If you are a renter in the Mount Rushmore State–looking for information on renters insurance–you have come to the right spot. We’ve researched the average cost, discounts available, and more to give you the inside scoop. We know how confusing insurance can be, and there’s plenty of misinformation about renters insurance. Even long-term renters don’t always know what to expect, if they need it, and what is covered. When you get the facts, it might be much simpler than you think to find the policy that makes sense for your needs at a price that fits your budget.
How Much Does Renters Insurance Cost in South Dakota?
Whether you’re entering a rental agreement for the first time or a long-term renter, rental insurance exists to protect you and your belongings. While college students living in dorms may have their property covered under their parents’ homeowners policy, anybody else is not. You are not covered under your roommate’s renters policy, even if you pay part of their premium as a friend. If you own one house and rent another, your homeowners policy won’t cover your rental property.
The good news is rental insurance in South Dakota is more affordable than it is in almost any other state. While many homeowners around the country pay $1000 a year or more for homeowners, South Dakota renters pay $118 per year on average–37% less than the renters elsewhere and a small fraction of a homeowners policy. That means a worker earning South Dakota’s minimum wage has to clock in only 14 hours to pay for a year’s premium.
Tally up the expense of replacing all, or even a few of your belongings, and it’s probably a lot more than $118. Personal property is just one of the things $118 will cover.
What Does Rental Insurance in South Dakota Offer?
In 2012, 3,258 burglaries were reported in South Dakota. Since the average loss per burglary in the U.S. is more than $2,000, being the victim of a break-in is not only upsetting, but can also be expensive.
We hope your apartment is never burglarized, but if it is, renters insurance can help cover the cost of replacing your stolen belongings. It also protects your personal property against a long list of perils, including fire, smoke, vandalism, explosion, hail, and more.
Personal property replacement is just one part, though. Imagine if a friend was injured by a broken stair or something else in your rental. Rental insurance also covers liability along with additional living expenses if you can’t live in your apartment for a short time due to covered repairs. Some apartment buildings now partner with rental insurance companies that also cover security deposits and other parts of lease agreements as long as any damage you leave is considered normal wear.
What Discounts Are Available for Renters in South Dakota?
Where you live, the things you own, your claims history, and other factors go into determining how much you will be quoted for a policy. Familial status is one factor to consider when choosing a plan. Are the standard limits going to cover all your personal property if you have children? Will you get better pricing if you go with the insurance company that handles your auto insurance? To help you save even more, see if you qualify for the following discounts:
- Multi-Policy: Bundle auto or another insurance plan with renters insurance and save.
- No Prior Claims: Save on your insurance bill if you have a clean claims record.
- Safety Devices: Installing safety systems like smoke alarms and security systems can result in premium discounts.
- Higher Deductibles: If you opt into a plan with a higher deductible, you’ll have a lower payment amount every month. Watch out for this though. Your deductible is something you’re responsible for paying if you file a claim.
Is Now The Time to Get Renters Insurance in South Dakota?
Of all South Dakotan residents, 32% are renters. Typically, they spend $698 per month for a two-bedroom apartment, but at $118 annually, most rental insurance premiums in South Dakota are a fraction of that. When you think of the peace of mind that comes with renters insurance, the cost seems like a small price to pay.
Whether you’re renting for the first time or just moving to a new residential premises, now is the perfect time to check out rental policies. There’s no application fee generally speaking, and policies are flexible. Families can adjust their limits compared to a single renter. You can branch out from essential services and add on coverages to make the plan more personalized to your needs.
When you call Obrello, you can talk to an insurance agent in real time about your options. We offer reasonable times for quotes to compare and save. We connect renters to the biggest names and affordable local names in their area. All this allows us to meet a wide range of different needs and get more renters like you covered against risk.
Get Expert Help
Sometimes talking to a real person can help to clarify any questions you have. Call [mapi-phone /] to speak with a South Dakota insurance expert.