Best and Cheapest Homeowners Insurance in Fargo, North Dakota (2021)

Fargo is the most populous city in North Dakota and accounts for 17 percent of its population. Fargo is far more than snow, flat land, and the famous movie and television show set there. This city is a hidden gem full of beautiful scenery, a booming economy, and a prideful college presence at North Dakota State University (NDSU). In recent years, Fargo was ranked as the number one hottest job market by ZipRecruiter. Its largest employers being Sanford Health, NDSU, and Essentia Health. Fargo also has a low crime rate, making it an incredible city to raise a family in.

Most people who have lived here awhile will tell you to invest in a snowblower for the winter and an excellent air conditioning system in the summer. Its location in the Great Plains makes for a humid continental climate. Winters are brutally cold, and summers are hot and humid. And the short-lived spring and fall months are breathtaking. You’ll see the most beautiful colorful flowers and foliage. However, this type of shifty weather makes for some unexpected home damage. Mounting snow and ice, flooding, and severe storms create property damage. But without the proper protection, you could be out thousands of dollars in repairs. The only solution to this problem is having home insurance in Fargo, North Dakota. 

Use Insurify to compare the cheapest and best home insurance in Fargo. All you have to do is use our comparison tool, and you’re set. Try it out now!

Overpaying for Fargo home insurance?

The Fargo, North Dakota, housing market and home values are on their way up. Right now is the time to snatch up property in the city. If you’re lucky enough to purchase a home in Fargo, you’ll want to protect it in the best ways possible. 

Buying a home may be one of the largest financial investments of your lifetime. With investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment. 

The first step to protecting your property in Fargo is homeowners insurance. Though not required by law, home insurance provides financial liability for your property and belongings from natural disasters and vandalism. Different coverage options are available for different property types, locations, and other factors. Policy options are expansive, too. Additional coverage is available for those who need to cover things like expensive items and excluded coverage. 

From West Fargo to Grand Forks, keep reading for a full guide on Fargo home insurance. 

MORE ON NORTH DAKOTA HOME INSURANCE
For general information on North Dakota home insurance, check out our guide to the best home insurance in North Dakota.

Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in.

As of 2020, the average home insurance premium in the Fargo area costs $3,750 annually, and the median home value is $233,622. 

Housing expenses in Fargo, North Dakota, are 17 percent lower than the national average. Even utility prices are nine percent lower than the national average. The average cost of a home insurance policy in Fargo can depend on a few factors, like the insurance company you buy your policy from. You will find pricing varies from one insurer to the other. Insurance prices from State Farm will be different from those from a different insurance agency like Allstate. You can start seeing the difference in pricing by comparing the best homeowners insurance companies. You’ll find them at the best rates with Insurify. Then, you can get home insurance quotes emailed to you. It’s so easy!

Find the average cost of homeowners insurance in Fargo, ND, below. 

Average Home Cost in FargoAverage Annual Insurance Premium in Fargo
$233,622$3,750

Cheapest ZIP Codes in Fargo for Home Insurance

Homeowners insurance is interesting because you won’t find the same price everywhere. Someone in Jamestown will be paying a different premium than someone in Moorhead, and so on. 

Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums. 

Rates in Fargo can be relatively high or low compared to the national average; it all depends on which area you live in. Here are the most and least expensive ZIP codes in Fargo for home insurance.

Most Expensive Real Estate in FargoCheapest Real Estate in Fargo
Bluemont Lakes$231,611Downtown$163,757
Trollwood$219,505Washington$188,074
Northport$215,395Horace Mann$202,845
Home value data from zillow.com

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Home Insurance Coverage Types in Fargo

There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:

