Best homeowners insurance in Montana for 2023

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 $1,736 per year, which works out to around $145 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.

*USAA is not officially ranked with J.D. Power due to eligibility restrictions.

The top 5 home insurance companies in Montana

How Bankrate chose the best home insurance companies in Montana

Bankrate's choices for the best Montana homeowners insurance companies were based on an extensive review by Bankrate’s experienced team of licensed insurance agents and editors. Average rates were collected from Quadrant Information Services and correlated with our research on coverage options, discounts, third-party reviews and more. 

With these data points combined, we calculated a Bankrate Score on a five-point scale, with higher scores indicating a company that performed highly in multiple categories and is likely to offer the best options for Montana homeowners.

How much is homeowners insurance in Montana?

The average annual premium for home insurance in Montana is $1,736 per year. This is significantly higher than the national average rate of insurance, which is $1,428 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 $905 per year, and in Wyoming, the statewide average rate is $954 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 home insurance rates by dwelling coverage

How to find the best cheap home insurance in Montana

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 isn't difficult — especially if you follow our strategies when you are looking:

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. Insurance professionals generally recommend requesting quotes from at least three Montana homeowners insurance companies so you can determine which is able to offer you the best rate. 
2. Raise your credit score: In states where the law doesn’t prohibit it, many insurers use your credit history when determining how much to charge for home insurance. 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. You are likely to earn a lower premium rate if your roof is on the newer side. Be sure to let your insurer know the age of your roof when you purchase your policy to see if you qualify for savings.
4. Bundle your policies: Your insurance company wants as much of your business as possible, so if you have more than one policy at 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 policy.

Common home insurance discounts in Montana

There are several common options for discounts in Montana. Here are a few of the more common home insurance discounts offered by Montana insurers:

Home insurance coverage options 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.
• Earthquake insurance: Similar to flood insurance, earthquake insurance will need to be purchased separately from homeowners insurance. 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. 

Frequently asked questions