Utah Renters Insurance
Experts break down renters insurance costs, coverages, companies, and more.
Whether you are renting an apartment in Salt Lake City or leasing a townhouse in St. George, you can benefit from having a solid renters insurance policy. Unfortunately, too many tenants in Utah don’t discover the value of having this coverage until it is too late.
If you rent your home in Utah, a local independent agent can help you find an affordable renters insurance policy. These agents are free to shop around to find the coverage you want at the most competitive price. Contact an insurance agent near you to get started.
Utah Rental Statistics
- Utah residents pay an average of $1,037 per month in rent.
- Around 29.8% of all homes in Utah are occupied by renters.
- An estimated 41.8% of all renters in this state spend more than 30% of their incomes on rent and utilities.
How Much Does Renters Insurance Cost in Utah?
You may think that because it is optional, renters insurance isn’t that important. And, if you’re like most people, the last thing you want to do is add to your housing costs.
However, renters insurance policies, which can prevent you from experiencing large financial losses if the unexpected happens, are extremely affordable. In fact, the average renters insurance policy in Utah costs just $151 a year. That’s less than $13 a month for the peace of mind a policy can afford you.
Factors that can make your actual cost higher or lower than this average amount include:
- The value of the personal property you are insuring
- Whether you are purchasing actual value or replacement cost coverage
- The crime rate and weather risks in your neighborhood
- Whether you are bundling your renters insurance with another policy like car insurance or life insurance
When you compare quotes from a few competing insurance companies, you can be certain that the policy you choose to buy is offered at a good price. Independent agents make comparison shopping easy.
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What Does Utah Renters Insurance Cover?
Renters insurance protects you with three types of coverage:
- Contents coverage: This pays for repair or replacement costs if your personal property is lost or damaged due to a covered event. Covered risks include:
- Property crimes, such as burglary and vandalism
- Accidental fires, whether they originated in your own home or in a neighboring unit
- Severe weather, such as thunderstorms, windstorms, and hail
- Renters liability coverage: This can cover your financial obligations and any legal representation you may need if you unintentionally cause someone else to experience injuries, property damage, or financial harm.
- Loss of use coverage: This can cover your additional living expenses if damage caused by a covered event leaves your home unsafe for habitation and you must seek alternate living arrangements while your landlord makes repairs.
You may want to review your policy’s coverage limits every few years to make sure that they are still suitable to cover all of your property.
What about Coverage against Floods in Utah?
Be aware that renters insurance does not cover property damage caused by floods. Although floods do not present a huge problem in Utah, they do sometimes occur. FloodFactor has identified more than 200,000 properties in this state that have a significant risk of sustaining flood damage
If you are living in an upper-floor apartment, chances are good that you don’t need to worry about floods damaging your property. However, if you are renting a house, mobile home, or ground-floor apartment in a flood-prone area, your property may be at risk.
Fortunately, if needed, you can supplement your renters insurance with an affordable contents-only flood insurance policy. These policies are available through the National Flood Insurance Program (NFIP), a program that is administered by FEMA.
How Can an Independent Insurance Agent in Utah Help?
When you are looking for the best renters insurance policy, a local independent agent can help. These agents can provide you with customized quotes from some of the area’s best insurance providers so you can choose the policy that offers the best value for your money.
There are nearly 100 independent agents with offices in the state of Utah. These experienced professionals are available to assist you with all of your insurance coverage needs. Arrange an obligation-free consultation with an insurance agent near you to start comparing renters insurance quotes.
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