Home Insurance in Butte, MT
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Living in Beautiful Butte, MT
Butte, MT, is a beautiful, medium-sized city and home to more than 35,000 people. The town was established in 1864 and boasts more than 4,000 structures that are part of National Historic Landmark Districts. In addition to many museums, residents enjoy gorgeous views at Granite Mountain Mine Memorial and plenty of entertainment and dining options.
The median home value in Butte is $244,966, well below the national median of $338,100, which makes moving to the area enticing for many people. Of course, if you want to buy a house, you must invest in home insurance in Butte, MT.
The Cost of Home Insurance
The average cost of home insurance in Butte is $1,590 per year, slightly above the national average cost of $1,428. Your exact costs depend on several factors, including how much coverage you need, the deductible you choose and your risk factors.
Insurers look at you, your home and your neighborhood when determining your risk factors. Area crime is one crucial factor. Residents report property crime in the area at an average rate of 44.31 per 1,000 residents. This is higher than Montana's average of 21.52 and may cause you to pay more for insurance.
Your home is another important factor. Older homes without updated HVAC, electrical or plumbing systems cost more to insure. You may save money by updating your systems, ensuring your roof is well-maintained and installing a security system.
Finally, insurers consider your risk factors. You may pay more for insurance if you have a poor credit history or have filed home insurance claims in the past.
Choosing the Right Policy
There are three main types of policies. The most affordable option is an actual cash value policy. This type of insurance provides coverage for your home based on its value after accounting for depreciation. This policy's premium is lower but may not provide enough coverage for older homes.
The most comprehensive and, therefore, usually the most expensive policy is one for guaranteed replacement costs. This policy pays the amount your home was worth when you purchased it. It also offers 20-25% above your policy limits if you need it to cover rising construction costs.
If you need a middle ground, consider a replacement cost policy. This type of insurance provides you with the amount your home was worth when you bought it and does not factor in depreciation.
Protecting Your Home With Insurance
Your home insurance coverage protects your home, your possessions and you and the members of your household. Most importantly, it provides the money you need to repair or rebuild your home if it falls victim to a covered disaster. Depending on your policy and its limits, you may be able to upgrade safety and security features during the reconstruction.
Your policy protects your belongings, too, even if they aren't in the home. For example, it will replace jewelry or electronics if someone steals them while you're in public with them. Typical coverage is 50-70% of your policy's limit.
Finally, you and the members of your household are protected. If your child accidentally breaks something at someone else's home, your policy will pay for it. It also pays for medical bills should your dog bite someone while you're on a walk. Perhaps most importantly, it covers medical expenses if someone is injured on your property. Expenses related to lawsuits or settlements are also covered.
Turn to VIU by HUB if you need help choosing home insurance in Butte, MT. You'll find a valuable blog full of insurance education, a handy quote comparison tool to help you choose the right policy and experienced insurance advisors ready to help you find the policy that meets your needs and budget.
This information is intended for general informational purposes only and is not intended to constitute legal advice.