1.2M
quotes analyzed
The top 5 home insurance companies in Montana
Best for military-focused coverage
Avg. premium for $300K dwelling
$113/mo
Avg. premium for $300K dwelling
$1,361/yr
Customer satisfaction
881/1,000
-
Why USAA made our list: USAA is one of the highest-scoring insurance companies on the market when it comes to things like J.D. Power’s customer satisfaction studies, but it only serves homeowners who are active duty or retired military service members, or their eligible family members. For three years running, USAA has tied for the Best Home Insurance Company Overall Bankrate Award. In addition to excellent customer satisfaction and financial strength, USAA also offers robust coverage that is geared toward service members. Standard policies include all the basics, plus military uniform coverage. Earthquake insurance and home-sharing coverage are also available.
Who USAA may be good for: Service members stationed at Malmstrom AFB may want to take a look at USAA for excellent coverage at a reasonable price point. Even those retired from military service and their family members may find the company's excellent reputation for customer service appealing.
Best for high-value homes
Avg. premium for $300K dwelling
$131/mo
Avg. premium for $300K dwelling
$1,568/yr
Customer satisfaction
801/1,000
-
Why Chubb made our list: Chubb won a Bankrate Award for high-value home insurance, and many of its coverage options are tailored for those with homes that are worth $300K or more. The company also offers some traditionally optional coverage types as standard. Chubb's Masterpiece homeowners insurance, for example, includes extended replacement cost coverage, risk consulting and a cash settlement if you decide not to rebuild.
Who Chubb may be good for: Chubb may be a good choice for those looking for reasonably priced insurance that comes with extras already included. The company also offers excellent financial strength and rates that were on the low side for Montana home insurance.
Best for digital tools
Avg. premium for $300K dwelling
$266/mo
Avg. premium for $300K dwelling
$3,191/yr
Customer satisfaction
809/1,000
-
Why Allstate made our list: Allstate has a robust set of digital tools for policyholders. You can file a claim, pay your bill and access your insurance cards either on the website or the highly-rated mobile app, and the website features informational articles on everything from maintaining your water heater to testing your smoke detectors.
Who Allstate may be good for: Although Allstate has a significant agent presence in Montana, it could be a good choice for anyone who prefers to handle their insurance business online versus with an in-person agent.
Best for extensive agent network
Avg. premium for $300K dwelling
$161/mo
Avg. premium for $300K dwelling
$1,934/yr
Customer satisfaction
829/1,000
-
Why State Farm made our list: State Farm is the largest home insurance provider in the country. If you need to meet with an agent to discuss your policy, State Farm has offices in 12 Montana cities, making it a good choice for those who like to build a relationship with their agent. However, State Farm also delivers if you prefer to manage your policy online, with a highly-rated app and website that offer maximum functionality for policyholders.
Who State Farm may be good for: If you are someone who likes to meet with your agent in person, get to know them over time and know that they are looking out for your needs, you might consider State Farm. It has an above-average rating for customer service, as well as offices across the state for your convenience.
Best for unique discounts
Avg. premium for $300K dwelling
$213/mo
Avg. premium for $300K dwelling
$2,559/yr
Customer satisfaction
790/1,000
-
Why Travelers made our list: Travelers offers robust coverage options for policyholders and has multiple discounts, including some less common ones. For example, it offers a green home discount. If your home is a certified green home, you can save up to five percent on your policy. Other discounts include multi-policy, loss-free, and a discount for anyone who has purchased their home within 12 months of signing up for a policy.
Who Travelers may be good for: Travelers could be worth looking at if you want to save money, since its various discounts may lower your premium considerably. This is especially true if you have a green home; few insurers offer discounts for building in an environmentally responsible way, but Travelers does.
Additional Montana home insurance companies to consider
Farmers
Who this may be best for
Homeowners looking for flexible policy management options
With Farmers, customers have the option to manage their policies through an online portal or with the help of an agent. With its Smart Plan, customers can choose between three coverage tiers (Standard, Enhanced and Premier), each with its own coverage limits and endorsement availability. However, Farmers' average premium of $3,537 per year is significantly higher than the Montana statewide average.
