Spearfish, SD
Rental property insurance for Spearfish landlords
Local rental data and insurance guidance for Spearfish property owners. A quote is not a binder.
With an estimated 13,803 residents, Spearfish has around 2,987 renter households, about 50% of occupied housing. Statewide, South Dakota sits at 31%, so Spearfish's rental share is above the state figure.
Spearfish at a glance for landlords
| Measure | Spearfish | South Dakota |
|---|---|---|
| Renter-occupied homes | 50% (2,987) | 31% |
| Median owner-occupied home value | $346,200 | $257,400 |
| Median gross rent | $963/mo | $946/mo |
| Median year structure built | 1992 | 1980 |
| Homes in 2–4 unit buildings | 8% | 5% |
| Single-family homes (detached or attached) | 53% | 71% |
Source: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates (tables B25003, B25077, B25064, B25035, B25024), retrieved via Census Reporter; population from U.S. Census Bureau, Vintage 2024 population estimates.
Setting coverage on a Spearfish rental
At a median home value of $346,200, Spearfish is higher than South Dakota overall ($257,400). Underwriters care about replacement cost rather than sale price, so bring square footage, construction type, and update history to the conversation.
For context, the NAIC reported that South Dakota dwelling-fire policies insuring $325,000 to $349,999 averaged $858 a year in 2023, against a statewide dwelling-fire average of $524. Those are owner-occupied dwelling-form figures, not landlord quotes.
How much rent to protect in Spearfish
Rents in Spearfish center on about $963 monthly, including utilities where tenants pay them. Many owners plan for a year offline after a serious loss, which works out near $11,556 per unit at the median.
Older vs. newer rentals in Spearfish
Half of Spearfish's homes were built before 1992 and half after. Polybutylene supply lines were installed in some homes from the late 1970s to mid-1990s, and insurers may ask whether they have been replaced.
Single-family, small multi-unit, and apartments in Spearfish
Spearfish's housing is mixed: about 53% single-family, 8% in 2–4 unit buildings, and 29% in buildings of five or more units. Dwelling forms fit up to four units; larger buildings need commercial apartment coverage.
Spearfish versus other large South Dakota communities
Sioux Falls has a renter share of 40% with homes valued around $292,400 at the median. For comparison, Rapid City comes in at 37% rented and $299,400 median value, with median rent of $1,109. Aberdeen has a renter share of 38% with homes valued around $217,300 at the median. By renter share, Spearfish is number 4 on our list of 15 South Dakota cities. Manufactured and mobile homes make up about 10% of Spearfish's housing, and many dwelling programs underwrite those separately. Roughly 29% of homes in Spearfish are in buildings of five or more units, the point where most owners move to commercial apartment policies.
Storm and hazard considerations in Spearfish
For rentals in Spearfish, the hazards that most often shape South Dakota landlord coverage include grassland and Black Hills wildfire and hail and severe summer wind. Ask how your policy handles each, and whether any separate deductible applies.
Hazard themes reflect FEMA’s National Risk Index and NOAA’s Storm Events Database; check the index for your specific county.
Requesting coverage for a Spearfish rental
- Property location in Spearfish and unit count
- Construction year plus the age of the roof
- How it is occupied today, including any vacancy or short-term use
- Any system updates, with years
- Prior carrier, expiration date, and five-year loss history
- Lender name for the mortgagee clause
- Desired liability limit and loss-of-rents amount
Request a Spearfish landlord quote
Spearfish landlord insurance questions
How many renters live in Spearfish?
About 50% of occupied homes in Spearfish, roughly 2,987 households, are renter-occupied according to the 2020–2024 American Community Survey.
Is landlord insurance required in Spearfish?
Not by statute. In practice, a Spearfish rental with a mortgage will need property coverage, and associations or managers often insist on liability limits.
What is a typical landlord premium in Spearfish?
It depends on the building, coverage, and deductible. For background, the NAIC reported a 2023 South Dakota dwelling-fire average of $524; see our South Dakota page for the full table.
Other South Dakota cities
Landlord insurance in South Dakota · Cost by state
Last updated October 15, 2026. Sources and method: how we research.