Finding the right home insurance policy not only protects a homeowner’s structure from weather damage, but it also secures their personal property from fires and theft. To help owners in the Mount Rushmore state maximize their savings, MoneyGeek’s analysis allows homeowners to compare their state average to the national average and help them understand how much they should be paying for home insurance. MoneyGeek’s ranking system can help homeowners find the best premium for different types of homes, including high-value homes and houses with pools, and homeowners with bad credit or rebuilding credit.
The Best Homeowners Insurance Companies and Cheapest Quotes in South Dakota for 2020
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The 5 Best Homeowners Insurance Companies in South Dakota
While most people might look at premium costs while choosing a home insurance policy, several other factors merit a careful look when looking for the best homeowners insurance in South Dakota. Your experience can vary based on various factors like the coverage options on offer, the quality of customer service and complaint redressal, and the company’s ability to pay claims successfully.
To help you find the best home insurance in South Dakota, MoneyGeek ranked the top five home insurance providers in the state based on factors like average costs, J.D. Power’s customer satisfaction ratings, and the ability to pay claims based on AM Best’s financial stability rating.
1
USAAScore: 94
4.4/5
Affordability
5/5
User Satisfaction
5/5
Financial Stability
USAA policies are reasonably priced and they are known for their excellent quality of customer service. There is an option to automatically include identity fraud coverage with a standard home insurance policy and discounts for multiple policy bundles and claims-free customers. Claims can be made and viewed through the basic mobile app.
2
TravelersScore: 93
5/5
Affordability
3.9/5
User Satisfaction
5/5
Financial Stability
Travelers home insurance in South Dakota can cover dwellings, other structures, personal property, liability, and loss of use. It is easy to get an accurate quote as the online quoting system automatically researches important information about your home. Additional coverage options include replacement costs, valuable items, and green home coverage. Several transactions can be carried out using their website and mobile app.
Read MoneyGeek's Travelers Home Insurance Review3
FarmersScore: 90
4.6/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
Farmers can help customers get a personalized experience through a large network of local agents. Home insurance coverage options can include dwellings, personal property, loss of use, separate structures and medical payments for guests. There can be discounts for new homes, multi-policy bundles, and secure homes. Additionally, you can purchase coverage for eco rebuild and identity protection. You can file claims, pay bills and find a local agent using the feature-rich mobile app.
Read MoneyGeek's Farmers Home Insurance Review4
AllstateScore: 86
4.3/5
Affordability
4.2/5
User Satisfaction
4.5/5
Financial Stability
An Allstate policy can cover dwellings, replacement costs, liability protection and other structures. Multi-policy and safe home discounts are available. They also offer various technological tools like a mobile app that you can use to make claims and pay bills.
Read MoneyGeek's Allstate Home Insurance Review5
State FarmScore: 83
3.8/5
Affordability
4.1/5
User Satisfaction
5/5
Financial Stability
State Farm offers coverage for many kinds of properties, replacement value, personal property and other structures. You can purchase additional coverage for energy efficiency upgrades and loss of use. There are multiple ways to file a claim and the mobile app allows for a number of common transactions.
Read MoneyGeek's State Farm Home Insurance ReviewWhat Is the Average Cost of Homeowners Insurance in South Dakota?
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home insurance is 0.0% more than the average.
In South Dakota, homeowners insurance for a baseline dwelling coverage amount of $250,000 comes to an average cost of $2,545 per year. This average costs about $442 more than the national average and comes in at about 21% more expensive on average. Insurance rates for individual customers are usually determined by risk factor analysis which involves looking at factors like home values, weather risks and crime rates.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in South Dakota
Another factor that can affect your home insurance costs in South Dakota are weather patterns, your credit score and your frequency of past claims.
Home Insurance Calculator
State
South Dakota
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$150,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in South Dakota
If you are trying to find cheap home insurance in South Dakota, your best option might be Travelers. For a baseline dwelling coverage amount of $250,000 homeowners with Travelers policies pay an average of $1,666 annually. This is approximately $878 or 34.5% less than the prevailing state average. The dwelling coverage indicated in this instance refers to recouping any financial liability if you need to repair or rebuild your home if it faces damage due to specific situations outlined in the policy like theft, vandalism, or natural disasters. Compare home insurance quotes from multiple providers to find what works for you.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$250,000
Company
Amountper year
1. Travelers
In 2020, Travelers ranked #1 for the cheapest homeowners insurance with $250,000 in dwelling coverage in South Dakota.
$1,666
2. Farmers
In 2020, Farmers ranked #2 for the cheapest homeowners insurance with $250,000 in dwelling coverage in South Dakota.
$2,048
3. USAA
In 2020, USAA ranked #3 for the cheapest homeowners insurance with $250,000 in dwelling coverage in South Dakota.
$2,241
4. Allstate
In 2020, Allstate ranked #4 for the cheapest homeowners insurance with $250,000 in dwelling coverage in South Dakota.
$2,369
5. State Farm
In 2020, State Farm ranked #5 for the cheapest homeowners insurance with $250,000 in dwelling coverage in South Dakota.
