Our editorial team analyzed regional and national home insurance companies that sell policies in Sioux Falls to assess which offer the best rates, coverage options, customer service, and savings to homeowners. We prioritized competitive rates, 24/7 customer service, homeownership discounts or bundling options, and specialty or supplemental coverages.
The average cost of home insurance in Sioux Falls, South Dakota, is $2,929 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible. In the north-central part of the heartland of the U.S., Sioux Falls presents several challenges to homeowners, such as severe summer storms, flooding, high winds, derechos, and tornadoes.1
As a homeowner in Sioux Falls, it’s important to protect your home adequately from these weather risks, so you should consider purchasing specialty coverages like flood insurance and windstorm insurance.
Here’s what you should know about finding home insurance in Sioux Falls.
Best home insurance companies in Sioux Falls
Sioux Falls has plenty of good home insurance companies for homeowners to choose from. Every homeowner has different coverage needs, budgets, and locations, so the best home insurance company for you may be different from what’s best for your neighbor.
That said, some home insurance companies stand out above the rest for certain characteristics. Take a look at three of the best home insurance companies in Sioux Falls for different types of homeowners below. While you may not end up choosing any of them, it’s a good place to start your home insurance search.
Best company for affordability: Auto-Owners
Best company for discounts: Farmers
Best company for military members and their families: USAA
Cheapest home insurance companies in Sioux Falls
Austin Mutual is the cheapest home insurance company in Sioux Falls, with an average annual rate of $1,647 for a policy with $300,000 in dwelling coverage. Check out the table below to see some of the cheapest home insurance companies in Sioux Falls.
How much is home insurance in Sioux Falls?
The average cost of home insurance in Sioux Falls is $2,929 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible. For a policy with a $500 deductible, the average annual cost is a bit higher, at $2,993. These averages are higher than the national annual averages of $2,584 for a policy with a $1,000 deductible and $2,671 for a policy with a $500 deductible.
Sioux Falls faces some weather risks that may contribute to these higher average rates, such as severe summer storms, flooding, and tornadoes. Various other factors can also affect home values and insurance costs, such as your home’s neighborhood, condition, and age. It’s important to consider all these factors when buying a home insurance policy.
Cost of home insurance by dwelling coverage in South Dakota
The cost of your home insurance policy depends directly on your chosen dwelling coverage level. You’ll pay higher premiums if you have higher coverage limits because your home insurance company is taking on more financial risk in the event of a claim payout.
While it’s important to consider the effect your coverage level will have on your premiums, it’s more important to ensure you have sufficient coverage on your home. Don’t settle for a lower coverage limit just to save some money each month, as the costs in the event of a claim can be much higher.
Below, you can compare average quotes by dwelling coverage amount in South Dakota.
Cost of homeowners insurance by deductible amount
A home insurance deductible is the amount of money you’ll pay out of pocket before your home insurance company covers the remaining costs. You choose this amount when buying your policy based on your risk tolerance and how much money you’re comfortable paying out of pocket in the event of a claim.2
Your deductible has an inverse relationship with your home insurance premium. The higher your deductible is, the lower your premium will be, and vice versa. As your deductible increases, your insurer is on the hook for fewer damages.
Take a look at the table below to see how home insurance premiums in Sioux Falls fluctuate by deductible amount.
Average cost of home insurance in other cities in South Dakota
The average cost of home insurance varies greatly by your location. Homeowners pay different rates depending on their state, city, and ZIP code. This is because different areas have unique risk factors, such as weather risks, vandalism frequency, and even proximity to a fire station.
Below, you can see how average home insurance rates vary by city in South Dakota.
What to know about owning a home in Sioux Falls
Sioux Falls homeowners should consider several risks and ownership factors. Though the city isn’t in Tornado Alley, Sioux Falls does have an elevated risk of tornadoes, which can cause extreme and expensive home damage.
While standard home insurance typically covers tornado damage, it may be worth considering additional coverages like windstorm insurance and a high-limit umbrella policy. These can come in handy when repairing damage from severe summer storms, which can come with high winds, heavy rain, and hail.
These storms can also cause flooding, which standard home insurance policies don’t cover. To get coverage for flood damage, you’ll need to purchase a separate flood insurance policy through a private home insurance company or the National Flood Insurance Program (NFIP).3
No matter what kinds of coverage you choose, make sure you have sufficiently high limits to cover your home’s damages. Talk to an insurance agent if you’re not sure which coverages are worthwhile for your home and specific area.
Sioux Falls home insurance FAQs
If you’re shopping for home insurance in Sioux Falls, this additional information may help as you research your coverage options.
The average cost of home insurance in Sioux Falls for a policy with $300,000 in dwelling coverage and a $1,000 deductible is $244 per month, or $2,929 per year. But you may also want to consider purchasing flood insurance to protect your home from flooding after severe summer storms.
Austin Mutual has the cheapest homeowners insurance in Sioux Falls, with an average annual premium of $1,647 for a policy with $300,000 in dwelling coverage and a $1,000 deductible. Auto-Owners and Farmers are two of the other cheapest home insurance companies in the city.
The 80% rule in homeowners insurance is an industry guideline that states you should insure your home for no less than 80% of its replacement cost. This ensures that your home insurer will provide a sufficient insurance payout in the event of a covered claim. Without enough coverage, you may have to pay extensive damages out of pocket.
The national average cost of home insurance in the U.S. for a policy with $350,000 in dwelling coverage and a $1,000 deductible is $2,932 per year. South Dakota homeowners pay a bit more than the national average, at $3,234 per year for the same policy.
Yes. Seniors can save money on homeowners insurance in various ways. You can save by increasing your home insurance deductible, comparing quotes, and taking advantage of standard discounts, like home and auto bundling. Some seniors may also qualify for retiree and claim-free discounts or might see reduced costs for living in a retirement or gated community.
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