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CheapRenters InsuranceSouth Dakota2022The Best and Cheapest Renters Insurance Companies in South Dakota for 2022: Rankings, Reviews and Rates
Renters insurance in South Dakota is $83 per year on average, which is $77 less than the national average. Balancing the quality and cost, Allstate is MoneyGeek’s best and cheapest renters insurance in South Dakota, with an average cost of $72 annually.
By browsing as many options, renters can save about $28 per year since the cheapest renters insurance in South Dakota is $72, and the priciest is $100.
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Advertising & Editorial DisclosureLast Updated: 11/11/2022
Edited By |
Lilian Mironga
Written By |
Mark Fitzpatrick
MoneyGeek evaluated renters insurance premiums from four of South Dakota's leading renters insurance providers. MoneyGeek utilizes a ranking methodology to select the best firm for your needs based on affordability, financial stability and customer service ratings.
CheapRenters InsuranceSouth Dakota2022The Cheapest Renters Insurance in South Dakota
Cheap Renters Insurance Companies in South Dakota
For many people, the cost of renters insurance plays a big role when choosing a policy. Based on MoneyGeek’s research, the two cheapest companies that provide renters insurance in South Dakota are Allstate and State Farm. Allstate policyholders pay an average of $72 annually or $6 per month. A similar policy from State Farm costs $75 per year.
These average annual and monthly premiums are based on quotes from different ZIP codes throughout South Dakota for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500.
Personal Property Coverage:
$20,000
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Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Best Renters Insurance Companies in South Dakota
Allstate scored 97 out of 100, taking the top spot for the best renters insurance company in South Dakota. It's crucial to remember that the best company isn’t always the cheapest, so policyholders should entrust the insurer to provide the best deal possible.
MoneyGeek evaluated the best renters insurance companies in South Dakota based on affordability, J.D. Power and Associates' customer service ratings and AM Best's financial stability ratings.
1
Allstate
Score:97
Allstate emerged as the best renters insurance company in South Dakota, with a perfect score in affordability and high scores in customer satisfaction and stability. Besides identity theft, personal injury and scheduled personal property coverages, Allstate also provides flood insurance to help tenants recover from damages caused by floodwater.
More About Allstate
Renters can get Allstate insurance in every state. Although Allstate only offers four additional coverage options, which is lower than the industry average, it has five discount opportunities, one of which is for retirees aged 55 and up. This equals the industry average. You can add flood and personal umbrella insurance to your Allstate coverage at an additional fee. You can even utilize the company's mobile app to establish a photo log of your property and use it to figure out how much insurance you need. If you need more details about the cost, you may acquire a personalized quote through their website.
Read MoneyGeek's Allstate renters Insurance Review2
State Farm
Score:97
State Farm is South Dakota's second-leading renters insurance company, with a perfect financial stability score and high scores for affordability as well as service. Renters can add identity theft protection and earthquake coverage to their insurance at an additional expense.
More About State Farm
State Farm offers plans in every state, but its three extra coverage options and two renter discounts fall short of the industry average. Customers who bundle their plans and have home security devices are eligible for discounts. Additionally, valuables such as silverware, jewels and guns are protected by the company. You can get a personalized quote from State Farm's website. Its mobile app makes managing insurance and banking accounts a breeze. With a State Farm Payment Plan, you can pay monthly, set up automated payments or go paperless.
Read MoneyGeek's State Farm renters Insurance Review3
American Family
Score:84
American Family is the third-best renters insurance provider in South Dakota. It received moderately high scores across all categories. American Family provides replacement cost coverage to households in South Dakota as part of their standard insurance.
More About American Family
American Family policy covers 19 states. While it offers more discount opportunities than the industry average, it offers fewer coverages than the average. The company provides scheduled personal property and pet damage liability coverage, which are standard among insurance providers. American Family regularly publishes in-depth articles about insurance, risk management, financial well-being and more. You can also get a personalized quote through its website and utilize the personal property calculator to figure out how much it will cost to replace all of your stuff. Customers can even pay their bills, make and monitor claims and examine documents using the MyAmFam app.
Read MoneyGeek's American Family renters Insurance Review4
Farmers
Score:71
Farmers ranks as the fourth-best renters insurance provider in South Dakota, with a good customer satisfaction and stability score but a low rating in affordability. Aside from the conventional renters insurance, Farmers lets policyholders purchase extra coverage for gadgets or identity theft.
More About Farmers
With the exception of Alaska and Hawaii, Farmers offers insurance in every state. It offers more discounts than the industry average but comes up short of the average in terms of coverages. Policyholders can receive discounts if they are claim-free, smoke-free and have multiple policies and protective devices. Farmers only offers a few of the most typical alternatives for supplementary coverage, including scheduled personal property, identity theft and personal property replacement. South Dakota renters can easily get a quote from Farmers' website, and current policyholders can manage their accounts through the website or mobile app.
Read MoneyGeek's Farmers renters Insurance ReviewMONEYGEEK EXPERT TIP
The cheapest policies do not always guarantee excellent service or adequate coverage. You may find that spending a little more on the best renters insurance is worth it.
Largest Renters Insurance Companies in South Dakota
Large organizations are great options to consider when shopping for renters insurance in South Dakota. These companies usually offer the best renters insurance packages. You can also rest easy knowing that your policy is backed by a financially stable company that will pay your claim.
