The Best and Cheapest Renters Insurance in Lehi,Utah for 2024: Rankings, Reviews and Rates

The Cheapest and Best Renters Insurance in Lehi,Utah

Since companies offer the same coverages, renters should consider the cost of renters insurance in Lehi,Utah when choosing a policy. Keep in mind that comparing quotes is essential to find the best option for your needs.

CheapInsuranced found that the cheapest renters insurance in Lehi,Utah is with:

• USAA: $74 per year (only available to military members and their families)
• State Farm: $101 per year

USAA policyholders get great value for their money since all renters insurance policies reimburse items at replacement cost. Plus, policies cover flood and earthquake damage.

The sample policy in this guide has $20,000 in personal property coverage, $100,000 in liability coverage, and a deductible of $500. Review the table below to see how prices can change when you adjust your personal property coverage limit.

AVERAGE ANNUAL RATES FOR PERSONAL PROPERTY INSURANCE

What Renters Insurance Companies Offer the Most Cheapest Coverage in Lehi,Utah?

CheapInsuranced assessed and ranked the most budget-friendly renters insurance companies in Lehi,Utah, and the results point to the top contenders:

Cheapest Option: USAA (exclusive to active/retired military and their families) Runner-Up: State Farm

Utilizing a distinctive rating methodology encompassing affordability, J.D. Power's customer satisfaction scores, and AM Best's financial stability ratings, CheapInsuranced identified these companies. Notably, these top providers extend coverage options that may be rare among other market competitors.

Overview of Rankings:

1. USAA
   • Score: 100
     • Affordability: 5/5
     • User Satisfaction: 5/5
     • Financial Stability: 5/5

Quick Take: USAA secured perfect scores in all categories, solidifying its position as CheapInsuranced's premier choice in Lehi,Utah. Offering competitive rates nationwide, USAA's renters insurance is exclusively available to current and former military members and their families. Noteworthy features include coverage for earthquakes and flood damage, with additional discounts for active military personnel and continued coverage during overseas deployment.

More About USAA: USAA stands out for providing renters insurance policies inclusive of protection against earthquakes and flood damage. Military personnel currently in service are eligible for extra discounts, and coverage is maintained even during overseas deployment.

2. State Farm
   • Score: 87
     • Affordability: 4.3/5
     • User Satisfaction: 4.1/5
     • Financial Stability: 5/5

Quick Take: State Farm emerges as an excellent choice for non-military renters in Lehi,Utah, garnering high ratings for affordability and customer service. State Farm distinguishes itself by offering add-on inflation coverage, a feature that sets it apart.

More About State Farm: State Farm consistently provides affordable options nationwide. It simplifies the process of increasing coverage limits for valuable items, such as jewelry, during the quoting phase. Additionally, State Farm offers the rare benefit of inflation coverage, automatically increasing the personal property coverage limit over time.

Average Cost of Renters Insurance in Lehi,Utah for 2023:

• Lehi,Utah: $122
• U.S.: $159

Renters insurance in Lehi,Utah proves to be 23.0% more economical than the national average, with an annual cost of $122 or $10 per month. This cost is notably $37 less than the U.S. average of $159 per year.

Benefits of Renters Insurance in Lehi,Utah

Renters insurance in Lehi,Utah provides valuable protection for tenants, offering numerous benefits that extend beyond mere coverage. Understanding these advantages can help renters make informed decisions about securing the right policy for their needs. Here are the key benefits of renters insurance in Lehi,Utah:

1. Protection for Personal Property:

Renters insurance safeguards your personal belongings, including furniture, electronics, clothing, and more. In Lehi,Utah, where property crime rates exist, having coverage is crucial to recover the costs of stolen or damaged items.

2. Additional Living Expenses Coverage:

If your rented dwelling becomes uninhabitable due to a covered peril, renters insurance covers additional living expenses. This means the policy helps pay for temporary accommodation, meals, and other essential costs, ensuring you're not financially burdened during a crisis.

3. Personal Liability Coverage:

Renters insurance includes personal liability coverage, offering financial protection in the event you're responsible for accidental damage to someone else's property or if someone is injured on your rented premises. It covers legal expenses and court fees, providing peace of mind in potential liability situations.

4. Medical Payments Coverage:

In case of injuries sustained on your rented property, regardless of fault, renters insurance includes medical payments coverage. This covers medical expenses for the injured party, reducing the likelihood of legal disputes.

