Renters Insurance

The Best Cheap Renters Insurance in Montana

The Best Cheap Renters Insurance in Montana

Renters insurance only costs a few dollars per month, but it can vitally protect you in case of a financial loss or lawsuit. We looked at the top insurers in Montana to find the best options available.

Compare Renters Insurance Quotes from Providers in Montana

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The cheapest price for renters insurance in the state is $10 per month. Read on for our top affordable pick, plus alternative options if you have other needs.


Best for most renters

State Farm logo
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Best coverage options

Travelers logo
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Runner-up for basic options and good service

Farmers logo
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Methodology

Best renters insurance for most people: State Farm

State Farm has the best rates we found in Montana, and great customer service.
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Read our full review of State Farm insurance.

The good:

  • The best rates statewide
  • Well-rated service

The bad:

  • Mediocre coverage options

State Farm is our recommendation for the best renters insurance for most people in Montana. It has the best prices we found overall, and great customer service for when you file a claim.

The average price we found from State Farm was just $10 per month. That's 30% less than the average statewide, and half the price of the most expensive option. However, it's only $1 less per month than our second-place pick, Travelers.

Customer service from State Farm is generally very good. It has a complaint index of just 0.38 from the National Association of Insurance Commissioners (NAIC), meaning that it received only 38% as many complaints as a typical insurer. It suggests that customers tend to be happy with the service they receive. It also received a 5/5 in J.D. Power's renters insurance satisfaction survey — the highest grade available.

The biggest drawback to State Farm is that it doesn't offer many optional coverages. While you can get a few options, like valuable items coverage, it doesn't provide replacement cost coverage or equipment breakdown — both of which are available from our other recommendation, Travelers.

Best coverage options: Travelers

Travelers has solid rates and lots of coverage options.
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Read our full review of Travelers.

The good:

  • Lots of optional coverage choices
  • Great rates

The bad:

  • Customer service is only OK

For renters who have particular coverage needs, we recommend Travelers. It has lots of optional coverage choices, and rates that are only slightly higher than our main pick.

The average price for renters insurance from Travelers is $11 per month. That's just $1 per month more than State Farm, and 22% less than the average statewide.

Travelers has lots of coverage options to choose from if you need them. In addition to the basics like property coverage and common options like valuable items coverage, there are a few more niche options as well: This includes equipment breakdown and water backup, among others.

Runner-up for basic options and good service: Farmers

Farmers has low available limits and well-rated customer service.
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Read our full review of Farmers Insurance.

The good:

  • Low available coverage limits
  • Well-rated service

The bad:

  • Expensive on a dollar-for-dollar basis
  • Not many coverage options

For renters who have basic coverage needs and prize customer service, we recommend Farmers.

Renters without much personal property may be able to find a low rate by reducing their coverage limits, and Farmers offers policies for as little as $4,000 of coverage. That's the lowest we saw from any insurer.

Customer service from Farmers is well-rated. It has a 0.37 complaint index from the NAIC, meaning that it received only 37% as many complaints as a typical company. Its ratings were not universally positive, though, as it received only a 2/5 from J.D. Power.

Additionally, rates from Farmers were the highest we saw in the state for standard coverage — $20 per month.

How we chose the best renters insurance companies in Montana

To evaluate the best renters insurance companies in Montana, we considered three main factors: affordability, coverage options and price.

  • Affordability: Does the insurer provide coverage at a rate that's affordable when compared to other companies?
  • Coverage options: Does the insurer offer a wide selection of useful coverage options?
  • Customer service: Are customers usually satisfied with the service they receive?

Affordability: Finding cheap renters insurance in Montana

The average cost of renters insurance in Montana is $14 per month, but we found a big difference in price across insurers. The cheapest option was State Farm, at just $10 per month. That's half the price of the most expensive option, Farmers.

