Best Home Insurance Rates In Utah

On average, your neighbors pay $56 a month.

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Compare Homeowners Insurance In Utah

Utah is known for having the greatest snow on earth, as it is home to some of the best ski resorts in the country. The Beehive State is also known for hosting the Sundance Film Festival, and having five national parks, seven national monuments, and seven national forests. Utah also boasts the highest birth rate and youngest population of any state. But, Utah’s propensity for cold, snowy winters and drought makes it a home for homeowners insurance hazards as well.

Average Utah Homeowners Insurance Rates

How much is home insurance in Utah? Utah has some of the lowest average home insurance premiums in the US. The average cost of homeowners insurance in the state of Utah is $634, about half the national average of $1,132. Only Oregon has lower average home insurance rates than Utah.

Utah Average Annual Homeowners Insurance Rates
  2013 2014 2015
Utah Annual Average $609 $634 $673
Utah Price Per Month $51 $53 $56
US Annual Average $1,096 $1,132 $1,173
US Cost Per Month $91 $94 $98
National Rank 49 49 50
Source: https://www.iii.org/fact-statistic/facts-statistics-homeowners-and-renters-insurance

The graph below shows the change in average Utah home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Utah homeowners insurance rates increased from $563 in 2011 to $673 in 2015, a jump of $110 dollars, or 19.54 percent.

Utah average homeowners insurance rates

Choosing a homeowners insurance company in Utah should be easier. Actually, it’s already easy. The key to finding the cheapest rates is to get a homeowners insurance quotes comparison in Utah from multiple companies.

Best Home Insurance Companies in Utah

Most Popular Insurance Companies

Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Utah. Out of the 5,561 Utah homeowners that used QuoteWizard to request insurance quotes last year, 182 had no home insurance.

  1. Farmers
  2. Allstate
  3. American Family
  4. Geico
  5. Liberty Mutual
  6. Progressive
  7. AAA
  8. MetLife
  9. Nationwide
  10. 21st Century
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Best Insurance Companies

The above list shows the most popular home insurers in Utah according to our users. But popular doesn’t always mean best.

Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:

  1. Amica: Best Overall
  2. MetLife: Best for Bundling
  3. Allstate: Best for Local Agents
  4. Hartford: Best for Seniors
  5. State Farm: Best for Pet Owners
  6. Travelers: Best for Flexible Policies
  7. Nationwide: Best Replacement Coverage
  8. Farmers: Best for Eco-Friendly Homes
  9. Liberty Mutual: Best for Quick and Easy Quotes
  10. Auto Owners Insurance: Best Claims Experience
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Top 10 Utah Home Insurance Company Market Share

Source: National Association of Insurance Commissioners
Rank Company Financial Rating Market Share
1 Farmers Insurance A 8.0%
2 Allstate A+ 6.6%
3 Workers Compensation Fund of Utah A 5.3%
4 Liberty Mutual A 4.8%
5 Travelers Companies A++ 4.2%
6 Nationwide Mutual Group A+ 3.5%
7 GEICO A++ 3.3%
8 AIG A 3.3%
9 Progressive A+ 3.2%

Home Insurance Rate Factors

Many different factors come into play when insurance companies calculate the cost of homeowners insurance. Some, like the age of your home, are within your control. Others, like crime rates or natural disasters, are beyond your control. Here are some of the factors that affect the cost of homeowners insurance in Utah.

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Average Home Listing Prices

Home prices can greatly affect the cost of insurance in a given state. A higher average home price generally means higher premiums in that state. For Utah, the average listing price is $401,757 as of July 2015, much higher than the national average of $284,748.

Average Burglary Rates

Burglary is a serious and sometimes violent property crime. States with higher average burglary rates generally have higher average home insurance premiums, because the likelihood that someone will need to file a claim is higher. According to data from the FBI Uniform Crime Report, in 2013, Utah’s average burglary rate was 459.6 per 100,000 people, which is significantly lower than the national average of 610.0 per 100,000.

