Whether you’re moving to a new home or buying your first one ever, congratulations! When the celebrations die down, it’s easy to become overwhelmed with all the details. Homeowners insurance, in particular, usually sticks out as one of the more confusing areas to navigate. That’s why we gathered everything you need to know to make the decision about the best homeowners insurance in Utah.

We’ve chosen a handful of top Utah companies that scored high marks in customer service, affordability, depth of coverage, and fiscal responsibility.

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The Best Homeowners Insurance in Utah

Freshome’s Recommended Homeowners Insurance Companies in Utah: State FarmAmicaLiberty MutualGEICOProgressiveAllstate

During our extensive research into homeowners insurance in Utah, we identified five companies that we would recommend. Of those five, we selected Amica, Liberty Mutual, and State Farm as our top three based on their rankings, reputation, and rates. Providing the quotes from each company for coverage on the same home will give you a little snapshot into what you can expect before seeking coverage for your own home.

For the purpose of gathering research, we requested quotes from the three best insurance companies using the specs of an average Utah home. Zillow reported that the average home value in the state of Utah is around $205,000. When generating quotes, we sought $210,000 of coverage for a 2,200-square-foot, two-story, brick home. The HO3 insurance policy is the most common in the United States and typically insures the dwelling, personal property located within the home, and liability of the homeowner. When selecting policy coverage from each company, we stayed in line with the HO3 policy requirements. Each insurance provider that you consider, will use a different formula to arrive at your quote. If you have a pool or pets, your rates may be higher. However, if you have a home security system or fire alarm then your rates may be reduced.

Our Quotes
Amica$491 Per Year
Liberty Mutual$900 Per Year
State Farm$979 Per Year

During the vetting process, we held each insurance company to very high standards. Each company we selected received at least three stars from JD Power for overall satisfaction. Additionally, each company we selected has been awarded at least an A in financial strength. In the chart below, you can see some of the specifics of each of the major insurance companies we considered.

While the following comparison table provides an idea of what to expect, it is also important to remember that insurance policies vary greatly depending on the specifics of your home. Our quotes might be completely different than yours. However, the quotes do provide a little bit of insight since each was generated for the same property. In this case, Amica was the clear winner when it came to affordability. Amica was also the only company that received five stars from JD Power for Overall Satisfaction. Those two factors make the company stand out from the pack, and it tops our list as the recommended company. We encourage you to spend some time researching many different companies to find the best policy for your home.

What You Should Know Before Getting a Quote

Before you can even begin to gather a quote, it’s crucial that you know what you should be looking for. As we mentioned in the previous section, looking at national ratings can provide a good understanding of the quality and reputation of each major company. Beyond that, you need to be clear on what your policy covers. When selecting a policy that falls in line with the suggested HO3, you can expect your home to be covered from damages due to circumstances such as:

  • Fire and lightning
  • Windstorm and hail
  • Explosion
  • Theft and vandalism
  • Objects falling from the sky
  • Weight of ice and snow
  • Damage from vehicles
  • Frozen plumbing

It is equally important to know what you are not protected from, as well. Under an HO3 policy, your home is not covered in the event of the following incidents:

  • Floods
  • Earthquakes
  • Intentional damage
  • War
  • Sewer backup
  • Animals, birds, and fish
  • Nuclear accident

While these damages are not usually covered in a typical HO3 policy, additional coverage can be purchased if you live in an area where one of these events is a threat. For example, if you live near a major water source it may be beneficial to purchase flood insurance.

In addition to understanding what kind of coverage you can expect from a certain policy, you also need to know what factors can make your home more expensive to insure. One thing that will make your premium higher is a location that’s further away from fire stations and fire hydrants. Additionally, if your home is constructed of wood (instead of brick), it will be likely be costlier to insure because it is more susceptible to fire damage. The age of your home and roof can also affect your rates. It’s something to keep in mind even in the early stages of looking for a new home.

Why Are Utah’s Rates So Low?

In 2012, The Rocky Mountain Insurance Information Association reported that the average annual insurance premium for homes in the state of Utah was $580. That number falls well below the national average, which is more than $1,000 per year. One of the main reasons that rates are that low in Utah is due to the fact that the state has a temperate mountainous climate that presents lower natural disaster risks that many other states. The average home cost in the state is also significantly cheaper than the national average, making it a little bit cheaper for residents to protect the value of their homes.

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FAQs

What are common coverage gaps?

If you plan to do renovations in the near future, make sure to discuss that with your insurance agent. A study performed by Marshall & Swift/Boeckh found that as many as 60 percent of homes in the United States were undervalued in their insurance policy. It’s also a good idea to update your insurance policy annually so that it reflects the current value of your home. When evaluating your home to determine your dwelling coverage, make sure to factor in rebuilding costs. Many homeowners don’t do this in order to maintain a lower premium, but it is an oversight that could have big implications in the event of a disaster.

What about flood insurance?

As mentioned, flood insurance is not included in most basic insurance policies. However, it can be added to most plans if it is deemed a necessary addition. Whether or not you should include this coverage depends on the proximity of your home to a major waterway or body of water. While flood insurance has to be purchased from the National Flood Insurance Program, homeowner still have to go through an insurance company. Your local agent can help steer you in the right direction based on the location of your home.

What does liability coverage include?

Accidents happen. And when they do, you want to be covered. The liability coverage component protects you in case someone is injured on your property. If a visitor falls down your staircase and gets injured, for example, those medical bills will be covered under your policy.

Take Action

The main takeaway from this article should be to shop around. Though we’ve provided you with an overview of how to begin your search for the best homeowners insurance in Utah, your individual needs may vary. .

Freshome’s Recommended Homeowners Insurance Companies in Utah: State FarmAmicaLiberty MutualGEICOProgressiveAllstate

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