$2,764
Best Cheap Homeowners Insurance Companies for Expensive Homes
Finding the best insurance policy can bring you peace of mind if you own an expensive home in South Dakota. This way, you remain covered for expensive repairs and replacements. The most affordable coverage for expensive homes in South Dakota might be a policy from Farmers with an average premium of $7,052 per year for a $2 million home. Policies from other providers can cost more than double that in some cases.
Cheapest Homeowners Insurance Companies for High-Value Homes
Company
Amountper year
1. Farmers
In 2020, Farmers ranked #1 in South Dakota for the cheapest homeowners insurance for high-value homes.
$7,052
2. American Family
In 2020, American Family ranked #2 in South Dakota for the cheapest homeowners insurance for high-value homes.
$9,959
3. Travelers
In 2020, Travelers ranked #3 in South Dakota for the cheapest homeowners insurance for high-value homes.
$11,562
4. USAA
In 2020, USAA ranked #4 in South Dakota for the cheapest homeowners insurance for high-value homes.
$12,888
5. Allstate
In 2020, Allstate ranked #5 in South Dakota for the cheapest homeowners insurance for high-value homes.
$14,342
Best Homeowners Insurance Companies if You Have a Pool
Having a pool attached to your home can drive up valuation and improve the quality of life. However, it also represents additional home insurance coverage requirements and costs. Different providers offer different rates for pool homes in South Dakota worth an average of $250,000. The most affordable can be had from Travelers with an average annual cost of $1,654.
Cheapest Homeowners Insurance for Pool Home
Company
Amountper year
1. Travelers
In 2020, Travelers ranked #1 in South Dakota for the cheapest homeowners insurance for homes with a pool.
$1,654
2. Farmers
In 2020, Farmers ranked #2 in South Dakota for the cheapest homeowners insurance for homes with a pool.
$2,095
3. USAA
In 2020, USAA ranked #3 in South Dakota for the cheapest homeowners insurance for homes with a pool.
$2,241
4. Allstate
In 2020, Allstate ranked #4 in South Dakota for the cheapest homeowners insurance for homes with a pool.
$2,369
5. State Farm
In 2020, State Farm ranked #5 in South Dakota for the cheapest homeowners insurance for homes with a pool.
$2,852
Cheapest Home Insurance in South Dakota if You Have Poor Credit
Your credit score can be one among several factors that insurance companies may consider while determining your costs. A better credit score can mean lower premiums and vice versa. If you have poor credit, your cheapest home insurance policy option might be Travelers. In such a case, you can expect to pay an average amount of $2,843 per year for a dwelling coverage amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
Company
Amountper year
1. Travelers
In 2020, Travelers ranked #1 for the cheapest homeowners insurance for owners with poor credit in South Dakota.
$2,843
2. Auto-Owners Insurance Co
In 2020, Auto-Owners Insurance Co ranked #2 for the cheapest homeowners insurance for owners with poor credit in South Dakota.
$3,536
3. Allstate
In 2020, Allstate ranked #3 for the cheapest homeowners insurance for owners with poor credit in South Dakota.
$4,722
4. USAA
In 2020, USAA ranked #4 for the cheapest homeowners insurance for owners with poor credit in South Dakota.
$4,985
5. American Family
In 2020, American Family ranked #5 for the cheapest homeowners insurance for owners with poor credit in South Dakota.
$5,224
How to Get Homeowners Insurance Quotes in South Dakota
Your insurance provider would need details like your name, address, social security number and phone number to start processing your insurance quote. In addition, the age and value of your home, details about the materials used, quality of construction and security systems can also be important factors. With these details, providers can calculate your quote.
Compare Home Insurance Rates
Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in South Dakota
Weather risks, home values and crime rates can influence home insurance costs to a great extent. For example, South Dakota was ranked 36th in the country in terms of property crime rate per 100,000 with 3,570 violent crimes and 15,251 property crimes, according to a 2018 FBI study. In terms of home values, the state ranks 29th with a typical cost of $205,567 per home on average.
Protecting your home against damage brought about by hazardous weather conditions can be a great idea if you want to remain prepared for emergencies. Include coverage for common weather events in your area to ease your financial burden if disaster strikes.
Do You Need Hail Insurance in South Dakota?
Hail insurance can be a good idea for your South Dakota home. Heavy hail events can damage your home to a great degree. Such events happen regularly in South Dakota with 209 recorded hail events in 2018 and 302 in 2019.
Do You Need Flood Insurance in South Dakota?
Many South Dakota homes can be vulnerable to flood damage. An estimated 62,600 properties, 9.8% of all properties, are at risk. Some insurance providers might not provide coverage for floods. In such a case, look for a government-run National Flood Insurance Program (NFIP) policy. An incremental private policy can give you a higher average amount of coverage.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in South Dakota that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across South Dakota. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
Sources
- AM Best. "Rating." Accessed August 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 10, 2020.
- FBI. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed August 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed August 9, 2020.
- Insurance information institute. "Facts + Statistics: Hail." Accessed August 10, 2020.
- Insurance information institute. "Facts + Statistics: Hurricanes." Accessed August 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed August 27, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed August 10, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed August 10, 2020.