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CheapRenters InsuranceUtahThe Best and Cheapest Renters Insurance Companies in Utah for 2023: Rankings, Reviews and Rates
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CheapRenters InsuranceUtahThe Cheapest Renters Insurance in Utah
Cheap Renters Insurance Companies in Utah
Price is one of the most important factors when choosing the best renters insurance in Utah. Based on the average premium, the two cheapest options in the state are Allstate and MetLife. On average, an Allstate policy costs $79 per year or $7 monthly. A similar policy from MetLife costs $102 annually or $8 per month.
These average annual and monthly premiums for renters insurance in Utah were calculated using different ZIP codes throughout the state for a policy with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in Utah
The best renters companies are Allstate, State Farm, American Family, Farmers and USAA — with Allstate taking the top spot for the best renters insurance in Utah.
According to our analysis, these companies scored the highest for affordability, financial stability and customer satisfaction. MoneyGeek also considered its online services, coverage policies, discounts and availability in other states.
Although these companies may not be the cheapest in Utah, they offer the best balance for affordability and quality service. This may help you save money and reduce stress if you need to file a claim.
1
Allstate
Score:97
MoneyGeek’s top company for renters insurance in Utah is Allstate. It has a perfect score for affordability and ranks second in financial stability and third in customer satisfaction. Allstate offers personal injury coverage to help you with future liability claims.
More About Allstate
Allstate is available in all states. It can cover identity theft and appraisals on valuable items. More unique policies such as a personal umbrella policy and flood insurance are offered as well. Retirees can also get a discount on their insurance.
Renters can pay their dues online via Allstate’s mobile app and online account portal. You can also get a quote through their online website. Filing a claim is available online but only for desktop users.
Read MoneyGeek's Allstate renters Insurance Review2
State Farm
Score:89
State Farm was ranked as the second best renters insurance provider in Utah. It has a perfect score in financial stability and received the second and fourth highest scores for customer satisfaction and affordability, respectively. Renters can also add an extra level of protection when it comes to personal liability, as State Farm covers personal injury.
More About State Farm
State Farm is available in all states. Aside from personal injury protection, State Farm includes more common coverages such as identity theft and damages from earthquakes.
Renters can get discounts when they get renters and auto insurance policies. Those who live in spaces with protective devices can also receive discounted policies.
State Farm has a mobile app that allows you to access their financial services. Their website also lets you get a personalized quote for renters insurance.
Read MoneyGeek's State Farm renters Insurance Review3
American Family
Score:87
American Family ranks third in affordability, financial stability and customer satisfaction. Its policies include a few common coverages and one unique coverage option, Pet Damage Liability Coverage, which covers damages caused by your pets on your property.
More About American Family
American Family is only available in 19 states. Aside from Pet Damage Liability Coverage, this company also offers coverage for jewelry and high-value items below $1,500 in value.
While there aren’t many coverage options, American Family does offer seven discounts to consumers. One of the most unique options is the Generational Discount. If your parents are customers of this company and you’re 18 to 30 years old, you can get a discount on your renters insurance.
Personalized quotes are available on American Family’s website through their calculators. The company also has a mobile app and an online portal that allows you to access your account and pay bills.
Read MoneyGeek's American Family renters Insurance Review4
Farmers
Score:80
Based on MoneyGeek’s research, Farmers ranks fourth in affordability, third in financial stability and fifth in customer satisfaction. Its policies can cover identity theft, loss of valuable items and the replacement of old items with brand new ones.
More About Farmers
Farmers is available in 42 states. It’s not available in Alaska, Delaware, Hawaii, Maine, New Hampshire, Vermont, West Virginia, Rhode Island or Washington, D.C. Renters can only get three coverages, which is less than the average amount of coverages offered by insurers. However, Farmers offers more discounts than other insurance providers, allowing policyholders to save money with their Welcome Discount, Good Payer Discount, Smoke-Free Discount and Occupation Discount.
Personalized quotes are available on their website for prospective policyholders. Renters can pay online or set up autopay. If you’re a desktop user, you can file a claim through your online account. Farmers’ mobile app also helps you check your insurance policies, access your documents, talk to your agent and more.
Read MoneyGeek's Farmers renters Insurance Review5
USAA
Score:76
USAA has a perfect score in customer satisfaction and financial stability. However, it ranks fifth in affordability. USAA insurance is only available to members of the armed forces, veterans and their eligible family members. If you are eligible, you can get a policy that covers explosions, theft and vandalism, among other protections.
More About USAA
USAA is available in all states. Its policies offer protection from virtually all damages in your home, including smoke, flood, riots, tearing, currents and frozen pipes. You can also get a discount for being claims-free, installing security features and bundling renters and auto insurance policies.
Policyholders can file claims and schedule services via the USAA mobile app. When you create an online account, USAA can check if you are eligible to receive their services.
Read MoneyGeek's USAA renters Insurance ReviewMONEYGEEK EXPERT TIP
The cheapest renters insurance policy is not always the best insurance policy. Choosing a policy that fits your budget, but also includes important coverages, may save you money in the long run.