States with more law enforcement per capita tend to be safer than states with fewer policemen and women. In Utah, there are 23.4 law enforcement personnel per 100,000 total citizens, much lower than the national median of 32 per 100,000.

Home Insurance Hazards

Utah is divided in two basic climate zones. Most of the state is arid, with low rainfall and wide temperature variations both daily and seasonally. The mountainous areas, especially in the north-central part of the state, tend to be colder and see heavy snowfall. The entire state is also vulnerable to wildfires.

Cold winters: Utah’s winters are not very cold overall, but at elevation, it does get quite cold. Southern and western Utah have winter temperatures ranging from an average low of about 20 degrees, to an average high of about 42 degrees. However, in northern Utah, it gets colder. In Salt Lake City, average winter highs are 37 degrees, and lows are 22 degrees. Likely due to the high elevation, north-central Utah is no stranger to cold temperatures. Peter’s Sink, Utah holds the record for the third-coldest temperature ever recorded in the US, -69 degrees. These cold winters, can be a home insurance hazard. In sub-freezing temperatures  pipes can crack or leak and cause water damage which may or may not be covered by your homeowners insurance policy.

Snowfall: Utah is famous for its snowfall, which varies greatly within the state. Salt Lake City is the fourth-snowiest major city in the US, with over 56 inches per year. It is also tied for the seventh-most days of snow per year of any major US city, with 35 days a year. Just south of Salt Lake City, at Silver Lake, they average 82 days of snow per year and about 411 inches of snow annually. In Southern Utah, at Bryce Canyon National Park, the average snowfall is 32 days and 90 inches of snow annually. In comparison, a bit further west at Zion National Park, they average fewer than 3 days of snow per year, and only 4 inches of snow annually.

Snow can be a home insurance hazard in a number of ways. Heavy snow can accumulate on roofs, decks, and garages and cause a collapse. Cities can completely shut down if blizzard conditions occur, or if snow levels are abnormally high. And, as snow melts, flooding can occur, especially as the water streams into valleys. It is important to note that the only way to obtain flood insurance is through the National Flood Insurance Program. Learn more about the NFIP here.

Lack of rainfall: Utah is the second-least rainy state in the US, behind only Nevada, with a mere 12.2 inches of rain on average. Brighton is the rainiest city, with an average of 44 inches per year, and 124 days of rain. Salt Lake City receives 16 inches on average, and 96 days per year with rain. Propensity for drought, combined with the hot, dry summers typical of Utah, can be a serious homeowners insurance hazard. In summer, most cities in Utah have an average high temperature at or above 90 degrees. According to the National Drought Monitor, 88% of Utah is experiencing some level of drought, ranked from D0 (abnormally dry) to D4 (exceptional drought). As of April 2015, 99% of Utah was facing conditions D1 (moderate drought) or higher. Drought can have a number of consequences, including diminished crop production, dust storms, and wildfires.

Wildfires: Of all the aftereffects of low rainfall, wildfires are the most prevalent in Utah. June 2015 alone saw five independent wildfires, burning over 4,000 acres. Hundreds of wildfires burn in Utah every year, though they are generally contained before growing above 10 acres. One of the most common causes for these wildfires is lightning strikes. Thunderstorms are somewhat common in Utah, and coupled with hot, dry conditions, lightning can start a fire that can grow easily. Utah averages 33 days of thunderstorms per year, almost all of which occur in July and August. The largest wildfire in Utah history was the Milford Flat Fire of 2007. This fire burned 363,052 acres and burned for about two weeks.

Utah Insurance Department

Website:
Homepage
Insurance Commissioner:
Todd E. Kiser
Insurance Hotline:
(800) 439 - 3805
Office Hours:
Monday - Friday
8:00 am to 5:00 pm
File a Consumer Insurance Complaint
Complaint Page

Sources:

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