South Dakota Condo Insurance

Find the Best Condo Insurance Rates & Companies in South Dakota

Condominium living is a good option for many of South Dakota’s residents. If you own a condo in South Dakota, you need to protect your personal property and liability with the proper condo insurance. Without this coverage, you could end up paying out-of-pocket for unexpected and common disasters like lawsuits and fire damage.

Luckily, a South Dakota independent insurance agent can help you find all the condo insurance you need. Your agent knows exactly where to find the policy that offers the best blend of coverage and cost. But first, here's a closer look at South Dakota condominium insurance requirements, average rates, and more.

Best Condo Insurance Companies in South Dakota

Condo insurance is available from many different carriers in South Dakota. However, we're here to help you find the best coverage around, so here are some of our top picks for providers that offer quality condo coverage in South Dakota.

1. Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has excellent ratings from both AM Best and the Better Business Bureau (BBB), sells coverage in every state, and provides 24/7 claims reporting.
2. Foremost: Foremost has excellent ratings from AM Best and the BBB, numerous discount options, and 24/7 claims reporting.
3. Travelers: Travelers is a longstanding carrier with excellent ratings from AM Best and the BBB and offers a long list of discounts. They sell many types of insurance, including condo.

An independent insurance agent in South Dakota can help you compare coverage options and premium rates from each of these outstanding carriers.

What's the Difference Between HO3 and HO6 Insurance?

Condo insurance, or HO6 insurance, is a specialized type of homeowners insurance. Condo or HO6 insurance covers your personal property or contents as well as your liability and additional living expenses. 

Other types of homeowners insurance, known as HO3 policies, include each of these coverages as well as structure or dwelling insurance. Since the structure of each condo unit is typically protected by the homeowners association's master insurance policy, this coverage isn't included in condo or HO6 insurance.

Is Condo Insurance Required in South Dakota?

You're most likely required to have condo insurance in South Dakota, even if it's not mandatory by state law. Condo associations tend to require all tenants to have condo insurance. 

Further, if you have a mortgage, your lender likely requires you to have condo insurance as part of your contract. Either way, having condo insurance can help you avoid potentially hefty financial losses after many different kinds of disasters.

What Does Condo Insurance Cover in South Dakota?

In South Dakota, condo insurance provides three major types of protection. These include the following:

• Contents coverage: Covers your personal property, like furniture, clothing, etc., against theft, loss, damage, or destruction caused by vandalism, fire, hail, and more.
• Liability coverage: Covers the costs associated with lawsuits if you get sued by a third party over claims of personal property damage or bodily injury.
• Loss of use coverage: Covers temporary living expenses like takeout meals, hotel rooms, laundry services, etc., if your unit is uninhabitable after a covered disaster like a fire.

Make sure to review your specific policy's exact coverage terms together with your independent insurance agent.

What's Not Covered by South Dakota Condo Insurance?

South Dakota condominium insurance also comes with a list of exclusions that are important to be aware of. Your condo insurance probably won't cover the following disasters and expenses:

• Normal wear and tear
• Intentional and malicious acts against third parties
• Damage from insects
• Natural flood damage
• Sewer backup damage

If your condo is located somewhere that's prone to flooding, consider getting a flood insurance policy. You can also ask your agent about adding a sewer backup endorsement to your condo insurance.

How Much Does Condo Insurance Cost in South Dakota?

The average cost of condo insurance in South Dakota is $360 per year, considerably cheaper than the current national average premium of $455. The cost of your coverage is likely to vary, however, based on the following:

• Your claims history
• The type and amount of coverage you need
• The exact location of your condo
• Your deductible amount
• Any discounts you've added

Be sure to ask about South Dakota condo insurance discounts you may qualify for to help bring down your policy's costs even further.

Save on Condo Insurance

Our independent agents shop around to find you the best coverage.

Request a quote

Popular Questions about South Dakota Condo Insurance