The Best and Cheapest Renters Insurance in North Dakota
Renters insurance in North Dakota is an innovative and inexpensive way for you to protect your property. For a relatively low rate, you can save your possessions.
To help you find the best options for your specific situation, we scored a sample of insurance providers across North Dakota. Our ranking examines and scores the following:
- Price
- Claims
- Customer service
Theft and vandalism are examples of property crimes that a standard renters insurance protects. In 2016, the FBI published the following crime statistics for North Dakota:
- Robbery: 181
- Burglary: 3,242
- Larceny-theft: 12,195
- Motor vehicle theft: 1,964
These statistics are a stark reminder that crime is still an issue even in a sparsely populated state like North Dakota. It’s essential to cover yourself with renters insurance for your peace of mind.
When buying renters insurance in North Dakota, several factors determine how much you will pay. Those factors include, but are not limited to:
- Coverage amount
- Zip code/location
- Actual cash value (ACV) vs. replacement cost value (RCV)
- Deductible
- Credit score
What Does Renters Insurance in North Dakota Cover?
The following are typical coverages you will see from all carriers:
- Personal property coverage: The renter’s personal property is covered from loss by fire or theft. Companies typically replace your property in one of two ways.
- The first way is replacement cost (RCV) which means the company will replace lost or damaged items with new ones.
- The second way is called actual cash value (ACV). The company will replace the item based on its depreciated value.
- Medical payments: If a visitor is injured on your (the renter) property, the visitor may be eligible for payments on their medical bills related to the injury.
- Personal Liability: If a visitor injures themself while on your rental property, the insurance will pay for their injuries and your legal representation if needed.
- Additional living expenses: If your rental property becomes uninhabitable because of damage to the property, your insurance policy will cover the cost of housing you.
Comparison of Renters Insurance in North Dakota
The following premium costs are for a 20-year-old-male with policies covering $20,000 in personal property, $100,000 liability, and a $500 deductible.
Insurance in Fargo, ND | |
State Farm | $7.08 |
Geico | $12 |
Allstate | $13 |
American Family | $13 |
Farmers | $13.75 |
Progressive | $16.38 |
Cheapest Renters Insurance in North Dakota
Money is tight when you are in college. That’s why the cost is usually the most crucial factor when deciding what insurance policy to buy.
In terms of cost, the best renters insurance in North Dakota is State Farm, at $7.08. The next cheapest is Geico at $12.
We measured customer service using:
- NAIC complaint index: data on the number of complaints an insurer receives
- J.D. Power Home Insurance Study: relative policyholder satisfaction
- A.M. Best Financial Strength Ratings: company’s ability to meet financial obligations
State Farm
Price: State Farm is $7.08 per month for renters insurance in North Dakota.
Claims: You can file a claim online or via their mobile app. To file a claim, you will need to have the following information:
- Policy number
- Date of loss
- Your name
Alternatively, you can call their main phone number to speak with an agent.
Customer Service: State Farm has an NAIC complaint index of 0.35, below the benchmark of 1.00. That means State Farm Insurance gets fewer complaints relative to the market share. According to policyholders’ overall satisfaction, J.D. Power rated Farmers 4 out of 5. A.M. Best Financial Strength measures the ability of a company to pay out claims, and State Farm received an “A++” rating of Superior.
Geico
Price: Geico is $12 per month for renters insurance in North Dakota.
Claims: You can file a claim online or via their mobile app. To file a claim, you will need to have the following information:
- Policy number
- Date of loss
- Your name
Alternatively, you can call their main phone number to speak with an agent.
Customer Service: Geico has an NAIC complaint index of 1.06, above the benchmark of 1.00. Geico Insurance gets more than average complaints relative to the market share. J.D. Power did not rate Geico. A.M. Best Financial Strength measures the ability of a company to pay out claims, and Geico received an “A” rating of Excellent.
Allstate
Price: Allstate is $13 per month for renters insurance in North Dakota.
Claims: You can file a claim online or via their mobile app. To file a claim, you will need to have the following information:
- Policy number
- Date of loss
- Your name
Alternatively, you can call their main phone number to speak with an agent.
