North Dakota Homeowners Insurance Guide
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North Dakota Homeowners Insurance
Explore North Dakota Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Peace Garden State is riddled with rustic landscapes and indelibly ingrained into U.S. history through its connection to Native American culture. Nestled in the northern Midwest and bordering Canada, North Dakota provides visitors and North Dakotans alike, with a sense of untouched nature that is hard to find in the United States. Whether its navigating the brutal, but invigorating Maah Daah Hey Trail, or visiting the Knife River Indian Villages, there’s quite a bit to do and revere in the Peace Garden State.
Unfortunately, North Dakota’s climate and landscape make it susceptible to flood. In particular, flash flooding caused by both rain and snowstorms. In addition, the wind and hail that accompany the snowstorms are known to result in property damage.
Average Homeowners and Renters Insurance Premium
North Dakotans pay slightly more than the country average for homeowners insurance. However, they pay the lowest premium in the country for renters insurance. Thus, carriers view physical property such as homes as far riskier than personal property, such as furniture or jewelry. This large discrepancy between homeowner and renters rates, is at least partially due to North Dakota’s ability to keep its crime rates relatively low. Essentially driving down the probability of North Dakotans experiencing theft or vandalism regarding their property.
| State | Homeowners | Renters |
| North Dakota | $1,293 | $126 |
| USA | $1,249 | $179 |
Source: Insurance Information Institute (2018)
The standard homeowners insurance policy provides adequate coverage for most North Dakotans. Coverage is provided for loss from fire, wind, theft, and a host of other normal perils. However, homeowners policies specifically exclude flood. Thus, property owners in the Peace Garden State should look to augment their overall property insurance packages with a flood policy from the National Flood Insurance Program (NFIP).
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in North Dakota is fairly competitive, with the top five carriers in the region controlling slightly more than 51% of the market. In fact, the top carrier in the region only controls 15% of the market. There is also a good representation of both national and regional carriers in the market; providing North Dakotans with several property insurance options. When deciding which homeowners insurance carrier would make the best partner, remember to consider each carriers’ reputation, history of honoring coverage, and speed in which they handle claims.
Top 5 Home Insurance Carriers in North Dakota
| Company | Market Share |
| State Farm | 15.1% |
| American Family Insurance Group | 12.3% |
| Farmers Union Insurance | 9.1% |
| Nodak Mutual Insurance Co. | 8.3% |
| Auto-Owners Insurance Co. | 7.0% |
Source: Insurance Information Institute (2019)
North Dakota’s climate and regional position make it one the U.S.’ best kept secrets. With picturesque landscapes and deep Native American history, it’s a treasure trove of exciting things to do. In addition to these favorable characteristics, the state also boasts the cheapest renters insurance rates in the country.
North Dakota Regulating Agencies And References
