The Cheapest and Best Homeowners Insurance in Billings
The Cheapest Home Insurance Companies in Billings
When choosing a policy, there are several factors to consider. How much homeowners insurance in Billings costs is one aspect, especially since most carriers offer the same core coverages.
Based on MoneyGeek’s analysis, the companies that offer cheap homeowners insurance in Billings for homes with a $500,000 dwelling coverage limit are:
- Chubb: $1,758 per year
- USAA: $3,481 per year (only available to current and former military members and their families)
Dwelling coverage limits for more expensive homes are logically higher, resulting in a higher annual premium as well. You can purchase cheap homeowners insurance for homes with a $2 million dwelling coverage limit in Billings from:
- Chubb: $5,753 per year
- USAA: $6,540 per year (only available to current and former military members and their families)
The table below shows how a policy’s premium changes when the dwelling coverage limit is adjusted.
The Cheapest Home Insurance in Billings, Ranked
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Most homes in Billings have baseline dwelling coverage of $500,000. A policy with this limit has personal property coverage limits of $200,000. In comparison, a policy with a $2 million dwelling coverage limit has a personal property threshold of $800,000. The liability coverage limit, however, remains at $100,000 regardless of the dwelling coverage limit.
You can look up how much homeowners insurance costs in Montana, even if you live outside of Billings.
The Average Cost of Homeowners Insurance in Billings for 2022
Compared to the state and national averages, the average cost of homeowners insurance in Billings is more expensive. With an annual premium of $3,993, it’s 54% more expensive than the average cost of home insurance in Montana, which costs $2,595 per year.
The national average, which is $2,103 per year, is nearly twice as affordable as the typical rate in Billings.
Calculate the Cost of Home Insurance in Billings
Location is one of the factors insurers consider when computing premiums. It helps them determine how risky you are to insure due to your home’s exposure to extreme weather conditions or your neighborhood’s property crime rates. Other factors affecting the cost of homeowners insurance in Billings include your credit score and the amount of coverage your purchase for dwelling and personal property insurance.
If you want to compare home insurance quotes in Montana, you can use MoneyGeek’s home insurance calculator.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Billings
When you file a claim, you want it processed objectively and efficiently. Therefore, customer satisfaction and financial stability are other areas to consider when choosing a homeowners insurance provider in Billings. Although affordability is always a factor, it shouldn’t be the sole reason for your choice.
Based on MoneyGeek’s analysis, companies offering the best homeowners insurance in Billings are:
- Best Overall: Chubb
- Runner Up: USAA (only available to current and former military members and their families)
MoneyGeek’s rating system factors in affordability, customer satisfaction and financial stability to identify the best homeowners insurance company in Billings.
Policies from Chubb don’t factor in depreciation when computing the replacement cost of your personal property. It allows you to get new items of the same quality as your old ones. If your home is a total loss, you can opt not to have it rebuilt. Instead, you can take the amount Chubb offers as a cash settlement.
With perfect scores in financial strength and affordability, Chubb places first in MoneyGeek’s list. Their policies include a free consultation assessing risks to your home, ensuring your home is fully protected against potential perils.Read MoneyGeek's Chubb home Insurance Review
You can save on premium costs by having safety devices such as deadbolts and security cameras. These qualify you for discounts and help you remain claim-free. If you rent out your home — regardless of whether it’s your entire property or just a room — you can use USAA’s home-sharing coverage. It helps with costs from repairs and maintenance, which are all associated with being a landlord.
Coming in second on the list is USAA, with perfect user experience and financial strength scores. However, you have to be a member of the military to purchase their policies.Read MoneyGeek's USAA home Insurance Review
Cheapest Home Insurance Companies in Billings for Newly Constructed Homes
Insurers found homeowners with newly constructed houses less likely to file claims due to using materials more resistant to damage when building their homes. In situations when home repairs are needed, newer materials are also easier to replace. Homes built in 2015 onwards are cheaper to insure, costing only $2,970 per year on average. A similar policy for a house built in 2000 has an average annual rate of $3,993 — that’s 34% higher.
