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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Feb 24, 2024

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Your home is likely a big investment for you and your family and should be protected accordingly. If you don’t have comprehensive home insurance, one of your most significant assets could be left uncovered. Fortunately, Obrella helps you track down and buy a South Dakota home insurance policy. Our experts simplify the process by explaining all of your options and helping you choose the policy that’s best for you. And when you use Obrella, you’ll benefit from experienced experts who will assist you in finding the insurance you need and even bind your policy—all over the phone.

South Dakota Home Insurance Costs

In South Dakota, the average homeowner pays $789 each year in home insurance premiums. That is more than $200 less than the national average of $1,034 per year. Thanks to lower insurance premiums, South Dakota is the 13th least expensive state in regard to home insurance costs.

  • Median Home Value: 149,600
  • Household Income: 53,053
  • Percent of Income on Home Ownership: 21.90%

South Dakota has an average household size of 2.45 people and a median home value of $132,400. With a median household income of $48,947, South Dakota homeowners spend just under 22% of their total household income on home ownership costs. That makes South Dakota the third most affordable state when it comes to how much residents spend on home ownership.

As a South Dakota homeowner, you understand the value of having a solid home insurance policy. A home insurance expert can help you make sure your policy includes all the coverage you need to protect your South Dakota home at a reasonable cost. While we all hope to never file a homeowners insurance claim, it could save your home and thousands of dollars if you have the right plan. Call [mapi-phone-link /] today for your free quote.

How Are South Dakota Home Insurance Premiums Determined?

Insurance companies determine your premium based on the amount of risk they take on by insuring your property. The higher the risk, the higher the premium.

Home insurance providers assess risk by looking at both the property itself and the surrounding area. The home’s size, date of construction, and amenities are all considered. Add-ons such as a swimming pool or guest home can increase your premium because they increase the home’s value and come with extra risks. (For more information, read our “Why Your Home Insurance Premiums Increase and What to Do About It“).

Environmental factors, local crime rates, and even the cost of other homes in your area can also affect your insurance premium. If you live on a flood plain, for instance, you should expect to pay higher insurance premiums than the owner of a similar home on higher ground. You’ll also need to buy flood insurance. Similarly, people owning homes in areas with high rates of vandalism and home burglaries will also typically pay more.

Fortunately, your homeowners insurance premium isn’t completely out of your control. Installing home protection like security systems, motion-sensor lights, and surveillance cameras can help lower your rates. Having a high credit score can also help in some cases.

While your mortgage lender will require a certain amount of coverage to cover their risks, the cost of homeowners insurance depends on the coverage you choose. Beyond your dwelling replacement costs, how much protection do you want for your personal property? Do you want to extend your coverage for an expensive piece of jewelry or a personalized computer system? Do you want additional coverages for identity theft and more?  The more coverage you want, the more average premiums rise.

The good news is South Dakota is relatively sheltered from natural disasters like hurricanes that you may need to buy extra coverage for. 

Read More: South Dakota Renters Insurance

What Are Your Homeowners Policy Options in South Dakota?

Many home insurance companies in South Dakota give you a range of coverage options to choose from. Here are a few examples:

  • HO-1: Limited Coverage
    • An HO-1 policy covers damage to your home that occurs as the result of any of the first 10 classified disasters fire or lightning, windstorms or hail, explosions, riots, damage caused by aircrafts, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption. However, this type of policy is no longer available for purchase in most states.
  • HO-2: Basic Policy
    • HO-2 policies are designed to provide coverage in the event that your home is affected by any of the 16 classified disasters. This is a named peril policy. So if the cause of the damage is not specifically named in your policy, your home insurance companies don’t have to cover the damage.
  • HO-3: Standard, most popular
    • HO-3 policies are open peril policies. So unless it’s named in the exclusions, the insurer will cover the damage. Keep in mind, many of the exclusions are very broad. So if you searched for something specific like a “broken water pipe”, you wouldn’t find it in the exclusions. But you might find something else that would cover water damage. 
  • HO-8: Older Home
    • This policy guards against declining home values by paying back homeowners for damage on an actual cash value basis. However, some more aged homes may not qualify for complete replacement cost policies.
  • HO-6 policies are meant exclusively to cover condos. They cover everything from the walls-in meaning flooring, carpeting, cabinets, appliances, etc. But they do not cover the building itself.
  • Landlord policies can be adjusted to cover more personal property, etc. The average cost is often lower, though, because it’s focused on covering the building, but not necessarily all the liability and personal property it would if the property owner lived there.

What Will Standard South Dakota Homeowners Insurance Cover?

Usually, home insurance only covers loss of or damage to your property in situations that are explicitly detailed in your policy. So, for instance, you wouldn’t receive a payment for flood damage if your policy doesn’t provide flood coverage. To make sure you’re in the know about the variety of policies and coverages available, check out the following home insurance coverage definitions:

  • Coverage A – Dwelling
    • Covers damages to a home and any structures attached to the home. This includes damages to any of the home’s heating system, permanent air conditioning, wiring, or plumbing.
  • Coverage B – Other Structures
    • Tool sheds, free-standing garages, fences, guest homes, and other non-attached structures are covered under Other Structures.
  • Coverage C – Personal Property
    • Personal Property coverage pays back homeowners in the event that a personal possession like clothes, furniture, or electronic equipment is lost or damaged. This coverage is valid whether or not the loss or damage occurs on the property so items in a storage unit, for example, would still be covered.
  • Coverage D – Loss of Use
    • While a home is being repaired, Loss of Use coverage will pay for living expenses.
  • Coverage E – Personal Liability
    • Personal Liability covers the homeowner’s financial loss in the event of a lawsuit in which the homeowner is found legally liable for another’s injuries or damages.
  • Coverage F – Medical Payments to Others
    • Covers medical bills if anyone gets hurt by the homeowner’s pet or on the homeowner’s property.

Where Can South Dakota’s Homeowners Go for Help with Insurance?

The South Dakota Division of Insurance:Help protect the general public and make sure insurance is accessible and affordable for South Dakota residents like you. The division also regulates the insurance industry by providing quality assistance and promoting a fair, competitive insurance marketplace. Homeowners in South Dakota can contact the division for general information about purchasing home insurance and to file complaints. If you need assistance with your home insurance, call the division at 1 (605) 773-3563.

Compare Quotes to Find the Types of Coverage You Need in South Dakota

Overwhelmed by your home insurance coverage choices? Don’t be. Just use Obrella! A simple phone call to one of our insurance agents can get you on track to finding the perfect policy for your needs. Our experienced insurance professionals will work with you to understand your situation, review your options, and answer any and all questions. I

f you’re short on time, don’t worry. Don’t get lost or frustrated trying to navigate the home insurance world alone. We can continue the process on your time. Obrella agents know how to ask the right questions to get quotes and help homeowners take advantage of all relevant discounts. It’s all about getting you the right coverage limits at the right annual rate.

Get all the information you need about South Dakota home insurance policy options by contacting our insurance experts today at [mapi-phone-link /].


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