Getting The Best Renters Insurance in Ogden
Many renters in Utah are under the impression that the landlords’ insurance policy covers their belongings. Unfortunately, this is not true in most cases.
Your landlord’s insurance policy only covers the building, which doesn’t include your personal property, and also doesn’t cover any accidental injuries that can occur while someone is in your dwelling.
This is where renters insurance comes in.
In this article, you can learn all about renters insurance in Ogden, Utah. We’ll cover what is renters insurance, what it covers, and so much more.
What Is Renters Insurance?
So, what is Utah renters insurance? Renters insurance protects your personal property in your rented apartment, condo, or house from unexpected circumstances such as vandalism, theft, fire and smoke damage, or sewer backup damage. This insurance policy will pay for your lost or damaged possessions and even cover a part of the property damage.
Renters insurance is very similar to homeowners insurance. However, it doesn’t provide any coverage for the dwelling itself or other structures.
How Does Renters Insurance in Ogden, Utah Work?
If you experience a covered loss in your renter property, renters insurance will help you cover any associated costs. The amount the policy will cover depends on the loss that occurred and the amount of liability coverage you have.
A typical renters insurance policies come with two types of coverages:
- Actual cash value coverage – which reimburses you for the value of your personal property at the time of the damage or loss.
- Replacement cost coverage – which covers the cost it takes to replace the personal property that got lost or damaged.
What Does Utah Renters Insurance Cover?
In most cases, renters insurance provides four types of financial coverages:
- Personal property damage – If your property gets damaged, your renters’ insurance in Utah will cover the cost of the damage up to the policy’s limits. This doesn’t mean the policy will cover any damage that might behold your personal belongings. The causes of damage are specifically named in your policy, such as theft, vandalism, fire, wind, etc.
- Personal liability protection – If someone gets injured on your property or damages it and you’re blamed for it, your renters’ insurance policy will cover liability costs. This includes legal costs. Standard coverage for this type of case is up to $100.000.
- Additional living expenses – if the property you rent becomes inhabitable as a result of a covered peril, Utah renters insurance will pay for your living expenses above and beyond your normal living expenses.
- Medical payments – If a guest gets accidentally injured while staying at your rented dwelling, Utah renters insurance will cover medical expenses up to a certain limit.
As you can see, with renters insurance, you get pretty good peace of mind since it provides you with substantial financial protection in case of unexpected events.
What Renters Insurance Doesn’t Cover?
As it’s the case with most insurance policies, renters’ insurance policies won’t protect you from all risks. For instance,
For instance, property damage caused by a flood won’t be covered, and there’s no liability coverage for injuries caused by dangerous dog breeds.
Moreover, you might also get coverage limits for high-value items such as collectibles and jewelry.
Renters’ insurance will rarely cover any damage to your personal property for specific events such as earthquakes, riots, or pest infestations.
Another thing you should note is that these policies’ property coverage limits don’t apply equally to all high-value items. For example, if you have $20.000 of jewelry and your total possessions are worth $30.000, your coverage might be insufficient. Most standard renters insurance policies only cover up to $2000 of jewelry.
What Affects The Renters’ Insurance Premium?
The US Department of Insurance has regulations in place that regulate what factors can be used to determine the renters’ insurance premiums.
Most often, your age, location, and the amount of coverage you’re seeking are the most critical factors for your renter’s insurance premium.
Some states also require insurance companies to take into account your credit score.
Are There Any Factors That Can Discount The
Most insurance companies offer various discounts on renters’ insurance, similar to auto insurance.
For instance, if you buy both auto and renters’ insurance from the same insurance company, you will probably get a discount on auto insurance.
If your home is secure, you may also qualify for a discount. This means your house needs to have fire extinguishers, security alarms, and cameras. In most cases, you can get around a 5% discount if your home is secure.
In most cases, older people pay less for renters insurance than younger people. So, if you’re in your twenties and are shopping for a renter’s insurance, you will probably pay more. Your renters’ insurance premium will go down as you get older.
Another way you can get a discount is if you have a good credit score. If your credit score is higher than 700, you will probably get a good rate on your renters’ insurance in Utah.
Do I Need Renters Insurance in Utah?
Currently, there are no states that require you have renter’s insurance. But, just because there’s no law requiring it, that doesn’t mean it’s a good idea not to have one. Renter’s insurance will protect your belongings from certain types of damage and theft.
What Renters Insurance Coverages Can You Get in
Whether you’re living in a rented condo, house, or apartment, renter’s insurance in Utah can give you the financial protection you need.
Below is a detailed list of what coverages you can get.
Renters’ Personal Property Protection
Since your stuff makes your rental property a home, personal property coverage will help you with costs involving replacing the things that get damaged by fire, theft, or a covered water damage event.
Renters’ Personal Liability Coverage
Accidents can happen at any time. That’s why they’re called accidents. If someone gets injured while in your rental or damages the building, the insurance company will help you pay for any property damage, medical, and court costs.
In case your rental becomes uninhabitable due to a loss covered by the policy, the insurance company will help you pay for living expenses. This includes food and living expenses if you have to live and eat out in rent a hotel room.
Identity Theft Protection
There are some renter policies that also provide identity theft protection. This coverage will greatly help you if someone steals your identity and messes up your credit score.
Some renter’s insurance policies can also cover your pets. This will greatly help you if your pet gets hurt and needs immediate veterinary attention.
If you’re willing to pay a bit extra for the premium, you can also include travel protection in your renters’ insurance policy. Travel protection will provide you with several coverages, such as trip cancellation and medical insurance. Moreover, it also provides coverage in case of theft while you’re away on your travels.
Diminishing Deductible For Renters Insurance Policies
Most insurance companies offer diminishing deductibles. What this means is when purchasing a policy, you can select a deductible (usually $1000) you’ll pay out of pocket before the insurance comes in and covers the rest of repair and replacement costs if you file a claim.