Montana Insurance: All Your Needs in One Place

Property owners in Montana can protect their finances and cover the investment they have made in their houses by purchasing a good homeowners insurance policy.

Homeowners insurance can pay for:

• Loss or damage to your personal property through dwelling and contents coverage
• Your extra living expenses if a covered event displaces you from your home through loss of use coverage
• Expenses related to personal lawsuits through homeowners liability coverage

If you are still paying on a mortgage or have a home equity loan or line of credit, your lender will require you to carry homeowners insurance until your loan is paid in full. Otherwise, coverage is optional, but still highly recommended. Talk to a local independent insurance agent to learn more.

Vehicle owners in Montana are required to carry car insurance. In this state, all auto insurance policies must include liability coverage. This is designed to pay for other people’s injuries or property damage if you are at fault for an accident. Your policy needs to provide, at a minimum:

• $25,000 in bodily injury liability per person
• $50,000 in bodily injury liability per accident
• $20,000 in property damage liability per accident

In addition to the liability insurance that is required by law, you can include several coverage options in your policy. Some of the options you are likely to see offered by insurance companies in Montana include collision insurance, comprehensive insurance, uninsured motorist insurance, gap insurance, and roadside assistance.

A local independent insurance agent can help you review all your coverage options so you can make an informed decision about which are a good fit for you and your family.

The protection offered by business insurance depends largely on the type of coverage you are buying. Most small business owners will have the option of choosing between a business owners policy (BOP) or a business insurance policy package.

• Business owners policy: Most small businesses that have fewer than 100 employees, less than $1 million in annual revenues, and few liability risks will qualify for a BOP. These policies, though somewhat limited in their coverage, are the most affordable option. They include:
  • General liability insurance: This covers expenses related to some of the most common liability lawsuits that businesses face.
  • Commercial property insurance: This covers loss or damage to most business-owned property.
  • Business interruption insurance: This provides a continuation of income if a covered event leads to an extended temporary closure of your business.
• Business insurance policy package: Larger companies and small businesses with complex coverage needs are better suited for the protections offered by a business insurance policy package. This option lets you purchase your coverage a la carte so that you only buy the policies that are relevant to your particular business.

Purchasing business insurance can be complicated. A local independent insurance agent can make it easy. These agents can shop around to find the best and most affordable policies and can ensure that your Montana business is not left with any unintentional coverage gaps.

Workers’ compensation insurance is a policy that is designed to protect employees from financial losses related to on-the-job injuries and occupational illnesses. It also protects businesses by shielding them from liability lawsuits related to these injuries.

In Montana, all employers must cover all their employees with workers’ compensation insurance. Policies may be purchased from any commercial insurance provider authorized to write workers’ compensation policies in Montana or through the state-administered fund. Alternatively, approved businesses may opt to self-insure.

A local independent insurance agent can help employers in Montana find a suitable workers’ compensation insurance policy at a competitive price.

Life insurance can help you rest assured that your loved one and dependents are taken care of financially when you are gone. Depending on your life situation, you may want to purchase a small policy that is just enough to cover your estate settlement and funeral costs, or you may opt for a large policy that can ensure your spouse and children have the money to live comfortable lives in the absence of your income.

When you purchase a life insurance policy in Montana, you will need to choose between term life and whole life insurance. Term life insurance is the least expensive option, but it expires at the end of the policy term. Whole life insurance can cover you for as long as you continue to make payments on your locked-in premiums.

Talk to a local independent insurance agent to learn more about your life insurance options.

Sometimes landlords require their tenants to carry renters insurance as a term of their lease. However, this is the exception rather than the rule. In most cases, renters insurance is fully optional.

This surprisingly affordable coverage can prove invaluable because it can shield you from financial losses related to property damage, theft, displacement, and even personal liability lawsuits.

In Montana, the average renters insurance policy costs just $146 a year. That is only about $12 a month for the peace of mind this coverage can provide you. Talk to a local independent insurance agent to learn more about what renters insurance can do for you.

Montana residents who have a lot to lose may want to consider purchasing an umbrella insurance policy. With a personal umbrella insurance policy, you can enhance the liability coverage you have through policies like homeowners insurance, car insurance, RV insurance, and boat insurance.

Because umbrella insurance does not kick in until your primary insurance coverage has been exhausted, these policies are relatively affordable:

• Personal umbrella coverage is typically purchased in million-dollar increments at a cost of about $200 to $300 per million purchased.
• Commercial umbrella insurance policies typically cost about $500 for every million dollars in coverage purchased.

Talk to a local independent insurance agent to learn more about umbrella insurance in Montana.

Flood damage is specifically excluded from the coverage offered by home, renters, and business insurance policies. Unfortunately, more than 141,000 properties in this state have a significant risk of sustaining serious flood damage over the next 30 years.

If your home or business is among those at risk, you can supplement your coverage with a flood insurance policy. Affordable policies are available through the National Flood Insurance Program (NFIP), a program administered by FEMA.

The NFIP offers individuals up to $250,000 in structural coverage and up to $100,000 in contents coverage against floods. Businesses can purchase up to $500,000 in both structural and contents coverage.  When deciding whether or not to purchase coverage, keep in mind that the average payout on flood claims in Montana is $7,600.

Although Montana is not as seismically active as California, its location within the Intermountain Seismic Belt makes earthquakes a risk that residents of this state should take into consideration.

Most earthquakes in this state are very mild and may not even be detected by residents. However, this state is occasionally hit by a significant quake, such as the 7.5 Hebgen Lake Quake of 1959.

Because homeowners, renters, and business insurance exclude coverage for damage caused by earthquakes, you may want to consider supplementing your policies with earthquake insurance. A local independent insurance agent will be aware of the risks you face in your Montana neighborhood and can help you find the best and most affordable earthquake insurance if you feel that a policy is warranted.

Shopping for the best and most affordable insurance products can often be frustrating and confusing. That’s why it pays to have an experienced insurance professional at your side.

Local independent insurance agents take the time to get to know you and understand your coverage needs. They can then save you time and money by obtaining customized insurance quotes from multiple providers on your behalf.

No matter what types of coverage you need,  you can find an independent agent who can help. There are nearly 100 independent insurance agencies in the state of Montana. Arrange an obligation-free consultation with an independent insurance agent near you to learn more.