Nicknamed the Roughrider State, living in North Dakota is anything but rough when you take into account such perks like a low cost of living, a number of beautiful state parks, and low crime and population rates. In addition, North Dakota insurance rates for cars and homes are also more affordable than most other states.
Finding the right insurance at the right price can be tricky, and even in an affordable state like North Dakota you can end up paying more than you need to. If you're looking for insurance but are unsure of where to start and how to find the best price, knowing North Dakota insurance basics is a must.
Auto Insurance in North Dakota
North Dakota is a no-fault state when it comes to accidents, meaning fault is not typically assigned in an accident and each party's insurance will pay for your costs up to your insurance limits. No-fault states require different coverage than states that follow a tort system, so your North Dakota insurance rates should include the following minimums:
- Bodily Injury Liability: $25,000 per person/$50,000 per accident
- Property Damage Liability: $25,000
- Uninsured/Underinsured Bodily Injury: $25,000 per person/$50,000 per accident
- Personal Injury Protection: $30,000 limit
These limits serve to cover medical costs and lost wages in the event of an accident. They do not, however, cover repair costs to your own vehicle. If you want this, you will need to purchase comprehensive coverage for non-accident related damage and theft and collision coverage for accident-related damages.
Homeowners Insurance in North Dakota
Even though homeowner rates in North Dakota are lower than average, they still run around $742 a year, not significantly lower than the national average of just over $800. There are a number of different policies you can choose from depending on your home and individual needs. Basics include:
- HO-2. This basic policy covers your home from damage from the most common perils: fire, lightning, wind or hail, and theft.
- HO-3. This protects your home from 16 types of perils. Keep in mind that this excludes flood, earthquake, war, and any other exclusion listed in your policy. This is the most common policy sold in North Dakota.
- HO-4. This is for renters and insures the renter's possessions, loss of use (, liability, and medical payments as a result of injury.
- HO-5. This comprehensive policy that not only covers your home from all the perils that HO-3 covers, but it also protects your personal belongings as well. It is generally more expensive.
- HO-6. This policy is for condos and insures against the most common perils as well as personal liability and medical payments.
- HO-8. This is a cash value property designed for older homes that may have a lower market value than replacement cost and covers both structure and contents.
Additionally, if you have structures like sheds or barns that include expensive equipment then you will want to purchase additional coverage for that.
Saving on North Dakota Insurance Rates
You can save on your North Dakota insurance rates by shopping around for the best prices and then comparing each one. If this sounds time-consuming, it is—unless you use a site like LocalInsurance.com. This comprehensive site is free and has a wealth of information on all types of insurance in your state. Once you've researched your coverage needs, you can compare rates quickly and easily.
