Montana Home Insurance

For many Montana residents, their home represents their biggest asset. Protecting it shouldn’t be an afterthought, and shouldn’t involve any uncertainty. The Simple Dollar has assembled a useful supply of data, resources, and current regulations to help light the way and make understanding and choosing a good homeowners insurance policy easy. Read on to learn more about how homeowners policies work in Montana.

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Stats in Your State

To fully appreciate how home insurance works, one must get a sense of the factors affecting the today's premium rates. We’ve compiled the necessary data to visualize these factors, and the result is an at-a-glance view of the Montana housing market and the price of home and renters insurance.

Homeowner Insurance Premiums

The cost of homeowners insurance in Montana has historically fallen below the national average. Between 1999 and 2008, Montana’s average premium rose from $429 to $721 per year, yet remained anywhere from $40 to $138 less than average premiums across the country.

Renter Insurance Premiums

Similar to home insurance premiums in Montana, renters insurance costs over the early and mid-2000s have remained steadily lower than U.S. renters insurance averages. Montana’s generally low cost of home ownership makes renting a low-demand market, and in turn yields low renters insurance premiums.

Existing Home Sales

Between 2006 and 2008, home sales in Montana dropped by nearly one third, a reflection of the overall housing market bubble in the U.S. at the time. In 2009 and 2010, home sales fluctuated between 20,000 and 22,000 per year, showing signs of slow recovery after the market bust.

Flood Insurance in Region

Approximately 454 flood claims were made by Montana residents in the year between October 2011 and September 2012, for overall damage claims totaling $4,225,000. The dollar figure is nearly 10 times the amount of damages claimed the same year in Colorado due to flooding, and nearly 20 times that of Idaho.

Homes Built

Approximately one third of Montana’s homes have been built later than 1990, and home development has continued through the 2000s at a steady rate when compared with previous decades.

Rules in Your State

The following rules and regulations apply across the board to the insurance industry as a whole, and serve as a simple equalizer between insurance companies and consumers. Use the following links to learn more about the specific regulations and to access the specific prohibited and unfair acts and practices.

Useful Resources about Montana Rules

Representatives & Resources in Your State

The following resources contain statistics and information about homeowners insurance in Montana. Contact the Department of Insurance for any of your insurance-related questions, while the Federal Emergency Management Agency (FEMA) provides assistance to victims of natural disaster in the northern states region.

Montana Department of Insurance
Commissioner of Securities and Insurance
840 Helena Ave
Helena, Montana 59601
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(406) 444-2040
Contact Information
Homeowners Insurance Resource
The Department of Insurance has put together useful brochures, guides, and information pamphlets to help consumers get a better idea of how to choose the best insurance policy and learn their rights.
Complaint Resource
This link allows site visitors to file complaints against insurers for unfair treatment or discrimination.

Federal Emergency Management Agency: Region 8
FEMA responds during serious disasters such as tornadoes, severe storms, floods, droughts, and other catastrophes. While you may not be involved in a serious enough disaster to warrant their response, you can use FEMA as a guide for how to be prepared in advance of any disaster.