The Best and Cheapest Renters Insurance in Billings, MT, for 2024: Rankings, Reviews and Rates

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2024

The Cheapest and Best Renters Insurance in Billings

Cheapest renters insurance in Billings - Allstate

Best renters insurance in Billings - Allstate

Cost is a determining factor when looking for renters insurance in Billings. Most providers typically offer similar core coverages, so comparing quotes will help you find the most affordable renters insurance.

The cheapest renters insurance in Billings is offered by:

• Allstate: $98 per year
• USAA: $114 per year

USAA's renters insurance offers great value for money since its policies reimburse you for items at replacement cost. It also includes coverage for flood and earthquake damage.

All policies in this analysis have $20,000 in personal property limits, $100,000 in liability limits and a deductible of $500. You can see how rates vary for different personal property coverage limits in the table below.

If you live elsewhere in the state, you can also look up renters insurance in Montana.

Average Annual Rates for Personal Property Insurance

Personal Property Coverage:

$20,000

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1

Allstate

Score:95

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COMPARE QUOTES

by MoneyGeek

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

Allstate is our top pick for best renters insurance in Billings, with high scores in affordability, customer satisfaction and financial stability. It also offers unique coverages like identity protection.

More About Allstate

You can get protection for identity fraud by opting for Allstate's optional identity protection coverage. Allstate also offers flood coverage as an optional add-on. You may include it in your policy to get reimbursed in case of flood-related water damage. Allstate allows you to waive off-premises theft coverage for lower premiums if you want to save on costs.

2

USAA

Score:88

-

COMPARE QUOTES

by MoneyGeek

4/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

USAA is our second-best pick due to its high scores in customer satisfaction and financial stability. However, only Billings renters with a military background are eligible for a USAA policy.

More About USAA

USAA's renters insurance offers flood and earthquake coverage, which is not available with most insurers. USAA also stands out because it will reimburse you for personal property damages or loss at replacement cost. This means you get items of the same quality and value you lost. USAA renters policy will remain in effect if you are deployed or move abroad.

Renters insurance in Billings costs an average of $114 per year or $10 per month. Compared to the average national cost of renters insurance at $159 per year, renters in Billings pay lower rates by up to $45 per year.

The cost of renters insurance in Billings depends on a variety of factors, but the following have the most impact:

1. Personal property limits. This has the most significant impact on the cost of renters insurance. You'll pay more for insurance if you want to cover more of your personal belongings.
2. Location. Where you live can slightly impact your renters insurance rates. This is because some risks like property theft may be higher in some locations than others.
3. Deductible. A deductible refers to the amount you will pay out of pocket when you file a claim. A renters policy with a high deductible will cost less in premiums compared to one with a low deductible. However, the out-of-pocket costs for a high deductible policy will be higher.
4. ACV vs. RCV. Replacement cost value (RCV) policies typically cost more because they do not factor in depreciation, reimbursing you for the same value and quality of the lost item. Actual cash value (ACV) policies tend to be cheaper since they only pay for your item's depreciated value.
5. Liability coverage amount. The liability coverage limit on your policy has a minor effect on the cost of renters insurance. A standard renters policy will have $100,000 in liability coverage, but for a few dollars more, you can increase your liability coverage by thousands of dollars.

Calculate How Much Renters Insurance You Need

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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Your neighborhood may impact the cost of renters insurance in Billings, but MoneyGeek found that in most cases, your location will only affect your premiums by a few dollars per month.

You are not obliged to buy renters insurance in Billings unless your landlord requires you to. Regardless, MoneyGeek strongly recommends purchasing renters insurance as a relatively cheap but effective way to protect your personal assets from loss or damage.

According to the FBI, Billings' property crime rate was 3,515 per 100,000 residents in 2019. This is 86% higher than the national average. Renters insurance can help you safeguard your property against risks like theft and vandalism.

Your renters insurance will also protect you from fire and water damage. Looking for coverage that best suits your needs is essential to ensure you are sufficiently protected.

Standard renters insurance in Billings will typically include the following coverages:

• Personal property coverage: This will reimburse you for loss or damage to personal belongings in your home due to covered perils like theft, water damage and fire.
• Additional living expenses: If you need to find somewhere else to live following a covered peril like fire or water damage that leaves your home uninhabitable, this coverage pays for temporary lodging expenses.
• Liability insurance: If someone gets injured on your property and you are found liable for the damages, this will cover legal costs up to the limit on your policy.
• Medical payments coverage: This will help pay for the medical expenses incurred when a guest or third party in your home suffers bodily injury, regardless of who is at fault.

Renters insurance covers personal property in your rented home but not the building or structure of the home. The property owner should have insurance to cover the building itself.

Renters insurance also has exclusions to the types of perils covered. Most renters policies in Billings do not cover flood or earthquake damage, so you may need to purchase these coverages separately. If you want protection from flood damage, it's best to buy incremental insurance through the National Flood Insurance Program (NFIP).

Your standard renters will also not cover your roommates' possessions, damage to your car, and valuables like jewelry that exceed your policy limits.

Always read the terms on your policy carefully since coverages and exclusions can vary depending on the insurer.

MoneyGeek answered commonly asked questions to help you learn more about the average cost of renters insurance in Billings and the best providers in the city.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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