Logan Ranks 3rd Cheapest City for Renters Insurance
ValuePenguin, a consumer research firm in New York, released a report detailing the cheapest Utah cities for rental insurance.
Logan, was the 3rd cheapest city in Utah for renters insurance, according to the report. Utah is the 13th largest and 33rd most populous state in the US.
“This study was based on the quotes that we gathered from 5 of the major carriers that sell policies in Utah. State Farm, Allstate, Liberty Mutual, Farmers (Insurance), and Nationwide. We chose a property that matched that, or a census designated place, and then averaged the quote that each company spit out to get the average for the city, and then compared the cities to one another.”
Michael Thrasher, a research analyst at ValuePenguin, says renters insurance in Logan is 4.6% lower than the state average.
“What the carriers do is they submit a filing for this product, whether its renters or homeowners, and included in the filing is a base rate. Along with the base rate are a long list of factors that apply to individual areas. So sometimes that factor makes the base rate lower for that area, (and) sometimes it makes it higher.”
According to the Census Bureau, the population of Logan, Utah was estimated at 48,997 in 2014.