Best and Cheapest Renters Insurance in South Dakota (Aug 2024)

While State Farm is the best for $20K in personal property coverage with an average annual premium of $60 and a MoneyGeek score of 91 out of 100, American Family offers the lowest premiums.

The best company for you will depend on your needs. For instance, American Family excels in service quality, and Main Street America Insurance is ideal for veterans.

State Farm has the highest MoneyGeek score of 91 out of 100 in South Dakota, with an annual premium of $60 for $20,000 in personal property coverage. This top-rated provider excels at offering a balance of cost and customer service. The top two providers for the same policy are:

• State Farm: MoneyGeek score of 91 out of 100 ($60 per year)
• Allstate: MoneyGeek score of 80 out of 100 ($66 per year)

State Farm perfectly balances customer satisfaction and affordability. However, the best provider for you will still depend on your needs.

State Farm offers the cheapest renters insurance in South Dakota, with an annual premium of $60 for $20K in personal property coverage. Personal property coverage helps protect your belongings against damage or theft.

The two cheapest providers in South Dakota for $20K in personal property coverage and a $1,000 deductible are:

• State Farm: $60 per year
• Allstate: $66 per year

Cheap renters insurance policies often have low personal property coverage limits. Higher personal property coverage limits can lead to higher monthly costs but offer better protection for your belongings.

A high deductible can help you lower your renters insurance costs. In South Dakota, the cheapest renters insurance company for $20K in personal property coverage with a $2,000 deductible is State Farm, with an annual premium of $60. For the same coverage with a $2,000 deductible, the following providers are the two cheapest in South Dakota:

• State Farm: $60 per year
• Allstate: $66 per year

A deductible is the amount you pay out of pocket before your insurance covers a claim, and it directly impacts your out-of-pocket costs and premiums. Generally, a higher deductible reduces your premium. Take a look at how rates change using the table provided below.

American Family is the best renters insurance company for service quality in South Dakota for $20,000 in personal property coverage, with an annual premium of $105. The two best providers in South Dakota for those who value great customer service and $20,000 in personal property coverage are:

• American Family: MoneyGeek score of 81 out of 100 ($105 per year)
• Nationwide: MoneyGeek score of 78 out of 100 ($99 per year)

Great customer service in a renters insurance provider means being responsive, helpful, and reliable when you need support, especially during the claims process. When you make a claim, good customer service ensures your issues are resolved efficiently, helping you get back on your feet with minimal hassle.

State Farm, with an annual premium of $128, is the best renters insurance company for renters who need $100K of personal property coverage in South Dakota. The two best providers are:

• State Farm: MoneyGeek score of 91 out of 100 ($128 per year)
• American Family: MoneyGeek score of 87 out of 100 ($165 per year)

Renters who have more personal belongings need higher personal property coverage. Personal property coverage protects against loss or damage to your belongings, such as furniture, electronics and clothing.

Higher personal property coverage often comes at a higher cost. It is important to find a provider who can balance cost and great service, as you want a balance of both when you need to cover a lot of valuables.

The best renters insurance company for those with military backgrounds in South Dakota for $20K in personal property coverage is State Farm with an annual premium of $60. The two best providers are:

• State Farm: MoneyGeek score of 91 out of 100 ($60 per year)
• Allstate: MoneyGeek score of 80 out of 100 ($66 per year)

For military members, finding the best provider means prioritizing both customer service and affordability. Military members often have unique needs and might benefit from comprehensive coverage options combined with attentive service.

State Farm is the best renters insurance company for homeowners with poor credit in South Dakota, with an annual premium of $119. The two best providers areL

• State Farm: MoneyGeek score of 91 out of 100 ($119 per year)
• Nationwide: MoneyGeek score of 90 out of 100 ($132 per year)

Rates for people with poor credit are often higher. Providers view these individuals as higher-risk due to their history of missed payments or financial instability. To lower rates, improve your credit and take advantage of discounts where possible.