5. Protection Against Specific Events:

Renters insurance in Lehi,Utah typically covers various perils, including fire, theft, vandalism, and plumbing issues. Given the occasional risks associated with natural disasters and accidents, having comprehensive coverage ensures you're financially prepared for unforeseen circumstances.

6. Affordable Financial Security:

Renters insurance is relatively affordable, with policies tailored to fit different budgets. For an average cost of $122 per year in Lehi,Utah, tenants gain substantial financial security, ensuring they don't face significant financial setbacks in the event of covered incidents.

7. Compliance with Lease Agreements:

Many landlords in Lehi,Utah may require tenants to have renters insurance as a condition of the lease agreement. Securing coverage ensures you comply with these requirements, preventing any lease violations that could lead to eviction.

8. Peace of Mind:

Knowing that your personal property is protected, and you have coverage for unforeseen events, brings peace of mind. Renters insurance allows you to enjoy your rented space without constant worry about potential financial losses.

9. Flexibility and Customization:

Renters insurance policies in Lehi,Utah are flexible, allowing you to customize coverage based on your specific needs. Whether you have high-value items or unique requirements, you can tailor your policy accordingly.

10. Ease of Replacement for Lost Items:

In the unfortunate event of theft or total loss of personal belongings, renters insurance ensures a smoother recovery process by providing funds to replace lost items. This ease of replacement helps tenants recover more quickly after a covered incident.

Renters insurance in Lehi,Utah is a practical and cost-effective way to safeguard your belongings and ensure financial stability in unexpected situations. Whether it's complying with lease agreements or protecting against specific perils, the benefits extend far beyond the policy premium.

Several factors contribute to the computation of renters insurance costs, and being aware of these elements is crucial for making an informed decision. Here are the primary aspects that significantly impact the expenses associated with renters insurance:

1. Personal Property Coverage Amount: The foremost determinant affecting renters insurance costs in Lehi,Utah is the coverage amount you choose. Generally, opting for higher coverage translates to a higher premium.
2. Location: Your geographical location is a pivotal factor in determining insurance costs. Renters situated in neighborhoods with a history of property theft or susceptibility to severe weather events may face increased coverage expenses.
3. Deductible: The deductible amount you select influences your out-of-pocket expenses when filing a claim for item replacement. Opting for a higher deductible often results in a lower premium.
4. ACV vs. RCV: Insurance reimbursement can follow either actual cash value (ACV) or replacement cost value (RCV). ACV considers the depreciated value of your used items, while RCV covers the equivalent cost of a new item of similar kind and quality.
5. Liability Coverage Amount: While your liability coverage amount has a marginal impact on your premium, standard renters policies typically include $100,000 in liability coverage. Additional coverage can be added at a nominal cost per year.

Determining the Appropriate Level of Renters Insurance

Understanding Renters Insurance in Lehi,Utah While renters insurance is not obligatory in Lehi,Utah, having a policy is a prudent and cost-effective measure to safeguard your possessions from potential theft or damage. Some landlords may even make it a requirement as part of your lease agreement.

Coverage Offered by Renters Insurance in Lehi,Utah Choosing the right coverage is crucial when shopping for renters insurance. Sufficient coverage is vital for financially protecting your personal items, especially in a city like Lehi,Utah, where the property crime rate was 43.91% above the national average in 2019, as per FBI statistics.

Renters insurance in Lehi,Utah typically covers:

1. Personal Property: This includes coverage for damage or theft of personal belongings such as clothing, electronics, and appliances within your residence.

2. Additional Living Expenses: In case your dwelling becomes uninhabitable due to a covered event, your renters insurance policy can cover temporary housing costs up to policy limits.

3. Personal Liability: Renters insurance includes personal liability coverage, protecting you in the event of an accident in your rented property resulting in damages or injuries to others. This coverage often covers legal expenses and court fees.

4. Medical Payments: The policy usually includes medical payments coverage, catering to injuries sustained on your property, irrespective of fault, up to policy limits.

Exclusions in Renters Insurance in Lehi,Utah It's essential to be aware of what renters insurance doesn't cover. Notably, it doesn't cover the physical structure of the building, which is the landlord's responsibility. Moreover, damages caused by floods are generally not covered, requiring additional insurance through the National Flood Insurance Program (NFIP).

