The Best and Cheapest Renters Insurance in South Dakota for 2021: Rankings, Reviews and Rates
Renters insurance is a low-cost way to protect your property from damage and theft. MoneyGeek’s research found that the cheapest renters insurance in South Dakota costs an average of $6 per month, versus $8 each month for the most expensive option. By shopping around, renters can save almost $30 per year.
MoneyGeek evaluated factors like affordability, customer service and financial strength to rank renters insurance companies in South Dakota to help you find the best provider for your needs.
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:
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Best Renters Insurance Companies in South Dakota
When selecting the best renters insurance in South Dakota, cost is not the only factor you should consider. It’s also important to look for a provider that can offer effective service and timely support.
MoneyGeek ranked the top renters insurance carriers in South Dakota based on affordability, financial stability scores from AM Best and customer services scores from J.D. Power and Associates. Allstate scored 96 out of 100, taking the top spot for the best renters insurance company in the state. State Farm came in second place with 923 points.
More About Allstate
Allstate allows customers to add flood and personal umbrella insurance to their policy at an extra cost.
The company’s mobile app lets renters create a photo log of their property and use this to determine how much coverage they need.
Discounts are available to senior renters, policyholders who are claim-free and people who have a security system installed.
More About State Farm
State Farm allows policyholders to add identity theft protection and earthquake coverage to their policy at an extra cost.
The company also provides additional protection for valuable items like silverware, jewelry and firearms.
Discounts are available to customers who bundle their policies and have home safety devices.
More About American Family
American Family provides replacement cost coverage for households in South Dakota as part of its standard policy. Additional charges apply if renters want protection for their valuables.
Renters can use the company’s website to get a quote in seconds.
Customers can get discounts for bundling policies, using autopay and having qualifying smart home devices.
More About Farmers
Farmers provides standard renters insurance coverage as well as higher value coverage for renters who want additional protection for their property. Policyholders can request coverage for electronics or identity theft at an extra cost.
Renters within South Dakota can request a quote via the insurer’s website. Discounts are available for bundling policies and having a security system or fire alarms.
Largest Renters Insurance Companies in South Dakota
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.
Farmers Mutual of Nebraska
Auto-Owners Insurance Co
Farm Bureau Mutual (IA Group)
Average Cost of Renters Insurance in South Dakota
renters insurance is equal to the average.
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.
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 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.
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
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.
FAQs About Renters Insurance in South Dakota
There is no law that mandates renters insurance in South Dakota. However, your landlord may require it as a condition of your lease.
You do not need renters insurance in South Dakota, it can protect your property at an affordable cost.
Yes, your landlord may require that you get renters insurance to rent their property.
Based on MoneyGeek’s research, the average cost of renters insurance in South Dakota is $83 per year or 7 per month for a policy with personal property coverage of $20,000 and liability coverage of $100,000.
According to MoneyGeek’s data, Allstate provides the cheapest renters insurance in South Dakota.
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
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