With home prices on the rise, many people are renting homes and apartments instead of buying. At just $722 per month, rent is much cheaper in the Mount Rushmore State than the rest of the U.S., which averages $1,012.
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The Insurance Information Institute (III) shows that South Dakota had the lowest average renters insurance cost in the country as of 2017 at $123 a year compared to the national average at $180. Because renters insurance is so relatively affordable for the coverage it provides, it is a worthwhile investment.
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