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Billings, MT Homeowners Insurance Quotes (2023)
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Written by
Jackie Cohen
Editorial Manager
Jackie Cohen is an editorial manager at Insurify specializing in property & casualty insurance educational content. She has years of experience analyzing insurance trends and helping consumers better understand their insurance coverage to make informed decisions about their finances.Jackie's work has been cited in USA Today, The Balance, and The Washington Times.
Edited by
John Leach
Insurance Content Editor at Insurify
John Leach is an insurance content editor who has worked in print and online. He has years of experience in car and home insurance and strives to make these topics easy to understand for everyone. He has a linguistics degree from UC Santa Barbara.
Updated February 28, 2022
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Billings, MT Homeowners Insurance
Billings is the largest city in Montana, and with over 171,000 residents in the Billings metro area, over 16 percent of Montana ’s entire population calls Billings home. Lying between the Yellowstone River and the legendary Rimrocks and surrounded by seven mountain ranges, Billings is the perfect place to live among Montana ’s natural beauty while still enjoying the amenities of city life. You’ll never run out of trails to hike, historical sites to explore, or local craft brews to try in the Magic City. And Billings is perfect for residents of all ages, offering activities like the Yellowstone Art Museum, Dehler Park, ZooMontana, and plenty of higher education opportunities at the city’s two colleges.
Like any city, there’s a negative for each of the positive aspects of life in Billings. While the area’s natural disaster risk is low compared to the rest of the state, Billings still experiences winter storms and hail, and many homes along the Yellowstone River are located in designated flood zones. The city’s property crime rates, which are nearly double the national average, simply add to Billings homeowners ’ list of worries.
If protecting your property has you feeling overwhelmed, you’ve come to the right place. Insurify is here to mitigate your homeownership concerns and simplify your home insurance search. Compare homeowners insurance companies and insurance quotes with Insurify is quick and easy, so you can find the best homeowners insurance policy for you in just a couple of minutes. No hassle, no headaches.
Cheapest Home Insurance Companies in Billings
For homeowners in Billings, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Billings. The following are the best insurance rates from carriers that offer homeowners insurance in Billings.
How to Find Cheap Home Insurance in Billings
Billings ’ median home value is currently $285,000—nearly $20,000 higher than the national average. These housing costs, paired with the city’s median household income at nearly $10,000 lower than the national average, mean buying a home in Billings is going to be quite the investment.
With 28 percent of your monthly income going toward your home, you’ll want to make sure it’s protected from any potential peril, from natural disasters to home burglaries.
Home insurance covers these risks and more. With a home insurance policy, your home, personal belongings, and even your family are all covered in case of a disaster. Homeowners coverage also includes personal liability protection if someone gets injured on your property and can even cover your family’s living expenses if you need to stay in a hotel during home repairs.
You can customize every part of your policy, from your deductible to your additional coverage, so keep reading for a full guide on Billings home insurance.
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Cheapest Home Insurance in Billings by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in Billings costs $2,770 annually, and the median home value is $250,000.
Billings has some of Montana’s highest rates, but you can make sure you’re getting the best cost by shopping for insurance quotes with multiple homeowners insurance companies. Every insurance agency offers similar coverage with slightly different exclusions, so make sure you know what a policy covers (and what it doesn’t) before you buy.
Check out the average premiums with insurance providers like Allstate, State Farm, and Liberty Mutual below.
| Average Home Cost in Billings The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. | Average Annual Insurance Premium in Billings The car insurance quotes, statistics, and data visualizations on this page are derived from Insurify’s proprietary database of over 4 million car insurance applications from ZIP codes across the United States. Insurify’s data science team performs a comprehensive analysis of the various factors car insurance providers take into account while setting rates to provide readers insight into how car insurance quotes are priced. |
|---|---|
| $255,000 | $2,770 |
Cheapest ZIP Codes in Billings for Home Insurance
Billings is one of the most expensive cities in Montana to insure a home in, along with nearby neighborhoods like Laurel and Lockwood. But just because you live in Billings doesn’t mean you’re destined to pay high premiums.
Since home insurance rates are based on ZIP code–specific variables like home values, natural disaster risk, and proximity to a fire station, neighborhoods with higher risks face higher insurance costs. Everything from crime rates to the number of insurance claims your neighbors have filed can determine how much you pay for your insurance products, so your specific home insurance rate will be based on which Billings neighborhood you call home.
Home Insurance Coverage Types in Billings
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- explosions,
- theft,
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “ replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Montana city level guides, check out these below.
Flood Insurance in Billings
The Yellowstone River leaves various Billings neighborhoods in special flood hazard areas, but most Montana homeowners don’t have the proper insurance coverage for floods. Buying a separate flood insurance policy is the only way to completely protect your home since home insurance doesn’t cover flood damage.
Roughly 25 percent of all flood insurance claims come from homes in low- and moderate-risk flood areas, according to the Federal Emergency Management Agency. So even if your home isn’t in one of Billings ’ flood zones, you’ll likely benefit from flood coverage.
Billings participates in FEMA’s National Flood Insurance Program, which means you qualify for coverage even if your home is in a high-risk flood zone. If you don’t live in a flood zone, you might snag cheaper flood insurance premiums with a private insurer.
Whether you purchase a policy through your insurance carrier or the NFIP, don’t wait. There’s a 30-day waiting period before your flood coverage kicks in, so it’s better to buy coverage now to avoid paying for expensive flood repairs out of pocket later.
Addition Coverage for Billings Homeowners
Montana ’s natural disaster risk is pretty high. Luckily, Billings is (relatively) safe from some of the state’s perils like wildfires and earthquakes. If a wildfire creeps into town, you’re most likely covered. If an earthquake strikes, that’s another story.
Like floods, earthquakes aren’t included in home insurance coverage. You can purchase additional earthquake coverage through your insurance provider. Some insurance companies also exclude coverage for windstorm and hail damage, so it’s important to understand your policy’s coverage and exclusions.
For homeowners seeking complete insurance coverage, consider increasing your coverage levels all around with a comprehensive policy and replacement cost coverage. No matter how much or what type of coverage you’re looking for, talk to your agent before splurging on the protection you don’t need.
Still stressed? We’ve got your back (and all the answers you’re looking for).
How to Find the Cheapest Home Insurance in Billings
Home insurance rates in Billings are pretty high, but your homeowners coverage should alleviate your stress, not add to it. Save time and money by using Insurify’s home insurance comparison tool to find the best option for you.
Frequently Asked Questions
Most Montana home insurance policies include wind and hail as covered losses. If your policy lists hail damage as an exclusion, you may be able to pay a separate wind and hail deductible to get the coverage you need. Check your coverage and talk to your local insurance agent to find out the best way to protect your home from hail.
Every insurance company offers different bundling discounts, and bundling more policies could mean more savings. In general, homeowners can save upwards of 20 percent on their home insurance premiums by bundling their home and auto insurance policies. Be sure to talk to your agent to see exactly how much you could save.
Home insurance, unlike car insurance, is not legally mandated. Still, most mortgage lenders require homeowners to insure their homes, so you will likely need to purchase an insurance policy if you have a mortgage.
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