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CheapRenters InsuranceNorth DakotaThe Best and Cheapest Renters Insurance Companies in North Dakota for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceNorth DakotaThe Cheapest Renters Insurance in North Dakota
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.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in North Dakota
According to our research, Allstate is the best option for renters insurance in North Dakota, scoring an 89 out of 100 on MoneyGeek’s rating system.
Our rating system was based on a number of factors, including affordability, customer service ratings from J.D. Power and financial stability assessments from AM Best.
The best renters insurance companies aren't necessarily the cheapest — they offer the best balance of cost and quality service.
1
Allstate
Score:89
Allstate was ranked as the best renters insurance provider in North Dakota because of its high ratings for customer satisfaction, affordability and financial stability. Though the company wasn’t a stand out in any one category, its generally high scores across all categories pushed it to the top of our list.
More About Allstate
Allstate offers renters insurance in all U.S. states and Washington, D.C. It provides five discount opportunities, which is the average number of discounts offered by other renters insurance providers. This includes common discounts, like protective devices and claim-free discounts, as well as less frequently offered ones, like autopay and retiree discounts. It, however, only offers four common endorsement coverages, among which are protection against damage caused by floods and identity theft. Another great characteristic of Allstate is that it offers several online services like a mobile app, online bill pay, online claims and online calculators.
Read MoneyGeek's Allstate renters Insurance Review2
American Family
Score:87
With good customer satisfaction and affordability ratings, as well as relatively fair financial stability scores, American Family is a solid choice for renters insurance in North Dakota.
More About American Family
American Family offers renters insurance in 19 states, one of which is North Dakota. It provides more discount opportunities than the average insurance provider; with American Family, you can receive seven discounts, as opposed to the industry average of five. However, the provider offers significantly less coverage options than the industry, with policies including only two common coverage options rather than the industry average of seven. Customers can pay bills by e-check, credit or debit card or bank transfer via the app or the sophisticated online account interface.
Read MoneyGeek's American Family renters Insurance Review3
State Farm
Score:82
MoneyGeek gave State Farm a perfect score of five in financial stability and an excellent rating in customer satisfaction. However, it falls short in terms of affordability, which is why it received the fourth spot among the best renters insurance companies in North Dakota.
More About State Farm
State Farm offers renters insurance in all U.S. states and Washington, D.C. While it offers less coverage options than the average renters insurance provider, its five coverages include unique options like additional business property and incidental business liability insurance. It also only offers two discount opportunities which is lower than the industry average of five. You can get a personalized quote from their website and manage your payment on their online dashboard.
Read MoneyGeek's State Farm renters Insurance Review4
Farmers
Score:71
Farmers is North Dakota's fourth-best renters insurance company, with high customer satisfaction but low financial stability and affordability ratings. Farmers policyholders can leverage the supplementary scheduled personal property policy to increase coverage for high-value goods.
More About Farmers
Farmers renters insurance is offered in 42 states, with the exception of Alaska, Delaware, Hawaii, Maine, New Hampshire, Vermont, West Virginia, Rhode Island and Washington, D.C. Renters can receive discounts for being claim-free and smoke-free, bundling insurance policies and having protective equipment. However, the company falls short in terms of coverage options, only offering a handful of the most common coverages: identity theft, scheduled personal property and personal property replacement. Interested renters may get quotes online and current policyholders can manage their accounts through Farmers' mobile app and website.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK EXPERT TIP
Paying a little extra for a better policy might save you more money long term than choosing the cheapest option. Because of this, it's important to compare policies to find the best renters insurance for you.
Largest Renters Insurance Companies in North Dakota
Buying renters insurance from a business with a high market share might be advantageous. Larger businesses are typically more financially secure and can invest more money in customer service and user experience, simplifying the claims process.
Company | Market Share | |
|---|---|---|
1. | State Farm | 15.1% |
2. | American Family | 12.3% |
3. | National Farmers Union P&C | 9.1% |
4. | Nodak Mutual | 8.3% |
5. | Auto-Owners Insurance Co | 7.0% |
Average Cost of Renters Insurance in North Dakota
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renters insurance is equal to the average.
Compared to the national yearly average of $159, the average cost of 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.
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 most expensive policies in North Dakota is $40 per year, on average.
However, the cost of renters insurance is ultimately determined by the value of your personal property. You can use our online calculator to figure out how much insurance you'll need based on the value of your personal belongings.
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Total:
MONEYGEEK EXPERT TIP
Comparing renters insurance quotes in North Dakota may provide you with valuable information that can help you save a lot of money. For example, instead of getting a plan from the most expensive insurer, Farmers, you can save over $40 per year by choosing Allstate.
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.
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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
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.
Though renters insurance policies in North Dakota offer good coverage, they do not cover many common situations, including the following:
- EventDescription
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.
MONEYGEEK EXPERT TIP
You can reach out to the North Dakota Insurance Department if you have any questions regarding renters insurance, especially if your questions are related to state-required renters insurance and coverage options. The department can be contacted via the following channels:
- Office Location: 600 E. Boulevard Ave., Bismarck, ND 58505
- Hotline: +1 701-328-2440
You can visit in person or call the department Monday through Friday from 8 a.m. to 5 p.m. CT.
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FAQs About Renters Insurance in North Dakota
Renters insurance may be tough for new tenants, so proper research is essential to get the best deals. MoneyGeek provides answers to some of the most frequently asked questions regarding renters insurance in North Dakota.
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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.
About Mark Fitzpatrick
sources
- North Dakota Insurance Department. "North Dakota Insurance Department." Accessed March 31, 2022.