The Best and Cheapest Renters Insurance in Sioux Falls, SD, for 2024: Rankings, Reviews and Rates

Cost is an important factor to consider since most renters insurance providers in Sioux Falls offer the same core coverages. If you don’t know where to start, you can compare renters insurance companies to find the best deal for you.

MoneyGeek found that, on average, the cheapest companies for renters insurance in Sioux Falls are:

• Allstate: $72 per year
• State Farm: $75 per year

To get this rate, MoneyGeek used a sample policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. In the table below, renters can check how a premium changes when adjusting the personal property coverage limit.

If you live outside Sioux Falls, you can find the top renters insurance companies in South Dakota.

With MoneyGeek’s unique scoring system, we found the best renters insurance companies in Sioux Falls:

• Best Overall: Allstate
• Runner-up: State Farm

Our scoring system incorporates affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best. We also took into account the unique coverages these companies offer that other renters insurance companies may not.

Compared to the national average cost of renters insurance of $159 per year, renters in Sioux Falls pay roughly $83 per year. That is around $76 less.

Sioux Falls renters insurance is 19.0% less than the U.S. average.

Several different factors impact the cost of renters insurance in Sioux Falls. Below, MoneyGeek lists the factors that impact your rate the most.

1. Personal property coverage amount. This factor has the greatest impact on the cost of your policy. Your renters insurance becomes more expensive if you purchase a higher personal property coverage limit.
2. Location. Where you live plays a role when insurance providers compute your rate — crime rates and weather patterns impact your premium but only have a minor effect.
3. Deductible. A deductible is how much you pay your insurance provider when they accept your claim. Renters with higher deductibles pay lower monthly premiums since they pay more out-of-pocket with a claim.
4. ACV vs. RCV. Insurance companies may reimburse policyholders in one of two ways: actual cash value (ACV) or replacement cost value (RCV). With ACV, you are reimbursed for the depreciated value of your belongings. On the other hand, those with RCV are reimbursed for the cost of purchasing a new, similar item.
5. Liability coverage amount. This has a very minor effect on the cost of your renters insurance. The standard coverage amount is $100,000. However, renters can get thousands of dollars more in coverage for only a few dollars per year.

Renters insurance costs in Sioux Falls aren't greatly impacted by the ZIP code. MoneyGeek found that the neighborhood in which you live only affects your rates by a couple of dollars each month.

South Dakota law doesn’t require renters to purchase insurance. However, MoneyGeek strongly encourages renters to buy a policy since it’s a low-cost way to protect their belongings.

It’s wise to shop around for renters insurance in Sioux Falls to find a policy that fits your needs. Renters insurance covers risks such as fires, water damage and theft. According to FBI data from 2019, Sioux Falls had a property crime rate of 2,691 for every 100,000 people. That is 42.38% above the national average.

It’s important to purchase renters insurance since there are risks anywhere. In Sioux Falls, renters insurance policies have the standard coverages:

• Personal property coverage: This financially protects your items, like electronics, furniture and certain appliances, from perils such as theft, fire and vandalism.
• Additional living expenses: In the event your rental is unlivable, you’re covered for temporary housing expenses to policy limits.
• Liability insurance: If an accident occurs in your rental and injures a third party or causes damages, you have coverage for legal expenses if sued.
• Medical payments coverage: Regardless of whether you’re at fault or not, you can use this coverage if someone needs to pay for medical expenses after sustaining an injury at your home, to policy limits.

Standard renters insurance coverage has its limitations. For example, renters insurance covers your personal property but not the structure of your building; it’s covered by the owner’s insurance. Additionally, renters insurance doesn’t include your jewelry or similar items beyond your policy limit, earthquake damage or your roommate’s belongings.

While certain water damage is covered with renters insurance, flooding isn’t included in most standard policies. However, you can buy incremental insurance through the National Flood Insurance Program (NFIP).

Always read your policy carefully since not all policies are similar, and coverages can vary.

MoneyGeek answered commonly asked questions about renters insurance in Sioux Falls.

MoneyGeek analyzed hundreds of renters insurance quotes in Sioux Falls to help you find cheap renters insurance. The best renters insurance company rankings were determined using data from J.D. Power, AM Best and our affordability metrics that we get from a comprehensive analysis of quotes provided by Quadrant.