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While Utah is primarily known for its world-class recreation opportunities and beautiful landscapes, it is also a great place to and live, work and raise a family. Utah is packed with National Parks that offer stunning views, lakes, hikes and a wide variety of recreational activities.
What you may not know is that Utah is also known for its booming restaurant scene, cultural attractions and its numerous museums and family fun parks. The bottom line is there is always something to do in Utah regardless of whether you are exploring the great outdoors or looking to spend some quality indoor family time.
The latest census data shows that the population of Utah is currently 2,763,885 people. This translates into roughly 4,619 households per ZIP Code with the average number of people living in a house being three.
The average household income in the state of Utah is a very respectable $33,640 per year. While slightly below the national average, our low cost of housing helps even things out. In the Beehive State, the average house value is a very affordable $102,681.
Homeowners Insurance in Utah
Utah residents are extremely lucky when it comes to the price of homeowners insurance. The average cost of an HO-3 policy, which is considered the standard policy for a single-family home, is a bargain at $609. The national average on the other hand is almost double at $1,034.
Even though homeowners insurance is very affordable in Utah there are things you can do to drive your premiums even lower. Here are a few tips on how to save money when it comes to homeowners insurance:
- Shop Around: Industry experts number one recommendation is shopping your coverage on a yearly basis. You should shop all of your insurance products not just homeowners. Insurance companies rate risk differently so your job is to find the insurance company that likes your type of risk best. Make sure you're comparing apples to apples when it comes to coverage levels and deductibles.
- Discounts: All insurance companies offer a wide variety of homeowners insurance discounts and while some can be small they often add up to big savings. Make sure you're getting all available discounts by having your agent do a discount review.
- Raise Your Deductible: If it's affordable, raising your deductible is a great way to lower your premium. Doubling your deductible can often result in a significant discount but make sure that you can easily afford the deductible amount in the event you have to make a claim.
Insurance Rates by Homeowners Insurance Type
Homeowners insurance comes in a variety of different types and each one is designed to specifically cover a certain type of home. Following is a quick overview of the different types of homeowners insurance as well as the average premium being paid in the state of Utah according to data from the NAIC:
Dwelling Fire: The Dwelling Fire policy is a very bare-bones policy and it only covers very specific perils, which makes them very affordable. While a Dwelling Fire policy is cheap it’s important to remember that it only covers damage from smoke and fire. In some cases these policies will also offer coverage for damage from wind vandalism and explosions.
Data from the NAIC shows that only 0.6% of Utah policies are DFs. According to data from the NAIC the average cost of a Fire Dwelling policy is $494 making it extremely affordable.
HO-2: The HO-2 policy is also a very basic homeowners policy which only offers coverage for perils that are specifically listed in the policy wording, damage from any other peril is not covered.
These policies are actually more expensive than the standard HO-3 policy in Utah with an annual price of $626. Due to the fact that these policies are so expensive you should probably choose an HO-3. In Utah, roughly 1.9 percent of policies are HO-2s.
HO-3: This policy type is by far the most common in Utah with 53.5 percent of policies being HO-3s. This is the policy type that is considered standard for single-family homes and it covers damage from all perils except those that are excluded in the policy wording. It is important to remember that all policies exclude damage from earthquakes and floods so if you live in an area where those are common, you will need a separate policy.
The HO-3 policy is very affordable in Utah with the average price coming in at $609.
HO-4: The HO-4 is designed for people who live in apartments and is often called renters insurance. These policies will cover your personal property as well as offering liability coverage in case someone is injured in your apartment.
In Utah, roughly 14.2 percent of policies are HO-4s.
HO-5: This particular policy type is designed to protect homes that are newer and a bit more upscale. They not only protect your main home but also any other structures on your property. Loss of use coverage is included with these policies and your personal possessions are insured against all perils except those that are specifically excluded. These policies are not usually available on older homes.
In Utah, 22.2 percent of policies are HO-5s with the average premium being $488.
HO-6: These policies protect owners of co-ops and condos. They offer coverage for your personal property as well as the structural parts of the building that you actually own such as the interior walls of your particular unit. Coverage is limited to 16 specific perils that are listed in the policy.
In Utah, 7.6 percent of policies are HO-6s.
Factors to Consider in Utah
While tornadoes and hurricanes are not common in Utah there are other severe weather factors you should be aware of in the Beehive State. Thunderstorms, hail damage and even heavy snow and ice can be a problem. Winter storms can lead to freezing temperatures, which can result in frozen pipes and even ice dams. Heavy snow can cause your roof to collapse and damage to landscaping.
You should also remember that homeowners insurance does not cover flood and earthquake damage so if flooding is common in your area you will need to purchase a separate flood policy if you want to be protected from flood damage.
It is possible to help prevent damage from some of these types of weather issues. Upgrading your roof to wind resistant materials and adding a sprinkler system and storm shutters can result in significant discounts.
If you are moving to Utah in the near future, you'll be very happy with your decision. It doesn't matter if you are moving to our capital city of Salt Lake City or one of our other beautiful cities such as Provo, Park City, Layton, Moab or St. George you will not be disappointed in your new home.
You will need a great new policy to protect your new home. We can easily help you shop and compare up to 12 different Utah home insurance rates and apply all the available discounts and credits to help you save 40% or more.
