The average cost of home insurance in Utah for $300,000 in dwelling coverage is $1,500 per year, which is much lower than the national average. Your homeowner’s insurance premiums will depend on the coverage level, the type of property you own, the materials your house was made with, and more.
While a standard home insurance policy can help you cover the basics, Utah residents may be vulnerable to earthquakes and floods, and they may want to consider additional coverage.
Comparing quotes, discounts, and coverages is the best way to find the most affordable homeowners insurance that fits your needs. Here’s what you should know about finding coverage in Utah.
If you’re looking for the best homeowners insurance in Utah, you have many options worth considering. Though many quality insurers offer coverage in the state, the best home insurance company will vary from person to person and depend on what coverage you’re looking for.
It may help to start your search with the insurers in the table below.
The cheapest home insurance in Utah is available from Foremost, which has an average cost of $63 per month. But the cheapest doesn’t necessarily mean the best, so research options to find the right home insurance policy.
The table below compares other home insurance companies and their average monthly premiums for a $300,000 policy with a $1,000 deductible.
The average cost of homeowners insurance in Utah for $300,000 in coverage is $1,500 per year. Costs can vary greatly and depend on many different factors, including the age of your home, proximity to a fire station, likelihood of natural disasters, ZIP code, crime rates, and type of building.
These factors can influence the level of risk and, therefore, your home insurance rates. Additionally, the level of coverage and any optional coverages you wish to include in your homeowner's policy will affect your rates.
Your dwelling coverage refers to how much money it would cost to rebuild your home if there’s a covered loss. Note that the amount to rebuild the home in the same location isn’t the same as the home’s real estate value. If you need a higher level of coverage, you’ll have higher premiums for home insurance.
The table below shows how your monthly premium will fluctuate depending on your coverage limit for Utah home insurance policies with a $1,000 deductible.
Utah homeowners insurance will protect you in a variety of situations. But if you need to file a claim, you need to pay the deductible before the coverage kicks in.
One way to save money on your home insurance policy is to choose a higher deductible. When you choose a higher amount, your premiums are lower. This is one of the best money moves to reduce costs, but make sure you can pay the higher deductible if you need to file a claim.
The table below shows how home insurance rates can change in Utah by deductible amount for policies with $300,000 in dwelling coverage.
Inflation is affecting nearly every market, including homeowners insurance. That, alongside a rise in natural disasters like fires, floods, and hurricanes, increases expenses. If you’re looking to save money on homeowners insurance in Utah, here are some things you can do:
Bundle insurance policies. If you get more than one insurance policy with an insurance company, you can save and get a bundling discount. Consider it a bonus for getting two or more policies with the same company. People often bundle their homeowners insurance with auto or life insurance to reduce costs. You can also streamline insurers and keep your policies under one roof.
Increase your deductible. One way to get a lower rate is to increase your deductible. This means you’re willing to take on more financial responsibility if you need to make a claim for a covered loss. If you can easily handle a higher deductible amount, you can lower your home insurance premiums.
Research discounts. Every home insurance company will have different discount offerings. Check out multiple companies and compare discounts. For example, Liberty Mutual offers discounts for having a new roof and setting up automatic payments from your bank account. State Farm offers discounts for certain home security measures, like having a fire alarm, smoke detector, or home monitoring system.
Compare quotes. It’s a good idea to compare three or more home insurance companies and get quotes. You can compare costs and see which ones offer the most competitive rates. To find the best homeowners insurance in Utah, look at a number of factors, including cost customer reviews, discounts, and perks.
While Utah doesn’t require home insurance by law, if you take out a mortgage to finance a home, your lender will require you to get a homeowners insurance policy. Since your lender is providing financing up front to purchase a home, it wants to protect the property until you’ve fully paid your loan.
Even if you’re mortgage-free, homeowners insurance can safeguard against unexpected events. How much homeowners insurance you need in Utah depends on your home, its building materials, age, and location. A good benchmark is the 80/20 rule, which recommends getting home insurance coverage equal to 80% of the total replacement cost.
Many homeowners choose an HO-3, a standard home insurance policy. An HO-3 policy covers the physical structure of your property (including a garage), personal property or personal belongings, and liability in the event someone gets injured in your home. It also covers common perils like fire, theft, and hail.
In Utah, severe weather and other events can pose a risk to your home. These are the three most common events or perils to be aware of when owning a home in Utah:
Finding the right homeowners insurance policy can be intimidating. Check out this additional information below if you still have questions.
On average, home insurance in Utah costs $1,646 annually for a $300,000 policy with a $1,000 deductible, according to Insurify data. Utah is prone to flooding and earthquakes, which standard home insurance policies don’t cover. Although it’ll make your policy more expensive, it may be worth adding additional coverages so that your home is fully protected.
Foremost has the cheapest homeowners insurance in Utah, at an average annual rate of only $735. Other affordable options include Mutual Of Enumclaw and Travelers.
No. Utah doesn’t require homeowners insurance by law, but your mortgage lender likely will. Even if you’ve paid off your mortgage, it’s still important to protect your home and property. In the event of a natural disaster, fire, or burglary, home insurance can help cover the cost of repairs or replacement that you otherwise may not be able to afford out of pocket.
The most common type of homeowner insurance is an HO-3, or special form, policy. An HO-3 policy covers dwellings and other structures against common perils such as fire, wind, and hail. It also covers your personal belongings, your liability if someone is injured on your property, and your living expenses if you have to move out of your home temporarily while repairs are being made.
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