Additionally, renters insurance usually excludes coverage for your roommate's possessions, earthquake damage (with most companies), damage to your vehicle, and high-value items like jewelry exceeding your policy limit. Thoroughly reviewing your policy before purchase is recommended to ensure adequate coverage.

Remember, while renters insurance is optional in Lehi,Utah, having a policy is recommended by CheapInsuranced to protect your personal assets, and your landlord may also require you to have coverage.

Renters Insurance in Lehi,Utah Analysis: Methodology CheapInsuranced conducted an extensive analysis of hundreds of renters insurance quotes in Lehi,Utah to assist you in finding affordable options. The best renters insurance rankings were determined using data from J.D. Power, AM Best, and affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.

Frequently Asked Questions About Renters Insurance in Lehi,Utah

1. How much is renters insurance in Lehi,Utah on average? On average, renters insurance in Lehi,Utah costs $122 per year or $10 per month.

2. What is the cheapest renters insurance company in Lehi,Utah? Based on average rates, the most affordable insurers in Lehi,Utah are USAA ($74 per year for eligible military members) and State Farm ($101 per year).

3. What is the best renters insurance company in Lehi,Utah? CheapInsuranced identifies USAA (for military families) and State Farm (for non-military members) as the best renters insurance companies in Lehi,Utah.

4. Do I need renters insurance in Lehi,Utah? Renters insurance in Lehi,Utah is optional. However, CheapInsuranced recommends getting a policy to protect your personal assets, and your landlord may require you to have coverage.

5. What does renters insurance in Lehi,Utah cover? Renters insurance typically covers personal property, additional living expenses, personal liability, and medical payments. It protects against events like theft, fire, and plumbing issues.

6. What is not covered by renters insurance in Lehi,Utah? Renters insurance doesn't cover the physical structure of the building, damage caused by floods (requires separate flood insurance), earthquake damage (with most companies), your roommate's possessions, damage to your car, and high-value items exceeding your policy limit.

7. How can renters insurance benefit me in Lehi,Utah? Renters insurance in Lehi,Utah offers financial protection for your personal belongings, covers living expenses if your dwelling becomes uninhabitable, provides liability coverage for accidents, and includes medical payments coverage for injuries sustained on your property.

8. Is renters insurance required by law in Lehi,Utah? No, renters insurance is not mandatory by law in Lehi,Utah. However, it is a recommended and cost-effective way to safeguard your belongings and meet potential lease requirements set by landlords.

9. How was the analysis of renters insurance conducted in Lehi,Utah? CheapInsuranced conducted a comprehensive analysis of hundreds of renters insurance quotes in Lehi,Utah. Rankings were determined based on data from J.D. Power, AM Best, and affordability metrics derived from a thorough analysis of quotes provided by Quadrant.

10. Are there specific considerations for military members in Lehi,Utah? Yes, military members in Lehi,Utah may find USAA to be a particularly affordable and beneficial option for renters insurance, tailored to their specific needs.

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• About AARP Renters Insurance

• Renters Insurance Basics

• If you’re renting the place where you live, have you ever stopped to think about how much items like clothing, furniture, housewares and electronics would cost to replace? The cost would add up quickly. With the right type of coverage in place, you would be protected from paying this expense personally. AARP renters insurance is an affordable, comprehensive plan that can give you peace of mind.

• About AARP Itself

• AARP is a non-profit organization that is dedicated to helping people aged 50 and older “choose how they live as they age.” It was founded in 1958 by Ethel Percy Andrus, a retired teacher from California. Formerly known as the “American Association of Retired Persons,” this group is involved in advocacy for issues that matter to people over the age of 50, community service, research and global outreach.

• Don’t let the name of the organization fool you: AARP memberships aren’t solely for retired people. About 12.6 million of AARP’s 38 million members work either full- or part-time. Your employment status is never a factor in determining whether you can join the organization.

• The organization offers a number of benefits to its members from third-party companies. Each one of these benefits is selected with great care in order to offer AARP members an advantage in their everyday life, while saving them some money.

• What is Renters Insurance?

• Renters insurance is a type of property insurance coverage. As the name implies, it is offered to people who are renting or subletting their home. This type of coverage isn’t just available to apartment dwellers; you can also buy renters insurance if you live in one of the following types of rental accommodation:

• The policy protects your personal property (clothing, furniture, small appliances, electronics, household goods, etc.) from losses due to fire, water, theft, etc. You may not think that you will need protection from water damage if you live in a high-rise apartment.

