The Cheapest and Best Homeowners Insurance in Fargo
The Cheapest Home Insurance Companies in Fargo
When looking for cheap homeowners insurance in Fargo, it’s important to look at the cost since there are many policies from different companies that have the same core coverages.
MoneyGeek analyzed various companies in the city and found that, on average, these insurers offer the cheapest policies for homeowners with a baseline dwelling coverage of $500,000:
- Allstate: $2,456 per year
- MetLife: $2,457 per year
Fargo residents with more expensive homes may require a higher dwelling coverage limit. This is what will pay for rebuilding the structure of your home and any attached structures such as a porch. On average, the cheapest options in Fargo for those who need $2 million in dwelling coverage include:
- Allstate: $7,696 per year
- Country Financial: $8,706 per year
To find out how prices can change based on your dwelling coverage needs, check out the table below.
The Cheapest Home Insurance in Fargo, Ranked
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Prices with an initial baseline dwelling coverage of $500,000 had $200,000 in personal property limits, while those with a dwelling coverage of $2 million had $800,000 in personal property limits. All prices of policies came with $100,000 in liability coverage.
For those who live in other cities within the state, MoneyGeek also examined the best and cheapest homeowners insurance in North Dakota.
The Average Cost of Homeowners Insurance in Fargo for 2022
Location is one of the many factors that can impact the average cost of home insurance. Fargo residents pay an average of $3,781 per year for home insurance, which is $1,511 more than the North Dakota state average of $2,270. This is also $1,678 more than the national average of $2,103.
Calculate the Cost of Home Insurance in Fargo
Home insurance premiums are based on a variety of factors, such as location, credit scores, coverage preferences and more. In order to compare quotes in your state, check out 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 Fargo
While cost is an important factor to consider when choosing home insurance, customer service and financial stability should be thought of too. This is because claims are often made during stressful times, and dealing with a reliable company can help ease any worries.
The companies offering the best homeowners insurance in Fargo are:
- Best Overall: Country Financial
- Runner-up: Allstate
These companies were ranked based on MoneyGeek’s unique scoring system, which looked at policy affordability and the company’s user satisfaction and financial stability.
Scoring well in affordability and consistently receiving a low customer complaint ratio from NAIC, Country Financial’s top place in MoneyGeek’s ranking is well-deserved. They offer potential policyholders a range of discounts, allowing them to save more by having multiple policies or having alarm systems installed at home.
Country Financial ranks as the best overall in Fargo as it scores well across categories, scoring highly in affordability. They offer discount options, including bundling.Read MoneyGeek's Country Financial home Insurance Review
As MoneyGeek’s runner-up, Allstate is well-known for its affordability in Fargo. Policyholders can benefit from their decreasing deductibles. For every year that you remain claims-free, you get $100 off your deductible, which can go up to $500. You can even get a discount for being claims-free even if you come from another insurance company.
Allstate is MoneyGeek’s runner-up as they also score well across categories, particularly in affordability. Policyholders can also get their Claim Rateguard, which can help prevent premiums from increasing after filing a claim.Read MoneyGeek's Allstate home Insurance Review
Cheapest Home Insurance Companies in Fargo for Newly Constructed Homes
Homes that have just been built come with modern materials that are easier to replace and are more resistant to damage, which makes insuring them much cheaper. As a result, it costs an average of $2,644 per year to insure a newly-built home in Fargo, compared to $3,781 for homes built in 2000.
On average, the cheapest options for Fargo residents with homes that have just been built are:
- MetLife: $1,718 per year
- Country Financial: $1,802 per year
The Cheapest Home Insurance in Fargo for New Homes, Ranked
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Cheapest Home Insurance Companies in Fargo if You Have a Lot of Personal Property
All home insurance policies come with personal property coverage, of which the limits can be adjusted based on your needs. The higher the limit, the higher the premium. For $250,000 in personal property coverage, Fargo residents pay an average of $4,184 per year. This costs an average of $403 more than policies with $100,000 in personal property limits.
Those who want cheap homeowners insurance in Fargo with higher personal property limits can look at the following companies, which are the most affordable on average:
- MetLife: $2,719 per year
- Country Financial: $2,852 per year
Cheap Companies in Fargo for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Fargo for High Deductibles
One of the most significant factors that can affect your insurance premiums is your deductible, which is the money you pay out-of-pocket before your insurer pays your claim. The higher the deductible, the lower the premium and vice versa. In Fargo, a policy with a $2,000 deductible costs an average of $3,572 per year, which is $209 less than the average of $3,781 for a $1,000 deductible.
On average, the cheapest options in Fargo for those who want home insurance with a high deductible include:
- Allstate: $2,073 per year
- MetLife: $2,321 per year
The Cheapest Companies in Fargo for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Fargo if You Have Poor Credit
Insurance companies in Fargo base your premiums on a lot of factors, one of which is your credit score. People with poor credit scores pay more every year for home insurance. In Fargo, this can cost an average of $5,930 per year. This is $2,149 more than what those with good credit pay on average.
MoneyGeek identified the insurers offering the cheapest home insurance in Fargo for those with poor credit. On average, these are:
- Country Financial: $2,577 per year
- Allstate: $4,086 per year
The Cheapest Companies in Fargo for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Fargo
Homeowners should collect various quotes in order to find the best homeowners insurance in Fargo that meets their needs. To get quotes online, prepare the following information:
- The replacement cost of your home: Insurers will want information on the cost to rebuild your home, as this determines your dwelling coverage limits. Building contractors can help give you a rough estimate of this cost.
- The value of your personal property: As home insurance comes with personal property coverage, you’ll also have to declare the rough value of the items in your home to determine your limits.
- Personal information: Basic information such as your address and birthdate will be asked, as well as who lives in the home and any insurance history you may have.
- Information about your house: Insurers will also want to know some basic details about the house, such as when it was built, how big it is, if there are any safety devices or systems in place and more.
Homeowners Insurance in Fargo Analysis: Methodology
MoneyGeek analyzed quotes from seven home insurance companies in Fargo to help residents find the best options for them. A base profile of a homeowner with a 2,500 square foot home built in 2000 was used, with $500,000 in dwelling coverage, $200,000 in personal property coverage, a $100,000 liability limit and a $1,000 deductible.
Quotes for those with unique circumstances and preferences were also gathered, such as for those with newly-built homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.
Data was gathered in partnership with Quadrant, where quotes with varying coverage levels were collected in order to calculate affordability scores. J.D. Power surveys helped supply customer satisfaction ratings.
About Mark Fitzpatrick