Largest Renters Insurance Companies in Utah
Choosing a company with a large market share can improve your customer service experience. These companies tend to be more financially stable and are able to invest more in their user experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 16.6% |
2. | Farmers | 11.3% |
3. | Allstate | 10.3% |
4. | Bear River | 7.7% |
5. | Liberty Mutual | 6.9% |
Average Cost of Renters Insurance in Utah
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renters insurance is equal to the average.
The average cost of renters insurance in Utah is $107.
The price of renters insurance depends on several factors, but the most important one is the amount of personal property that you own. To help you get an estimate of how much your policy would cost, MoneyGeek has provided a calculator below.
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Total:
MONEYGEEK EXPERT TIP
Browsing and comparing prices help renters save a significant amount of money on their renters insurance. Picking Allstate over USAA can lead to savings of up to $82 per year.
What Factors Impact Renters Insurance Cost in Utah
Various factors influence the cost of renters insurance in Utah. These can include criteria like your ZIP code, deductible and coverage amount. When shopping around for quotes, be sure to keep these things in mind.
Location
Your ZIP code can impact your insurance rates. People living in neighborhoods that have higher rates of property theft or bad weather tend to pay more for insurance.
Coverage Amount
How much coverage you want will influence your premiums. It may help to do a home inventory before getting a quote so you know exactly how much coverage you need.
Deductible
Your deductible is the amount you pay when your insurance company approves your claim. Higher deductibles can help you save on your premium, but you’ll have to pay more out of pocket when you file a claim. Lower deductibles will increase your renters insurance cost, but you’ll pay less if you file a claim.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
Insurance companies pay out your claims on either an actual cash value (ACV) or replacement cost value (RCV) basis. If you choose an ACV policy, you’ll likely have cheaper monthly premiums. However, payouts during a claim will be less since your insurance company will consider the depreciation of your property’s value over time. With an RCV policy, you’ll pay a higher premium, but your insurance will pay you for a new item of similar kind and quality if you file a claim.
Credit Score
Policyholders with lower credit scores are more likely to file a claim. As a result, carriers may charge them higher premiums than those with great credit scores.
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Renters Insurance in Utah: What You Need to Know
Purchasing renters insurance is a low-cost way of protecting your personal property from damage. Having a policy can be helpful if you experience theft, fire or destruction from bad weather.
In Utah, 25.3% of the population are renters and the average rent price is $1,098 per month. For an average consumer with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible policy, the average monthly premium is $9. This is 0.82% of the price of rent.
What Renters Insurance Typically Covers in Utah
It is important to understand what your renters insurance covers and what it does not. While some policies may offer additional protection like identity theft, typical policies cover personal property, additional living expenses, liability insurance and medical payments coverage.
In Utah, personal property coverage protects renters from damages caused by wildfires, lightning and windstorms.
What Renters Insurance Typically Does Not Cover in Utah
It is important to read the fine print before purchasing a policy so you understand what is covered and what is not. Ask your agent to clarify things if you have any questions. Doing this will lessen the chances of your claims being denied.
Renters insurance in Utah protects you from many types of emergencies. However, certain events are not covered. Here are some of the common issues that are typically not included in renters insurance policies.
- EventDescription
Flooding
Renters insurance will protect your property if you have water main damage or a broken pipe. However, it will not cover you in the event of flooding caused by natural disasters. If you want this type of coverage, you can look into a policy from the National Flood Insurance Program (NFIP).
Earthquake Damage
Most renters insurance policies do not cover damage caused by earthquakes. You will need to purchase additional coverage if you’d like this included in your policy.
Structural Damage
While your personal property is protected by renters insurance, damage to your rental’s structure is not. This is your landlord’s responsibility.
Roommate Property
Your renters insurance won’t cover your roommate’s property unless they are named in your plan. If they want coverage, they need to purchase their own policy.
Expensive Items
In most situations, renters insurance in Utah excludes high-end and expensive items. If you want to protect these items, you should consider purchasing an additional rider.
MONEYGEEK EXPERT TIP
Utah’s Insurance Department protects consumers from fraud and other insurance-related problems. This department offers legal resources for fraud investigation and prosecution. They can also check if an insurance company is legal and registered.
In case you’re seeking help, you may contact the Insurance Department through this information:
- Main: (801) 957-9200
- In-State Toll-Free: (800) 439-3805
- Insurance Fraud: (844) 373-0233
- Agent & Licensee Assistance: (801) 957-9240
- Company Licensing Assistance: (801) 957-9252
- Health Insurance Consumer Service: (801) 957-9280
- Property & Casualty Insurance Consumer Service: (801) 957-9305
Their office hours are from 8 a.m. to 5 p.m., Monday to Friday, except on state holidays. You can also contact them online through their official website as it is available 24/7.
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FAQs About Renters Insurance in Utah
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Renters Insurance in Utah Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from six of the top insurance companies in Utah that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Utah. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000; liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
sources
- Utah Insurance Department. "Office & Personnel Information." Accessed March 31, 2022.
- USAA. "Renters insurance - Get a Quote Today." Accessed March 31, 2022.