Insurance Quotes  >  Home Owners Insurance  > Montana

Types of Insurance

HO3 – is a basic homeowners policy that insures personal property and contents along with the building structure against named perils. It also provides medical and liability coverages.

HO4 - is a basic renter policy that offers coverage to your contents only. It also includes some amount of medical and liability coverage.

HO6 – is the most basic condominium unit owner's insurance policy covering the inner walls, personal possessions and contents, and offering medical and liability coverages.

In Montana, it may not be mandatory to purchase a homeowners insurance policy. However, if you have mortgaged or are taking out a mortgage on the house, then there is a chance that the lender or in most cases the financial institutions will require that insurance is taken out on the property for the remaining balance of the loan.

Your policy is dependent on what coverage you buy and the limits you choose. The cost of homeowners insurance in Montana is based on many variables. The insurance company will arrive at a figure for your premium based on factors like the type of structure of your home, location, age, proximity to fire and water departments etc. In Montana there is also a fire rating that is done on homes -based on their location, water pressure and other factors that help to finalize the cost of your premium.
When looking for homeowners insurance, be sure to take the necessary actions to get enough coverage.

Premium calculation here is based on

1. The amount you pay every year, in which the full amount has been paid when your cover begins.
2. Three years of prior coverage.
3. Owner occupied structures.
4. Homes with little or no facilities for proper plumbing, wiring, or heating and cooling.
5. Structures of frame construction. Generally, companies offer discounts for masonry or fire resistive structures.
6. Rates in effect as of October 1, 2000. If the rates have been altered after this date, please do verify the new rates. (Please keep in mind the premiums quoted are only examples. Your individual situation may include other factors that will be reflected in the premiums quoted to you.)
7. The assumption that any insurance policy taken previously exists and the new one is for a new enterprise and not a renewal of the previous one.
8. Based on the coverages explained in each example. For instance, flood and earthquake coverages are not included.
9. The premiums in rural Montana are calculated based on a grade of 1 to 9 for fire protection especially for areas in the suburbs.