The Best Cheap Homeowners Insurance in Sioux Falls, South Dakota for 2022: Quotes and Reviews

Homeowners insurance in Sioux Falls, South Dakota, costs an average of $2,545 per year, or $212 per month. Rates can vary depending on the insurer. For instance, the most affordable rate is $1,666 per year, and the most expensive rate is $3,536 per year. So by shopping around, you could save up to $1,869 on your premiums. If you’re looking for the best rate and service quality, MoneyGeek evaluated the best homeowners insurance in Sioux Falls.

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Last Updated: 6/25/2022
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The Cheapest and Best Homeowners Insurance in Sioux Falls

The Cheapest Home Insurance Companies in Sioux Falls

Many insurance providers offer the same core coverages, so the price is an important factor when choosing your home insurance policy.

The cheapest homeowners insurance in Sioux Falls for policies offering $250,000 in dwelling coverage are:

  • Travelers: $1,666 per year
  • Farmers: $2,048 per year

For homeowners with high-value homes and $2 million in dwelling coverage, the cheapest policies are offered by:

  • Farmers: $7,052 per year
  • American Family: $9,959 per year

By adjusting dwelling coverage limits in the table below, you’ll be able to see how dwelling coverage affects policy rates.

The Cheapest Home Insurance in Sioux Falls, Ranked

Dwelling Coverage:

$250,000

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MoneyGeek’s sample home profile has $250,000 in baseline dwelling coverage and personal property coverage of $100,000. All policies with dwelling coverage of $2 million have personal property limits of $800,000. All policies have $100,000 in liability coverage.

If you live in South Dakota but aren’t living in Sioux Falls, feel free to compare home insurance rates in South Dakota.

The Average Cost of Homeowners Insurance in Sioux Falls for 2022

Sioux Falls$2,545
SD$2,545
U.S.$2,103

The average annual homeowners insurance rate in Sioux Falls is the same as the South Dakota average of $2,545. Insurance in Sioux Falls is more expensive than the national average of $2,103 per year.

Calculate the Cost of Home Insurance in Sioux Falls

Where you live can influence your home insurance quote in Sioux Falls. Your credit score, dwelling coverage and personal property coverage also affect your premiums. To calculate costs, you can compare quotes with MoneyGeek’s home insurance calculator.

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Home Insurance Calculator

State

South Dakota

Dwelling Coverage

$250,000

Deductible

$500

Liability

$300,000

Personal Property

$50,000

Credit Score

Excellent
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low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

The Best Home Insurance Companies in Sioux Falls

When shopping around for homeowners insurance in Sioux Falls, price isn’t the only factor you should consider. It’s smart to look at an insurer’s customer service and financial stability ratings. If you have to file a claim, you’ll want to do business with a home insurance provider that works swiftly and fairly.

The two companies that offer the best homeowners insurance in Sioux Falls are:

  • Best Overall: USAA (available to active and former military members and their families)
  • Runner-up: Travelers

Based on a company’s affordability, user satisfaction and financial stability scores, MoneyGeek ranked the best home insurance companies in Sioux Falls.


1
USAA
Score:93.8

4.4/5

Affordability

5/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

USAA received a perfect score for both customer service and financial stability and is MoneyGeek’s overall top pick. USAA is limited to those with a military background.

More About USAA

Active military members are covered if they lose their uniforms; they don’t need to use their deductible. Policyholders can get discounts if they have a security or safety system installed or if they stay claims-free. If you rent your home or a room, you can also get additional coverage for the associated costs of being a landlord.

2
Travelers
Score:93

5/5

Affordability

3.9/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take
Geek Quick Take

Our runner-up is Travelers, with perfect affordability and financial stability scores. Travelers offers identity fraud coverage that can help you with up to $25,000 in costs associated with restoring your identity.

More About Travelers

For eco-conscious homeowners, you can get added protection if you need to repair your home and do so with environmentally-friendly materials. Another outstanding feature of Travelers is their additional replacement cost. If your home is damaged and it exceeds your dwelling coverage limit, Travelers will cover the remaining cost anyway.

