Living in Montana isn't always easy. Sometimes it can be downright tough. It also can be expensive. We have seen home prices increase and inflation has also been on the rise. There is another area where the cost of living in Montana is more expensive than other parts of the country, and that's the cost of insuring your home.

Montana ranks high when it comes to how much it costs to insure a home. According to MarketWatch.com, who compiled information from Quadrant, Montana ranks as the 11th most expensive state in the nation for home insurance premiums. Quadrant provides insurance solutions and data.

I spoke with Dayna Drake, a researcher for MarketWatch, about Montana's ranking. To compare prices with other states they looked at what it would cost for a policy for 40 year old homeowner with good credit, no large claims, a $1,000 deductible and a home price of $350,000 with personal coverage included. Here is where Montana stands:

Our average homeowner for just across the U.S. is about 227 per month. So that comes out to about $2,728 each year. But then Montana is actually 42% higher than the national average coming in around $3,879 for their home insurance premium. 

Most of Montana's neighbors have lower premiums.

You're closest, and it's gonna be a high-ranking, a high risk one. It's gonna be South Dakota, but North Dakota, Wyoming, Idaho, even over in Washington are much lower than Montana premiums. 

One of Drake's suggestions for lowering the cost of premiums is to shop around and compare insurance companies premiums to make sure you are getting the most value for your coverage. Also the more claims you make the more your premiums will increase. Sometimes a person is better off to pay for small repairs themselves than to file a claim to keep rates down.

The states with the highest premiums, according to Drake are:

  1. Nebraska
  2. Louisiana
  3. Oklahoma
Insurance Premium Prices Map
Credit: MarketWatch/Canva
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There are other ways that you can bring down your insurance premiums. I spoke with Anthony Pagniano, who is an owner of a Farmer's Insurance agency in Missoula. One of his suggestions to help bring down premiums is to look at raising deductibles. If a person raises their deductible to $5,000 or more they can see a decrease in their premiums and over time that can save a home owner money.

Why Montana's Premiums Are High

Montana has tough winters, hail storms and wildfires that can damage homes. There are other things that can help lower premiums like getting smoke detectors and fire extinguishers. Technology can be used to lower premiums. Pagniano spoke about ways to avoid water damage.

Shut off valves that you can install in your home. Of course, water damage is a big homeowners risk and it is costly when that happens. I think Moen has one out now where, you put sensors throughout your house.  If water touches those sensors, it will automatically turn off the water in your home. Now, that's especially important if you're traveling and you're out of town.

Pagniano also recommends to keep in contact with your agent at least yearly. That way you can inform them of changes to your home and they can recommend ways to lower your premiums to help save money.

The Pros and Cons of Living in Montana

Sometimes a place's strengths are the same as its weaknesses.

8 Places That Might Be Better for Retirement Than Montana

Whether you live in Montana already or not, when looking for a place to retire, Wallet Hub has found 8 states that rank better than Montana. Take a look at why they might be better than the Big Sky State for your golden years. (Source: Wallet Hub)

Gallery Credit: Ashley

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