The Best and Cheapest Renters Insurance in South Dakota for 2021: Rankings, Reviews and Rates

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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Company

Amountper year

1. Allstate

In 2021, Allstate ranked #1 for the cheapest renters insurance with $20,000 in personal property coverage in South Dakota.

$72

2. State Farm

In 2021, State Farm ranked #2 for the cheapest renters insurance with $20,000 in personal property coverage in South Dakota.

$75

3. American Family

In 2021, American Family ranked #3 for the cheapest renters insurance with $20,000 in personal property coverage in South Dakota.

$85

4. Farmers

In 2021, Farmers ranked #4 for the cheapest renters insurance with $20,000 in personal property coverage in South Dakota.

$100

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According to market share data, the largest renters insurance providers in South Dakota include State Farm with 19.41% of the market share, American Family (12%), Farmers (7%), Farmers Mutual Insurance Company of Nebraska (6%) and Auto-Owners Group (6%). These companies make up over 50% of the renters insurance policies in South Dakota.

By purchasing your policy from a large carrier, you can be confident that the company is financially stable enough to pay your claims.

Renters insurance in South Dakota costs an average of $83 per year, which is $77 less than the national average. The average monthly cost is $7. This is $6 less than the national average. These rates are for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500.

By comparing renters insurance quotes from various providers, it’s possible to save money. MoneyGeek’s sample renter could save an average of $28 per year by choosing Allstate, the cheapest provider in South Dakota, instead of Farmers, the most expensive option.

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 vs. Replacement Cost Value: 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.

COMPARE QUOTES

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.

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.

Renters insurance covers some emergencies but may not protect you from others. Here are some issues that may be excluded from your plan.

• 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.

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.

Compare Renters Insurance Rates

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

COMPARE QUOTES