Cheapest Home Insurance Companies in Sioux Falls for Newly Constructed Homes

Newer homes are less expensive to insure because they’re built with modern materials and are more resistant to damage. Insurers also prefer newer homes since repairing them is usually less costly.

The average cost to insure a home built in 2000 is $2,545 per year, while insuring a newer home costs $1,686 per year, on average.

The cheapest insurance companies in Sioux Falls for new homes with $250,000 in dwelling coverage are:

  • Travelers: $1,207 per year
  • Allstate: $1,245 per year
The Cheapest Home Insurance in Sioux Falls for New Homes, Ranked

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Cheapest Home Insurance Companies in Sioux Falls if You Have a Lot of Personal Property

Home structure aside, your home insurance also offers personal property coverage. If you have a higher personal property limit, your premiums increase. It costs $2,740 per year on average for a policy with a $250,000 personal property limit, and $2,545 for a policy with a $100,000 personal property limit.

The cheapest home insurance providers in Sioux Falls for homes with high personal property limits are, on average:

  • Travelers: $1,742 per year
  • Farmers: $2,121 per year
Cheap Companies in Sioux Falls for Extra Personal Property Coverage

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Cheapest Home Insurance Companies in Sioux Falls for High Deductibles

A deductible is the amount you pay out of pocket when you file a claim, and it can affect the cost of your home insurance in Sioux Falls. For example, if you select a policy with a $2,000 deductible, it costs an average of $2,302 per year compared to $2,545 per year for a $1,000 deductible.

The cheapest insurance companies in Sioux Falls for those with policies with $2,000 deductibles are:

  • Travelers: $1,362 per year
  • USAA: $1,995 per year. Available to current and former military members and their families.
The Cheapest Companies in Sioux Falls for High Deductibles, Ranked

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Cheapest Home Insurance Companies in Sioux Falls if You Have Poor Credit

Home insurance in Sioux Falls will be more expensive if you have bad credit. Insurers consider homeowners with poor credit to be higher risk. If you have a low credit score, your premiums will cost an average of $5,334 per year. Homeowners with good credit pay an average of $2,545 per year.

The cheapest insurance companies in Sioux Falls for those with poor credit are:

  • Travelers: $2,843 per year
  • Auto-Owners Insurance Co: $3,536 per year
The Cheapest Companies in Sioux Falls for Poor Credit, Ranked

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Getting Online Homeowners Insurance Quotes in Sioux Falls

You can get a homeowner insurance quote online. To start, you’ll need to provide the following information:

  • Personal property value: You’ll need to estimate the value of the items in your house, so you can determine how much personal property coverage you need.
  • Home replacement cost: To figure out the dwelling coverage, you need to know how much it’ll cost to rebuild your home if it is destroyed. It’s smart to get a quote from a building contractor to get an accurate number.
  • Personal information: Insurers will ask for your credit score, how many people live in your household, your address and more.
  • Details about your home: These are details like your home’s age, size and if you have any security systems installed.
Insurance Rates

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Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.

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Homeowners Insurance in Sioux Falls Analysis: Methodology

MoneyGeek partnered with Quadrant to analyze home insurance rates across seven companies in Sioux Falls. The sample homeowner has a 2,500-square-foot home built in 2000, a $250,000 dwelling coverage limit, $100,000 in personal property coverage, $100,000 in liability coverage and a $1,000 deductible.

To cater to different kinds of homeowners in the city, MoneyGeek collected rates for homeowners with newly constructed homes, increased dwelling or personal property coverage, higher deductibles and poor credit scores.

MoneyGeek also computed affordability scores using homes with varying levels of coverage. Customer satisfaction scores were sourced from J.D. Power.

About the Author


expert-profile

Mark Fitzpatrick is a senior content manager with MoneyGeek specializing in insurance. Mark has years of experience analyzing the insurance market and creating original research and content. He graduated from Boston College with a Bachelor of Arts and Johns Hopkins University with a Master of Arts.