Landlords have many things to worry about, but the tenant's personal belongings shouldn't be one of them. In fact, they should have renters insurance to protect their things, and you need landlord's insurance for the building.

The Commissioner of Securities and Insurance offers tips for buying Montana renters insurance and also helps with an inventory checklist. However, our article will help you understand what it is, what it covers, and much more. Let's get started!

What Is Montana Renters Insurance?

Renters insurance is similar to homeowners insurance, though it's designed specifically for tenants who rent their homes and apartments.

Overall, Montana renters insurance covers events relating to liability, personal property, and additional living expenses. It's often broad and protects tenants in many situations.

Average Cost of Renters Insurance in Montana Per Year

The average rate people pay for renters insurance is $168 per year. However, renters insurance rates can be higher or lower based on many factors.

In fact, most Montana renters insurance companies offer extra coverage options to protect tenants with expensive items.

How Much Does Montana Renters Insurance Cost (Based on Popular Cities)?

ValuePenguin states that renters insurance rates in Kalispell and Polson are cheaper compared to East Helena. Let's learn more now:

  • East Helena - $184/year
  • Anaconda - $168/year
  • Polson - $151/year
  • Missoula - $153/year
  • Kalispell - $151/year
  • Butte - $158/year

Is Renters Insurance Required in Montana?

While the state doesn't require tenants to buy renters insurance, you can mandate it in the lease. In fact, tenants should want it for themselves because it offers many protection options.

Putting it in the lease means they have to purchase renters insurance coverage. Likewise, you can be added as an interested party on the policy to be notified of changes.

What Does Renters Insurance Cover in Montana?

Montana isn't prone to many natural disasters, but floods and earthquakes are possible. Typically, most renters insurance policies won't cover those things; tenants might need to buy separate insurance for those.

Here are the things renters insurance typically covers:

Loss of Use Coverage

Called additional living expenses, this pays for temporary housing if the tenant's unit is uninhabitable after a covered peril.

Medical Payments Coverage

Medical payments coverage pays for the medical expenses another person incurs if they're injured in the unit.

Personal Property Coverage

Personal property coverage pays to replace or repair property that was damaged, stolen, or destroyed after a covered peril.

Personal Liability Protection

Liability coverage pays the monetary damages to another if the tenant is responsible. For example, if their dog injures another party, this coverage kicks in.

What Does Renters Insurance in Montana NOT Cover?

Most renters insurance companies will offer basic policies that feature coverage for the things listed above. However, it rarely protects tenants from flood and earthquake damage. Likewise, there are policy limits in place, which cap the amount the insurer pays after a covered loss.

How to Choose the Right Policy

When choosing a renters insurance policy, tenants should follow these tips:

  • Compare quotes from three insurers.
  • Consider discounts from each company to save money.
  • Focus on coverage options, getting enough to replace everything in the unit.
  • Consider brands with excellent customer service ratings.
  • Think about the company's online and mobile services.

Available Discounts in Montana

Every company will generally offer discounts, but the options can vary.

The most common discounts include:

  • Being smoke-free
  • Being claims-free
  • Having multiple policies from one brand
  • Protective device discounts

How Does a Renters Insurance Policy Protect the Landlord or Property Manager?

Renters insurance will protect the tenant's personal property, but it also offers benefits to you. They include:

  • Fewer lawsuits (medical expenses and property damage)
  • Lower insurance premiums for the landlord
  • Ability to accept pets with ease
  • Less risk of landlord insurance being cancelled

Top 5 Best Cheapest Renters Insurance Companies in Montana

Knowing about the best renters insurance companies will help you determine if a tenant is using a reputable brand. Here are the top options:

1. Travelers Renters Insurance

Travelers Renters Insurance

Travelers offers the best cheap renters insurance in Montana. The average rate is $11 per month, which is less than the state average. Plus, it provides many coverage options, such as:

  • Valuable items
  • Equipment breakdown coverage
  • Extended liability
  • Identity theft coverage
  • Replacement cost coverage

Overall, customer service is lacking, so tenants might have trouble filing claims.

2. Amica Renters Insurance

Amica Renters Insurance

Montana renters who want excellent customer service might like Amica. Though it's more expensive, it's the best renters insurance company because people get assistance quickly.

Overall, it does offer renters insurance, and the price is $154/year. Though that's slightly less than the state average, it's pretty expensive. Likewise, it doesn't offer many discounts or coverage options.

3. Allstate Renters Insurance

Allstate Renters Insurance

Allstate doesn't have the cheapest renters insurance, but it has been around for many decades. Plus, it is highly affordable and offers four additional coverage options.

People like the mobile app, which helps them track and file claims and access account information from anywhere.

4. State Farm Renters Insurance

State Farm Renters Insurance

State Farm is another great choice because it offers financial stability. Most people are happy with the service they receive, but it isn't as affordable as other options. Plus, there aren't as many ways to offset the price with discounts.

5. SURE Renters Insurance

SURE Renters Insurance

If tenants need a simple renters insurance policy, SURE might be the best solution. They can get instant quotes and buy coverage online. Plus, insurance is explained simply, and there are various endorsements, which means tenants can get a plan that meets their requirements.

What Is DoorLoop?

Knowing about renters insurance is great, but you also have to keep track of so much as a landlord. DoorLoop is an all-inclusive property management software that can help you whether you manage mixed-use, residential, or commercial properties.

With it, you can:

  • Manage your rental portfolio.
  • Manage maintenance requests online.
  • Collect rent effortlessly.
  • Offer an online tenant portal.
  • Manage accounting tasks.
  • Get a custom, free website for tenants to apply. You can also market vacancies on Zillow and Trulia!

Learn more about DoorLoop and schedule your demo now!

Why Work with DoorLoop

DoorLoop also helps you require tenants to get a renters insurance policy. Whether they submit their own company or apply through the application or portal, it's so easy to do. In fact, DoorLoop is powered by Lemonade and SURE, depending on the state. Learn more about the feature today!

Frequently Asked Quesitons

David is the co-founder & CMO of DoorLoop, a best-selling author, legal CLE speaker, and real estate investor. When he's not hanging with his three children, he's writing articles here!

Legal Disclaimer

The information on this website is from public sources, for informational purposes only and not intended for legal or accounting advice. DoorLoop does not guarantee its accuracy and is not liable for any damages or inaccuracies.