How much is homeowners insurance in Utah?
The average cost of homeowners insurance in Utah is $130 per month. However, a number of factors can affect this price. These factors include the location and age of your home, the amount of coverage you choose, the size of your deductible, and the availability of discounts.
Learn More: How Much Does Homeowners Insurance Cost?
How your policy choices affect home insurance rates in Utah
The policy choices you make affect your home insurance rates, including which perils are covered and the level of your coverage. Here’s a deeper look at some key components of your insurance policy.
Your policy form
The five homeowners insurance forms offered for owners of single-family, owner-occupied homes are HO-1, HO-2, HO-3, HO-5, and HO-8, according to the Utah Department of Insurance. These forms insure your home and belongings against at least 11 named perils. The more perils your policy covers, the higher your premium will be. Perils are incidents that damage your home or belongings, such as a burglary, fire, or windstorm.
Each of these homeowners insurance forms offers a different type of coverage. For instance, an HO-1 form generally doesn’t cover damage from a falling object, while an HO-3 form covers all but a handful of perils (with floods and earthquakes among those excluded). Not surprisingly, HO-3 is the most common form.
However, before purchasing an HO-3 or any other homeowners insurance policy, make sure you check which perils it covers and doesn’t cover.
Your coverage level
The higher your coverage level, the higher your premiums. Some of the coverages that might affect your premiums include:
Dwelling coverage: This covers the physical structure of your home.
Replacement cost: The more expensive your home is, the more it’ll cost to replace.
Liability coverage: Liability coverage protects you in instances when something happens to someone else on your property and you’re legally liable. Additional risk factors, such as an aggressive dog or a swimming pool, could increase your premiums.
“Don’t assume the policy covers everything. There are coverage limits on many everyday items,” says Matt Child, CEO of the Utah Independent Agents trade group. Some types of personal property have special limits. For example, money, bank notes, and coins are only covered up to $200 on a standard policy, and jewelry, watches, and furs that are stolen only receive $1,500 of coverage.
A deductible is the amount of money, $500 for example, that you’re expected to pay before an insurer contributes for a covered loss.
A low deductible typically results in a higher home insurance premium because you’re expecting the insurer to start paying at an earlier point. And a high deductible typically results in a lower home insurance premium because you’re taking on more of the risk yourself.
How location affects home insurance rates in Utah
Different cities and states, and even different ZIP codes within a city, can yield different home insurance quotes.
Reasons behind these geographical differences include:
Proximity to a fire station
Local crime rates
Frequency of natural disasters, such as earthquakes, floods, and wildfires in Utah
Local real estate values
Home construction costs in the area
You can see this variety by reviewing the average monthly quote for these Utah cities.
|Average Monthly Quote
|Salt Lake City
|West Valley City
Table data sourced from real-time quotes from Insurify’s partner insurance providers and quote estimates from Quadrant Information Services. Actual quotes may vary based on the policy buyer’s unique profile.