The Best and Cheapest Renters Insurance in Utah for 2021: Rankings, Reviews and Rates
Renters insurance is a low-cost way to protect your personal property from unexpected damage or loss. MoneyGeek’s research shows that the cheapest renters insurance in Utah costs $7 per month, while the most expensive option costs $13 monthly. Renters who compare quotes can save up to $82 every year. The average cost of renters insurance in Utah is $9 per month.
To help you find the best coverage for your needs, MoneyGeek ranked renters insurance companies in Utah based on affordability, customer service and financial stability.
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:
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Best Renters Insurance Companies in Utah
In addition to cost, policyholders should consider other factors when looking for renters insurance in Utah. For example, the company you choose should be able to offer timely and efficient support.
To find the best renters insurance companies in Utah, MoneyGeek ranked providers based on affordability, customer service scores from J.D. Power and Associates and financial stability ratings from AM Best. Allstate ranked highest with 94.6 points out of 100. MetLife came in second place with a score of 86.8.
More About Allstate
In addition to standard coverage, Allstate gives renters access to additional protection. Policyholders can add flood and personal umbrella insurance at an extra cost.
Utah renters with a security system or multiple policies can get discounts.
Allstate’s photo log tool allows you to keep track of your possessions and determine how much coverage you may need.
More About MetLife
In addition to the standard coverage, identity theft protection is included in every policy.
Utah renters have the option to add specialty packages for luxury items, electronics, sports equipment and more.
MetLife offers 24/7 customer service support by phone.
More About State Farm
Policyholders with State Farm can include customized coverage like identity theft protection, earthquake coverage and more for an extra cost.
Getting a quote only takes a few minutes with the help of State Farm’s online tool.
Discounts are available to customers who bundle policies and have home safety devices.
More About American Family
Utah renters can get standard coverage from American Family. They can also pay extra for identity theft and travel protection.
Customers who bundle policies or have a smart home can qualify for discounts.
It only takes a few seconds to get a quote on the company’s website.
More About Farmers
Farmers is known for offering insurance plans with high-value coverage. Policyholders can customize their insurance to include protection for their electronics or identity theft.
Discounts are available to customers who bundle policies, have a security system or a fire alarm.
You can easily get a quote on their website.
Largest Renters Insurance Companies in Utah
Based on market share data, the five biggest companies in Utah are State Farm with 16.58% of the market share, Farmers (11.34%), Allstate (10.31%), Bear River Mutual (7.66%) and Liberty Mutual (6.93%). Together, these five insurance carriers make up more than 52% of renters insurance policies in Utah.
Choosing to get renters insurance from larger companies offer certain advantages. For example, policyholders can be more confident that a bigger company will be able to pay out legitimate claims since they are more financially stable.
Auto-Owners Insurance Co
Farm Bureau Mutual (IA Group)
Average Cost of Renters Insurance in Utah
renters insurance is equal to the average.
The average cost of renters insurance in Utah is $107 per year, which is $52 less than the national average. This means that Utah renters typically pay $9 monthly, which is $4 less than the national average. These rates are for a policy with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Renters looking for significant savings should shop around and compare renters insurance quotes. For example, an average consumer could save up to $82 annually by choosing Allstate, the cheapest provider in the state, instead of USAA, the most expensive option. This equals about $6 per month in savings.
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.
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
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.
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.
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.
FAQs About Renters Insurance in Utah
Renters insurance is not a state requirement. However, landlords may ask you to purchase a policy as part of your lease agreement.
While renters insurance is not required by law in Utah, it can be a low-cost way to protect your property.
Yes, landlords in Utah can require renters insurance as a condition of your lease.
For an average consumer in Utah with $20,000 in personal property coverage and $100,000 in liability coverage, MoneyGeek found that the average monthly premium is $9.
MoneyGeek’s research shows that Allstate offers the cheapest renters insurance in Utah.
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 the Author
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