- CompanyMarket Share
- 1.State Farm19.4%
- 2.American Family11.6%
- 3.Farmers7.0%
- 4.Farmers Mutual of Nebraska6.3%
- 5.Auto-Owners Insurance Co5.8%
Average Cost of Renters Insurance in South Dakota
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renters insurance is equal to the average.
The average annual cost of renters insurance in South Dakota is $83, which is $77 less than the national average.
These rates are based on a policy with $20,000 in property coverage, $100,000 in liability coverage and a $500 deductible.
The cost of insurance can vary based on how much your personal property is worth. You can estimate the average cost of South Dakota renters insurance depending on the value of your personal property using the calculator below.
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Total:
MONEYGEEK EXPERT TIP
It is possible to save money by comparing renters insurance quotes from several providers. For example, choosing Allstate, the cheapest renters insurance provider in South Dakota, over Farmers, the most expensive choice, MoneyGeek's sample renter might save you an average of $28 per year.
What Factors Impact Renters Insurance Cost in South Dakota
Many factors influence how much you pay for insurance, including where you live, your credit score and coverage amount. Take these factors into consideration when shopping for cheap renters insurance in South Dakota.
Location
Your ZIP code will impact your renters insurance rates. If your rental is in a neighborhood with a history of crime and severe weather conditions, your premium may be higher.
Deductible
Your deductible is the amount you pay once your insurer accepts your claim. Policies with higher deductibles tend to have lower premiums, but you will pay more out of pocket when you file a claim. A policy with lower deductibles may be pricier since your insurance provider will pay more if you file a claim.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
If property damage occurs, insurers provide reimbursement using actual cash value (ACV) or replacement cost value (RCV) calculations. ACV policies cost less since they reimburse you based on the depreciated value of your damaged items. RCV policies are more expensive but cover the entire cost of getting a new item of the same quality as the damaged item.
Credit Score
Insurers in South Dakota can use credit scores when determining insurance rates. People with low scores have a higher probability of filing claims, so the cost of their policy may be more. Individuals with excellent credit scores may get lower rates since they are less likely to file a claim.
Coverage Amount
If you choose a policy that offers higher amounts of coverage, you will pay more for renters insurance. Before selecting a policy, complete an inventory of your home to understand how much coverage you actually need so you can get an accurate rate.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in South Dakota: What You Need to Know
Renters insurance is an affordable way to protect your belongings in case of theft or unexpected damage. In South Dakota, 28.4% of the population are renters. The average monthly rent is $769.
For a standard renters insurance policy that provides $20,000 in personal property coverage, liability coverage of $100,000 and a deductible of $500, renters pay an average of $7 per month. This is 0.9% of the monthly rent.
What Renters Insurance Typically Covers in South Dakota
It is important to understand what your policy covers and what it does not before purchasing renters insurance in South Dakota. While some renters insurance carriers provide additional coverage for incidents like identity theft, most of them will only cover personal property, medical payments, additional living expenses and liability insurance.
Insurers in South Dakota will cover most damages caused by common weather events like hail, windstorms and lightning.
What Renters Insurance Typically Does Not Cover in South Dakota
Take the time to understand what your policy covers and what it does not. If you have questions, talk to your agent. Getting clarification can be the difference between your claim getting approved or denied.
Renters insurance covers some emergencies but may not protect you from others. Here are some issues that may be excluded from your plan.
- EventDescription
Flooding
Insurers cover water damage from faulty pipes or broken water mains. However, flooding from natural disasters such as rainstorms and hurricanes are not included in most policies. Floods can occur in South Dakota, so you may want to purchase flood insurance from the National Flood Insurance Program (NFIP).
Structural Damage
Renters insurance policies cover your personal property but not damage your rental home's structure or frame. These are your landlord’s responsibility.
Valuable Items
Highly-priced items such as computers and jewelry are often excluded from renters insurance policies. You might want to get extra coverage for these items.
Earthquake Damage
While earthquakes are not common in South Dakota, it’s important to note that most insurance companies do not cover damage caused by earthquakes. Consider purchasing additional coverage for earthquakes if this type of protection is important to you.
Roommate Property
Renters insurance excludes your roommate's property unless they are specifically mentioned in your plan. Your roommate needs to buy their own policy to get coverage for their items.
MONEYGEEK EXPERT TIP
South Dakota’s Division of Insurance is the department to reach out to if you have questions regarding renters insurance and what it covers. Its mission is to safeguard the public by providing high-quality service, fair industry regulation and promoting healthy and competitive insurance and investment markets in South Dakota.
You may reach out to the South Dakota Division of Insurance via these channels:
- Regular Mail: 124 S. Euclid Ave., 2nd Floor, Pierre, SD 57501
- Email address: sdinsurance@state.sd.us
- Phone: 605-773-3563
- Fax: 605.773.5369
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FAQs About Renters Insurance in South Dakota
MoneyGeek covers some of the most frequently asked questions about renters insurance in South Dakota to help you find the best option for you.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
Renters Insurance in South Dakota Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from four 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 for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About the Author
sources
- South Dakota Department of Labor and Regulation. "Division of Insurance." Accessed March 31, 2022.
- South Dakota Department of Labor and Regulation. "What can the South Dakota Division of Insurance do for me?." Accessed March 31, 2022.