The Best and Cheapest Renters Insurance in Sioux Falls, SD, for 2024: Rankings, Reviews and Rates

bestrenters insuranceSioux Falls

2024

The Cheapest and Best Renters Insurance in Sioux Falls

Cheapest renters insurance in Sioux Falls - Allstate

Best renters insurance in Sioux Falls - Allstate

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

Personal Property Coverage:

$20,000

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1

Allstate

Score:95

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by MoneyGeek

5/5

Affordability

4.2/5

User Satisfaction

4.5/5

Financial Stability

Geek Quick Take

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.

More About 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.

2

State Farm

Score:93

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by MoneyGeek

4.8/5

Affordability

4.1/5

User Satisfaction

5/5

Financial Stability

Geek Quick Take

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.

More About State Farm

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.

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.

Several different factors impact the cost of renters insurance in Sioux Falls. Below, MoneyGeek lists the factors that impact your rate the most.

1. 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.
2. 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.
3. 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.
4. 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.
5. 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

Personal Property Coverage Calculator

When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.

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Based on your inputs, MoneyGeek recommends getting a policy with in personal property coverage to avoid paying out of pocket after a disaster or theft.

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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.

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.

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.

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.

MoneyGeek answered commonly asked questions about renters insurance in Sioux Falls.

About Mark Fitzpatrick

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Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.

Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.

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