besthome insuranceSalt Lake CityThe Best Cheap Homeowners Insurance in Salt Lake City, Utah for 2024: Quotes and Reviews
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besthome insuranceSalt Lake CityThe Cheapest and Best Homeowners Insurance in Salt Lake City
The Cheapest Home Insurance Companies in Salt Lake City
When comparing homeowners insurance quotes in Salt Lake City, you’ll notice most policies having similar coverages. Due to these similarities, cost becomes a primary consideration when deciding which one to purchase.
Among the insurance carriers in Salt Lake City, the cheapest homeowners insurance policies are offered by:
- Farmers: $770 per year
- American Family: $969 per year
The dwelling coverage limit affects the cost of homeowners insurance in Salt Lake City. For more expensive homes — those with a dwelling coverage limit of $2 million — the cheapest policies are offered by:
- Farmers: $2,277 per year
- American Family: $3,032 per year
Depending on the amount of dwelling coverage you purchase, your yearly premium may change. You can use the table below to see how rates vary based on the dwelling coverage limit.
The Cheapest Home Insurance in Salt Lake City, Ranked
Dwelling Coverage:
$250,000
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Homeowners insurance in Salt Lake City with an initial baseline dwelling coverage of $500,000 typically has personal property limits of $200,000. In comparison, a policy with a $2 million dwelling coverage limit has a personal property limit of $800,000. Liability coverage limits are not affected by the amount of dwelling coverage you purchase — all policies have a $100,000 threshold.
You can check statewide homeowners insurance rates in Utah if you live outside of Salt Lake City.
The Average Cost of Homeowners Insurance in Salt Lake City for 2022
Salt Lake City$1,873
Utah$1,081
U.S.$2,103
The average cost of homeowners insurance in Salt Lake City falls between the state and national averages. Utah’s annual average of $1,081 for homeowners insurance is lower than Salt Lake City’s typical rate of $1,873. The national average, however, is higher at $2,103 per year.
Calculate the Cost of Home Insurance in Salt Lake City
Aside from the amount of dwelling and personal property coverage you purchase, insurers consider other factors when computing the cost of homeowners insurance in Salt Lake City. These include your credit standing and where you live in the city, among others. You can compare homeowners insurance quotes in Utah by using MoneyGeek’s homeowners insurance calculator.
Home Insurance Calculator
State
Utah
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Salt Lake City
Filing a claim is a stressful situation, so although the price is a major consideration when choosing a homeowners insurance policy in Salt Lake City, there are other factors you should consider. For instance, you should also study an insurance provider’s financial stability and customer experience ratings.
To help you determine which provider will process your claim objectively and efficiently, MoneyGeek ranked the best homeowners insurance companies in Salt Lake City. Those on top are:
- Best Overall: Farmers
- Runner Up: USAA (available only to current and former military members)
MoneyGeek used user satisfaction, affordability and financial stability data in its analysis to determine the best homeowners insurance company in Salt Lake City.
1
Farmers
Score:94
Being environmentally friendly earns you additional benefits with a Farmers policy. Their Eco-Rebuild coverage allows you to receive up to an additional $25,000 for rebuilding costs if you choose green alternatives for materials and appliances when filing a claim. Remaining claim-free for five years also prevents your premium from increasing.
More About Farmers
The top homeowners insurance provider in Salt Lake City is Farmers. It earned high scores across all categories — even receiving a perfect score for affordability. On top of a standard policy, you can choose to add an Identity Shield, which covers any expense incurred from identity theft.
2
USAA
Score:93
If you choose to rent out a room or your entire home, having a policy from USAA allows you to use their home-sharing coverage. It covers expenses you may incur from being a landlord, such as maintenance and repair costs. You can also get discounts on your annual premium by installing a security system in your home.
More About USAA
Coming in a close second is USAA, with perfect scores in customer experience and financial strength. You or a family member must be a veteran or in active military service to purchase their policies.
