Getting a Condo Insurance Quote in South Dakota
Many residents of South Dakota select the convenience of living in a condominium. However, choosing the proper condo insurance in South Dakota can be confusing. We can help by outlining some important factors to keep in mind when negotiating your insurance rate so that you receive the right coverage for your needs at the right price. Your insurance quote will vary according to a number of these factors and they will affect how expensive your yearly insurance will be. It is our goal to make purchasing condo insurance as easy as possible.
South Dakota Condo Insurance Statistics at a Glance
South Dakota condo insurance rates can be expensive. South Dakota is rated the 36th most expensive state in the nation for condo insurance. Various factors affect the price of condo insurance, including that property values are increasing. South Dakota residents pay an average of $81 per month or $967 per year in condo insurance premiums. Even though residents are currently spending more on condo insurance, trends appear to show that rates are becoming cheaper. Overall, most cities in South Dakota have comparable average monthly rates but there are differences by city. Aberdeen, SD was shown to be the cheapest city at $50.54 per month or $605 per year. Alternatively, Spearfish, SD has the highest insurance rates in the state at $60.46 per month or $725.50 per year. Insurance companies have differences in rates, so it is essential to look at a range of companies to ensure you are getting the best insurance rate.
$412
Average Annual Cost of Condo Insurance in South Dakota
The average cost of condo insurance in South Dakota on an annual basis is $412.
$34
Average Monthly Cost of Condo Insurance in South Dakota
The cost of condo insurance in South Dakota is roughly $34 per month.
20%
Percentage of Income on Ownership for Condos in South Dakota
Residents of South Dakota spend an average of 20% of their income on condo ownership.
28 years
Median Age of a Property Which Requires South Dakota Condo Insurance
The average age of a property requiring condo insurance in South Dakota is roughly 28 years.
What Affects the Costs of Your Condo Insurance in South Dakota
Many factors will affect the price of condominium insurance coverage in South Dakota. Insurance companies calculate your individual risk and coverage needs and develop a precise insurance quote based on a variety of measures. There are several factors outside of your control that may affect the price of your condo insurance in South Dakota. These factors include the location, the age, and the construction quality of the condo. The insurance companies will be able to determine if you are eligible for discounts. Some factors within your control include your credit history, claims history with other condo insurance providers, driving record, the sum of personal belongings that you have in your condo, the people who live in your condo, and whether you own or rent the condo. To acquire the best possible quote, we highly advise that you have this information ready before obtaining a condo insurance quote for the property.
Average Cost of Condo Insurance in South Dakota by City
The most common sort of condo insurance in South Dakota is an HO6 insurance plan. Whether you are living in a large city such as Sioux Falls or Rapid City or have a condo in a smaller town like Mobridge, you will likely need H06 insurance on the condo. To provide a greater understanding of the cost to insure a condo, we have listed estimated condo insurance quotes for a range of South Dakota cities and towns. The following averages are based on all insurance costs so depending on where your condo is in the neighborhood, your final price could differ from what is listed here.
| City in South Dakota | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Sioux Falls, SD | $52 | $626 |
| Rapid City, SD | $58 | $699 |
| Aberdeen, SD | $51 | $607 |
| Brookings, SD | $51 | $616 |
| Watertown, SD | $51 | $613 |
| Mitchell, SD | $55 | $657 |
| Yankton, SD | $57 | $686 |
| Pierre, SD | $51 | $618 |
| Huron, SD | $51 | $611 |
| Spearfish, SD | $60 | $726 |
| Vermillion, SD | $55 | $663 |
| Brandon, SD | $53 | $640 |
| Box Elder, SD | $58 | $700 |
| Madison, SD | $53 | $633 |
| Sturgis, SD | $60 | $719 |
| Harrisburg, SD | $54 | $650 |
| Tea, SD | $54 | $647 |
| Belle Fourche, SD | $60 | $725 |
| Dell Rapids, SD | $53 | $641 |
| Mobridge, SD | $51 | $615 |
Choosing the Best Condo Insurance Company in South Dakota for Your Needs
It is important to spend time choosing the best insurance provider in South Dakota for your needs. You will have peace of mind that you have spent the time finding what is best for you. Do not put your condo or your possessions at risk by settling for the cheapest insurance on the market. Spend the time looking at and comparing several insurance companies before making a final decision and choose the best condo insurance provider for your needs. A reputable company will not force you to decide or take coverage that you do not need. Look for condo insurance businesses that reward their long-term customers with discounts, loyalty rewards or that supply bundle insurance reductions. Be sure your provider is accredited. Check the South Dakota Department of Insurance website to find out the licensing status, fiscal stability, and complaint history of the insurance company you have chosen.
