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.
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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.
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.
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.
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.
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.
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 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.
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.
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.
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.
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.
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