Montana Homeowners Insurance Guide
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Montana Homeowners Insurance
Explore Montana Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Treasure State is one of the northern most states in the U.S., sharing a fairly long border with Canada. Although Montana is the 4th largest state in the country by area, its one of the smallest ones when measured by population. Needless to say there are vast ranges of practically untouched, beautiful mountains and plains. In fact, Montana is known for its outdoors, and typically draws enthusiasts that enjoy everything from hiking and fishing, to kayaking and skiing. In addition to outdoor activities, the Treasure State is also home to Glacier National Park and part of Yellowstone National Park.
Montana’s terrain and climate make it ripe for periodic flooding and wildfires. Each year, property owners look to prepare for flooding induced from severe storms or simply snow melting from the state’s picturesque mountain ranges. In addition, the state’s densely forested regions can also dry out during the summer months, creating wildfire risks.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Montanans pay slightly less than the nation’s average for homeowners insurance, and the sixth lowest in the country for renters insurance. The Treasure State’s favorable rates are driven by the lack of catastrophic risk for the region. Property owners endure occasional flooding and perhaps sporadic wildfires, but the damage is often contained and does not reach a tragic level.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Montana | $1,237 | $147 |
| USA | $1,249 | $179 |
Source: Insurance Information Institute (2018)
The standard homeowners policy provides a great deal of coverage; especially for your typical perils such as fire, theft, vandalism, and a host of others. However, the policy excludes damage resulting from flooding. As a result, Montanans should look to bolster their homeowners policy with a flood one from the National Flood Insurance Program (NFIP).
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in Montana is highly concentrated. The top five property insurance carriers control almost 70% of the market, with the top three controlling over 50% of it. This collection of power makes it that much more important that when searching for the right property insurance partner, you include several carriers in your process. As you review carriers and their respective packages, make sure to consider each carriers’ claims handling reputation. In addition, make sure to include a few regional carriers in your process, as they often times are able to customize coverage to a customer’s specific risk.
Top 5 Home Insurance Carriers in Montana
| Company | Market Share |
| State Farm | 24.1% |
| Liberty Mutual | 16.4% |
| Farmers Insurance Group | 12.8% |
| Mountain West Farm Bureau Mutual Insurance Co. | 7.0% |
| USAA Insurance Group | 7.0% |
Source: Insurance Information Institute (2019)
The Treasure State truly encapsulates its moniker. Its size, coupled with its population makes Montanans and visitors alike feel like they have their own small piece of the U.S. all to themselves. Its only fitting that the Great Plains and mountain ranges that fill the region are breathtaking. In addition to the plethora of outdoor activities Montana provides, it also has favorable homeowners and renters insurance rates.
Montana Regulating Agencies And References
