Whether you rent or own a condominium, it's a great way to live. Many condo residents enjoy the spaciousness of a large apartment or small house, along with close neighbors. If you rent your condo, you may also enjoy perks such as landscaping and maintenance. For young adults and retirees, condos offer a very attractive way of life. One thing that many renters don't consider, however, is renters insurance. Many renters in Utah believe that their landlord's insurance will cover their belongings in case of an accident, theft or disaster. Unfortunately, this is usually untrue. Getting condo insurance is one of the best ways to sufficiently protect your assets from loss.
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Utah Condo Living Snapshot
- There are more than 65,000 condos in the UT.
- The average rent in UT is $500-$749.
- In recent years, there were 1,308 burglaries, 18,412 larcenies and 3,776 cases of vandalism in UT.
Crime is a problem for Utah residents, especially for renters. Renters encounter 50% more crimes than those who own their homes. For many of these people, there's no way to replace their belongings or repair their property, unless they've invested in renters insurance.
What Is Condo Insurance?
Condominium insurance is a set of policies put in place to cover the most common risks that condo renters and owners face. A typical condo insurance policy for a renter may include the following:
- Liability coverage for bodily injury and property damage: This is meant to protect you from litigation and damages resulting from an accident that occurs on your property. Even a simple slip and fall inside your condo may end up costing thousands of dollars in medical expenses, judgments, and legal fees.
- Personal property: Take a look around at all of your possessions. Most renters have an average of $20,000 in personal belongings. Personal property coverage will help you recover from events such as theft, fire, windstorm or rain damage.
- Vacant condo coverage: If you live in your condo part-time, or use it as a vacation home, this coverage can help you recover from any damages that occur while the condo is vacant. This coverage is usually very affordable.
- Loss of use or relocation assistance: If an accident or disaster occurs and your condo is uninhabitable, this insurance can help find you temporary housing until repairs are made.
If you own your condo, your lender most likely requires you to maintain insurance on the property until the loan is satisfied. This is to protect both you and the bank in case of a disaster. When searching for condo insurance quotes in Utah, be sure to ask about the different coverage options available for owners.
What Will My Insurance Quote Look Like?
Whether you own or rent a condo, the insurance company will need to gather some basic information about you and the property in order to get an accurate picture of your situation and the risks you face. When searching for quotes, make sure to be familiar with the following:
- Location of condo
- Whether the condo is rented/owned
- Number of occupants/ages
- If there are pets in the condo
- How many drivers will live in the condo
- Value of assets
- If there is a fitness center/pool/other amenity on the property that you or guests will use
- If there is a security system
- If there are fire sprinklers and smoke detectors
- Desired coverage amounts
- Desired deductible
These factors, plus many others, will be considered when putting together your quote for condo insurance.
Are Discounts Available on Condo Insurance?
Just like many other types of policies, condo insurance also offers discounts. The following discounts may be available:
- Multi-policy discount
- New customer discount
- Loyal customer discount
- Good credit discount
- Good driver discount
- Industry affiliation discount
- Claims-free discount
Each insurance agency offers different discounts, so be sure to ask your agent about new discounts, or discounts you may not be aware of.
How Do I Get Condo Insurance in Utah?
When searching for condo insurance in Utah, it's critical to have a professional agent by your side making sure you're getting the best coverage at the very best price. An agent is always available to help you discuss policy options, coverages, and discounts, or even help you file a claim.