The Top Rated Condo Insurance Companies in South Dakota Based off Consumer Ratings
State Farm is the top-rated condo insurance provider in South Dakota and has been the biggest insurance provider in the United States for over 50 years. In South Dakota, a study done by J.D. Power revealed that State Farm scored a 5 out of a 5 (higher than the average) from the coverage offered, billing and payment, customer support and claims. In South Dakota, State Farm also received a NAIC compliant ratio of 0.19. Like many condo insurance companies in South Dakota, State Farm offers premium discounts on condos that were renovated or improved to withstand any natural disasters that may occur from Mount Rushmore. When looking at pure metrics of condo insurance companies in South Dakota, Liberty Mutual gets the highest J.D. Power rating in the country at 19 while USAA gets the cheapest at 2. The condo insurance provider in South Dakota that has the cheapest NAIC complaint ratio is USAA at 0.15 while American Family gets the highest NAIC complaint ratio at 0.65.
| South Dakota Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in South Dakota | 5 | 0.19 |
| American Family Ratings for Condo Insurance in South Dakota | 10 | 0.65 |
| Farmers Ratings for Condo Insurance in South Dakota | 11 | 0.39 |
| Farmers Mutual Ratings for Condo Insurance in South Dakota | N/A | 0.36 |
| Auto-Owners Ratings for Condo Insurance in South Dakota | 6 | 0.21 |
| Liberty Mutual Ratings for Condo Insurance in South Dakota | 19 | 0.4 |
| USAA Ratings for Condo Insurance in South Dakota | 2 | 0.15 |
| Farm Bureau Ratings for Condo Insurance in South Dakota | N/A | 0.34 |
| North Star Ratings for Condo Insurance in South Dakota | N/A | 0.39 |
| State Auto Ratings for Condo Insurance in South Dakota | 15 | 0.26 |
| Allstate Ratings for Condo Insurance in South Dakota | 7 | 0.6 |
South Dakota Condo Insurance Requirements
The South Dakota Condominiums Act permits condo owners to obtain insurance that is advantageous, but they are not required to do so. The Act states that if at the time of an insurance price reduction the condo owner has an insurance policy that includes that coverage, then the institution’s policy will take precedence. South Dakota’s law demands condominium institutions acquire insurance for the condominium construction. However, condo unit owners might consider purchasing an insurance policy that covers any improvements that they personally install, their accountability, their possessions, or any reduction or event not insured by the institution 's coverage.
What's Covered with Your Condo Insurance in South Dakota
Most condo insurance companies in South Dakota provide standard coverage. This may include coverage of construction property, personal property, loss of use and liability. Building property coverage protects you financially from damage to the inside of your condo (floors, walls, tiles) and reduction of permanent fixtures resulting from a covered event, such as a fire. Personal property coverage protects your personal belongings, such as furniture, electronics, and clothing, that are lost because of a covered event. With liability coverage, if you are held legally responsible for bodily harm or property damage then liability coverage offers protection for you. Usually a condo insurance policy from South Dakota covers $100,000 in liability compensation. The lack of use coverage provides living expenses if your condo becomes uninhabitable and you need to reside outside of your condo because of a covered event. If due to this move, you are paying more than your condo expenses the policy will cover you for the increased living expenses.
| Average Costs of Condo Insurance in South Dakota by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Minnehaha County, SD | $52.67 | $635.67 |
| Pennington County, SD | $58.00 | $699.50 |
| Brown County, SD | $51.00 | $607.00 |
| Brookings County, SD | $51.00 | $616.00 |
| Codington County, SD | $51.00 | $613.00 |
| Davison County, SD | $55.00 | $657.00 |
| Yankton County, SD | $57.00 | $686.00 |
| Hughes County, SD | $51.00 | $618.00 |
| Beadle County, SD | $51.00 | $611.00 |
| Lincoln County, SD | $54.00 | $648.50 |
| Lawrence County, SD | $60.00 | $726.00 |
| Clay County, SD | $55.00 | $663.00 |
| Lake County, SD | $53.00 | $633.00 |
| Meade County, SD | $60.00 | $719.00 |
| Butte County, SD | $60.00 | $725.00 |
| Walworth County, SD | $51.00 | $615.00 |
How to Get South Dakota Condo Insurance Discounts
Every insurance provider in South Dakota has a reduction or dedication program. Make sure while you are researching condo insurance companies that you inquire about any discounts that may be available for you or your family members. Usually, there are many discounts offered on South Dakota condo insurance coverages. The discounts may include multi-policy and bundled discounts, loyalty discounts and general discounts.
| Condo Insurance Deductible | Average South Dakota Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $176 |
| $1,000 | $164 |
| $1,500 | $157 |
| $2,000 | $152 |
| $5,000 | $134 |
Getting the Best South Dakota Condo Insurance Rates
Shopping around for your condo insurance policy is critical to finding the best policy for you with the greatest savings. To find the best price, contact us to find out if any other insurance companies can beat what you are paying. You might be surprised by the savings that are available. Additionally, you might ask a friend to refer you to their condo insurance provider which might produce a referral reduction. If you choose to increase your allowance you can save money each month as the higher the deductible, the lower the cost of your insurance plan. But make sure that your deductible is not too high because in the event of a loss you are responsible for paying any additional amount. Find out if you can bundle your supplier and multiple kinds of insurance policies together. Many carriers offer discounts to customers who bundle insurance policies. Check with your car insurance provider and see if they will reduce your premium if you buy condo insurance from them as well. They may also provide reductions for long-time customers. Some of these discounts may save you around 10 percent on your premiums. Pay attention and make sure it stays high as insurance companies take that into account when deciding on your condo insurance premium. Boost the discount to get a lower insurance premium.