Utah home insurance
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Compare Utah home insurance policy quotes
Utah ranks among the most affordable states for home insurance coverage. Find out why homeowners in The Beehive State need insurance and learn more about requirements and options for Utah home insurance policies. VIU by HUB makes it easy to get fast and free quotes. We also offer expert advice on protecting the value of your home.
Why Utah homeowners need coverage
A wide variety of risks can cause damage to residences in Utah. While the likelihood of different perils varies based on the location of a home, earthquakes, floods, wildfires and severe winter weather affect many areas of the state. The following statistics indicate the need for coverage above and beyond standard homeowners insurance policies:
• An estimated 39.4% of Utah residences, or 411,052 homes, are at high risk from wildfires.
• About 16% of all properties in Utah have a greater than 26% chance of severe flood damage over the next 30 years.
• Only 3% of Utahns have adequate flood coverage.
Basic and Broad form homeowners policies cover named perils like fire, while Special form, Open Perils policies and Comprehensive policies cover many more perils. Compare policy forms, named perils and exclusions to choose the right level of coverage for your budget and your home.
Utahns should obtain a sufficient level of homeowners insurance coverage to cover their financial risk and consider additional policies or endorsements that are available. VIU by HUB offers resources and expert advice to help policyholders identify and address gaps in coverage. Flood insurance, earthquake insurance and other optional coverage may be available.
Home insurance requirements in Utah
Utah state law does not require residential property owners to have insurance coverage. However, home buyers may need to present proof of insurance to mortgage lenders and maintain coverage for the lifetime of loans in order to get those loans. Lenders typically require Broad, Special or Comprehensive policies that cover a wider variety of risks than Basic form policies.
Some of the named perils that basic Utah home insurance generally covers may include fire, lightning strikes, storm damage, some water damage, theft and vandalism. Broad form policies add coverage for accidental damage to pipes or other household systems, falling objects and the weight of ice, snow and sleet. Special forms and Comprehensive policies tend to cover all perils except specific exclusions.
Policy options for homeowners
Utah homeowners should consider obtaining optional coverage for perils that most home insurance policies exclude. The high risk of flooding at many homes across the state can make Flood Insurance a smart choice for many properties. Earthquake policies can also protect homeowners against a rare but significant hazard. Other options can also protect a policyholder’s exposure to more common legal and financial risks.
In addition to Utah home insurance, home buyers who have federally backed mortgages may have to maintain Flood Insurance on properties in areas with known flood risks. Flood coverage is generally excluded from homeowners policies. In recent years, more than 40% of flooding in Utah occurred outside of Special Flood Hazard areas. The average cost of Flood Insurance in Utah is about $730 a year. Separate flood insurance is available in a policy from an insurance company or from the National Flood Insurance Program.
Approximately 90% of the population of Utah lives in active earthquake zones, and the state has an average of one magnitude 6 earthquake every 15 to 20 years. A 100-mile-wide seismic belt runs north-south from the Wasatch Front through Richfield, Cedar City and St. George areas. Residents in this part of the state should consider carrying Earthquake Insurance, which can range in cost from around $500 up to $1,000 a year.
Homeowners policies include Liability insurance in addition to Personal Property coverage onDwelling and Contents. This coverage protects policyholders against legal claims for injuries to other people or losses that occur on their property. Check the limits for Liability Coverage under your homeowners insurance policy to consider increasing these limits, or obtaining an umbrella policy to effectively increase the liability limits above the limits in your homeowners policy.
Contents Coverage and valuable items
Home insurance policies provide coverage on Contents as a percentage of the value listed for Dwelling Coverage. This may not be enough to cover loss or damage to high-dollar items without maxing out policy limits. Homeowners with valuable property such as electronics, antiques, fine art or jewelry should consider getting additional coverage for these items.
Average Utah home insurance quotes
As one of the most affordable states for home insurance, Utah has an average monthly premium of $140. Policy rates will vary based on the following factors:
• Location of property.
• Age of home.
• Type of construction.
• Roof type.
• Distance to fire station.
• Claim history.
This information is intended for general informational purposes only and is not intended to constitute legal advice.