Compare Homeowners Insurance Quotes In South Dakota

On average, your neighbors pay $83 a month.

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Best Home Insurance Rates In South Dakota

The Mount Rushmore State is the home state of actress January Jones, artist Harvey Dunn, TV stars Bob Barker and Tom Brokaw, and the founder of USA Today, Al Neuharth. But, this state is also the home of a number of homeowners insurance risks.

Average South Dakota Homeowners Insurance Rates

South Dakota’s average insurance premiums are lower than the rest of the country. According to the most recent available data from the Insurance Information Institute, in 2014, the average cost of homeowners insurance in the state of South Dakota was $995, much lower than the national average of $1,132. There are only 23 states with lower homeowners rates than South Dakota.

South Dakota Average Annual Homeowners Insurance Rates
  2012 2013 2014
South Dakota Annual Average $789 $915 $995
South Dakota Price Per Month $66 $76 $83
US Annual Average $1,034 $1,096 $1,132
US Cost Per Month $86 $91 $94
National Rank 38 31 28
Source: http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

Choosing a homeowners insurance company in South Dakota should be easier. Actually, it’s already easy; you could just go with whichever company your mortgage lender recommends, but you probably won’t get the best rates that way. The key to finding the cheapest rates is to get a home insurance quotes comparison in South Dakota from multiple companies.

Best South Dakota Home Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of South Dakota. Out of the 1,965 South Dakota homeowners that used QuoteWizard to request insurance quotes last year, 106 had no home insurance.

  1. Farmers
  2. American Family
  3. Progressive Casualty
  4. AAA Insurance Co.
  5. Allstate Insurance
  6. Geico
  7. Nationwide
  8. MetLife
  9. USAA
  10. Safeco
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Why contact every individual company in South Dakota that you want a homeowners quote from when you can just answer a few questions about your home and desired coverage, and get competing quotes from agents? Save time and money with QuoteWizard.

Top 10 South Dakota Home Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Direct Premiums Written (in thousands) Market Share
1 ACE Limited Group $259,070 11.2%
2 Wells Fargo Insurance Group $182,547 7.9%
3 QBE Insurance Group $135,557 5.8%
4 American Financial Group $116,994 5.0%
5 American Family Insurance Co. $95,863 4.1%
6 Nationwide Mutual Group $79,231 3.4%
7 Progressive Group $68,518 3.0%
8 Iowa Farm Bureau Group $52,241 2.3%
9 Auto-Owners Insurance Co. $48,080 2.1%

Financial Strength Ratings of Top South Dakota Home Insurers

Source: A.M. Best (Ratings as of 8/5/2015)

  • ACE Limited Group: A++
  • Wells Fargo Insurance Group: A+
  • QBE Insurance Group: A
  • American Financial Group: NR
  • American Family Insurance Co.: A+
  • Nationwide Mutual Group: A+
  • Progressive Group: A+
  • Iowa Farm Bureau Group: A
  • Auto-Owners Insurance Co.: A++
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Rating Guide

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in South Dakota.

Average Home Listing Prices

Home prices can greatly affect the cost of insurance in any given state. A higher average home price generally means higher premiums in that state. For South Dakota, the average listing price is $235,737 as of July 2015, somewhat lower than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, South Dakota’s average burglary rate was 399.1 per 100,000 people, which is much lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In South Dakota, there are 48.1 law enforcement personnel per 100,000 total citizens, which is significantly more than the national median of 32 per 100,000.

Home Insurance Hazards

South Dakota’s climate is typical of the Northern Plains. It experiences four distinct seasons. Summers tend to be hot and dry, and winters are very cold and snowy. Summers are marked by thunderstorms and some tornadoes, all of which can be major homeowners insurance hazards.

Extremely cold winters: In South Dakota, the average annual snowfall is about 44 inches. Western parts of the state are slightly snowier than eastern parts. For example, in Sioux Falls, they average about 32 days of snow and about 45 inches of snow per year. Further west, in Lead, they average 67 days of snow and about 198 inches of snow per year!

South Dakota winters are very cold, and January is often the coldest month of the year. Throughout the state, high temperatures are around freezing, and low temperatures are single digits. In Aberdeen, the average January high is 23 degrees, and the average low is 2 degrees. Further west, the capital city of Pierre has January highs of 30 degrees and lows of 10 degrees. This cold can be a serious home insurance hazard. People crank the furnace up when temperatures drop, causing a spike in energy use and trapping in moisture that may cause mold later in the year. Pipes can crack or leak, and other metal structures can become stiff and brittle as the cold forces them to contract, which can seriously damage a home or foundation.

Thunderstorms: Summertime brings thunderstorms to South Dakota, especially in June and July. Each of these months will, on average, have about a third of all days for the year with precipitation. Thunderstorms bring heavy rains, strong winds, lightning, and hail. They can also cause tornadoes and flash floods. Severe thunderstorms can knock over trees, damage homes and infrastructure, and disrupt daily life. As thunderstorms can cause flooding, it is important to protect yourself against this natural disaster. The only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Tornadoes: According to the National Oceanic and Atmospheric Administration, South Dakota averages a relatively high 28 tornadoes per year. Even a mild tornado can damage property and uproot trees, mostly due to the strong winds and heavy rains that accompany most tornadoes. Severe tornadoes can destroy homes, flip cars, and cause serious damage to bridges and other infrastructure.

South Dakota Office of the Insurance Commissioner

Website:
Homepage
Insurance Commissioner:
Larry Deiter
Insurance Hotline:
(605) 773 – 3563
Office Hours:
Monday - Friday
9:00 am to 4:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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