Insurance companies calculate home insurance costs based on the value of your home and property and the likelihood that something bad will happen to it. The more likely it is that a harmful event can damage your house, 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 North Dakota is compared to the rest of the country.
The burglary rate in North Dakota is a bit lower than the national average.
- Average number of burglaries per 1,000 homes in ND: 3.58
- Average number of burglaries per 1,000 homes in the US: 3.76
You can reduce your risk of being targeted by burglars by keeping doors and windows securely locked, keeping entryways well-lit and unobstructed from view, and installing a home security system. Taking these extra steps to safeguard your house can often result in reduced prices on your homeowners insurance rates.
Damaging weather events like storms and hail have the potential to wreak havoc on residential properties in this state.
- Number of federally declared disasters in ND since 1953: 64
- Most common causes of disasters in the state: Floods, severe storms, and tornadoes
- Average number of tornados per year in the state: 31.0
- Amount paid in home insurance claims in 2019: $203,795,000
You will want to be sure that your home insurance provides all the coverage you need to fully rebuild and replace your property before disaster strikes. An independent insurance agent can help.
- Average home value in ND: $194,700
- Average home value in the US: $188,900
The size of your home can also affect your rates, because the bigger your house is, the more property you are likely to have inside. Contents insurance is typically calculated as a percentage of your dwelling coverage.