Insurance companies calculate home insurance costs based on the value of your property and the likelihood that something bad will happen to it. The more likely it is that a harmful event can damage your house and belongings, the more expensive your home insurance policy will be.
These potential disasters are called "risks” or “exposures.” Let’s take a look at how risky Montana is compared to the rest of the country.
The good news is that the burglary rate in Montana is lower than the national average. This can help to keep insurance rates affordable.
- Average number of burglaries per 1,000 homes in MT: 3.07
- Average number of burglaries per 1,000 homes in the US: 3.76
Be sure to protect your property by keeping doors and windows securely locked, keeping entryways well-lit and unobstructed from view, and installing a home security system. Taking extra steps to safeguard your house can often result in reduced prices on your homeowners insurance.
Damaging weather events, such as severe storms and heavy winds, can wreak havoc on residential properties in this state. Be sure that your home insurance provides all the coverage you need to fully rebuild and replace your property before disaster strikes.
- Number of federally declared disasters since 1953: 91
- Most common causes of disasters in the state: Wildfires, floods, and severe storms
- Average number of tornados per year in the state: 9.3
- Amount paid in home insurance claims in 2019: $326,915,000
It is important to be aware that flood damage is not covered by homeowners insurance. A local independent agent can help you review your flood risk and can secure you an affordable flood insurance policy through the National Flood Insurance Program (NIFP), if needed.
Likewise, depending on where your home is located, you may be required to purchase a supplementary federal wildfire insurance policy as well. Local independent insurance agents are aware of the risks you face in your neighborhood and can offer the advice you need to keep your property properly covered.
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Montana, the average home value is higher than the national average.
- Average home value in MT: $231,300
- Average home value in the US: $188,900
The larger and more valuable your home and property, the more your homeowners insurance policy will cost. Work with a local independent agent to start comparing rates so you can find the policy that offers the best value.