For a $250,000 home, the average annual home insurance cost in South Dakota is $1958. A total of 68% South Dakota residents have a home. This is due to the low property values. The median property value of South Dakota is $171,000. While the national median home price is $229,700, it is still a low median property value.
Because of the high rate of homeownership in South Dakota there is a huge market for homeowners insurance. There are some things to keep in mind when shopping for homeowners insurance South Dakota. You should know what coverage you need before you buy a policy.
These are the top South Dakota home insurance companies
It can be difficult to find homeowners insurance. There are many options available and it can be hard to choose the right one for you. We have compiled a list of top South Dakota home insurance companies based on 2021 rates from Quadrant Information Services, as well as coverage options and ratings from third-party customers.
| Insurance company for homeowners | Living in a $250K home, the average annual premium | J.D. J.D. |
|---|---|---|
| Allstate | $1,998 | 829/1,000 |
| Auto-Owners | $2,024 | 843/1,000 |
| Farmers | $2,727 | 814/1,000 |
| State Farm | $1,917 | 829/1,000 |
| USAA | $1,957 | 889/1,000 |
Allstate
Allstate is the largest insurance company in the country. Allstate allows homeowners to access a vast pool of resources. Allstate’s vast experience gives prospective insureds a variety of insurance options. They can also customize a homeowners policy that is tailored to your specific needs. Agents at Allstate live in the communities they serve and have an intimate understanding of your unique circumstances.
Auto-Owners
Auto-Owners standard homeowners policies provide all the coverage most homeowners require, but they also offer a wide range of optional coverages. This includes a unique option that covers minor home issues that would normally require an out-of pocket payment. Auto-Owners, unlike most insurance companies, works exclusively through agents. This allows you to receive personalized customer service and faster claims handling. These are benefits that may not be available with other companies.
Farmers
Farmers Insurance was founded in 1928 as an insurance company that covered farm equipment and vehicles. Over the years, the company has grown significantly and now offers a wide range of insurance products that can be used to protect insureds’ most important assets. Farmers is well-known for its excellent customer service, and especially its highly-regarded disaster response programs.
State Farm
State Farm is one the largest insurance companies in America. It offers expanded services that address customer investment and banking needs. State Farm, which currently employs over 19,000 agents, is one of America’s most well-known insurance companies. State Farm has a wide network that allows it to offer local, knowledgeable service to its customers. State Farm has a reputation for offering great rates and discounts to eligible policyholders.
USAA
USAA Insurance has been serving the increasing needs of military veterans and their families over many years with dedication to providing excellent service. The USAA homeowners policy addresses two main needs: general liability to cover injury to third parties, and coverage for real and personal property. USAA offers many options to customize your policy, including flood and medical coverage.
Average cost of homeowners insurance in South Dakota
South Dakota homeowner’s insurance costs an average $1,958 annually, which is slightly more than the national average $14,477. Rates within a state can vary depending on local conditions and your claim history. Rates are tailored to each individual and their location.
Rates in neighboring Nebraska are higher, with an average premium of $2787 annually. Nebraska’s higher rates are largely due to more severe weather patterns, which places Nebraska homes at greater risk. South Dakota and other states that experience more natural disasters than the average in a given year also have higher average annual rates. Oklahoma has an average annual homeowners premium of $4,067 due to its devastating tornadoes.
In terms of homeowners insurance prices, South Dakota is in line with the rest.
South Dakota Home Insurance Considerations
Common reasons for home insurance losses in South Dakota
South Dakota homeowners are often subject to weather-related losses that can impact their insurance rates. You can think of tornadoes, wildfires, and other unpredicted disasters as examples.
- A major tornado struck Sioux Falls in September 2019. It caused significant property damage, and cut power to thousands of buildings.
- A very powerful EF5 multivortex wedge tornado decimated Murdo, South Dakota on May 7, 2020. The tornado caused 47 deaths and left 79 people injured.
- Recently, a wildfire erupted on more than 150 acres of South Dakota’s Custer State Park. It closed highways and required reinforcements from neighboring states.
South Dakota offers a variety of home insurance options
A standard policy that covers home insurance in South Dakota will cover a variety of different coverages. Your policy’s Hazard insurance will protect your home if it is damaged by fire or severe winds. Any other coverage is provided by the following types of insurance:
- Dwelling: Homeowners insurance covers the structure of your home as well as any attached structures like a garage, porch, or other similar structures.
- Personal Property Coverage Protects personal property such as furniture, clothing and electronics.
- Liability: If someone sues for property damage, or if someone is injured on your property and sued you for negligence, liability insurance will pay your legal fees.
- Medical payments: If a guest is hurt in your home, the medical payments coverage will cover their medical expenses, even if they are not your fault.
- Loss of Use: This coverage is also known as additional living expenses. It will cover your hotel and restaurant costs if your house is damaged or you need to temporarily move out.
Many South Dakota homeowners also choose to buy flood insurance. This coverage is not available with standard home insurance policies. Flood insurance can be purchased through private insurance companies or the federally funded National Flood Insurance Program.
Questions frequently asked
What is the cost of homeowners insurance in South Dakota?
Home insurance in South Dakota averages $1,958 per annum. You could pay more or less than what the state averages based on your age, credit score and claim history.
What is the best South Dakota homeowners insurance?
Every resident will find the best South Dakota homeowners insurance company. It all depends on what you want and your budget. It’s important that you shop around and compare quotes from different providers.
What is the South Dakota homeowners insurance coverage?
Most homeowners policies cover damage to your home and personal possessions. They also protect you from liability to third parties. Many companies offer additional coverage, such as valuables or incidental costs to move items to different locations.
How can I obtain homeowners insurance in South Dakota
Start by looking for insurance companies that offer the coverage you need to get homeowners insurance in South Dakota. Next, you can get a quote online and through an agent. You will be asked for personal information such as your age, gender, and home details. The company will then provide you with a quote based on this information. To get the best rates, it is a good idea for you to compare quotes from several providers.