Everything You Need to Know About Renter’s Insurance

Part of adulting is preparing for the future. This is why we attend college, earn a degree, and open a savings account. Another one of those necessary evils of being an independent adult is insurance. And we’re not just talking about your car.

At its core, renters insurance is designed to keep the items in your home safe from harm, whether man made or natural, but it can do much more than that and may be cheaper than you think. While renters insurance is not required by law in the state of Utah, it is contractually required to rent with Vintage at Tabernacle.

It’s probably cheaper than you think

Unlike health or car insurance, renters insurance is one of the most affordable forms of insurance. When calculating rates, the fact that you are a person who has car insurance automatically makes you a candidate for a reduced renters insurance rate. Because of this, your car insurance provider is more than likely the cheapest option for your renters insurance needs. Many carriers will offer bundle deals for both policies, reducing your rates even further.

Other factors that may affect your rates include your apartment location, local crime rates, and the age of your rental unit. According to The Zebra, the average renters insurance policy in Utah was a mere $130 for an annual policy. That’s a little over $10 a month! When you consider the potential costs your policy may save you, $130 is a no-brainer.

It can save you A LOT of money

What is covered under your renters insurance policy will vary from carrier to carrier, but generally you can expect the items inside and outside your rental property to be covered. This can include coverage in cases of theft, someone destroying your property while in your living space, and natural disasters, such as fire or wind damage.

In some policies, renters insurance can cover much more than you’d think. For example, if a friend of yours is injured while filming the latest TikTok dance challenge while in your apartment, your renters insurance may act as your liability insurance for their medical expenses. Or let’s say, your toilet pipe bursts and floods the apartment below you: your renters insurance can protect you from incurring the costly bill.

In the more traditional policies, theft is the primary coverage offered by rental insurance, which alone can be reason enough! As a student, you most likely have a powerful laptop for classes or gaming system to keep you sane. If any of these items go missing, as long as they are owned by you, they are most likely covered under your policy.

If for some reason your living situation becomes unlivable (for example, due to a fire, not because your roommate is messy), you won’t have to live at home for the rest of the semester. Some policies will cover the cost you incur while living somewhere else!

Be aware of what your policy covers

There are a few key points to know about renters insurance. While most natural disasters are covered under policies, floods and earthquakes are not. The damage caused by these disasters can be so extensive, it would be impossible for insurance carriers to survive if they included them in their regular policy. Also, if your insurance policy covers personal property such as your computer, jewelry, or artwork, there may be a cap to how much your policy will pay out if these items are damaged. Be sure to inquire about these limits prior to signing a policy.

Vintage at Tabernacle is dedicated to providing a fun, but safe, environment for you to thrive in while earning your degree. Renters insurance will provide you the peace of mind you need to focus on your studies and enjoy your time and space.