Utah Homeowners Insurance

 
Utah Homeowners Insurance

Residents in Utah pay an average of $56 per month or $673 per year in home insurance premiums. 


There are about 1 million homes in the Beehive State, seventy percent of which are owner-occupied.

The average monthly cost for a homeowner with a mortgage in Utah is $1,455.

Residents in Utah pay an average of $56 per month or $673 per year in home insurance premiums. 


There are about 1 million homes in the Beehive State, seventy percent of which are owner-occupied.


The average monthly cost for a homeowner with a mortgage in Utah is $1,455.

Shop around and save.

Compare insurers to find the cheapest rates around.

 

Utah Statistics*

3,161,105

Population

$238,300

Average value of owner-occupied housing units

938,365

Households

$65,325

Average household income

92%

High school grad or higher, percent of people age 25 years +

21.6 min

Average travel time to work

*Data from the U.S. Census Bureau


Protect your 
Utah home

Protect
your UT
home

Enter Zip to find the best insurers near you.

The Beehive State is known for its amazing landscapes and pleasant mountainous climate which reduces the risk of natural disasters big time. But Utah witnesses extreme freezing temperatures and heavy snowfall which can cause burst pipes and water damage at homes. Thunderstorms and wildfires are also common in the state that can burn down acres of land. However, despite all these factors, on average Utah residents enjoy one of the cheapest home insurance rates in the country. But still, homeowners are suggested to carry a comparative study on more than one insurance company to find competitive rates. Our free online comparison tool will help you in your search of finding the cheapest rates by providing you with a list of insurers in your area. Be sure to read more below to find out more on Utah home insurance premiums.

Utah home insurance premiums


As mentioned previously, Utah witnesses a comparatively lower homeowners insurance rate most other states. As per Insurance Information Institute (III), Utah ranks in the 50th position in regards to homeowners insurance premiums. The annual average home insurance rate in Utah is a very nominal $673 while the national annual average is $1,173. In regards to the monthly average, Utah homeowners have to pay $56 on home insurance while the national monthly average is $98.


However, it’s to note here home insurance rates will vary from one home to another. The premiums are decided on the basis of a number of factors – like the home’s age, geographical location, construction materials and also value of the contents inside. Thus, it would be a smarter thing to check out the rates from different home insurance companies to find the most compatible one for your home. 

Average Utah home insurance premiums

 201620152014
Monthly average$55$56$53
Annual average$664$673$634
National annual average$1,192$1,173$1,132
Rank505049
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.

Our top 3 home insurance companies in Utah


Here is a brief review on the three leading homeowners insurance companies in UT. We will briefly review the companies’ coverage options, add-ons as well as discounts and other important features. We will provide insights on the financial strength of each company based on ratings provided by AM Best, S&P and JD Power.


AM Best is a chief credit rating agency in America that offers unbiased and independent opinion regarding the financial hold of insurance companies. On the other hand, S&P is one among the biggest credit rating agencies. JD Power is an international marketing services information company. It’s highly revered Power Circles Rating scores are a source of impartial, authentic and independent consumer ratings. 


State Farm


One among the top 5 home insurers in Utah, the company holds 17 percent share in the state homeowners insurance market. State Farm extends coverage for almost all kinds of housing units. You will also get add-ons for identity theft coverage as well as valuables protection. You will even get standalone floater coverage for an enhanced dwelling guard.


State Farm offers a decent range of discounts. You will get rebates on bundled policies, installation of smoke, burglar & fire alarms and for investment on an impact-resistant roof.


State Farm received great ratings from the leading credit rating agencies that stand as a live testament to the company’s powerful financial strength. The company has got A++ (Superior) rating from AM Best as well as AA (Very Strong capacity) from S&P. State Farm’s reliable customer service shows through decent overall customer satisfaction scores. It has earned a 3 (About average) out of 5 Power Circles Rating from JD Power’s 2018 U.S. Home Insurance Study.


State Farm has come up with an easily navigable and informative website. You will find scores of insightful articles here as well as a great FAQ section. Customers have especially loved its web-based quote tool that enables one to update coverage quickly and check how it influences the annual premium. 


Farmers


Farmers is another go-to home insurer in Utah that owns around 13 percent market share in the UT home insurance scene. The standard homeowners insurance from the company covers homeowner’s property & possessions, liabilities incurred, medical bills of people injured on the homeowner’s premises and additional living protection for temporary shelter. You can go for additional coverage for rare and exceptionally valuable items. According to experts, the coverage offered by Farmers is at par with that of the most illustrious insurers here.


