South Dakota Homeowners Insurance Guide
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South Dakota Homeowners Insurance
Explore South Dakota Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Mount Rushmore State, home to the iconic monument sharing the same name, bears a landscape of rugged beauty and historical significance. Between South Dakota’s rolling prairies, Black Hills National Forest, and Deadwood, visitors and South Dakotans alike are never short of things to do. The sparsely populated nature of the state makes those who do call it home, feel as though they have their own beautiful piece of the nation. With deep roots to Native American history, North Dakota holds monuments that are unique to its lands. The Crazy Horse Memorial is one of South Dakota’s many testaments to this.
South Dakota’s valleys and peaks, coupled with the climate in the region make the state susceptible to flooding and wildfires. Severe storms are also known to bring high winds and an incredible amount of snow and ice.
Average Homeowners and Renters Insurance Premium
South Dakotans pay just about average rates for homeowners insurance but the second lowest rates in the country for renters. Indicating carriers generally believe physical property such as buildings carry considerably more risk than personal property. That said, the moderate nature of the Mount Rushmore State’s property insurance rates shows that although the region endures the occasional flood or severe storm, they typically don’t result in catastrophic loss.
| State | Homeowners | Renters |
| South Dakota | $1,280 | $127 |
| USA | $1,249 | $179 |
Source: Insurance Information Institute (2018)
Most South Dakotans will find that the standard homeowners insurance policy provides adequate coverage for their risks. The standard policy covers loss from fire, theft, wind, and a host of other normal perils. However, homeowners insurance policies explicitly exclude loss from flood. Thus, those property owners located in a flood zone should look to augment their overall property insurance policy with a flood insurance one from the National Flood Insurance Program (NFIP).
Which Property Insurance Carrier Should I Choose?
The homeowners insurance market in the Mount Rushmore State is fairly competitive with the top five insurance carriers controlling just over 50% of the market. There is also good representation from both national and regional insurance carriers in the market. This diverse and competitive market makes it easier to find the right property insurance partner. When comparing carriers and their respective packages, remember to include each carrier’s reputation for honoring coverage and the speed in which they handle claims.
Top 5 Home Insurance Carriers in South Dakota
| Company | Market Share |
| State Farm | 19.4% |
| American Family Insurance Group | 11.6% |
| Farmers Insurance Group | 7.0% |
| Farmers Mutual Insurance Co. of Nebraska | 6.3% |
| Auto-Owners Insurance Co. | 5.8% |
Source: Insurance Information Institute (2019)
South Dakota combines the right mix of American history and picturesque scenery. In addition, the untouched nature of its lands and prairies makes for a serene, enlightening vacation, or for South Dakotans, home. The icing on the cake for property owners in the Mount Rushmore State is that the homeowners and renters insurance rates are favorable as well.
South Dakota Regulating Agencies And References
