Best homeowners insurance in Utah of 2021
According to the U.S. Census, 7 in 10 Utah residents own their home, a 10 percent higher rate than the national average. Home insurance in Utah costs $825 annually on average for a dwelling coverage of $250,000. Although not legally required, a homeowners insurance policy can protect you from financially devastating events like weather events and property crime. Whether you’re insurance shopping for the first time or just looking for a better rate, Utah has a range of insurance providers that can offer you suitable coverage for your property.
Best home insurance companies in Utah
With 1,846 insurance companies currently licensed in Utah, your choices for a provider are nearly endless. The J.D. Power 2019 U.S. Home Insurance Study lists these home insurers as the best of the best:
|Home Insurance Company||Average Annual Premium for $250K Liability||J.D. Power Score|
|Farmers||$794||3 out of 5|
|State Farm||$675||4 out of 5|
|Auto Owners||$673||4 out of 5|
|Allstate||$1,116||3 out of 5|
|MetLife||$533||2 out of 5|
- Farmers: If you want comprehensive coverage in any of the 50 states at an affordable cost, Farmers is a seasoned company you should consider. Aside from offering all the usual options, it also has some unique features such as the eco-build option that gives you perks for using green building materials and claim forgiveness that keeps your premium the same after your first claim.
- State Farm: State Farm is another customer favorite for home insurance in Utah. Home insurance policies include coverage for acts of nature, fire, theft and vandalism. State Farm is ranked fourth in the country by J.D. Power and while the company only has an A rating from the BBB, it makes up for it with an A++ financial stability rating from AM Best.
- Auto-Owners: For a more personalized experience, Auto-Owners works with local agents to make sure you get the exact homeowners coverage you need. Six different types of coverage are available to protect your property and liability. With a 4-star rating from J.D. Power, an A+ from the BBB and an A++ from AM Best, Auto-Owners receives accolades across the board.
- Allstate: For first-time buyers, Allstate is a decent option with a variety of discounts, simple and easy-to-use online tools and superior customer satisfaction ratings. There is also a full menu of optional coverage that many competitors don’t make available. With Allstate, you’ll be able to get the protection you need for your home, yard, belongings and identity.
- MetLife: With a wide range of policies, discounts and bundling options, MetLife is a good choice in home insurers. As one of the top 15 home insurance companies, MetLife has excellent financial stability and affordable rates, and identity theft protection is included in the policy at no extra cost. Replacement cost coverage can be purchased as an add-on.
Average homeowners insurance cost in Utah
With average annual premiums of just $825 per year, Utah could be considered one of the cheapest states for home insurance, since the national average is $1,477. This is likely a reflection of relatively low crime rates and the absence of major weather threats like tornadoes. Utah’s home insurance price is notably cheaper than neighboring states like California and Colorado, where premiums run about $1,101 and $1,995 respectively per year.
|State||Average cost of home insurance|
Home insurance considerations in Utah
When purchasing home insurance for your property, you must be aware of the coverage options you absolutely need as well as the ones that are good to add to the policy for more security and peace of mind. And the coverages you choose depend, to a great extent, on the climate conditions in your region, the rate of crime and the most common causes of property damage.
Common causes of home insurance losses in Utah
Even though Utah is considered a low-risk state by most home insurers, there are still potential perils to know about that could result in a property insurance claim. According to the Insurance Information Institute, these are the most common causes of homeowners insurance losses:
- Fire and lightning
- Bodily injury and property damage
- Wind and hail
- Water damage and freezing
One additional risk that Utah homeowners should know about is earthquakes. Parts of the state are considered high hazard earthquake zones, particularly in northern areas. Since standard home insurance policies do not cover earthquake damage, the Utah Insurance Department recommends that homeowners in the state purchase separate earthquake insurance.
Recommended coverages in Utah
Not all homeowners insurance policies are made equal. There are many different types of coverage to choose from when you’re picking out a policy. The Utah Insurance Department recommends that all homeowners purchase the following types of coverage:
- Building coverage: Protects the structure of your home and other structures (such as a standalone garage).
- Personal property coverage: Covers the belongings you keep on your property.
- Living cost reimbursement: Pays for your living expenses if you need to temporarily relocate because your home is uninhabitable.
- Personal liability insurance: Protects you from legal liability if you’re responsible for bodily injury or property damage that affects a third party.
- Medical payments: If someone is hurt while on your property, this coverage will pay for their medical expenses.
Frequently asked questions
What is the best homeowners insurance in Utah?
Although the best home insurance companies will depend upon individual needs and preferences, according to our research, MetLife offers some of the cheapest rates while Allstate has the best customer satisfaction scores.
How do I get homeowners insurance in Utah?
To get a Utah homeowners insurance policy, visit provider websites or contact local agents to get quotes for your home and compare pricing.
Is homeowners insurance required in Utah?
No state requires home insurance by law, although most lenders will ask for proof of coverage if you finance your house. Still, you should always have home insurance in place to protect yourself from unpredictable events like fire, inclement weather and property crime.
How much does home insurance cost in Utah?
Utah is one of the cheapest states for a homeowners policy. On average, premiums are just $825 per year.
Bankrate utilizes Quadrant Information Services to analyze 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 may be different.
Rates are determined based on 2020 Quadrant Information Services data.