North Dakota Home Insurance

Homeowners insurance in North Dakota covers damage to a person's home, possessions, and sometimes injuries of people in the home.

It also offers liability protection for people who are legally liable for damage caused to others on the property.

Our Process -

Use the Contact Us form or Request a Quote directly
We will have a short conversation to determine exposures
A proposal will be delivered directly to your Inbox

If you have current policy documents and would like a free requote, send them to info@farnorthinsurance.com.

Dwelling Types -

Home
Farm Ranch and Agriculture
Condo
Townhome
Apartment
Rental Property

Understanding the specifics of dwelling coverage is essential for ensuring your home's structure is adequately protected, regardless of the dwelling type.

Insurance Coverage -

Basic, Broad, or Special
Replacement Cost (Guaranteed, 150%, 125%)
Personal Property
Matching of Undamaged Roof/Siding
Water Backup and Sewer Backup
Equipment Breakdown
Service Line

Additional Living Expense Coverage, which is crucial for providing alternative living arrangements if the home becomes unlivable due to damages.

Flood Insurance, essential for homeowners in flood-prone areas, is not covered under standard policies but can be obtained through the National Flood Insurance Program (NFIP).

Personal Property coverage plays a vital role in protecting the homeowner’s belongings. A homeowner's claims history is a critical factor insurance companies consider when determining coverage options and pricing. You can also request personal property replacement cost which is an additional layer of financial support for your personal belongings.

Optional Coverages

Optional Homeowners Insurance Coverages enhance standard policies with additional protections, such as identity theft coverage and sports equipment insurance.

Other coverage options includes the ability to schedule jewelry, blended coverage limits for boats, RVs, and motorcycles, and more. Talk to an insurance agent to learn more about the specifics of optional coverages offered by different carriers.

Current Insurance Landscape

Challenges in the Upper Midwest:
- Natural Disasters: The upper Midwest faces increasing challenges due to natural disasters, primarily hail and heavy rains.
Insurance Companies’ Responses:
- Withdrawal from Certain States: Some insurance companies are pulling back from specific states. For example, Secura has announced they will be leaving the personal lines market in Minnesota and we are seeing that trend continue into North Dakota and homeowners policies alike.
- Rising Premiums: Homeowners insurance rates have skyrocketed across the country, including in the Midwest. Increased costs can be attributed to the rising costs of goods, rising costs of labor, project timelines, and more.
Factors Driving Premium Increases:
- Weather-Related Claims: The surge in claims due to extreme weather events has impacted insurers. Hurricanes, floods, and wildfires have led to higher payouts.
- Construction Costs: Repairs have become costlier due to rising construction expenses. Labor costs and building materials contribute to increased claims.
Climate Adaptation and Insurance Trends:
- Heat-Linked Policies: Insurers are exploring new types of policies linked weather. We are seeing early discussions of parametric insurance, where coverage options would pay out based on defined severity of certain weather related losses.
- Financial Preparedness: Homeowners should consider their coverage needs and explore ways to mitigate risks. Regularly review policies and seek professional advice.

FAQ

How much is the average homeowners insurance premium in North Dakota?

Understanding the average annual premium for homeowners insurance in North Dakota can provide a benchmark for homeowners to compare their insurance costs.

These figures are averages and can vary based on numerous factors such as the value of your home, the amount of coverage you choose, and the insurance company.

Homeowners insurance in North Dakota can also vary by location.

For example, insurance in Bismarck, ND will vary from insurance in Fargo, ND, and both will vary from insurance in Minnesota or South Dakota.

What does liability coverage include in homeowners insurance policies?

Liability in homeowners insurance policies provides protection against financial losses resulting from third-party claims for bodily injury or property damage that occur on your property. Here are the key points about liability:

Bodily Injury Liability:

If someone is injured while on your property (e.g., a guest slips and falls), your liability coverage can help pay for their medical expenses, rehabilitation costs, and legal fees if they sue you.
It also covers injuries caused by your pets (e.g., dog bites) that occur on your property.

Property Damage Liability:

If you accidentally damage someone else’s property (e.g., your child throws a ball through a neighbor’s window), liability coverage can help cover the repair or replacement costs.
It also covers damage caused by your pets (e.g., your dog damages a neighbor’s fence).

Legal Defense Costs:

Liability includes legal defense costs, such as attorney fees, court expenses, and settlements.
Even if a claim is unfounded, your insurance company will defend you in court.

Coverage Limits:

Your policy sets a cap on the amount it will pay for a claim under liability coverage. This cap, known as the limit, is the highest amount that your insurance will cover in the event of a claim. It’s important to choose a limit that provides adequate protection for potential liabilities.
Common limits are $100,000, $300,000, or more. You can choose the appropriate limit based on your needs.

Umbrella Policies:

If you want additional liability protection beyond your homeowners policy, consider an umbrella policy. It provides higher coverage limits and extends liability protection to other areas of your life (e.g., auto accidents).

What are the three main types of homeowners insurance?

The three main types of homeowners insurance are:

HO-1 (Basic Form): This is the most limited policy type and generally isn’t sold by insurance providers anymore.
HO-2 (Broad Form): This policy offers more coverage than an HO-1 and is a common policy type for single-family homes.
HO-3 (Special Form): The most common type of homeowners insurance policy, offering broader coverage than the HO-2.

