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CheapRenters InsuranceMontanaThe Best and Cheapest Renters Insurance Companies in Montana for 2024: Rankings, Reviews and Rates
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Updated: 12/28/2023
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CheapRenters InsuranceMontanaThe Cheapest Renters Insurance in Montana
Cheap Renters Insurance Companies in Montana
Affordability and value for money are the most important factors renters look for in an insurance plan. If you are looking for the most affordable renters insurance in Montana, go for Allstate. Their average annual rate is $98. USAA comes in second at $114 annually. However, USAA insurance plans are only available to former and current military members and their families.
To give you the most accurate average renters insurance rates in Montana, MoneyGeek analyzed insurance quotes from a diverse set of ZIP codes across the state for personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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MoneyGeek’s scoring system ranked companies based on their financial strength, customer service and affordability. If you’re a renter who prioritizes affordable premiums and quality service, our ratings can help you choose the best policy for your needs.
Best Renters Insurance Companies in Montana
With a score of 97 out of 100, Allstate is the best renters insurance company in Montana. MoneyGeek’s scores are based on affordability, AM Best financial stability scores and J.D. Power customer service ratings.
Although the best renters insurance companies in Montana aren’t necessarily the least expensive options, they provide a balance of affordability and service quality. Such a balance is crucial for renters. You’ll want to work with a company whose excellent service and reasonable rates give you peace of mind, especially while undergoing the stressful process of filing a claim.
1
Allstate
Score:97
With a score 97 out of 100, Allstate ranked first in our review. The company received a perfect score in affordability and high scores for financial stability and customer service. Policyholders have the option to add coverage for flood damage.
More About Allstate
Allstate offers policies to renters in all 50 states. It provides five discount options and four additional coverages. Allstate’s mobile app lets you file and track claims and access your account from almost anywhere. The company offers consultations with a personal financial representative if you’d like financial advice on topics, such as starting your career, raising a family, retirement options or securing your finances.
2
USAA
Score:88
USAA got a perfect score for financial stability and customer service and an overall score of 88 out of 100. It offers a wide range of renters insurance coverages, such as theft, riot damage and flood. However, its policies are offered exclusively to those with military backgrounds.
More About USAA
USAA is available in all 50 states. Its renters insurance coverage includes explosions, damage from an aircraft, certain water damage, building collapse, falling objects and more. You can create an online account to see whether you’re eligible or to get an estimate. USAA also has a mobile app where you can manage your banking, investments and insurance. Remember that USAA is available only to active military members, veterans and their families.
3
State Farm
Score:86
4
Farmers
Score:71
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Choosing the cheapest policy in the state doesn’t mean you’ll automatically save the most money. There are instances where paying a higher premium for renters insurance will ensure that you get the best experience and save money in the long run.
Largest Renters Insurance Companies in Montana
It might be smart to purchase your policy from a large renters insurance provider in Montana. Larger companies are typically more financially stable and invest more in customer service. Prioritizing these two factors can make for a better customer experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 24.1% |
2. | Liberty Mutual | 16.4% |
3. | Farmers | 12.8% |
4. | Mountain West Farm Bureau Mutual | 7.0% |
5. | USAA | 7.0% |
6. | Travelers | 5.4% |
7. | Allstate | 3.4% |
8. | National Farmers Union P&C | 2.9% |
9. | Chubb | 2.5% |
10. | Hartford | 2.1% |
Average Cost of Renters Insurance in Montana
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renters insurance is equal to the average.
Per year, the average cost of renters insurance in Montana is $114, or around $10 per month. Monthly premiums in this state are about $3 less than the national average.
One of the most significant factors that affects your renters insurance cost is the amount of personal property coverage you need. If you have expensive personal belongings, it will cost more to insure them. To help you calculate the cost of your items, you can use the calculator below.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Clothes, shoes, bags, belts, hats, gloves, etc.
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If you shop around and compare quotes for renters insurance in Montana, you can save roughly $31 each year. The most expensive policy in Montana costs $129 per year, while the cheapest policy costs $98 annually.
What Factors Impact Renters Insurance Cost in Montana
Several key factors influence your renters insurance costs in Montana. By understanding how these five elements impact your premium, you can find the right policy for your needs.
Renters Insurance in Montana: What You Need to Know
In case of a natural disaster or a break-in, you need a reliable renters insurance policy to protect your assets.
In Montana, around 28% of residents are renters, paying an average rate of $831 per month for rent. By contrast, the average monthly cost of renters insurance in this state is just $10 per month or 1.14% of the monthly rent price.
What Renters Insurance Typically Covers in Montana
Renters insurance companies in Montana offer a wide range of insurance plans for renters depending on their needs and how much they can afford. But almost all renters insurance policies offer coverage for personal property, liability insurance, additional living expenses and medical payments.
Your personal property coverage in Montana will protect against damages caused by wildfires, tornadoes and other inclement weather threats.
What Renters Insurance Typically Does Not Cover in Montana
There are also common limitations to most renters insurance coverages. Understanding these will help set your expectations so you can better decide which is the best renters insurance for you. Make sure to read your renters insurance policy carefully because not all companies offer the same coverages.
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The Montana State Auditor’s Insurance Department offers relevant information about renters insurance on its website. You can also contact the department to file a complaint.
You can contact the Montana State Auditor’s Insurance Department through the following channels:
- Office address: 840 Helena Ave., Helena, Montana 59601
- Phone: (800) 332-6148
- Fax: (406) 444-3497 or (406) 444-3413
Their operating hours are Monday to Friday, 8 a.m. to 5 p.m.
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FAQs About Renters Insurance in Montana
To help you select renters insurance in Montana, MoneyGeek listed the most commonly asked questions. The best policy and company will depend on your unique needs.
What is the cheapest renters insurance company in Montana?
The cheapest renters insurance company in Montana is Allstate. An Allstate policy costs about $8 per month, or $98 annually.
What is the best renters insurance company in Montana?
Allstate ranked the highest for its financial stability, customer service and affordability. The insurer earned a score of 97 out of 100.
How much does renters insurance cost in Montana?
The average cost of renters insurance in Montana is $114 per year or about $10 per month. The most expensive policy costs around $11 per month, while the cheapest is $8 per month.
Is renters insurance required in Montana?
While renters insurance isn’t required by law, it’s still a smart investment because it can protect you from significant, unexpected expenses. It’s also possible that your landlord will ask you to buy renters insurance.
Renters Insurance in Montana Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from four of the top insurance companies in Montana provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Montana. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- Allstate. "Renters Insurance Coverage." Accessed March 31, 2022.
- Allstate. "Renters Insurance Discounts." Accessed March 31, 2022.
- The Office of the Montana State Auditor. "Home." Accessed March 31, 2022.
- USAA. "Renters Insurance Quotes." Accessed March 31, 2022.