American Modern
If you’re a Montana homeowner struggling to find a carrier that will insure your property, you might want to consider American Modern. It offers two different policies, Dwelling Special and Dwelling Basic. Because American Modern specializes in homes that may not be able to secure coverage from other private insurers, its Montana policies are on the simpler side, with few endorsements available. However, its lower prices reflect its no-frills coverage; our data shows that the average rate for $300,000 in dwelling coverage is only $1,921 per year.
Cheapest home insurance companies in Montana
Home insurance is an excellent way to protect the financial investment in your home. However, paying for coverage can be a financial burden for some Montana homeowners. For homeowners with less wiggle room in their budgets, we’ve put together a list of the five cheapest home insurance companies in Montana.
| Carrier | Monthly premium for $300k coverage | Annual premium for $300k coverage | Savings vs state avg. for $300k coverage |
|---|---|---|---|
|
$113
|
$1,361
|
- $950 |
|
|
$131
|
$1,568
|
- $743 |
|
|
$160
|
$1,921
|
- $390 |
|
|
$161
|
$1,934
|
- $377 |
|
|
$213
|
$2,559
|
+ $248 |
How to get cheap Montana home insurance
No matter the value of your home, you don't want to spend more on your insurance than you need to. Finding the best cheap home insurance in Montana may be easier if you use the following strategies:
- Shop around: Every insurance company uses its own proprietary methods for determining your rate. Because of this, you will get a range of quotes when shopping around, even if they are all for exactly the same coverage types and limits. Comparing personalized rates will reveal the cheapest companies for your home and circumstances.
- Raise your credit score: Montana insurance companies can use your credit history when determining your home insurance premium. Research shows that people with stronger credit tend to file fewer claims, so giving your credit a boost may help you land a cheaper policy.
- Maintain or repair your roof: An aging roof can lead to costly claims, especially in Montana which sees frequent winter storms. Upgrading or reinforcing your roof (and notifying your insurer of the change) may earn you a lower rate.
- Bundle your policies: Your insurance company wants as much of your business as possible, so if you have more than one policy with a single company, you are likely to earn a lower rate on your premium. This is most often seen when you bundle your homeowners insurance with your auto coverage.
Best home insurance discounts in Montana
Home insurance discounts vary by carrier, but some of the most common options include:
How to save on home insurance policy renewals in Montana
Discounts are a smart way to lower your home insurance premium — but they are not the only way to save. At renewal, these strategies could help you secure a more favorable rate:
- Raise your deductible: This one can be tricky. Insurers usually lower your premium if you raise your deductible. However, it is important to ensure that you do not raise your deductible so high that you couldn't pay it out of pocket comfortably in the event of a claim.
- Shop around: Just because your policy is renewing doesn't mean you have to stay with the same insurer. Before renewal is a great time to shop around and compare rates.
- Consider a security system: Security systems reduce your chance of filing a claim. A security system may be worth the cost if it brings down your home insurance premium.
How much is homeowners insurance in Montana?
The average annual premium for home insurance in Montana is $2,311 per year. This is significantly higher than the national average rate of insurance, which is $2,151 per year. Many factors could be contributing to Montana’s higher-than-average home insurance costs, such as inflation affecting the cost of labor and materials or a rise in covered losses.
In fact, the cost of homeowners insurance in Montana is higher than in most neighboring states. Idaho’s statewide average premium for home insurance is $1,201 per year, and in Wyoming, the statewide average rate is $1,352 per year. Home insurance premiums in Montana could be more expensive because the state faces a greater risk of damaging events, like wildfires and tornadoes.
Montana homeowners insurance rates by city
Each Montana ZIP code poses different risks to an insurer: some cities may see higher levels of vandalism and break-ins, while others may be at higher risk for wildfires. Because of these varying levels of risk, home insurance rates tend to vary across the state.
- Kalispell: $1,770 per year — 23 percent below state average
- Missoula: $1,773 per year — 23 percent below state average
- Coram: $1,861 per year — 19 percent below state average
- Troy: $1,868 per year — 19 percent below state average
- Whitefish: $1,870 per year — 19 percent below state average
- Sumatra: $3,636 per year — 57 percent above state average
- Ismay: $3,396 per year — 47 percent above state average
- Vandalia: $3,382 per year — 46 percent above state average
- Glentana: $3,343 per year — 45 percent above state average
- Baker: $3,334 per year — 44 percent above state average
What does home insurance cover in Montana?