Here's our full breakdown of the cheapest renters insurance companies in Montana:

Bar chart comparing the most affordable options for renters insurance in Montana

Bar chart comparing the most affordable options for renters insurance in Montana

Compare Renters Insurance Quotes from Providers in Montana

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Insurer
Average cost
% difference from average
Average$14--
State Farm$10-34%
Travelers$11-27%
Allstate$150%
Farmers$2035%
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Our selected levels of coverage were:

  • Personal property coverage: $30,000
  • Liability coverage: $100,000
  • Medical payments coverage: $1,000
  • Deductible: $500
  • Loss of use: $0

Coverage options: Comparing renters insurance policies and benefits

Different renters may need different insurance policies — some people need extra liability protection, while others might want extra coverage for valuables. That's why we recommend picking a renters insurance company with a wide range of coverage options, especially since your needs may change over time.

Here are some key coverage options to look for from your renters insurance company.

  • Replacement cost coverage: Pays for the full cost to replace destroyed or stolen items, without factoring in depreciation.
  • Identity theft protection: Pays for costs associated with having your identity stolen, such as legal fees or lost wages due to time spent dealing with the issue.
  • Extended liability: Boosts your liability coverage beyond typical levels, which protects you in case you're sued.
  • Valuable items coverage: Increased coverage for valuable items like jewelry or musical instruments, which often have limited coverage under typical policies.

In addition, all the companies we looked at offered all of the following standard coverages. If an insurance company you're looking at is missing any of these, consider that a red flag and try another company if you can.

  • Personal property coverage: Pays to repair or replace property that is stolen, damaged or destroyed due to a covered peril.
  • Additional living expenses: Pays for temporary housing if your home is uninhabitable due to a covered peril (like a fire).
  • Liability coverage: Pays monetary damages to others if you're responsible for them, such as if your dog injures someone.
  • Medical payments coverage: Pays for medical expenses others incur if they're injured on your property. Pays out before liability coverage.

Customer service: Evaluating insurer quality in service and claims

When choosing a renters insurance company, it's essential to find one with great customer service. You'll be more able to have your questions answered when buying a policy or filing a claim. You'll also be more likely to be paid fairly and promptly after you file a claim.

To evaluate the customer service of renters insurance companies in Montana, we considered three main metrics: the NAIC complaint index, J.D. Power's renters insurance satisfaction survey and AM Best's financial strength rating (FSR).

Insurer
NAIC complaint index
J.D. Power rating
AM Best FSR
Allstate0.512/5A+
Farmers0.372/5A
State Farm0.385/5A++
Travelers0.502/5A++
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  • NAIC complaint index: This number compares the number of complaints an insurer has received with its size. A lower number indicates fewer complaints and suggests that renters are more likely to be satisfied with the service they receive from their insurer. The average score nationwide is 1.00.
  • J.D. Power ratings: This score out of five points is based on a nationwide survey of renters insurance customers, asking renters how satisfied they are overall with their provider. A higher score is better.
  • AM Best FSR: This letter grade describes the overall financial health of an insurer. Grades range from A++ to D, and a better grade means the company has a better financial ability to pay out claims, even during times of high claim demand (like after a natural disaster) or negative economic climate.

Montana renters insurance: Costs by city

One major factor in how much you'll spend on renters insurance is where you live. Areas that are susceptible to major disasters, like floods or fires, may have more expensive renters insurance rates; conversely, areas with low crime rates might have cheaper prices.

Here's the full breakdown of the cost of renters insurance by city in Montana.

City
Average cost
% difference from state average
State average$14--
Billings$157%
Missoula$13-5%
Bozeman$12-9%
Great Falls$1936%
Helena$13-2%
Butte$13-7%
Kalispell$13-8%
Belgrade$13-7%
Whitefish$13-2%
Havre$141%
Livingston$13-7%
Show All Rows
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Renters insurance costs also vary significantly by state. To see how renters insurance costs in Montana compare to costs in other parts of the United States, see our national survey of renters insurance costs.

Methodology

To find the best renters insurance prices in Montana, we collected quotes from four major companies across 25 cities in the state. For all quotes, our sample profile is a 30-year-old man who lives alone and has no recent renters insurance claims. He's protected himself with $30,000 of personal property coverage with a $500 deductible, plus $100,000 of liability protection.

Matt is a Technical Writer at ValuePenguin who works on distilling the complex details of insurance into accessible advice. He previously created educational content at Grovo Learning and MarketSmiths Content Strategists. Matt's consumer-focused analysis of insurance has appeared in publications like CNBC, Yahoo Finance and the Miami Herald.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.