Best home insurance companies in Utah
With a variety of property insurers operating in Utah, your choices for a provider are nearly endless. To narrow down the list, Bankrate reviewed numerous insurance providers in the state to learn their financial strength ratings and customer service scores from reputable third-party reviewers like AM Best and J.D. Power, as well as each company’s coverage options, discounts and even mobile app accessibility. From our grading, below are some of the best home insurance companies in Utah:
|Home insurance company||Average annual premium for $250k dwelling coverage||J.D. Power score|
For first-time buyers, Allstate has simple and easy-to-use online tools and superior customer satisfaction ratings. Allstate may be one of the most expensive when it comes to average annual premium compared to others on this list, but they also have a full menu of additional coverage options and discounts that many competitors may not offer to insure your home.
Learn more: Allstate Insurance Review
For a more personalized experience, Auto-Owners works with local agents to guide you through the insurance buying process. Its homeowners policy is more standard compared to other homeowners insurance carriers, even when upgrading to its Homeowners Plus policy, but the company did receive a high rating for customer satisfaction from J.D. Power and a strong financial strength rating from AM Best.
Learn more: Auto-Owners Insurance Review
Homeowners who have put a significant amount of work into their homes might consider Farmers at the top of their list. Though the average home insurance cost with Farmers is slightly higher than average rate in Utah, the company offers a wide variety of discounts specifically for home upgrades and renovations that could help with lowering the premium.
Learn more: Farmers Insurance Review
State Farm is an option to consider for homeowners who want access to expansive homeowners insurance policy coverage options as well as the reliability of a local agent. State Farm is on the higher end of the average home insurance premiums on this list, but it also offers a variety of discounts that could be used to help lower the annual premium.
Learn more: State Farm Insurance Review
USAA offers some of the cheapest average homeowners insurance premiums in Utah with many coverage options for personalization. However, USAA also has very strict eligibility requirements and is not available to the wider public, as the company only accepts current and former members of the military who have been honorably discharged, as well as eligible family members.
Learn more: USAA Insurance Review
How much is homeowners insurance in Utah?
The average cost of homeowners insurance in Utah is $647 per year for $250,000 in dwelling coverage. This is cheaper than the national average cost of homeowners insurance at $1,312 per year, and even cheaper than the average premiums in neighboring states such as California and Colorado.
However, it’s important to keep in mind that home insurance premiums vary depending on features of your home, such as the age, size, location and condition, as well as coverage options included in the policy. To be sure that you are getting the best rate for your home, it’s highly recommended that you shop around and request quotes from multiple insurance companies.
|State||Average annual cost of home insurance for $250,000 in dwelling coverage in neighboring states|
Home insurance in Utah
When purchasing home insurance for your property, you should be aware of the available coverage options that can be added to the policy for more security and peace of mind. The coverage options you choose will likely depend on a number of factors, including the climate conditions in your region, the rate of crime in your area and the most common causes of property damage.
Common causes of loss in Utah
Utah is considered a low-risk state by most home insurers, but there are still potential perils to know about that could result in a property insurance claim. According to the Federal Emergency Management Agency’s (FEMA) record of declared disasters in Utah, these are the top recurring natural disasters in this state:
- Winter storms
Standard homeowners policies cover damage from fire and storms, but earthquakes and floods are excluded. Homeowners near an active fault line can consider purchasing separate earthquake insurance. When it comes to flood insurance, it may be worth looking into if your home is located in or near a flood zone. If your home has a mortgage, your financial institution may require flood insurance.
Home insurance coverage options in Utah
Many insurance companies offer unique coverage options that competitors may not have, but there are certain standard coverages that are offered as part of all homeowners insurance policies. To be sure you are getting the best homeowners insurance policy for your home, it’s important to know not only what these coverages are, but how much insurance you’ll need for your home. You’ll find a brief summary of these coverage options below:
- Dwelling coverage: This is the primary portion of homeowners insurance coverage and insures your home and any attached structures.
- Other structures coverage: If you have a separate structure, such as a swimming pool or detached garage, these structures would be covered under this section of your homeowners insurance policy. The amount is typically a set percentage of your dwelling coverage amount.
- Personal property coverage: This coverage applies to your personal belongings, such as furniture, clothing and appliances.
- Additional living expenses coverage: If your home was damaged because of a covered loss and you were unable to live there, this coverage would pay for temporary lodging costs while your home is being repaired.
Frequently asked questions
What is the cheapest homeowners insurance company?
While some companies may have cheap homeowners insurance compared to competitors, the individual rate for each home will vary. Homeowners insurance is very personalized and depends on a variety of rating factors, so premiums will be different for every homeowner.
Is homeowners insurance required in Utah?
Purchasing homeowners insurance is not a legal requirement for all homeowners, but it can be required by your mortgage company or lienholder if you have a loan on your home. Even if this is not the case, considering a homeowners insurance policy can be a beneficial part of your financial plan to protect what may be one of your largest investments.
How do I compare homeowners insurance policies?
When looking for the best insurance, a common piece of advice is to shop around and compare homeowners insurance policies. If you know what coverage amounts and types you need, be sure to specify these when requesting quotes from insurance providers so that you can compare accurately. This will also help you see which one offers the most reasonable price.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.