The companies offering the cheapest homeowners insurance in Billings for newly constructed homes with a $500,000 dwelling coverage limit are:
- Chubb: $1,545 per year
- USAA: $2,192 per year (only available to current and former military members and their families)
The Cheapest Home Insurance in Billings for New Homes, Ranked
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Cheapest Home Insurance Companies in Billings if You Have a Lot of Personal Property
How much personal property you want to be covered may affect how much homeowners insurance in Billings costs. A policy with a $100,000 coverage limit for personal property costs around $3,993 each year. Increasing the limit makes the rate more expensive — in this case, a policy with a personal property coverage limit of $250,000 costs $4,128 annually on average.
For policies with personal property limits of $500,000, you can purchase cheap homeowners insurance in Billings from:
- Chubb: $2,098 per year
- USAA: $3,601 per year (only available to current and former military members and their families)
Cheap Companies in Billings for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Billings for High Deductibles
All policies have an amount called a deductible you’ll have to pay out of pocket before your coverage kicks in. The higher your deductible is, the lower your yearly premium becomes. For example, a policy with a $1,000 deductible costs, on average, $3,993 each year. Increasing the deductible to $2,000 decreases the average annual premium by 11% — it costs $3,572.
The companies offering the cheapest homeowners insurance in Billings for policies with a $2,000 deductible are:
- Chubb: $1,536 per year
- USAA: $2,882 per year (only available to current and former military members and their families)
The Cheapest Companies in Billings for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Billings if You Have Poor Credit
Unlike cities in California, Hawaii and Massachusetts, your credit score can significantly change the rate of your homeowners insurance policy in Billings. Homeowners with good credit standing typically have lower premiums — it assures providers that they can consistently pay their premium. In Billings, homeowners insurance for those with good credit costs an average of $3,993 per year. Homeowners with poor credit can purchase a similar policy with an annual premium of $9,938 on average.
For homeowners with poor credit, the companies offering the cheapest homeowners insurance in Billings are:
- Chubb: $1,758 per year
- USAA: $7,518 per year (only available to current and former military members and their families)
The Cheapest Companies in Billings for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Billings
Comparing home insurance quotes in Billings helps you get the best possible deal. Gathering quotes online is easy as long as you have the following information:
The replacement cost of your home: If rendered a total loss, the amount you need to rebuild your home determines how much dwelling coverage you need. You can get an accurate estimate by having it assessed by a building contractor or a construction professional.
The value of your personal property: How much of your belongings you want to be covered determines the limits for personal property. It’s best to avoid underestimating the worth of your possessions — one way to do this is to keep an inventory of your things and their corresponding value.
Personal information: Insurers will want to know how many people live in your home and whether you keep pets. Which area of Billings you live in may also affect your premium.
Details of your home: It’s crucial to note whether you’ve had sections of your home remodeled as this may affect your premium. If you have safety devices such as deadbolts or alarms installed in your home, this may qualify you for discounts. Other information insurers may ask about are your home’s age and size.
Homeowners Insurance in Billings Analysis: Methodology
MoneyGeek analyzed premiums from six companies to determine which offers the best homeowners insurance in Billings. Apart from financial strength, we used other criteria. We determined affordability by using data provided in partnership with Quadrant, as well as collecting quotes for homes with varying coverage levels. On the other hand, customer satisfaction ratings were based on the results of J.D. Power’s surveys. The base homeowner profile has a 2,500-square-foot home built in 2000 with dwelling coverage limits of $500,000, personal property coverage limits of $200,000 and liability coverage of $100,000. Insurance options were based on various quotes for homes with increased coverages for dwelling and personal property, higher deductibles and homeowners with poor credit.
About Mark Fitzpatrick
- Neighborhood Scout. "Billings, MT Crime Rates." Accessed July 1, 2021.