• Think about the consequences in a situation where a tenant had water damage from a leak that dripped down into your unit, damaging your clothes and electronics. If a fire occurred in the building, the fire department would use a large amount of water to deal with it, which could damage some of your personal items. This coverage would pay out so that you wouldn’t be responsible for the cost of replacing these items personally.

• A renters insurance policy also protects you if someone is injured while visiting your rental unit and needs medical care. The insurance pays for the injured person’s medical expenses (up to the policy limits), instead of you being responsible for paying for them yourself.

• This type of policy may also provide coverage for additional living expenses. This part of the policy comes into play if your home is rendered uninhabitable

• Why Renters Need Insurance

• Some renters assume that their personal belongings are covered under their landlord’s insurance policy and they don’t need to buy their own coverage when they move into a rental unit. This is not true.

• The landlord’s insurance policy usually covers damage to the structure of the building only. A tenant’s personal belongings aren’t covered for fire or flood damage. The tenant would have to pay to replace them.

• Actual Cash Value Coverage

• Actual cash value coverage pays out based on the value of your personal property at the time you make your claim. You wouldn’t expect to get the same amount of money for used furniture, electronics and clothing as you would for new items, since they have lost some of their value in the time you’ve owned them due to depreciation and normal wear and tear.

• To determine the actual cash value of an item that will be replaced for insurance purposes, the company subtracts the amount of depreciation from the replacement cost. To determine the amount used for depreciation, the insurance company designates the expected lifetime for an item. It then determines how much (as a percentage) of that lifetime is left as of the date of the claim. The percentage, multiplied by replacement cost, equals the actual cash value.

• The formula for determining the actual cash value of personal items would look like this:

• Expected Lifetime (determined by the insurer) x Percentage of Lifetime Remaining = Depreciation

• Replacement Cost - Depreciation = Actual Cash Value

• Why would someone choose this type of renters insurance coverage? It’s generally more economical than a policy that covers the policyholder for the replacement cost value of their belongings.

• Full Replacement Cost Coverage

• In a situation where your personal property is destroyed or stolen, the insurance company must replace it with the same or a similar item. The insurer will not deduct any amount for depreciation.

• This option will cost more than an actual cash value policy. However, it will provide you with enough financial protection to buy new items to replace everything in your rental home or unit at current prices.

• How Much Coverage to Buy

• Before you can decide how much renters insurance coverage to buy, you need to know exactly how much personal property you have that needs to be insured. To make an accurate record, you can go from room to room in your rented home and make a list of all the items that you own. Another option is to take pictures of your belongings, including the make and model, as appropriate.

• You’ll want to spend some time determining how much it would cost to replace everything you currently own. You don’t have to come up with an exact figure. In some instances, the exact model of an item you currently own won’t be available. You’ll need to find something with similar features that you can use for comparison purposes.

• How to Buy AARP Renters Insurance

• The first step in buying AARP renters insurance is to become a member of AARP. You visit the AARP website to join. As of April 2019, the cost of a one-year membership is $16. (Special offers may be available for multi-year terms.) Once you sign up for an AARP membership, it renews automatically on the anniversary date.

• Once you are an AARP member, you can access the advantages that come with membership in the organization, including being able to buy AARP renters insurance. This financial product is sold by The Hartford. This company has been in business since 1810 and has its company headquarters in Hartford, Connecticut. It sells insurance products through an extensive network of independent brokers and agents.

• The Hartford has been the only nationally authorized direct home and auto insurance program for AARP’s members for over 30 years. In this capacity, the company serves close to 38 million clients.

• If you are looking for the best rates on renters insurance, you can often save money by bundling your home and auto insurance with the same company. The Hartford also offers auto insurance coverage to AARP members.

• Before making a final decision about your renter's insurance, it’s a good idea to get quotes from more than one insurance provider. Make sure that you are comparing similar levels of coverage so that you are making a fair comparison before you make your choice about where to buy your renter's insurance policy.

• References

• Writer Bio

• Jodee Redmond is a freelance writer, blogger and editor who has been working full-time for over 15 years. She is a graduate of Centennial College and has worked as a tax consultant and a legal assistant. Her previous experience and boundless curiosity is a distinct advantage when writing about such varied topics as income tax, insurance, commercial property, business, construction, addiction, freelance writing and more.