The Cheapest and Best Renters Insurance in Billings
The Companies With the Cheapest Renters Insurance in Billings
Cost is a determining factor when looking for renters insurance in Billings. Most providers typically offer similar core coverages, so comparing quotes will help you find the most affordable renters insurance.
The cheapest renters insurance in Billings is offered by:
- Allstate: $98 per year
- USAA: $114 per year
USAA's renters insurance offers great value for money since its policies reimburse you for items at replacement cost. It also includes coverage for flood and earthquake damage.
All policies in this analysis have $20,000 in personal property limits, $100,000 in liability limits and a deductible of $500. You can see how rates vary for different personal property coverage limits in the table below.
If you live elsewhere in the state, you can also look up renters insurance in Montana.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Billings?
MoneyGeek's analysis found that the best renters insurance companies in Billings are:
- Best Overall: Allstate
- Runner-up: USAA (only available for current and former military members)
MoneyGeek analyzed the best renters insurance companies in Billings based on a comprehensive scoring system that incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. The best providers also offer unique coverages not offered by most insurers.
Allstate is our top pick for best renters insurance in Billings, with high scores in affordability, customer satisfaction and financial stability. It also offers unique coverages like identity protection.
You can get protection for identity fraud by opting for Allstate's optional identity protection coverage. Allstate also offers flood coverage as an optional add-on. You may include it in your policy to get reimbursed in case of flood-related water damage. Allstate allows you to waive off-premises theft coverage for lower premiums if you want to save on costs.Read MoneyGeek's Allstate renters Insurance Review
USAA is our second-best pick due to its high scores in customer satisfaction and financial stability. However, only Billings renters with a military background are eligible for a USAA policy.
USAA's renters insurance offers flood and earthquake coverage, which is not available with most insurers. USAA also stands out because it will reimburse you for personal property damages or loss at replacement cost. This means you get items of the same quality and value you lost. USAA renters policy will remain in effect if you are deployed or move abroad.Read MoneyGeek's USAA renters Insurance Review
The Average Cost of Renters Insurance in Billings for 2023
renters insurance is equal to the average.
Renters insurance in Billings costs an average of $114 per year or $10 per month. Compared to the average national cost of renters insurance at $159 per year, renters in Billings pay lower rates by up to $45 per year.
What Factors Impact Renters Insurance Costs in Billings?
The cost of renters insurance in Billings depends on a variety of factors, but the following have the most impact:
- Personal property limits. This has the most significant impact on the cost of renters insurance. You'll pay more for insurance if you want to cover more of your personal belongings.
- Location. Where you live can slightly impact your renters insurance rates. This is because some risks like property theft may be higher in some locations than others.
- Deductible. A deductible refers to the amount you will pay out of pocket when you file a claim. A renters policy with a high deductible will cost less in premiums compared to one with a low deductible. However, the out-of-pocket costs for a high deductible policy will be higher.
- ACV vs. RCV. Replacement cost value (RCV) policies typically cost more because they do not factor in depreciation, reimbursing you for the same value and quality of the lost item. Actual cash value (ACV) policies tend to be cheaper since they only pay for your item's depreciated value.
- Liability coverage amount. The liability coverage limit on your policy has a minor effect on the cost of renters insurance. A standard renters policy will have $100,000 in liability coverage, but for a few dollars more, you can increase your liability coverage by thousands of dollars.
Calculate How Much Renters Insurance You Need
Does My Billings Neighborhood Impact Cost of Renters Insurance?
Your neighborhood may impact the cost of renters insurance in Billings, but MoneyGeek found that in most cases, your location will only affect your premiums by a few dollars per month.
Understanding Renters Insurance in Billings
You are not obliged to buy renters insurance in Billings unless your landlord requires you to. Regardless, MoneyGeek strongly recommends purchasing renters insurance as a relatively cheap but effective way to protect your personal assets from loss or damage.
What Does Renters Insurance Cover in Billings?
According to the FBI, Billings' property crime rate was 3,515 per 100,000 residents in 2019. This is 86% higher than the national average. Renters insurance can help you safeguard your property against risks like theft and vandalism.
Your renters insurance will also protect you from fire and water damage. Looking for coverage that best suits your needs is essential to ensure you are sufficiently protected.
Standard renters insurance in Billings will typically include the following coverages:
- Personal property coverage: This will reimburse you for loss or damage to personal belongings in your home due to covered perils like theft, water damage and fire.
- Additional living expenses: If you need to find somewhere else to live following a covered peril like fire or water damage that leaves your home uninhabitable, this coverage pays for temporary lodging expenses.
- Liability insurance: If someone gets injured on your property and you are found liable for the damages, this will cover legal costs up to the limit on your policy.
- Medical payments coverage: This will help pay for the medical expenses incurred when a guest or third party in your home suffers bodily injury, regardless of who is at fault.
What Is Not Covered by Renters Insurance in Billings?
Renters insurance covers personal property in your rented home but not the building or structure of the home. The property owner should have insurance to cover the building itself.
Renters insurance also has exclusions to the types of perils covered. Most renters policies in Billings do not cover flood or earthquake damage, so you may need to purchase these coverages separately. If you want protection from flood damage, it's best to buy incremental insurance through the National Flood Insurance Program (NFIP).
Your standard renters will also not cover your roommates' possessions, damage to your car, and valuables like jewelry that exceed your policy limits.
Always read the terms on your policy carefully since coverages and exclusions can vary depending on the insurer.
Frequently Asked Questions About Renters Insurance in Billings
MoneyGeek answered commonly asked questions to help you learn more about the average cost of renters insurance in Billings and the best providers in the city.
Renters Insurance in Billings Analysis: Methodology
MoneyGeek analyzed hundreds of renters insurance quotes in Biilings to help you find cheap renters insurance. The best renters insurance rankings were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
About Mark Fitzpatrick
- United States Department of Justice, Federal Bureau of Investigation. "Crime in the United States, 2019." Accessed June 25, 2022.