It’s smart to buy renters insurance in North Dakota as it offers protection for your expensive items at a low cost. In North Dakota, renters insurance is more affordable than it is in most of the country. To help you acquire the best policy at the cheapest rate, MoneyGeek ranked the leading renters insurance providers across North Dakota based on criteria like financial strength, affordability and customer support quality.
The Best and Cheapest Renters Insurance in North Dakota for 2021: Rankings, Reviews and Rates
Cheap Renters Insurance Companies in North Dakota
For most people, the cost is a vital factor while buying their insurance policy. On average, the best renters insurance firm in North Dakota in terms of affordability is MetLife, with an average annual premium of $50. The next cheapest provider is Allstate, with a typical premium of $70 per year.
MoneyGeek based the average monthly and yearly premiums of renters insurance carriers on quotes from several ZIP codes across North Dakota. These prices are for a policy with a deductible of $500, liability coverage of $100,000 and personal property coverage of $20,000.
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Best Renters Insurance Companies in North Dakota
Customer support quality and financial stability are important considerations when deciding on a policy. Select a provider that has a proven track record of paying out claims without a hassle.
MoneyGeek rates carriers on the parameters of affordability, customer service scores from J.D. Power and financial ratings from AM Best to help you find the right coverage. This research reveals that MetLife is the best renters insurance carrier in North Dakota, with a score of 93 out of 100. It is followed by Allstate, with a score of 87.
Apart from basic coverage, MetLife offers additional coverage for electronics, musical instruments, luxury items and recreation and sports equipment. However, they do not cover loss of use. MetLife presents claim-free, multi-policy, protective device and employer discounts. A notable feature is that all policies include identity protection services.
Allstate's optional coverage includes extended coverage on furs, watches and jewelry, scheduled personal property, identity theft restoration, increased coverage on business property, flood insurance and Personal Umbrella Policy (PUP). Allstate offers a useful tool to compute the value of your possessions. You can select either an ACV or RCV plan for personal property coverage.
American Family offers a free online quote tool and customizable policies. Additional coverage includes identity theft protection, travel protection, pet insurance and home-based business. Check if you qualify for rebates such as multi-product, smart home, no claims, auto-pay, paperless and loyalty discounts.
State Farm's optional features include additional liability, business property, earthquake, identity restoration, incidental business liability and pet coverages. State Farm is a large provider that ranks highly for financial stability. It offers a useful mobile app and discounts for policy bundling and home security systems.
The pros of Farmers' coverage include a convenient online chat tool, a full suite of insurance services, nationwide availability, discounts for new customers, adjustable coverage features and affordably priced standard policies. On the flip side, Farmers sometimes assesses additional fees, and retrieving information can be difficult on their website.
Largest Renters Insurance Companies in North Dakota
The three biggest insurance companies in North Dakota by market share are State Farm (15%), American Family (12%) and Farmers Union (9%). Together, these three firms account for about 37% of renters insurance policies in the state. Large providers are generally more financially stable and have the means to pay out claims fairly, so you should ideally look to buy your policy from one of them.
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Average Cost of Renters Insurance in North Dakota
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It’s a good idea to compare renters insurance quotes in North Dakota so you can find the cheapest rates. For instance, the difference between the cheapest and costliest policies in North Dakota is $60 per year on average.
Compared to the national yearly average of $159, renters insurance in North Dakota is quite affordable, at an average annual cost of $79. These prices are for a plan with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
What Factors Impact Renters Insurance Cost in North Dakota
The following factors can greatly influence your renters insurance cost:
- Deductible: The deductible is the fee you need to pay to get your claim processed. A policy with a low deductible has a higher premium because the provider has to pay more to reimburse your claim. Conversely, a plan with a higher deductible will have a lower premium because your out-of-pocket costs will be greater.
- Coverage amount: It’s wise to do a home inventory to assess the value of your belongings and avoid buying non-essential coverage, which will cost extra.
- Location: If you live in a high-risk area exposed to natural disasters or crime, you generally need to pay a higher premium.
- Credit Score: Those with poor credit scores pay higher renters insurance rates, as providers consider them more likely to file claims. To qualify for discounts, you need to maintain a good credit score.
- Actual Cash Value (ACV) vs. Replacement Cost Value (RCV): Insurance carriers consider the ACV or RCV of an item while processing a claim for it. ACV takes into account the depreciation a product suffers over time, so an ACV policy will pay less for a claim. RCV plans reimburse you for a new item of the same style and quality. They offer higher payouts and are therefore costlier than ACV packages.
Renters Insurance in North Dakota: What You Need to Know
Renters insurance in North Dakota is a cheap yet effective way to safeguard your property from unforeseen disasters like fire, burglary and many more.
In North Dakota, about a third of the population are renters, and the average rental cost is $804 per month. For a basic policy with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average premium is $7 per month or less than 1% of the typical price of rent.
What Renters Insurance Typically Covers in North Dakota
A standard renters insurance policy in North Dakota will typically cover personal property, medical payments, additional living expenses and liability insurance. It’s good to know what your insurer excludes from your coverage so you can file accurate claims.
Personal property insurance in North Dakota will generally reimburse the cost of damages caused by natural catastrophes like wildfires, tornadoes and others.
What Renters Insurance Typically Does Not Cover in North Dakota
Though renters insurance policies in North Dakota offer good coverage, they do not cover many common situations, including the following:
- Structural Damage: Your renters insurance policy will not cover damage to the property’s frame and structure. It’s the landlord’s responsibility to obtain coverage for this.
- Earthquake Damage: Standard policies normally exclude earthquake damage, and an additional rider is needed to get protection.
- Flooding: Flooding is routine in North Dakota, so you may want to look into flood coverage through the National Flood Insurance Program (NFIP), as standard renters insurance packages exclude flooding.
- Expensive Items: For your valuable items that exceed policy limits, such as gaming computers or jewelry, you need to get additional coverage.
- Roommate Property: Your renters insurance policy does not protect your roommate’s assets. They will have to get a policy of their own.
Read the fine details of your policy to know what it covers and what it doesn’t. You can use this knowledge to file accurate and successful claims.
FAQs About Renters Insurance in North Dakota
Renters Insurance in North Dakota Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from five of the top insurance companies in North Dakota provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across North Dakota. 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.
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