Compare Homeowners Insurance Quotes In Montana

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Best Home Insurance Rates In Montana

Montana is split into two geographic regions: The Rocky Mountains on the west, and the Great Plains in the central and eastern areas. The Treasure State is home to eight national parks, ten national forests, twelve protected wilderness areas, and over 200,000 acres of state parks. These natural conditions make Montana beautiful, but also a site of significant homeowners insurance hazards.

Average Montana Homeowners Insurance Rates

Montana has moderate home insurance premiums compared to other US states. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of home insurance in the state of Montana was $1,003, quite a bit lower than the national average of $1,132. 24 states have lower average homeowners insurance rates than Montana.

Montana Average Annual Homeowners Insurance Rates
  2012 2013 2014
Montana Annual Average $871 $938 $1,003
Montana Price Per Month $72 $78 $84
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 29 29 27
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in Montana should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the best rates is to get a homeowners insurance quotes comparison in Montana from multiple companies.

Best Montana Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Montana. Out of the 2,171 Montana homeowners that used QuoteWizard to request insurance quotes last year, 186 had no home insurance.

  1. Farmers
  2. Progressive Casualty
  3. Allstate Insurance
  4. Safeco
  5. Liberty Mutual
  6. Geico
  7. Hartford Insurance Co.
  8. AAA Insurance Co.
  9. Travelers Insurance
  10. 21st Century
Get a quote from some of these top rated insurers! Request Quote Get a Quote From Top Insurers

Why contact every individual company in Montana that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 Montana Homeowners Insurance Company Market Share

Source:National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Liberty Mutual $42,136 15.24%
2 Farmers Insurance Group of Cos. $36,886 13.34%
3 Mountain West Farm Group $22,867 8.27%
4 Travelers Companies Inc. $13,379 4.84%
5 USAA Insurance Group $13,226 4.78%
6 Hartford Insurance Group $11,717 4.24%
7 Allstate $10,932 3.95%
8 Farmers Union Mutual Insurance Group $6,910 2.5%
9 Chubb Inc. $6,430 2.33%

Financial Strength Ratings of Top Montana Home Insurers

Source: A.M. Best (Ratings as of 8/25/2015)

  • Liberty Mutual: A
  • MT State Compensation Insurance Fund: NR
  • Farmers Insurance Group of Cos.: A
  • Travelers Companies Inc.: A++
  • QBE Specialty Insurance Co.: A
  • ACE Limited Group: A+
  • Mountain West Farm Bureau Mutual Co.: A-
  • Progressive Group: A+
  • Hartford Fire & Casualty Insurance Co.: A+
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Rating Guide

Montana Property & Casualty* Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 Liberty Mutual $204,365 9.7%
2 MT State Compensation Insurance Fund $167,946 8.0%
3 Farmers Insurance Group of Cos. $126,406 6.0%
4 Travelers Companies Inc. $106,510 5.1%
5 QBE Specialty Insurance Co. $98,929 4.7%
6 ACE Limited Group $96,094 4.6%
7 Mountain West Farm Bureau Mutual Co. $78,955 3.8%
8 Progressive Group $77,489 3.7%
9 Hartford Fire & Casualty Insurance Co. $52,737 2.5%
*Represents both home and auto insurance

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Montana.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For Montana, the average listing price is $322,373, as of July 2015, which is somewhat higher than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Montana’s average burglary rate was 400.3 per 100,000 people, which is notably lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Montana, there are 31.7 law enforcement personnel per 100,000 total citizens, which is almost exactly the same as the national median of 32 per 100,000.

Home Insurance Hazards

The western portion of Montana is part of the Northern Rocky Mountains, and has a very different landscape than the eastern portion of the state, which is part of the northern Great Plains. The large variation in geography leads to a large variation in climate. The disparity is so great that the most extreme temperature change in US history was actually recorded in Montana—it went from -54 to 49 degrees within 24 hours in January of 1972.

Cold, snowy winters: Montana averages 33 days and about 38 inches of snow annually. Snowfall varies greatly from east to west. For example, in the eastern town of Glendive, the average annual snowfall is 20 inches, and about 16 days per year. But, in Bozeman, to the west, average snowfall is about 91 inches and 54 days annually. Winter typically lasts from November through March, and temperatures are usually lowest in December. Throughout the state, winter highs are at or below freezing, and lows can be as low as -1 degrees in West Yellowstone to the south, or as high as 21 in Libby, to the north. Low temperatures are often below freezing through April. These cold temperatures can be a great home insurance hazard, as pipes can freeze and break, and other structures can become stiff and brittle as the cold forces them to contract, potentially causing severe damage to your home and other buildings.

Variable rain: By and large, the western end of Montana normally receives more rain than the east. In Bozeman, they average 130 days and close to 20 inches annually. But, at Fort Peck Lake Dam to the east, they only average 71 days and 12 inches of rain annually. And, on the north end, Glacier National Park receives annual average rainfall that exceeds 100 inches per year. While May and June are the rainiest months, rain is frequent throughout the state during early summer. In June, the whole state gets about 12 days of rain, and over 3 inches, on average. May and June combined contribute a little over a fifth of the total average annual rainfall in Montana. This variable rainfall is a home insurance hazard because it’s unpredictable. According to data from the National Oceanic and Atmospheric Administration, flooding most recently occurred in Montana in 2011. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program, as typical home insurance plans do not cover floods. Learn more about the NFIP here.

Wildfires: Wildfires are fairly common in Montana. In drier areas, wildfires can be caused by hot and windy conditions. Wildfires can also be the result of lightning strikes. Montana’s many valleys are often the site of wild fires, as they are usually more dry and grassy than places of higher elevation, which can have snow all year-round. These wildfires can be extremely damaging, often burning tens of thousands of acres. For example, the famous Valley Complex Fire of 2000 was started by lightning strikes and ended up burning over 155,000 acres before being contained. Wildfires can destroy homes, agricultural land, and the air pollution can be a serious health concern, so make sure that you have adequate homeowners insurance coverage for fire.

Montana Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Monica J. Linden
Insurance Hotline:
(800) 332 – 6148
Office Hours:
Monday - Friday
9:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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