HO-1   BasicThe simplest and least comprehensive type of homeowners insurance Provides coverage for a handful of potential problems, including Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),  explosions,  theft,  damage from vehicles,  or civil commotion. 
HO-2   Broad FormBroad form homeowners insurance policies include all basic form coverage, plus protection from: falling objects,  damage from the weight of ice, snow, or sleet,  freezing of household systems including HVAC and pipes,  sudden and accidental damage to pipes and other household systems from artificially generated electrical current,  accidental discharge or overflow of water or steam, sudden and accidental damage.  HO-2 policies typically cover both dwelling protection and personal property. In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
HO-3   Special FormThe most common form of homeowners insurance is known as a “special form” policy. While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4   Tenant’s FormHO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.  Tenant’s form policies typically cover all the same dangers as HO-2 policies.  These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.  Some HO-4 policies may also include loss of use coverage for the tenants.
HO-5   ComprehensiveComprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policies. The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies. An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).  HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
HO-6   Condo FormNot surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.  They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.  These policies also include personal property and liability coverage and may include loss of use coverage.
HO-7   Mobile Home FormIf you own a mobile home or manufactured home, you likely have an HO-7 policy.  Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes. Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.  HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
HO-8   Older HomeOlder homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.  HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.  Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.

Natural Disasters and Fargo Home Insurance 

The Fargo, North Dakota, average temperature in January is 9°F. There’s also an average of 43 days with a minimum of 0°F per winter. Snowfall averages about 50 inches and sticks on the ground until late March. Then, the city gets annual precipitation of 22.6 inches that’s concentrated in the warmer months. Severe storms and tornadoes are common in the warmer months as well. 

These natural disaster situations are sure to create intense property damage on homes all across Fargo. Damage from events like lightning, hail, and windstorms are covered losses on a standard homeowners insurance policy. However, flood insurance is not included. It’s in every Fargo resident’s best interest to purchase separate flood insurance. Ask your insurance agent for more information and pricing. And of course, always make sure your coverage limits are the right amounts on your policy. Your insurance agent will be happy to go over that with you and help you figure out the proper coverage limits. 

How to Get the Best Home Insurance Rates in Fargo 

Many people think finding the best home insurance rate in Fargo will be hard. Well, it isn’t. You can start by combining your home insurance with auto insurance under one insurer. This is known as bundling. Insurance providers are happy to give customers discounts for purchasing multiple insurance products. Cha-ching!

Next, look at what impacts your home insurance rates. What’s your home’s type? Is it freestanding? A townhouse? Each type of home needs different coverage, which directly affects what you pay. And do you have an attractive nuisance like a trampoline or treehouse? As fun as these are to have, the unfortunate aspect is that they tend to increase your premium. Try to look at all aspects of your home to figure out what raises and lowers your rates. That way, you’ll get a clearer picture of what you can expect to pay.

The easiest part is you can compare and save. Go to Insurify and fill out your information to get detailed info made for you and your insurance needs. It only takes a few minutes for you to get your free home insurance quote. See how you can save now!

Buying a home is stressful enough—don’t let insuring it get in the way of enjoying your new property.

Frequently Asked Questions – Fargo Homeowners Insurance

Will bundling lower my home insurance rates?

Yes, bundling should lower your home insurance rates. Ask your insurance provider if they offer bundling deals with home and car insurance or life insurance so you can get a discount. 

How do I find the best-rated homeowners insurance company in Fargo?

You can find the best-rated homeowners insurance companies in two ways. Search J.D. Power’s website for insurers rated in customer excellence. You can also search financial strength ratings by searching on accredited rating agency websites like A.M. Best or Moody’s.

Do I need flood insurance in Fargo?

With such high precipitation, it’s best to have flood insurance in Fargo. You can easily find flood insurance information through your insurance agent.

Will raising my deductible lower my monthly payments on home insurance?

Raising your deductible will lower monthly payments on homeowners insurance. However, don’t raise your deductible too much. Otherwise, you could end up spending a lot out of pocket if you file a claim. 

Conclusion: How to Find the Cheapest Home Insurance in Fargo

Over the last several years, Fargo’s economy has grown. More residents are snatching up property since it’s an excellent time to buy. But the excitement of homeownership may be short-lived if you run into some unexpected problems on your property. With many snowstorms and severe weather, anything could happen. You can worry less and save more by purchasing the right homeowners insurance policy. It doesn’t take much time at all!

Use Insurify to compare home insurance premiums for your property in Fargo. 

Compare Fargo Home Insurance Quotes in Two Minutes

Browse, compare, and secure home insurance with Insurify today! 

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