Home Insurance in North Dakota

As a homeowner, you know that a comprehensive insurance policy is a must-have, but finding the right policy can be difficult. Getting covered doesn’t have to be a hassle! With Obrella, you can take the stress out of choosing a home insurance policy. You can connect with professional insurance experts who know all the ins and outs of North Dakota home insurance policies. They’ll ask questions to get more familiar with your situation, help you sort through your options, and get you set up with the best policy for you. They can even bind your policy—all in one simple call.

What are the home insurance costs in North Dakota?

Home insurance is an investment worth making. Home insurance premiums in North Dakota average$1,038 annually. The national average is $1,034 per year, making North Dakota the 18th highest state for average insurance premiums.

• Median Home Value: 150,600
• Household Income: 60,730
• Percent of Income on Home Ownership: 17.60%

In North Dakota, the median home value is $132,400, and the average house is home to 2.3 people. Thanks to affordable housing costs and a median household income of $55,759, North Dakota is the most affordable place to own a home in the country, when it comes to the costs of home ownership.

On average, North Dakota residents only spend 17.6 percent of their total household income on home ownership costs. As a homeowner in North Dakota, you understand how important it is to have the right insurance policy in place. Let an insurance expert help you identify your specific needs and find the best homeowners insurance policy for your North Dakota home.

How to determine home insurance premiums in North Dakota

In setting premiums, insurance companies assess the amount of risk they take on by insuring your property. If there’s a good chance that the insurance company will wind up paying for damages to your home, your premium will be higher.

Providers look at your property’s characteristics, value, location, and the surrounding area when determining risk and setting your home insurance premium. Your provider will evaluate your home’s size, date of construction, and add-ons like swimming pools and guest homes. Environmental factors, local crime rates, and even the cost of other homes in your area can also affect your premium. So if you live in the middle of a flood plain, you’ll probably wind up paying a higher insurance premium than someone who lives on higher ground nearby. Likewise, living in an area with high rates of vandalism and home burglary may also raise your costs.

Fortunately, your homeowners insurance premium can be lowered with a few proactive steps on your part. Installing home protection like security systems, motion-sensor lights, and surveillance cameras can help lower your homeowners insurance rates. In some cases, you can also make your premium more affordable by improving your credit score.

How to get homeowners insurance in North Dakota

Most North Dakota home insurance companies offer a range of coverage options; some of which are defined below:

• HO-1: Limited Coverage
  • While an HO-1 policy will cover your home in the event of the first 10 classified disasters—fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption—this type of policy is no longer available for purchase in most states.
• HO-2: Basic Policy
  • A basic policy, HO-2 insures your home in the event of all 16 classified disasters.
• HO-3: Standard, most popular
  • Aside from minor exclusions, this basic policy provides comprehensive coverage for your home.
• HO-8: Older Home
  • This policy guards against declining home values by paying back homeowners for damage on an actual cash value basis. However, some more aged homes may not qualify for complete replacement cost policies.

What is covered by standard North Dakota homeowners insurance?

Do you know what’s covered under your insurance policy? Home insurance coverage will typically only reimburse you if the damage to your home or the personal injury of another on your property is the result of a situation explicitly covered in your policy’s terms. So for example, if your home sustains damage due to flooding but your policy does not cover flooding, you will bear the sole responsibility for the cost of repairing your home. To learn more about what’s covered by your policy, check out some common home insurance definitions below:

• Coverage A – Dwelling
  • Insures your home in the event of damage to the home and attached structures. This includes damage to the home’s plumbing, wiring, and permanent air-conditioning and heating systems.
• Coverage B – Other Structures
  • Tool sheds, free-standing garages, fences, guest homes, and other non-attached structures are covered under Other Structures.
• Coverage C – Personal Property
  • Personal Property coverage reimburses homeowners for the value of possessions, like electronics, furniture, and clothing items that are lost or damaged, even if the damage did not occur on the homeowner’s property—such as items in a storage unit.
• Coverage D – Loss of Use
  • During an extensive home repair, Loss of Use coverage will pay for living expenses.
• Coverage E – Personal Liability
  • If a homeowner is sued and found legally responsible for damages or injuries to another person, Personal Liability will cover the homeowner’s financial loss.
• Coverage F – Medical Payments to Others
  • Covers medical bills for individuals hurt on a homeowner’s property or by the homeowner’s pet.

What are some of North Dakota insurance resources?

The North Dakota Insurance Department :oversees homeowners insurance in the state. The department administers and ensures compliance with all state laws and offers consumer protection to homeowners like you. In addition, the Insurance Department works to foster a competitive and fair insurance marketplace. If you have questions about home insurance in North Dakota, you can contact the Insurance Department at: