Best Utah Renters Insurance 2021

Last modified: August 6, 2021

Looking for the best Utah renters insurance companies? You are in the right place! Here you will find everything you need to know. We included a buyers guide, company reviews, and more. Also, if you are looking for renters insurance with nationwide coverage -make sure to check out our list of best renters insurance companies.

Introduction

There are approximately 300,000 renters in the beehive state, and everyone looks for cheap renters insurance in Utah to protect their valuables. While location plays a vital role in the overall annual cost of insurance, on average it only costs $12.5/per month. However, price alone should not be a metric to decide what is a good renters policy. This article highlights affordable, yet good insurance companies based on coverage options, ratings, customer support, and value for money. Below, we have a guide on how to find good renters insurance in Utah.

 How to choose the best renters insurance in Utah?

The typical online form required to get an inexpensive renters insurance quote doesn’t require much information.  It includes the name of the insured, address of the unit that is rented, phone number and Social Security Number, along with the estimated value of the belongings. You might also be asked more questions, like whether you own a pet, have a roommate, or your rented apartment has all the security measures in place, like smoke detectors, burglar and fire alarms, etc.

What exactly does a renters insurance policy cover? It covers four types of coverages, Property coverage, Liability coverage, Medical Payments, and Loss of Use.

Personal property covers the insured against losses anywhere. Renters insurance can replace or pay for property damaged from fires to theft. If your items are stolen or damaged, the insurance can cover the cost of replacing those items. Even if a laptop is stolen at a library or out of a car, a renters policy could cover and replace the damage suffered.

Liability renters insurance pays for the cost of lawsuits and defense if you or someone in your household is involved in an accident or an incident that causes bodily injury to others or result in property damage. It will also pay for damages you cause to someone else’s property.

Medical Payments coverage pays for the medical expenses if someone is injured in your home. The coverage protects your guest by covering the expanse of any harm caused to them on your property.

The loss of use and additional living expenses renters insurance coverage pays for the expenses you generate while living elsewhere if your home becomes uninhabitable because of a covered event or peril.

The deductible is the amount you pay out of pocket before the insurance kicks in. The higher the deductible, the more you save on premiums. The most common deductible is $500, but by raising that amount to $1,000, there is a good chance that we can lower the premium.

 Best and Cheapest Companies for Renters Insurance in Utah

Allstate

Allstate has a nationwide offering and offers discounts for multi-policy bundles. They are flexible to exclude items that customers don’t want on their policies to cut costs. Allstate has an excellent app for claims and policy management. Some additional coverages include guest medical coverage, identity restoration coverage, and reimbursed living expenses. Great for senior renters as people over 55 can save up to 25% on their premium.

  • JD Power Rating – 2/5
  • A. M. Best Rating – A+
  • BBB Rating – A+
  • Cost per month – Policies start from $15-$20 per month

Pros:

  • Steep discounts. 
  • Dependable network of local agents. 
  • Have additional living expenses covered.

Cons: 

  • Have mixed reviews and average customer satisfaction.

AAA

Renters insurance AAA Utah is most known for the roadside help and auto insurance programs. AAA also offers a full suite of insurance products, including personalized renters insurance. AAA offers additional coverage for valuables, like jewelry, fine art, or musical instruments.

  1. JD Power Rating – 2/5
  2. A.M. Best Rating – A+
  3. BBB Rating – A+
  4. Cost per month – Policies have low rates and start from $5 per month.

Pros:

  • Good for bundling auto and renters.

Cons: 

  • Not suitable for people who only need a renters policy.

MetLife

This insurer provides replacement cost coverage on a renters insurance policy, which is far more affordable than with other insurance companies. They also offer coverage for musical instruments and sports equipment as specialty coverages. Covered events include tornadoes, hail, fire, theft, and vandalism.

  • JD Power Rating – 4/5
  • A. M. Best Rating – A+
  • BBB Rating – A+
  • Cost per month – $14 on average for a per month rate.

Pros: 

  • Included ID protection.

Cons: 

  • Not easily available, and you must get in touch with an agent to get coverage.

Nationwide

Nationwide is among the top providers of home renters insurance in Utah. They offer various discounts, including a discount on multi-policy bundles. You could combine renters insurance, auto insurance, and life insurance policies and get a good discount. The company offers an automatic extension for coverages like silverware, watches, and furs.

  • JD Power Rating – 4/5
  • A. M. Best Rating – A+
  • BBB Rating – A+
  • Cost per month – It starts from $20

Pros:

  • Inflation protection.
  • Stolen card coverage included.
  • Flexible add-on coverage for valuables and collectibles.

Cons:

  • Below average customer satisfaction. 
  • Misleading coverage explanations. 
  • Do not have the lowest rates.

State Farm

Currently, State Farm renters insurance Utah is positioned as the biggest renters insurance provider and best overall company due to its widespread availability, easy quote generation, and the low monthly offered rates with custom made policy options.

  • JD Power Rating – 5/5
  • A. M. Best Rating – A++
  • BBB Rating – A
  • Cost per month – starts as low as $8-$10 per month.

Pros:

  • Instant online quotes.
  • Customizable policies.
  • Multi-policy discounts.
  • No dog breed restrictions.

Cons:

  • Discounts may vary from state to state.

Farmers

Farmers Renters insurance Utah offers a discount for multi-policy bundles. You could combine renters insurance, auto insurance, and life insurance policies from their portfolio. This insurer is an established industry provider with a wide spread of local customer support that offers online quotes and filing claims.

  • JD Power Rating – 4/5
  • A. M. Best Rating – A
  • BBB Rating – A+
  • Cost per month – Coverages start at $8 per month.

Pros: 

  • Inexpensive Basic and Replacement Cost coverage.
  • Highly rated for handling claims.

Cons:

  • No flood or earthquake coverage. 
  • Below average customer ratings. 
  • Processing fees.

USAA

USAA is the best renters coverage for military members and their families. A one-stop-shop financial company founded for military members. Besides, the standard insurance coverage forms also include earthquake and flood coverage as basic coverages. They also offer coverage during a move or relocation, or while driving or storing.

  • JD Power Rating – 5/5
  • A. M. Best Rating – A++
  • BBB Rating – B+
  • Cost per month – As low as $10 per month

Pros:

  • Best for military members and family.

Cons:

  • People that are not in the military do not have access to this company.

Travelers

Travelers insurance is available in all 50 states and all areas, providing a wide variety of coverage options and bundled discounts. They also provide options for protecting luxury items. They offer a user-friendly website with a simple to understand tool for quotes.

  • JD Power Rating – 3/5
  • A. M. Best Rating – A+
  • BBB Rating – A
  • Cost per month – Starting from $12 per month

Pros: 

  • Easy to understand quotes.
  •  Bundled discounts.

Cons:

  • The replacement cost is extra. 
  • You can’t pick your own deductible. 
  • $30,000 is the lowest coverage amount.

 

List of cities and their averages

 

City Average
Salt Lake City $12
West Valley City $12
Provo $11
West Jordan $12
Orem $11

 

Not every city in Utah has equal renters insurance monthly premiums. Prices depend on specific variables, like a disaster-prone area, zip codes, and the number of claims. The table above shows the average cost of renters insurance by the most popular cities in Utah. The $10-$12 per month is the average price all across the state for the minimum renters coverage with the following selected coverages:

  • Personal property coverage: $30,000, 
  • Liability coverage: $100,000, 
  • Medical payments coverage: $1,000, 
  • Deductible: $500, Loss of use: $0.