These are the basic forms of homeowners insurance, but there are more comprehensive options available, such as HO-5 policies, which offer the most extensive coverage.

There are also policies that cover renters insurance (HO-4) and condo insurance (HO-6).

It’s important to choose the policy that best suits your needs and provides adequate protection for your home and belongings.

Pending the coverage, homeowners insurance premiums can vary. Homeowners insurance companies also play a role in determining rates.

What are the four types of insurance required by the state of North Dakota?

In North Dakota, state law requires that all motor vehicles registered and operated in the state carry certain minimum insurance coverages. Here are the four types of insurance required in North Dakota:

Bodily Injury Liability: covers you against claims where another driver has been injured. In North Dakota, drivers are required to have a minimum coverage of $25,000 per person (the maximum amount payable to one individual) and $50,000 per accident (the maximum amount payable to all people injured in a single accident). This coverage helps protect you financially if someone is hurt as a result of an accident involving your vehicle.
Property Damage Liability: The minimum requirement for property damage liability is $25,000 per accident. This aspect of your insurance offers coverage if you’re held responsible for damaging another person’s property while operating your vehicle. It ensures that your policy will cover the costs up to the specified limit, safeguarding you from out-of-pocket expenses in such events. It also covers damage to a car you rent for personal use on a short-term basis.
Uninsured Motorist Coverage: Drivers must carry uninsured motorist coverage with a minimum of $25,000 per person and $50,000 per accident. This coverage provides you with protection for a bodily injury claim you would have against another driver who does not have insurance. Note that this coverage does not pay for physical damage to your vehicle.
Underinsured Motorist Coverage: Underinsured motorist coverage must be equal to uninsured motorist coverage. It provides protection for a bodily injury claim you would have against another driver whose liability coverage is less than your underinsured coverage.

Additionally, North Dakota requires Basic No-Fault coverage, also known as Personal Injury Protection (PIP), with a minimum of $30,000 per person.

Homeowners insurance in North Dakota is not a requirement itself. These coverages are found in an auto insurance policy, you can check out more information on our Far North Insurance website that highlights auto insurance.

The North Dakota Insurance Department plays a crucial role in regulating the insurance industry, offering consumer assistance, and advocating for consumers, making it a valuable resource for homeowners exploring insurance options in the state.

How to get insurance in North Dakota?

Research and Compare: Start by researching different insurance providers. Look for companies that offer homeowners insurance in North Dakota. You can compare their coverage options, rates, and customer reviews.
Contact Local Agents: Reach out to local insurance agents or agencies, like Far North Insurance.
Get Quotes: Provide information about your home, including its value, location, and any specific coverage requirements you have.
Evaluate Coverage Options: Consider the coverage options offered by each insurer. Look into dwelling coverage, personal belongings replacement, liability coverage, and any additional features you may need.
Check Discounts: Inquire about available discounts. Some insurers offer discounts for bundling policies, having a good credit score, installing safety devices, or being claim-free.
Choose the Right Insurer: Based on your research, quotes, and preferences, select the insurer that best meets your needs. Remember that affordability, coverage, and customer experience are essential factors.

What is the best homeowners insurance?

The best homeowners insurance has the insurance coverage you need at the time you need it. Homeowners insurance should be evaluated in many ways, not always by the premium.

Insurance coverage matters, too, like making sure you have flood insurance if you are in a flood zone or making sure you have water/sewer backup coverage added as an endorsement.

The best homeowners insurance coverage has comprehensive options for a competitive premium.

One thing to keep in mind with homeowners insurance is your prior claims history.

If you have prior loses on your homeowners insurance, it can dictate which homeowners insurance companies are willing to accept applications.

What is the first step to consider when buying homeowners insurance?

Consider whether you want to work with a captive insurance company, or an independent insurance agency like Far North Insurance.

The next consideration to determine is what your claims history looks like, what kind of personal property requirements you need, how much dwelling coverage is required, and whether or flood insurance is necessary.

Is house insurance even worth it?

When you choose Far North Insurance, you get a team of independent agents who are here to advise and answer your questions. We are a responsive agency who puts our clients first.

There are many factors that can determine your homeowner’s insurance premium, let us help sort those out with you.

We strive to provide the highest quality of customer service and to establish a long-term relationship with our clients built on trust and respect.

We strive to be a reliable source of advice and guidance to our clients on insurance matters, and to ensure that they understand their coverage and have the best plan to meet their needs.

Far North Insurance is committed to serving North Dakota homeowners, offering personalized service and coverage options tailored to the unique needs of the state's residents.

Is homeowners insurance required?

If you borrow money through a mortgage company, then homeowners insurance is a requirement. Whether the lender places coverage for you to cover the basics (not personal property), or whether homeowners insurance is purchased through an agency like Far North Insurance, coverage is required.

We would love to hear from you!

Give us a call today, reach out via email, or use the contact us form below to get in touch. If you do not reach a live person, we will reach out to you within one business day or less!

Check out our blog on insurance in North Dakota and more.