Salt Lake City has it all: it’s bordered by both the heavily buoyant Great Salt Lake and the snow-capped Rocky Mountains, and it has a thriving punk rock scene. But the city that Brigham Young built has so much more to offer, making it a popular spot for people to move to and rent in, as 52% of the city’s occupied dwellings are rented rather than owned.^ If you do rent in Salt Lake City, you may want to consider purchasing renters insurance.
Yes, renters insurance ensures that your personal belongings are protected, but it also protects your bank account if someone is injured in your home and sues you or requires you to pay his or her medical expenses. There are countless reasons you should consider renters insurance if you live in Salt Lake City, from rate affordability to the high risk of break-ins. Read on to learn more about why renters insurance makes sense for Salt Lake City residents.
Best renters insurance in Salt Lake City
Insurance Company | Monthly Cost - $500 Deductible | Monthly Cost - $1,000 Deductible |
|---|---|---|
State Farm | $9.75 | $9.58 |
Allstate | $15.00 | $15.00 |
Travelers | $17.00 | $16.00 |
Stillwater | $12.50 | $12.50 |
Lemonade† | N/A | N/A |
† Not available in Salt Lake City Methodology: We pulled renters insurance quotes online from five of the most popular insurance companies: State Farm, Lemonade, Allstate, Travelers and Stillwater. Quotes were for policies with $500 and $1,000 deductibles for a 30-year-old male apartment renter. We deferred to the most comparable coverage amounts when identical policies were unavailable.
Coverage type | State Farm | Allstate | Travelers | Stillwater | Lemonade |
|---|---|---|---|---|---|
Property Coverage | $20,000.00 | $20,000 | $30,000 | $20,000 | N/A |
Liability Coverage | $100,000.00 | $100,000 | $100,000 | $100,000 | N/A |
Medical payments to others | $1,000.00 | $1,000 | $1,000 | $2,000 | N/A |
† Not available in Salt Lake City
Understanding renters insurance quotes
Renters insurance is about far more than just protecting your personal property. Here’s a rundown of the components you should look for in a policy when comparing renters insurance rates.
Property coverage: reimbursement for lost, stolen, or damaged property.
Liability coverage: covers legal expenses in the event that someone is injured in your residence and they sue you.
Loss of use: covers temporary living expenses if your residence becomes uninhabitable.
Medical payments to others: covers medical costs in the event someone is injured in your residence and requires medical treatment.
We’ve got a full explainer of what renters insurance covers here.
Is renters insurance legally required in Salt Lake City?
While renters insurance is not legally required in Salt Lake City or the state of Utah, some landlords or management companies may require renters insurance as a condition for signing the lease. When applying for a residence, always be sure to double-check with the broker or landlord about renters insurance before signing.
It's also worth remembering that although renters insurance may not be legally required, it may save you a legal headache at the end of the day. Having liability coverage alone is reason enough for you to think about purchasing renters insurance.
Reasons to buy renters insurance in Salt Lake City
Renters insurance is among some of the most affordable insurance types to buy, and considering your most cherished personal belongings are typically stored in your residence or storage units, it should be a no-brainer in any city.
In 2016, Salt Lake experienced 12,774 instances of theft and 1,802 instances of burglary; and a per-capita rate that ranks up there with the highest theft and burglarized cities in the country. If those statistics hold up, it's especially important that you look into adding coverage for your stuff. For as low as $10 per month, you can protect your most expensive and cherished personal belongings, and your coverage protects your stuff anywhere in the world. If your car gets broken into in your gym parking lot and your wallet and GPS get stolen, car insurance won’t provide coverage for your stolen items, but renters insurance has you covered.†
Crime statistics for Salt Lake City, 2016
-- | Salt Lake City incidents | Salt Lake City rate* | Nationwide incidents | Nationwide rate* |
|---|---|---|---|---|
Larceny | 12,774 | 6,593.24 | 5,638,455 | 1744.96 |
Burglary | 1,802 | 930.09 | 1,515,096 | 468.88 |
Arson | 39 | 20.13 | 43,119 | 13.34 |
-- | *per 100,000 people |
While not everyone lives in the far reaches of Salt Lake City at the base of a mountain, city residents are still susceptible to avalanche-like snowfall. In fact, SLC receives an average of 47 inches of snowfall each year.‡ Renters insurance will cover your personal belongings if that snow on your roof causes it to fall through, or if the cold temperatures cause your pipes to freeze and burst.
Did you know that renters insurance covers avalanches? This is because avalanches are technically considered a “weight of snow or ice peril” rather than an earth-moving peril (like mudslides and earthquakes, which are not covered).
Renters insurance covers a good chunk of weather-related perils, but doesn’t cover flooding or earthquakes; those perils require their own separate insurance.
Helpful resources
Salt Lake City residents looking for more information on renters rights and resources should check out the following:
The Renter Toolkit: Everything you need to know as a renter in Salt Lake City, from applying for housing to resolving disputes to basic tenant resources.
Salt Lake County Housing and Rental Assistance: Provides financial assistance, tenant resources, and affordable housing priorities for Salt Lake residents.
Utah Legal Service: Legal resources for Utah tenants
Housing Authority of the County of Salt Lake: Nonprofit that provides and develops quality housing opportunities for individuals and families in Salt Lake
† FBI CDE
