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Landlords understand all about insurance to protect their investments. However, did you know that tenants should have renters insurance? It covers their personal property after covered events and does much more.
Today, you will learn about renters insurance and its benefits to you as the landlord. Let's get started!
What Is Utah Renters Insurance?
Renters insurance pretty much covers all of the tenant's personal property, such as TVs, electronics, computers, clothing, furniture, and bikes. It works inside and outside the rental after covered losses.
Overall, renters insurance is a great thing for tenants to have, though they probably won't buy it without being required to do so.
Average Cost of Renters Insurance in Utah Per Year
The average cost of renters insurance runs about $15 per month or $180 per year for $35,000 in coverage.
It's important for tenants to note that renters insurance rates can be higher or lower depending on many factors, such as more coverage, deductible amounts, and property location.
How Much Does Utah Renters Insurance Cost (Based on Popular Cities)?
According to ValuePenguin, renters insurance prices are different based on the city. Here are a few popular ones to consider:
- Salt Lake City - $169/year
- Provo - $152/year
- Eagle Mountain - $196/year
Is Renters Insurance Required in Utah?
State law doesn't require tenants to have renters insurance policies in place. However, landlords can mandate it in the lease agreement. It's important to demand renters insurance and proof of the policy before letting them sign or move in.
What Do Renters Insurance Policies Cover in Utah?
Renters insurance will cover many situations, including:
Personal Property Coverage
Personal property coverage is the protection tenants need from accidents related to wind, water, smoke, fire, vandalism, and other things.
Loss of Use
After the damage is done, tenants might need to relocate so you can make repairs. Renters insurance offers additional living expenses for hotels, parking, food, and other things.
Personal Liability Protection
Liability is there for the tenant's protection. If someone is hurt or experiences property damage, the renters insurance provider will pay for medical expenses, repairs, and legal fees.
What Does Renters Insurance in Utah NOT Cover?
Renters insurance in Utah might not cover:
- Damages over the tenant's listed coverage limits
- Damage from non-covered events, such as floods and earthquakes (must buy separate policies)
- Damage or loss of high-value items, such as artwork and jewelry
How to Choose the Right Policy
Help tenants get the best renters insurance policies with these tips:
- Low prices with enough coverage to handle a full loss
- Excellent customer satisfaction reviews
- Plenty of discounts to save money
- Enough coverage to meet their needs
- Technology, including a website and mobile app to prioritize claims and quotes
Available Discounts in Utah
Every insurer offers discounts, but they will vary based on the company. Therefore, tenants should check with each brand before they buy to ensure they can see maximum savings based on their needs.
The top discounts include:
- Pay-in-full discount
- Secured community discount
- Early shopper discount
- Smoke-free discount
- Welcome discounts
- Protective device discount
- Loyalty discount
- Multipolicy discounts
- Autopay discounts
- Claims-free discount
- Electronic documents discount
How Does a Renters Insurance Policy Protect the Landlord or Property Manager?
You can require tenants to carry renters insurance while they live on the premises. However, why is that important to you? Here are the reasons to ensure tenants have it:
- Protects the tenant's personal property
- Helps you find reliable and trustworthy tenants
- Ensures that you can allow pets (if the policy covers pet-related damage)
- Covers the tenant's relocation costs after an event
- Protects you from liability
- Lowers your lawsuit risk after an event
Top 5 Best Cheapest Renters Insurance Companies in Utah
Helping tenants find the best cheap renters insurance is essential to protect yourself and them. Here are the top picks:
1. Farmers
If tenants are focused on low rates, Farmers might be the top renters insurance company to consider. It has many discounts available, but the rates are already affordable.
Those who have few belongings can also lower coverage limits, which will keep rates low. However, it's wise to buy enough coverage to protect everything in the rental.
2. Nationwide
Nationwide is a great choice for renters insurance because it combines excellent coverage options, customer service, and affordable prices.
Overall, Nationwide has many coverage options. You'll get valuable items, replacement cost, and identity theft coverage, which most companies don't offer. The National Association of Insurance Commissioners says that it has great customer service, though it has received some complaints in the past.
3. Amica
If tenants want to pay more for customer satisfaction, they might like Amica. It costs about $20 per month, which is more than other brands. Likewise, it doesn't have many coverage options, so it might not be ideal if tenants need more comprehensive features.
Overall, those who focus on customer service will like Amica. The National Association of Insurance Commissioners has received fewer complaints about this brand than others, making it a great solution.
4. American Family Insurance
American Family Insurance has many coverage options and also includes pet damage liability. Likewise, it's available in Utah and offers seven discounts. The generational one is great because those 18 to 30 will save money.
5. State Farm
State Farm has been around for many years and offers common coverage options tenants should expect. However, there are unique features, such as earthquake and identity theft protection.
What Is DoorLoop?
DoorLoop is a property management software solution for all types of landlords, including those with mixed-use portfolios. With it, you can collect rent online, manage rental portfolios, manage maintenance requests, offer an online tenant portal, and receive a free website for applications and marketing new vacancies.
Are you ready to see how DoorLoop can help you? Learn more and schedule a demo today!
Why Work with DoorLoop
With DoorLoop, you can require tenants to buy a renters insurance policy. They can submit their own with ease. However, it's also possible for them to apply on the application or in the portal. It's all powered by SURE/Lemonade, depending on the state. Learn more about it today!
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