Montana landlord insurance is a necessity if you want to have a long life as rental home owner. The climate of Montana offers potential disasters that other states just don't see. When determining the proper policy coverage you must determine where you stand to lose the most money in the event of a loss. Landlords in Montana know that frozen water pipes, ice dams and snow cause a tremendous amount of damage. Beyond weather related claims you are also more likely to need liability protection from renters.
Landlord Liability Insurance in MT
Landlord liability insurance in Montana is simply the protection an insurance policy will provide in the event a rental unit owner is sued for injuries to the tenant or visitors. Usually this involves a lack of maintenance on the landlord’s part which caused the injury to the tenant. For example if the landlord agreed to provide snow removal as part of the rental agreement and the tenant slipped and fell while walking on a snowy unkempt walkway this could be reason for the tenant to sue.
If you plan to rent a home in MT be sure to have adequate landlord liability insurance on your policy. It is usually included as part of a package policy but be sure it is at least $500,000 in protection if not $1 million. The cost to increase this coverage is often only $30 to $60 per year on most landlord policies.
Cheap Landlord Insurance Quotes
Shopping around for insurance is always a good idea if you know what you are looking for. Simply just trying to find the cheapest landlord insurance policy is not going to provide the protection you need or the coverage you want. We work with top insurance agents in Billings, Missoula, Bozeman and more to find you the best policy for your budget.
Do yourself a favor and get educated about the insurance you are buying because the last thing you want is a surprise when something bad happens. Get started today using our online quote system.
Rental Property Insurance Deductible in Montana
It is common in MT for house insurance companies to require a minimum deductible level depending on where you live. This is more often found in hail or wind prone zip codes where insurance companies have to offset the higher cost of claims. Most of the time in these specific zip codes you will find a minimum wind & hail deductible on your policy of $1000. It is also becoming more common to find percentage deductibles in these bad weather areas.
Watch out for policies that have percentage deductibles such as 1% or 2% of the building coverage. This is essentially stating that you will pay 1% of the building coverage amount in the event of a loss. For example if the building coverage is $250,000 your deductible for a roof claim would be $2,500. While this type of deductible can save you hundreds of dollars each year on your insurance policy it may be difficult to pay that when you need to file a claim.
Montana's 5 largest cities by population
City - Population
Billings 104,170
Missoula 66,788
Great Falls 58,505
Bozeman 37,280
Butte-Silver Bow 33,525
*Data from 2010 Census Population by the Department of Economic and Community Development.
Common Landlord Insurance Claims in Montana
Wind
(Most claims cost over $4,800 to repair wind damage)
Fire
(Most claims cost over $24,000 to repair damages from fire)
Hail
(Most claims cost over $5,600 to repair damage from hail)
Water
(Most claims cost over $4,300 to repair physical damages to property)
Vandalism
(Most claims cost over $5,900 to repair physical damages to property)
Dog Bite Liability
(Most claims cost over $10,000 to recoup liability damages)
NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.