Customer Service: Allstate has an NAIC complaint index of 0.76, below the benchmark of 1.00. That means Allstate Insurance gets fewer than average complaints relative to the market share. According to policyholders’ overall satisfaction, J.D. Power rated Farmers 3 out of 5. A.M. Best Financial Strength measures the ability of a company to pay out claims. Allstate received an “A+” rating, which is Superior.
American Family (AmFam)
Price: American Family (AmFam) is $13 per month for renters insurance in North Dakota. One thing to note is that this policy covers $25,000 worth of personal property.
Claims: You can file a claim online or via their mobile app. To file a claim, you will need to have the following information:
- Policy number
- Date of loss
- Your name
Alternatively, you can call their main phone number to speak with an agent.
Customer Service: AmFam has an NAIC complaint index of 1.18 which is below the benchmark of 1.00. That means that AmFam Insurance gets more than average complaints relative to the market share. J.D. Power did not rate their renters insurance, but the company is highly rated for auto insurance. A.M. Best Financial Strength measures the ability of a company to pay out claims. AmFam received an “A” rating, which is Excellent.
Farmers Insurance
Price: Farmers Insurance is $13.75 per month for renters insurance in North Dakota.
Claims: You can file a claim online or via their mobile app. To file a claim, you will need to have the following information:
- Policy number
- Date of loss
- Your name
Alternatively, you can call their main phone number to speak with an agent.
Customer Service: Farmers Insurance has an NAIC complaint index of 0.35, below the benchmark of 1.00. That means Farmers Insurance gets fewer than average complaints relative to the market share. According to policyholders’ overall satisfaction, J.D. Power rated Farmers 3 out of 5. A.M. Best Financial Strength measures the ability of a company to pay out claims. Farmers received an “A” rating, which is Excellent.
Progressive
Price: Progressive Insurance is $16.38 per month for renters insurance in North Dakota.
Claims: You can file a claim online or via their mobile app. To file a claim, you will need to have the following information:
- Policy number
- Date of loss
- Your name
Alternatively, you can call their main phone number to speak with an agent.
Customer Service: Progressive has an NAIC complaint index of 0.79, below the benchmark of 1.00. That means Progressive Insurance gets fewer than average complaints relative to the market share. According to policyholders’ overall satisfaction, J.D. Power rated Farmers 2 out of 5. A.M. Best Financial Strength measures the ability to meet its financial responsibility. One area of financial responsibility is the capability of a company to pay out claims. Progressive received an “A+” rating, which is Superior.
Renters insurance North Dakota – FAQ
The North Dakota Insurance Department is an excellent resource for tips about renters insurance. Here is a truncated list of some of the things they cover.
What types of things does renters insurance cover?
Typically, you can ensure your personal property, such as:
- Computers
- Electronics
- Bicycles
- Textbooks
- Furniture
Why should I purchase renters insurance?
While it’s not required, renters insurance protects your property. Your landlord’s insurance will not cover the cost of replacing your items in the event of theft or loss. You probably have thousands of dollars worth of property, and if you lost it all in a fire or it got stolen, that might be difficult to replace all at once.
How should I document my possessions?
It’s a good idea to keep records of your property. The type of records you should keep includes, but is not limited to:
- Purchase price
- Model/serial numbers
- Photos/videos
Key Takeaways
Renters insurance is not a statutory requirement. In other words, it’s not against the law to not have renters insurance. However, it’s one of those things that you would rather have and not need instead of need and not have. Think about it this way. For the price of one Starbucks bacon, gouda, Egg Sandwich, and a caramel macchiato, you can protect your personal property from theft or destruction. That’s a lot of protection for just a little bit of cash.
Annie Johnson is a licensed insurance broker, specializing in auto, home and renters insurance products. She reviews insurance content on College Educated for accuracy and has a particular passion for making sure that college students and recent graduates have proper insurance coverage. Her latest passion includes researching all forms of business insurance, to ensure that recent college grads who look to entrepreneurship can have the right protection.