Montana Homeowners Insurance
Montana homeowners insurance is not only an important investment, it may be required by your lender if the home is under a mortgage. If you are searching for a comprehensive homeowners insurance package, shop online today. Request quotes, compare rates from top providers, and even purchase insurance from the comfort of your living room. If you have a MT home that is not covered, you will be amazed at the reasonable rates available online. Shop now and start covering your MT home today.
Understanding Homeowners Policies
Montana homeowners insurance is coverage for a home and the owners belongings in the event of damage due to natural or unnatural causes. It will also cover the owner against suits, damages, and medical expenses if someone not living at the residence were to become injured or if their property was damaged while visiting the residence. Most basic Montana homeowners insurance policies cover the dwelling, personal belongings, and personal liability. Like all insurance policies, a homeowners policy does have limits and exclusions to the coverage.
Limits are defined as the maximum dollar amount that the insurer will pay in the event of damage. The limits can be increased if the homeowner prefers, at an increased premium rate. Exclusions are the items that are not covered under the policy. Most exclusions include items such as earthquakes, hurricanes, nuclear war, or flooding. If the house is located in a flood prone area, it would need to be covered under an hazard insurance. Hazard insurance can be added to any Montana homeowners insurance policy to cover perils not in the basic policy. Talk to the provider to determine if a hazard policy is needed for the residence you own.
Identifying Your Home's Value
Most Montana homeowners insurance policies will cover the home at the estimated replacement cost. The replacement cost is determined by the price of materials and labor to replace the home in Montana, not the market value. To determine the replacement costs of a home, you will need to understand the value of the materials in the residence. You may also request a replacement cost estimate from the appraiser who appraises the home for the loan. You should always purchase enough coverage to cover 100% of the home's replacement value. As the costs of building material and labor increases you will need to adjust the coverage accordingly so you are not caught with less coverage than what you need for the home.
Items that increase the replacement cost include high priced building materials such as granite countertops, custom molding, or finished basements. You should also increase the limits if you perform upgrades to the home, especially if they are costly remodels. One of the most costly renovations is a kitchen remodel. If you have recently remodeled your kitchen, chances are the Montana homeowners policy you have may not be enough to cover the new replacement value of the home. Review the policy at least once a year to determine if there are changes that need to be made due to changing market conditions.
Saving on Premiums
You may realize excellent discounts on Montana homeowners insurance by upgrading the residence, adding security and safety features, raising deductibles, and combining insurances. If the Montana home is older and has substandard building material, you can decrease the premiums on the homeowners policy by renovations that include newer, industry standard materials. You can also add security features such as burglar or fire alarms monitored by a security company for additional safety. Other security features could include a fence around the property, or deadbolt locks on all exterior doors.
Raising the deductibles is an excellent way to save money on the premiums for policies in Montana. The deductible is the amount you will pay in case of damage or loss. If you have a deductible of $1000, for example, and the estimated repair costs are $10,000, the insurer will pay $9,000 and you will be responsible for the balance. If you raise the deductible to something you are comfortable with, you can realize excellent discounts on the premiums.
For premium savings on not only your Montana homeowners insurance, but also all of your other coverage needs, consider combining all policies under one provider. This will provide you with a multi-policy discount and may save you hundreds of dollars per year on your insurance requirements. Talk to a Montana provider to determine what types of discounts they offer and how you can take advantage of them.
Montana homeowners insurance is one of the best ways to cover one of your biggest assets, your home. No matter whether you own a house in Billings, Montana, or a ranch in Bozeman, Montana, homeowners insurance can provide you the homeowners coverage you need within the budget you have. Talk to a provider today and start covering your residence tomorrow.