South Dakota Renters Insurance
Renters insurance in South Dakota will cover personal liability and property damage, but it’s worth looking into additional flood insurance coverage.
Written by Claire Beaney
Reviewed by Melanie Reiff
South Dakota renters insurance typically costs between $86 and $130 per year. For that rate, you'll receive coverage for personal property, loss of use, liability, and medical fees for anyone injured in your rental.
Insurance might be the last thing you think of when you settle on your perfect apartment. It's also one of the easiest and most cost-effective ways to protect yourself against any losses or disasters that may occur in your home.
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has gathered everything you’d want to know. From what renters insurance is, to how to build your ideal policy, continue reading to learn more.What is renters insurance?
The financial protection provided by renters insurance will help you if your belongings are damaged or stolen, and also offers personal liability protection.
A renters insurance policy will normally contain the following coverages:
- Property coverage (Coverage C): If your belongings are damaged by a covered risk, this coverage will pay the actual cash value (ACV) or replacement cost of the item.
- Loss of use coverage (Coverage D): This component of your insurance, known as extra living costs (ALE) coverage, pays for living expenses accrued as a consequence of property loss, such as hotel accommodations.
- Personal liability (Coverage E): Your personal liability coverage will pay any legal fees, including attorney and court costs, if someone is harmed or their property is destroyed in your house.
- Medical payments (Coverage F): This coverage pays for medical fees if someone is hurt on your property.
Make a list of your possessions, including devices, furniture, and art, to decide how much property coverage is needed. Most landlords will probably name their liability insurance requirements, usually between $300,000 and $500,000.
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What does renters insurance cover?
Renters insurance only covers the named perils in your policy. These might vary based on your location, however, your policy will generally protect you against the following:
- Fire
- Windstorm
- Hail
- Lightning
- Theft
- Frozen and damaged plumbing
- Impact by a vehicle
- Vandalism
- Falling objects
- Explosion
The above-mentioned risks and more may be covered by your renters insurance, or it may protect you against even less named perils.
Make sure to examine your policy thoroughly so you know what is and isn't covered. If you reside in a flood-prone area of South Dakota (such as near the Big Sioux River), for example, flood damage might not be covered by your renters policy. To get comprehensive coverage during flood season, you'll need to obtain additional flood insurance.
What does renters insurance not cover?
Renters insurance provides coverage for a wide range of issues, but it does not protect everything you own. You may want to keep these non-covered items in mind:
- Valuables: Your grandmother’s necklace and fancy Lego sets may be excluded from coverage under your regular renters policy. Pricey items and jewelry almost always require supplementary insurance.
- Your car: Even if you park your vehicle on your rental property, renters insurance will not cover it. You must haveauto insurancethat fulfills your state's basic insurance requirements.
- Work-related items: If you operate a company from your rental property (or even work from home), your renters insurance won't automatically cover you. Any business-related device, from a laptop to cake-baking supplies, may need extra safeguards.
Key Takeaway In the case of an accident in your house, renters insurance will protect you from the financial burden of the damages; and can help you replace any destroyed items.
Is renters insurance required in South Dakota?
Renters insurance isn’t legally required in the state of South Dakota. It's possible, however, that your landlord will insist on you getting renters insurance. Even if a landlord doesn't request it, you should purchase renters insurance to protect yourself and your belongings in the case of an accident in your home.
Fortunately, renters insurance is pretty affordable: while the price varies annually, South Dakota renters insurance is far cheaper than the U.S. average of $173 per year. Generally, you should save $8 to $15 per month for a policy (which might pay out hundreds if a mishap occurs!).
Whether you're concerned about fires, vandalism, or more named perils, purchasing renters insurance is a wise financial decision.
How to build a South Dakota renters insurance policy
Renters insurance will be pretty easy to obtain. Begin by making a list of your personal possessions in each area of your rental, including furniture, electronics, artwork, and devices:
- Quantity
- Purchase price
- Purchase date
- Brand number
- Serial number (if available)
Photograph your possessions. If you end up needing to make a claim, having this info and documentation handy will help the process go over more easily.
Settle on a personal liability limit. A landlord might ask for a particular amount of liability insurance (often $300,000 to $500,000), but you might be permitted to choose a lesser maximum, like $100,000.
See if flood damage is covered where you live. In some areas of South Dakota, flooding can be a pretty serious hazard. If you live in a flood-prone part of South Dakota, you might need to buy flood insurance on top of your renters insurance.
Actual cash value vs. replacement cost
You’ll have to choose whether you prefer coverage that compensates the replacement cost or the actual cash value (ACV) of your possessions at the time of loss.
What do these terms mean? Say, for example, you purchased a new couch five years ago for $2,000. One day, there’s a fire in your apartment building that damages some items in your place, including this couch. If your insurance covers replacement costs, you can claim the whole $2,000 to buy a comparable new couch. If your renters insurance only covers ACV, however, you’ll be able to claim whatever the couch is worth based on depreciation, which might be $1,000.
Obviously, replacement cost coverage seems like the better option at face value—but it will be more expensive. Based on what you need and the hazards where you live, decide which coverage suits you best.
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Is renters insurance worth buying?
Yes, in the vast majority of cases. Renters insurance is one of the most cost-effective types of insurance because it protects both property and personal liabilities.
What is the average price of renters insurance in South Dakota?
Renters insurance rates in South Dakota change from year to year, but they are normally less expensive than the national average of $173 per year. Renters insurance in South Dakota can cost you between $83 and $130 per year.
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