 

Buyers Guide

How does renters insurance work in Utah? Renters insurance covers the costs if you suffer any covered loss, such as a burglary. The amount of compensation you receive depends on the type of loss and the amount of coverage you have purchased. For example, you can either buy an actual cash value (ACV) or replacement cost (RC) coverage forms for your personal property and possessions. With ACV, possessions are covered, but not at the cost of their initial purchase and depreciation will be considered. RC covers the cost of replacing the lost items in full. Typically, RC coverage form is more expensive.

Is renters insurance required in Utah?

No, but a landlord may require proof of renters insurance before a lease is signed. It is usually a moral decision to buy renters insurance if you have an extended inventory of items, such as jewelry, computers, furniture, art, clothing, etc.  In case your rented living space becomes temporarily uninhabitable, a landlord’s insurance policy won’t pay for your living expenses while the problem is under repair. Renters insurance can cover those expenses.

Does Utah Renters Insurance Move with Me?

If you’re switching locations in the same state, you can update the address on your policy. However, if you’re moving out of state, you might need a new policy per that state’s regulation.

Types of Renters Insurance in Utah.

There are two main types of renters insurance, Broad and Comprehensive. Broad is a commonly purchased policy and covers loss of personal belongings against specific events and perils. Coverage under this form includes damage from fire, lightning, explosion, smoke, vandalism, theft, and water-related damage from property utilities. Comprehensive covers a wider range of events and perils, unless they are specifically excluded in the policy. If you live in an area prone to hurricanes or storms, purchasing a comprehensive policy is a wise choice. Also, expensive items, watches, jewelry, or art collections may require additional coverage.

Pros & Cons

The Pros

The Cons

Final Verdict

What does and doesn’t Renter’s insurance cover in Utah?

Even though add-ons can vary by different renters insurance policies, most have the following coverage: Personal Property, Loss of Use, and Personal Liability. Although a comprehensive renters insurance does not cover everything, including Flood and Earthquake damage, and infestations.

  • Personal Property Coverage: Protects from damage to your personal property against theft, fire, smoke damage, lightning, vandalism, explosion, windstorms, water damage, and other events or perils listed in your policy.
  • Loss of Use Coverage: Covers you for any basic living expenses you must pay out of pocket associated with a loss of use of the rental unit due to events or perils covered in your policy.
  • Personal Liability Coverage: Protects you against lawsuits related to bodily injury or property damage that you or a family member cause to other people.
  • Optional Coverages: Many of the optional coverages depend on what a specific insurance company is offering, and they can include any extended coverage on jewelry, watches, furs and valuables, cameras, antiques, recreational equipment, or even identity theft restoration coverage.

FAQs

What factors impact the Renters Insurance premium?

The most common factors that impact the renters insurance premium are the rental and building location, the value of the insured possessions, on-site security and fire prevention, credit score, and the deductibles.

How much is Renters insurance in Utah?

An average 12-month rate for a renters insurance policy in the state of Utah can average anywhere from $105 to $125, but that depends on multiple factors, including county and city.

What are the renters insurance laws in Utah?

‘What are renters insurance laws?’ and ‘do you have to have renters insurance in Utah?’ are probably the most asked questions online. Although renters insurance is not required in the state, tenants must follow certain renters insurance Utah laws and procedures when entering a renters agreement. They also have certain rights they are entitled to. The full extent and information of the Utah renters and insurance law can be found on the American Apartment Owners Association website.

Is Flood damage and wind damage covered under Renters insurance in Utah?

Renters insurance typically doesn’t cover flood coverage. However, depending on your location and your insurance company, you may purchase overland water protection as an endorsement to your policy. But, if you’re displaced from your home due to a wind damage event, your policy will pay your living expenses up to a certain amount.

Does Utah renters insurance cover liability outside the house?

Liability coverage may protect you from paying out-of-pocket costs if you are found legally responsible for injuries to others. For example, if your kid breaks your neighbor’s window, liability coverage may help cover the costs.

What is Home inventory, and why do you need it?

A home inventory is the only part of the renters insurance buying process that requires work completed by the policyholder. It is the list of everything you own along with valuables, receipts, or appraisals.