Get started today, contact us to get quotes on your homeowners insurance in Utah.
Average Homeowners Insurance Premiums in Utah
With over 95% of all Americans are known to have homeowners insurance coverage, it's important to know what Utah homeowners are paying on average. Did you know that the average homeowners insurance premium in Utah is $764? Utah is now ranked 49 in the country. The country wide average for homeowners in the United States is $1,311. This means the average home insurance premium in Utah is 41.72% less than the national average.
|Year||Average Annual Premium||Average Monthly Premium||State Rank (Overall)|
|2020||$764 (2.8%)||$ 64||49|
|2019||$743 (1.8%)||$ 62||50|
|2018||$730 (5.34%)||$ 61||50|
|2017||$692 (4.13%)||$ 58||50|
|2016||$664 (-1.35%)||$ 55||50|
When we combine the state averages over the last decade, the Utah overall average is estimated to be around $675.67. Our homeowners insurance quoting and rating process helps you compare homeowners insurance quotes, coverages and premiums. Utah current state rank compare to the rest of the country is #49. Consider shopping your Utah home insurance with us so we can help you save up to 40% or more on your policy.
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Utah Homeowners Insurance News & Information
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Homeowners Choice Property and Casualty Insurance Co. has assumed approximately 53,750 policies from Citizens Property Insurance Corp., Florida’s state-backed insurance company, the parent company says in a Tuesday news release. Homeowners Choice is owned by HCI Group Inc., a holding company with operations in homeowners insurance, information technology services, real estate and reinsurance. Homeowners Choice […]
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North Carolina is a lovely state to call home. Our state is packed with beautiful cities, museums, restaurants and of course, some of the loveliest beaches in the country. Unfortunately, if you live in one of our amazing coastal southern cities such as Ocean Isle Beach, Holden Beach, Oak Island Beach, Calabash, Bald Head Island, […]
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While homeowners insurance covers a variety of perils and protects your home and personal possessions, it does come with a number of exclusions and coverage gaps that can result in you having to cover the cost of certain damage out of pocket. Let’s have a quick look at what your homeowners policy does and doesn’t […]
2024 Homeowners Insurance Outlook Receives Negative Rating Posted on Tuesday 21st November, 2023
The insurance news for 2024 is certainly not great. Experts expect that extreme weather and increasing costs will push up insurance costs and make insurance companies more selective when deciding where they will write policies. Recently, credit rating agency AM Best downgraded the entire home insurance industry from stable to negative. According to Richard Attanasio, […]
What Is the 80/20 Rule In Homeowners Insurance? Posted on Wednesday 8th November, 2023
If you are purchasing a home, your lender will require that you carry homeowners insurance to protect their investment in your home. Homeowners coverage will help cover the cost of repairing or replacing your home if it is damaged or destroyed by a covered peril. Covered perils can include items such as a hurricane or […]
Utah Housing & Real Estate Data
|Total Housing Units||979709|
|Occupied Housing Units||877692|
|Vacant Housing Units||102017|
|Vacant Housing Units for Rent||20176|
|Vacant Housing Units Rented Not Occupied||1408|
|Vacant Housing Units For Sale||14580|
|Vacant Housing Units Sold Not Occupied||2828|
|Vacant Housing Units For Seasonal Occasional Use||47978|
|Vacant Housing Units All Other Vacants||15047|
|Housing Units Homeowner Vacancy Rate Percent||2.3|
|Housing Units Rental Vacancy Rate Percent||7.2|
|Housing Tenure Occupied Units||877692|
|Housing Tenure Occupied Units Owner Occupied||618137|
|Housing Tenure Occupied Units Owner Occupied Population||1986688|
|Housing Tenure Occupied Units Owner Occupied Averge Household Size||3.21|
|Housing Tenure Occupied Units Renter Occupied||259555|
|Housing Tenure Occupied Units Renter Occupied Population||731045|
|Housing Tenure Occupied Units Renter Occupied Average Household Size||2.82|
Understanding Utah Homeowners Insurance
When shopping for Utah homeowners insurance quotes you should be aware of the various types of insurance policies that are available in your area:
- HO-3: This is the most common type of homeowers policy. This policy type protects your home against all perils, except ones that are specifically excluded. In most cases earthquake and flood damage are excluded.
- H0-6: This policy type is specifically written for condos or co-ops. If you own a condo or live in a co-op building this type of policy is a necessity. A HO-6 policy covers both your personal belongings and the structural parts of the building that you own. There are 16 disasters listed on a typical policy that HO-6 protects against.
- HO-4: If you are looking for Utah renters insurance, a HO-4 policy is a great option. Renters insurance will cover your contents as well as offer liability coverage in the event a person is injured in your apartment.
While other types of policies exist, these are the most common ones. A HO-2 is a more basic policy that offers reduced coverage levels and a HO-5 is a high-end policy that offers increased protection.
If you are shopping for a new home in Utah, homeowners insurance is a must do. We can help you find the perfect policy for your new home, regardless of whether you need a standard HO-3 policy, HO-6 or renters insurance, our site makes shopping for homeowners insurance quotes easy. Visit our online quoting application today and let us help you shop and compare up to 12 different Utah rates and coverage options.