Whether you rent an apartment in Salt Lake City, or you lease a townhome in St. George, Utah offers many great communities for tenants. Unfortunately, many renters do not realize that their landlord's insurance policy does not cover their belongings in the event of a disaster until it's too late and the damage is already done. Only a comprehensive renters insurance policy can fully protect the things you cherish. Before you search for renters insurance quotes, however, there are several factors to consider.
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How Renters Fare in Utah
According to census data:
- The average renter owns $30,000 worth of personal property.
- The average tenant in Utah pays $850 per month for rent.
- Nearly 10 percent of Utah residents rent their apartment, townhome or condo.
- Apartments and townhomes that share walls with neighbors are at higher risk of fire damage than single-family dwellings.
- Renters experience property crimes at higher rates than homeowners.
Why is Renters Insurance Important?
While your landlord or condo association has its own insurance policies, these generally only cover the structure in which your unit is located, along with the plumbing, heating and electrical systems. Should a pipe burst in the ceiling of your unit and destroy your belongings, the landlord's insurance policy may not cover your losses.
Additionally, should a guest or delivery person be injured while in your apartment or townhome, you could be sued to pay for any damages or medical treatment. Only a renters insurance policy can help protect your assets and income from being subjected to a high dollar civil suit. You've worked hard to acquire the things you cherish. Protect them and your finances with a renters insurance policy.
What Does Renters Insurance Cover?
Most Utah insurance companies will give you a few options from which to choose when you build your renters insurance policy, including:
- Liability coverage: This option can help protect you and your finances from lawsuits, up to the limit you set -- typically $100,000.
- Personal property coverage: Sometimes called contents coverage, this option protects you and can help pay for repairs to or replacement of your belongings due to fire, severe weather events, theft or vandalism.
- Additional riders: These optional coverage features can help cover things like ATVs, snowmobiles, or expensive art or jewelry collections you may own.
What Will My Renters Insurance Quote Look Like?
You may be surprised to learn how affordable renters insurance is for most Utah residents. Insurance companies will need information from you to determine a quote for your renters insurance premium. Most Utah insurance providers take the following into account when calculating your quote:
- How much contents coverage you need: Someone with $10,000 worth of belongings will see a lower quote than someone needing to cover $30,000 worth of personal property.
- Where you live: Neighborhoods that experience a high rate of property crimes will receive higher quotes than low-crime areas.
- The deductible you choose: A higher deductible will yield lower quotes, but be sure the deductible you choose is one you can comfortably afford to pay, should you need to file a claim.
Most Utah residents can find renters insurance quotes for around $100 to $300 per year.
Where Can I Find Renters Insurance?
The last thing you want to worry about as you lead your family and pets to safety is if you can afford to replace everything you own. Only a renters insurance policy can give you that peace of mind. Knowledgeable, independent insurance agents in our network are always available to answer questions, suggest coverage options, and even assist you in filing a claim. These agents have years of experience working with Utah insurance companies, enabling them to find you a number of quotes with the best coverage options at the most affordable rates.
Contact an agent near you to find out how you can obtain a renters insurance policy that meets your needs and budget.