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Best homeowners insurance companies in Montana for 2024

Updated Apr 11, 2024
Bankrate’s analysis found that USAA, Chubb, Travelers, Allstate and State Farm are among Montana’s top insurers.
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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
*Premium's based on $300,000 in coverage **USAA is not officially ranked with J.D. Power due to eligibility restrictions.
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This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.

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.

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Bankrate's trusted insurance industry expertise

Read our full methodology

The 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

USAA

4.7

Rating: 4.7 stars out of 5

Avg. premium for $300K dwelling

$113/mo

Avg. premium for $300K dwelling

$1,361/yr

Customer satisfaction

881/1,000

Best for high-value homes

Chubb

4.3

Rating: 4.3 stars out of 5

Avg. premium for $300K dwelling

$131/mo

Avg. premium for $300K dwelling

$1,568/yr

Customer satisfaction

801/1,000

Best for digital tools

Allstate

4.2

Rating: 4.2 stars out of 5

Avg. premium for $300K dwelling

$266/mo

Avg. premium for $300K dwelling

$3,191/yr

Customer satisfaction

809/1,000

Best for extensive agent network

State Farm

4.2

Rating: 4.2 stars out of 5

Avg. premium for $300K dwelling

$161/mo

Avg. premium for $300K dwelling

$1,934/yr

Customer satisfaction

829/1,000

Best for unique discounts

Travelers

4.1

Rating: 4.1 stars out of 5

Avg. premium for $300K dwelling

$213/mo

Avg. premium for $300K dwelling

$2,559/yr

Customer satisfaction

790/1,000

Additional Montana home insurance companies to consider

Farmers

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

American Modern

Who this may be best for

Homeowners in high-risk areas

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:

  1. 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.
  2. 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.
  3. 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.
  4. 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.

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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.

Advertising Disclosure
This advertisement is powered by Coverage.com, LLC, a licensed insurance producer (NPN: 19966249) and a corporate affiliate of Bankrate. The offers and links that appear on this advertisement are from companies that compensate Coverage.com in different ways. The compensation received and other factors, such as your location, may impact what offers and links appear, and how, where and in what order they appear. While we seek to provide a wide range of offers, we do not include every product or service that may be available. Our goal is to keep information accurate and timely, but some information may not be current. Your actual offer from an advertiser may be different from the offer on this advertisement. All offers are subject to additional terms and conditions.
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Best home insurance discounts in Montana

Home insurance discounts vary by carrier, but some of the most common options include:

Many home insurance providers offer discounts for homes with smoke detectors, fire alarms, burglar alarms or any other device that makes your property safer.
Some insurers offer a discount to policyholders who go a certain amount of time without filing a claim. That period varies depending on the company but may be anywhere between one and five years.
You may see savings if your roof is new, especially if it's constructed with storm-resistant materials.
Paying your home insurance premium in full (rather than monthly) will net you savings with many carriers.
Many areas of Montana are growing quickly. If you purchase a new build, you may earn a discount on your coverage.
If your home is equipped with smart home features, you may be less likely to file a claim and earn a discount as a result.

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.

!

Recent news: Montana Commissioner recommends flood insurance

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.

Bankrate Scores

Our Bankrate Score considers variables our insurance editorial team determined impacts policyholders’ experiences with an insurance company. These rating factors include a robust assessment of each company’s product availability, financial strength ratings, online capabilities and customer and claims support accessibility. Each factor was added to a category, and these categories were weighted in a tiered approach to analyze how companies perform in key customer-impacting categories. 
5
Rating: 5 stars out of 5
Overall Score
  • Cost & ratings 50%
  • Coverage & savings 30%
  • Support 20%
Like our previous Bankrate Scores, each category was assigned a metric to determine performance, and the weighted sum adds up to a company’s total Bankrate Score — out of 5 points. This year, our 2023 scoring model provides a more comprehensive view, indicating when companies excel across several key areas and better highlighting where they fall short.
Written by
Natalie Todoroff
Writer, Insurance

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.

Edited by Editor, Insurance