South Dakota Home Insurance Rates

Anyone building or buying a home should have homeowners insurance. The first step in the process would be acquiring South Dakota home insurance rates. You can actually do this online, at a variety of homeowners insurance websites. These sites can be easily found using a search engine query. The quote form is going to ask you some basic questions about you and the property you want insured. If you use a broker website you will get a variety of quotes from different insurance companies. This makes comparison shopping fast and easy, and you can apply for quotes any time rather than only during business hours.

Before you begin searching for South Dakota home insurance rates, make sure you have a basic understanding of how home insurance works and the different types of policies. The most basic type is the HO1 Basic Form Homeowner policy. This policy covers against damage from fire, smoke, lightning, wind, hail, glass breakage, volcanoes, riot, damage from vehicles and/or aircraft and damage from civil rioting. Exclusions to this policy include floods and earthquakes, although you can purchase additional insurance to cover these exclusions.

For a bit more coverage for your home, consider the HO2 Broad Form Homeowner Policy. This covers against all the perils on the HO1 and 6 additional ones. This is a named perils type of insurance policy which means the perils to be covered would be specifically listed. The HO3 Special  Form Homeowner Policy is the most comprehensive for family homes and covers everything except those perils listed specifically as exclusions. The HO5 Premier Homeowner Policy is the same way in that it covers anything not specifically listed as an exclusion. You can endorse an HO15 to an HO3 policy as well if you want this type of coverage.

HO4 is renters insurance, which covers personal belongings against the same perils specified on the HO2 or HO3 depending on your policy details. It does not cover the building itself as this would be the responsibility of the property owner. HO6 is a policy for condominium owners, while HO8 is for homes that are old and whose property value does not meet the replacement cost of the home. So as you can see, there is a policy for everyone. Take note that if you are applying for a mortgage loan you will probably be required to have some form of homeowners insurance as part of your mortgage loan requirements.

You should also know that there are five coverage classifications. Your dwelling is designated Coverage A. Renters insurance does not include coverage A. Coverage B is for other structures on the property such as storage sheds and garages. Coverage C is for personal items inside the home, of which you will need to take a detailed inventory. Coverage D protects against loss of use and additional rental expenses if you are the owner of a rental property. Additional coverages is a category that encompasses things like damage to exterior landscaping, debris removal and more. Your insurance agent can talk more to you about the different types of coverage and what they include and exclude.

Now that you know more about homeowners insurance, you can search for the types of South Dakota home insurance rates that you are most interested in. As previously mentioned, you can request your rate quotes online. You can even submit your application online. A homeowners insurance agent will call you to confirm your application details. From there, it will be sent to the underwriting department who will analyze all your information and make a decision regarding approval or denial.

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