The most common type of home insurance policy is the form HO-3. It typically provides liability coverage, medical payments, additional living expenses, personal property coverage, and coverage for your home and surrounding structures. Home insurance covers your personal property on a named-peril basis, meaning your things are protected from sources of loss, called perils, that are specifically listed out in your policy.
Financial protection works differently for your dwelling and other structures coverage. These parts of your policy operate on an open-perils basis, which means they are covered from all causes of loss except the ones that are specifically excluded from your policy.
All in all, there are 16 named perils in a standard home insurance policy, According to the Insurance Information Institute (Triple-I), these are the most common losses homeowners file claims for:
- Wind and hail: In 2021, wind and hail damage claims made up nearly 40 percent of all home insurance claims.
- Water damage and freezing: Triple-I also reports that homeowners across the nation lose around $20 billion per year in water damage.
- Fire and lightning: Around 120,000 Montana homes (which is just over a third of the state) are at moderate to high wildfire risk.
Additional home insurance coverage types in Montana
Part of the home insurance buying process is choosing coverage options and policy limits tailored to your home. While some policy features come standard and can be adjusted, others need to be purchased separately. These include:
- Flood insurance: Damage from flooding could be a major concern depending on where your home is located. As floods are excluded from standard homeowners insurance policies, you will need to purchase a separate policy either from the National Flood Insurance Program (NFIP) or from a private carrier. 20 percent of all properties in Montana have a greater than 25 percent chance of being severely affected by a flood over the next 30 years.
- Earthquake insurance: Similar to flood insurance, earthquake insurance is not included in standard HO-3 policies. Montana is the fourth-most seismically active state in the country. Most of Montana’s seismic activity occurs in the western portion of the state, making earthquakes more of a concern for homes in this area.
- Identity theft insurance: This coverage type may be included in your basic policy or may be an added endorsement that you can purchase for your policy. It covers costs involved if your identity or identifying information such as your social security number, is stolen. This may include legal services, credit monitoring and reimbursement of costs such as replacing credit cards and driver's license.
Related content:
Common Montana home insurance problems
Like California, wildfires have created something of an insurance problem for Montana homeowners. In mid-2023, Montana’s Commissioner spoke on the growing problem of Montana insurers denying policies in wildfire zones or refusing to raise coverage limits — even in zones that are not considered at an elevated risk for wildfires. Montanans across the state may struggle to secure coverage from their chosen provider.
!
Troy Downing, Commissioner of securities and insurance for the state of Montana, has written extensively about the need for many of Montana's residents to consider flood insurance even if they do not live in a FEMA-recognized flood zone. According to the commissioner, floods occur frequently during the spring and early summer months, and may also occur after wildfires, which are common in some parts of the state.
As the commissioner has noted, flood insurance is available either through private insurers or through the NFIP, which is administered by FEMA. The NFIP covers your home and belongings following a flood. Flood damage is not covered by standard HO-3 home insurance policies, which are the most common type of policy written for residential homes.
Although flooding may happen near major bodies of water, you could be in a flood zone even if you live near a small creek or gully that fills with water after a rainstorm. Flooding is as common with small bodies of water as it is with large rivers or lakes. Montana residents should ask their insurance agent if a flood insurance policy would be a good choice to protect themselves from the extensive damage.
Frequently asked questions
Methodology
Bankrate utilizes Quadrant Information Services to analyze April 2024 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on married male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $150,000, $300,000, $350,000, $450,000, $750,000
- Coverage B, Other Structures: $15,000, $30,000, $35,000, $45,000, $75,000
- Coverage C, Personal Property: $75,000, $150,000, $175,000, $225,000, $375,000
- Coverage D, Loss of Use: $30,000, $60,000, $70,000, $90,000, $150,000
- Coverage E, Liability: $500,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible, a $500 hail deductible and a 2 percent hurricane deductible (or the next closest deductible amounts that are available) where separate deductibles apply.
These are sample rates and should be used for comparative purposes only. Your quotes will differ.
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Coverage & savings 30%
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Natalie Todoroff is an insurance writer for Bankrate, prior to which she wrote for a popular insurance comparison shopping app. She has a Bachelor of Arts in English and has written over 800 articles about insurance throughout her career.
