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CheapRenters InsuranceMontanaThe Best and Cheapest Renters Insurance Companies in Montana for 2023: Rankings, Reviews and Rates
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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.
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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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.
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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.
Read MoneyGeek's Allstate renters Insurance Review2
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.
Read MoneyGeek's USAA renters Insurance Review3
State Farm
Score:86
State Farm got a perfect score in financial stability, a high score in customer service and an overall score 86 out of 100. It offers a separate policy for incidental business liability, which covers defense costs related to professional liability lawsuits.
More About State Farm
Available in all 50 states, State Farm offers five optional coverages and two discounts, fewer than the industry average. You can get a personalized estimate on the company’s website. You can also manage your insurance through the mobile app. State Farm offers calculators to help you budget for retirement, life insurance needs, college savings and more.
Read MoneyGeek's State Farm renters Insurance Review4
Farmers
Score:71
With a score of 71.20, Farmers ranked high in customer service but relatively low for affordability. Farmers’ policyholders can add coverage for high-value belongings.
More About Farmers
Farmers offers policies in 42 states. Compared to other renters insurance companies in Montana, Farmers provides the most discounts. You can get a discount for being claims-free, smoke-free, having several policies, an occupation discount and more. Farmers offers a quote tool on its website that you can customize to your needs. Policyholders have the option to pay monthly, quarterly or annually.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK EXPERT TIP
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% |
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.
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Total:
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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.
Location
Where you live is a significant factor in renters insurance pricing. For instance, if your rental home is in an area with frequent crime, you will likely see an increase in your premium.
Coverage Amount
If you choose to add optional coverages to your standard renters insurance plan, it logically follows that you will pay a higher premium than someone who sticks with a normal policy.
Deductible
The deductible is the amount you need to pay to get the insurer to cover your claim. The lower the deductible, the higher your premiums.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
An ACV policy only pays depreciated amounts for your used goods, while an RCV plan will cover the cost of a new item of similar style and quality. As you may expect, RCV policies are more expensive because they offer higher payouts.
Credit Score
Your credit score will also affect the amount an insurance company charges you for renters insurance. People with low credit scores typically pay higher premiums than those with strong credit, as insurers think people with bad credit are more likely to file claims.
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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.
- EventDescription
Structural Damage
Personal property coverage does not include damages to the structure of the house. This is the responsibility of the homeowner or landlord and not the renter.
Flooding
Renters insurance will likely cover water damage due to a broken pipe or water main. However, flooding due to natural disasters is typically excluded. If you live in an area prone to floods, you may want to purchase flood insurance from the National Flood Insurance Program (NFIP).
Earthquake Damage
Most insurers do not cover earthquake damage in standard renters insurance policies. You can add this coverage if you want to, but Montana rarely experiences earthquakes.
Roommate's Possessions
Your renters insurance policy only covers your property. If your roommate wants coverage, they can purchase their own policy.
Expensive Items
If you own costly items like jewelry or electronics that exceed policy limits, you may need an additional rider.
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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.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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
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.