The Best and Cheapest Renters Insurance Companies in North Dakota for 2022: Rankings, Reviews and Rates

Renters insurance in North Dakota costs around $79 per year, which is significantly less than the national average of $159. However, your annual fee may vary from $70 to $110 per year based on your insurance provider. This means you can save over $40 annually by shopping around and comparing rates.

MoneyGeek rated Allstate as the cheapest and best renters insurance provider in North Dakota, with policies costing $70 per year, on average, or $6 per month.

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Last Updated: 11/11/2022
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The 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

4.3/5

Affordability

4.6/5

User Satisfaction

4.5/5

Financial Stability

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Geek Quick Take

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 Review
2
American Family
Score:87

4.3/5

Affordability

4.7/5

User Satisfaction

4/5

Financial Stability

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Geek Quick Take

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 Review
3
State Farm
Score:82

3.6/5

Affordability

4.8/5

User Satisfaction

5/5

Financial Stability

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Geek Quick Take

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 Review
4
Farmers
Score:71

3/5

Affordability

4.6/5

User Satisfaction

4/5

Financial Stability

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Geek Quick Take

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 Review
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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.

clothing

Total:


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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:

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    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.

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    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.

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    Location

    If you live in a high-risk area exposed to natural disasters or crime, you generally need to pay a higher premium.

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    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.

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    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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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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:

  • Event
    Description
  • 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.

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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.

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.

Insurance Rates

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Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.

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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 the Author


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Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.


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