Everyone needs property insurance for their homes in Salt Lake City no matter whether they buy or rent, or if they live in a house or an apartment. However, it can get confusing trying to navigate the various products offered under the umbrella of home insurance. Here are some things you need to know.

When You Rent

Yes, you should still have coverage even if you don’t own the place where you live. Your landlord will have homeowner’s insurance for the building, but it won’t cover your personal items and it may not cover your personal liability.

There are two main reasons to purchase renter’s insurance. First, your policy will provide coverage if you lose items in a covered event. This not only includes things like fire or storm damage, but it may include theft and vandalism.

The second reason to buy renter’s insurance is for liability. If you own a pet who bites someone, you will be held liable rather than your landlord. There may be other instances where you would be responsible for someone’s injury on your property.

Condo Insurance

Condo insurance is a type of property insurance that is different from the coverage you would need for a single-family home. When you live in a single-family home, your insurance policy will cover the building and the contents if you set up your policy that way. However, a condo is different. The association will have coverage for the building, but it won’t cover your personal items and even your individual space.

You can choose policies that cover specific events like the following:

  • Tornadoes
  • Fire
  • Hail
  • Water damage
  • Theft
  • Vandalism
  • You may be entitled to replacement cost if you must file a claim. If your home insurance policy states replacement cost coverage, it means it will pay for the current cost to replace those items rather than the market value of what they were worth.

    You may also have loss assessment protection on your condo insurance policy. This coverage helps protect you from assessments made by the association. It also provides liability protection for an injury that takes place in your unit.

    Temporary Living Coverage

    Some incidents can be serious enough that you cannot stay in your home until repairs are made. In that case, you need to have coverage to pay for temporary living expenses. This policy will pay for a hotel and other expenses associated with living away from home. There are often limits on how long the coverage will pay or for dollar limits on how much you can receive.