The average cost of renters insurance in South Dakota is $89 annually or $7 monthly, significantly lower than the national average of $146 annually. This means South Dakota renters pay $57 less per year compared to the national average. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, and a $1,000 deductible.

The average cost of renters insurance in South Dakota may vary greatly depending on the amount of personal property coverage you purchase. Personal property coverage protects your belongings in case of damage or theft. Use the tool below to get an estimate for your renters insurance based on your needs.

The average cost for renters insurance not only varies by state but also by city. For example, in Sioux Falls, South Dakota, the average annual premium is $90, compared with the state average of $89. These rates are based on a renters insurance policy with $20,000 personal property limits, $100,000 liability limits, a $1,000 deductible and a good credit score.

Multiple factors impact the cost of renters insurance in South Dakota, including location, coverage amount, and deductible. Understanding what influences these costs helps renters make informed decisions and manage their expenses effectively.

• Location: The area where you live can affect your premium due to crime rates and weather-related risks.
• Coverage Amount: Opting for higher coverage limits will typically increase your insurance costs.
• Deductible: Choosing a higher deductible can lower your monthly premium, but you'll pay more out-of-pocket in case of a claim.
• Claims History: Renters with a history of claims may face higher premiums due to perceived risk.
• Credit Score: Insurance companies may use your credit score to determine your premium, with higher scores often leading to lower costs.

Determining your personal property coverage involves creating a personal inventory of all your belongings at home. A personal inventory is a detailed list of all your personal items, including their descriptions and values. Follow these steps to create your personal inventory:

1. Start With Big-Ticket Items: List all high-value items first, such as electronics, jewelry and furniture, noting their make, model and serial numbers when available.
2. Document With Photos or Videos: Take clear photographs or video recordings of your belongings, capturing any identifying marks or conditions.
3. Include Receipts and Appraisals: Attach purchase receipts, warranty cards and appraisal documents for items of significant value.
4. Store Information Securely: Keep your inventory list and supporting documents in a safe, accessible location, such as a cloud storage service.
5. Update Regularly: Review and update your personal inventory annually or whenever you acquire or dispose of items.

Renters insurance primarily protects your personal belongings from damage, but it also extends to other areas such as liability and additional living expenses. Here's what a typical policy may cover:

• Personal Property Coverage: Safeguards your possessions against covered perils like theft to help you replace them.
• Personal Liability Coverage: Protects you from legal responsibility for injuries or damage to others, such as if a guest is injured in your rental unit.
• Loss of Use Coverage: For additional living expenses if your rental is uninhabitable due to a fire, for example, loss of use coverage can cover temporary housing costs.

Renters insurance typically applies to specific events, like theft, vandalism or specific natural disasters. Here's what most policies cover:

• Fire or lightning
• Windstorm or hail
• Explosions
• Riots
• Damage caused by aircraft
• Damage caused by vehicles
• Smoke damage
• Vandalism
• Theft
• Volcanic eruption
• Falling objects
• Weight of ice, snow or sleet
• Water-related damage from home utilities
• Electrical surge damage

Although renters insurance provides a safety net for your personal property and liability, it does not universally cover all losses. For instance, damage from floods typically falls outside standard policies. Here's what else is usually not included:

• Natural Disasters: Standard policies often exclude events like floods and earthquakes.
• High-Value Items: Expensive jewelry or electronics may exceed policy limits.
• Business Equipment: Items used for business purposes may require additional coverage.
• Roommate Property: Your policy does not cover your roommate's belongings.
• Pest Damage: Infestations and damage from pests are generally not covered.
• Car Theft: Personal vehicles are covered under auto insurance, not renters insurance.

Understanding these exclusions can help you seek additional coverage if necessary, ensuring you're protected against a wider range of potential risks.

Choosing the best renters insurance provider depends on your specific needs. In the following FAQs, we have answered common questions to help you make an informed decision about renters insurance.