The company shows strong financial footing which has earned it an A (Excellent) rating from AM Best and an A (Strong capacity) rating from S&P. In regards to customer satisfaction, it has earned a decent rating 3 (About average) from JD Power.


Allstate


Allstate is known for offering premium policy coverage at affordable rates. With 10 percent market share in the Utah home insurance market, the company extends coverage for all kinds of standard dwelling units. You will get unique customizable add-on options as well for improved protection for your valuables, confidential electronic data and home office.


Allstate is also known for offering hefty discounts on its already affordable price. You will receive up till 30% rate-cut if you bundle policies, 15% for installation of security devices, 20% for no-claims history and 5% for electronic payments. New customers are welcomed with a 0% discount.


The company has earned a commendable A+ (Superior) rating from AM Best. This rating implies sound financial strength on part of the company. Allstate has further received a decent 3 (About average) from JD Power in terms of overall client satisfaction.


The Allstate website is bustling with great educational resources like articles, videos and checklists that cover almost every topic on homeowners insurance. Homeowners who are owning a home for the first time will benefit greatly from these resources. Then, there are some exclusive tools that will enable you to manage policy & simplify claims process during emergency. Mention must be made of Allstate’s Premium Gauge feature that helps you to get a fair idea on your premium based on different variables. Customers also love the Digital Locker feature here which enables one to create a complete inventory of covered possessions with pictures.

Utah home insurance companies: Market share and summary of ratings

1State FarmMarket share %AM BestS&PJD Power
2Farmers17.1A++AA3
3Allstate12.9AA3
4Bear River10.4A+AA3
5Liberty Mutual8.1A-NRNR
6USAA6.4AA3
7American Family5.8A++AA+5
8Auto-Owners5.4ANR3
9Nationwide Mutual3.5A++AA3
10Farm Bureau3.4A+A+3
10USAA3.1A-NR3
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power

Single Family Housing Repair Loans & Grants for Utah homeowners


This Home Repair program extends loans and grants to extremely low-income homeowners who are planning to improve or renovate their homes. Elderly citizens (62 years minimum) are also eligible for this grant program that enables them to remove safety hazards in their homes. For eligibility requirements and how to apply, please visit the USDA website.

How to save


Being the second cheapest state for average home insurance premiums, it’s obvious that Utah home insurance is already inexpensive, but it may be possible to save even more. Let’s look at some of the easiest ways.


Shop around and compare


The easiest way to determine if savings are available is to simply call around and see if any other insurers can beat what you are currently paying. You might be surprised at the savings that are available. Even if you don’t find a better price, it doesn’t cost anything to try.


Stay with the same insurer


Some insurers offer longevity discounts for long-time customers, so if you have been with your current carrier for a while and are happy with them, ask them if you are eligible for such a discount. Some of these discounts can save you up to 10% on your premiums.


Bundle home & auto


Many insurers offer discounts to customers who have multiple types of insurance policies with them. Check with the provider of your car insurance (or other type of insurance) and see if they will reduce your premium if you buy home insurance from them.


Raise your deductible


Generally speaking, the higher your deductible is, the lower the cost of your insurance will be. Raising your deductible may save you a few dollars each month. Remember that in the event of a loss, you are responsible for paying any amount up to the deductible, so be sure your deductible is not so high that you would suffer a financial hardship in the event of a loss.


Don’t confuse the price you paid with your house for how much it would cost to rebuild it


The lot on which your house is built is not at risk for damage from wind, fire, or theft; so, be sure you are not including the value of the land under your home in the amount of coverage you need. Doing so will result in you being over-insured, and paying too much.


Mind your credit score


Home insurers are using the insured’s credit score as a determining factor for premium amounts with increasing frequency. By paying attention to your credit score and ensuring it remains high, you could manage to have a lower premium than you would otherwise.


Review your policy annually


Over time, your insurance coverage needs may change. It is a good idea to take inventory of your possessions every year or so and make sure you’re not over-insured. If you find that your coverage level is too high, reducing it to an appropriate level could save you some money.


To learn more about saving money on home insurance, read our article 25 Tips for Finding Cheap Home Insurance.

For more assistance, please contact your local state department of insurance:

Utah Insurance Department

Ad Disclosure: HomeownersInsuranceCover may receive commissions through affiliated companies featured on our site. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you. To learn more, click here.


Copyright 2019 © HomeownersInsuranceCover