Utah Landlord Insurance
Get a complete analysis of Utah landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Utah
If you're one of the many property owners who lease out homes in Utah, it's critical to protect your investment with a landlord insurance policy. Whether you rent out a traditional family home in Salt Lake City, a luxury apartment in Sandy, or a studio flat in St. George, this coverage is necessary to prevent financial losses. Landlord insurance is designed to shield you from various potential hazards so your rental properties can continue to generate a profit.
A Utah independent insurance agent can help you find all the landlord insurance you need. Your agent will help you get matched to the ideal amount of coverage for your unique rental properties. But first, here's a breakdown of Utah landlord insurance requirements and more.
Best Landlord Insurance Companies in Utah
Utah has no shortage of landlord insurance companies. However, when you want to find the best coverage available, it's helpful to have recommendations. Here are a few of our top picks for the best landlord insurance in Utah.
- Progressive: This insurance company sells landlord insurance and many other types of personal insurance and business insurance. Progressive has excellent financial strength ratings and offers numerous discounts and 24/7/365 customer service.
- Foremost Insurance: This insurance company sells landlord insurance and many other types of personal insurance. Foremost has top-notch ratings from both AM Best and the Better Business Bureau (BBB) and offers numerous discounts and 24/7 claims reporting services.
- Stillwater: This insurance company sells landlord insurance and many other types of personal and business insurance. Stillwater has great ratings from both AM Best and the BBB and offers nationwide coverage and 24/7 claims reporting services.
A Utah independent insurance agent can compare landlord insurance quotes from all of these insurance companies and others for you.
What Is Landlord Insurance?
Landlord insurance can be seen as similar to homeowners insurance because it's designed to protect you against losses due to the damage or destruction of your property by vandalism, fire, hail, explosions, and more. Landlord insurance can reimburse you for repairs to your rental property's structures if they get damaged by tenants. Further, landlord insurance provides liability coverage, which can reimburse you for expenses related to tenant, guest, or other third-party lawsuits.
How Is Landlord Insurance Different from Home Insurance?
Parts of business insurance are also found in landlord insurance. Because many landlords depend on the rental income they generate from tenants, their insurance must consider the risk of losing this revenue.
As such, landlord insurance includes loss of income coverage, which can reimburse landlords for periods in which tenants cannot rent from them due to a covered peril like fire damage. This coverage can replace the income they typically would have collected during the time when their rental units were uninhabitable.
Is Landlord Insurance Required in Utah?
You're not required by state law to have landlord insurance in Utah. However, many landlords still choose to get a policy. That's because, without this coverage, landlords are vulnerable to various exposures and associated losses, such as vandalism or lawsuits. If you lack landlord insurance, you could potentially face bankruptcy after just one disaster.
What Landlord Insurance in Utah Can Cover
A Utah landlord insurance policy can be customized according to your needs. Many of the typical coverage options you'll find from most carriers are as follows:
- Other structures coverage: Covers losses related to the damage or destruction of detached structures against the same perils as dwelling coverage.
- Loss of income coverage: Covers lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Liability insurance: Covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: Covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Dwelling coverage: Covers repairs to your rental property's dwelling and attached structures in case fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.
- Optional coverage: Some additional coverage options for landlords to choose from include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
A Utah independent insurance agent can help you build your landlord insurance policy in the way that makes the most sense for your specific operations.
What Landlord Insurance in Utah Will Not Cover
Landlord insurance always comes with a certain set of coverage exclusions. In Utah, landlord insurance is unlikely to cover any of the following:
- Intentional or malicious acts to third parties
- Flood or earthquake damage or destruction
- Routine maintenance costs due to rental property wear and tear
- Loss, theft, damage, or destruction of your personal property
- Water or sewer backup damage or destruction
Keep in mind that you may be able to purchase endorsements to add to your landlord insurance policy. These can include coverage for some or all of the above disasters and losses, such as flood damage or sewer backups.
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Average Cost of Landlord Insurance in Utah
Utah is one of the most affordable states for landlord insurance in the nation. The average cost of landlord insurance in Utah is only $913 annually. Because of its affordability, landlord insurance is more accessible to many landlords in the state. However, keep in mind that the cost of your coverage may vary based on:
- Any potential risk features present at your rental units, such as pools
- Your claims history
- The number of rental units you own
- The age, size, and condition of your rental units
- The exact location of your rental units
Be sure to ask your independent insurance agent about Utah landlord insurance discounts to help reduce your rates even further.
Popular Questions about Utah Landlord Insurance
You're not required by law to have landlord insurance in Utah. Having coverage can help protect you against potentially devastating financial losses in exchange for a relatively cheap premium, though.
Utah landlord insurance covers tenant damage to your rental property's structure. However, landlord insurance doesn't cover tenant damage to your personal property or theirs.
Utah has some of the cheapest landlord insurance rates in the U.S., at an average of just $913 per year or $76.08 per month. That's just one more incentive to get a landlord insurance policy.
We found that Progressive has the best landlord insurance in Utah this year. Progressive offers excellent financial strength, great coverage options, and affordable rates.
Many landlords require their tenants to secure renters insurance before they move in. That's because landlords aren't required to cover their renters' property and landlord insurance does not include any protection for it.
Utah landlord insurance doesn't tend to cover eviction costs. You may be able to add an endorsement to your policy or purchase separate coverage for eviction expenses, though.
Utah independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Salt Lake City or wherever you reside.
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