The Cheapest and Best Renters Insurance in Sioux Falls
The Companies With the Cheapest Renters Insurance in Sioux Falls
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.
Average Annual Rates for Personal Property Insurance
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What Are the Best Renters Insurance Companies in Sioux Falls?
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.
Allstate is MoneyGeek’s top pick for renters insurance in Sioux Falls, with a perfect score for affordability and high customer satisfaction score. Policyholders can get coverage for flood damage through Allstate.
If you live in a flood-prone area, Allstate can help you add flood insurance to your renters policy. Also, with Allstate, you can add identity protection to your policy that monitors your digital footprint. In the event your identity is compromised, you have coverage for the cost of restoring it. Plus, if you waive off-premises theft coverage with Allstate, you can save a few dollars each month — it removes coverage for items stolen outside your home.
State Farm garnered a very high score for affordability, a perfect score for financial stability and a high score for customer satisfaction. You can add inflation coverage to a renters policy.
MoneyGeek’s data shows that State Farm consistently offers inexpensive renters insurance across the country. With inflation coverage via State Farm, you get automatic increases to your personal property limit. You can also immediately see how your policy premium changes when you increase limits for business personal property or jewelry when using the online quote tool. Renters can also add identity restoration coverage to protect against the costs of identity theft.
The Average Cost of Renters Insurance in Sioux Falls for 2023
renters insurance is equal to the average.
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.
What Factors Impact Renters Insurance Costs in Sioux Falls?
Several different factors impact the cost of renters insurance in Sioux Falls. Below, MoneyGeek lists the factors that impact your rate the most.
- 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.
- 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.
- 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.
- 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.
- 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.
Calculate How Much Renters Insurance You Need
Does My Sioux Falls Neighborhood Impact Cost of Renters Insurance?
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.
Understanding Renters Insurance in Sioux Falls
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.
What Does Renters Insurance Cover in Sioux Falls?
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.
What Is Not Covered by Renters Insurance in Sioux Falls?
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.
Frequently Asked Questions About Renters Insurance in Sioux Falls
MoneyGeek answered commonly asked questions about renters insurance in Sioux Falls.
Renters Insurance in Sioux Falls Analysis: Methodology
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.
About Mark Fitzpatrick
- United States Department of Justice. "2019 Crime in the United States." Accessed April 12, 2021.