3
Nationwide
Score:92
4
Travelers
Score:91
5
Allstate
Score:91
6
State Farm
Score:89
7
American Family Insurance
Score:89
8
MetLife
Score:88
9
Auto-Owners
Score:77
Cheapest Home Insurance Companies in Salt Lake City for Newly Constructed Homes
With materials more resistant to damage, newly constructed homes are typically cheaper to insure in Salt Lake City. Homeowners with houses built in 2015 onwards are less likely to file claims — and even when they do, replacement materials are easier to find.
In Salt Lake City, the average cost of homeowners insurance for a newly constructed house is $1,271 per year. In comparison, a policy for a home built in 2000 costs $602 more — $1,873 per year.
Based on MoneyGeek’s study, the companies offering the cheapest homeowners insurance in Salt Lake City for homeowners with newly constructed homes with a $500,000 dwelling coverage limit are:
- Farmers: $634 per year
- American Family: $655 per year
The Cheapest Home Insurance in Salt Lake City for New Homes, Ranked
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Cheapest Home Insurance Companies in Salt Lake City if You Have a Lot of Personal Property
Homeowners insurance in Salt Lake City not only protects you against damages to your home but also to the personal property you keep in it. A standard policy has a personal property coverage limit of $100,000 and costs $1,873 per year on average. If you feel the value of your personal property exceeds that amount, you can always opt to increase your coverage. However, increasing this limit also makes your annual premium more expensive. A policy with personal property coverage limits of $250,000 costs an average of $2,103 per year.
For homeowners who want higher personal property limits — such as $250,000 — the cheapest homeowners insurance policies in Salt Lake City are from:
- Farmers: $794 per year
- American Family: $1,136 per year
Cheap Companies in Salt Lake City for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Salt Lake City for High Deductibles
A deductible is the amount of money you’ll have to pay out of pocket before your homeowners insurance policy begins to cover expenses in Salt Lake City. Having a higher deductible typically makes your homeowners insurance premiums more affordable. For example, a policy with a $1,000 deductible costs $1,873 per year on average. If the deductible increases to $2,000, the average yearly rate decreases by $253, amounting to $1,620.
The Cheapest Companies in Salt Lake City for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Salt Lake City if You Have Poor Credit
Insurance providers use several things when calculating the cost of homeowners insurance in Salt Lake City, including your credit. Having poor credit tells the provider that you’re riskier to insure, resulting in a higher premium. Homeowners insurance in Salt Lake City costs $1,873 per year on average for a homeowner with good credit. If you have bad credit, you’ll end up paying much more for a policy with similar coverages — the policy rate increases to an annual average of $3,269.
The companies offering the cheapest homeowners insurance in Salt Lake City for homeowners with bad credit are:
- American Family: $2,165 per year
- Farmers: $2,488 per year
The Cheapest Companies in Salt Lake City for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Salt Lake City
Getting a homeowners insurance quote online in Salt Lake City is relatively easy. Make sure you have the following information ready:
Your home’s replacement cost: This is the amount needed to rebuild your home should it be destroyed or damaged beyond repair. It determines the dwelling coverage you’ll need to purchase, so it’s best to have your home assessed by a building contractor to get an accurate estimate.
Your personal property’s value: Homeowners often underestimate the value of their personal property. It’s advisable to keep an inventory of this as it helps you determine how much personal property coverage you’ll need.
Your personal information: Insurers will want to know specific details, such as your exact address, the number of people living in your home and your insurance history, among other things.
Your home’s details: This includes particulars about your house, such as when it was built and what materials were used. It’s also crucial to know its size and whether there are safety devices installed.
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Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Homeowners Insurance in Salt Lake City Analysis: Methodology
MoneyGeek gathered quotes provided in partnership with Quadrant for a home with varying insurance levels to determine affordability scores, while J.D. Power survey results provided user satisfaction ratings. The base homeowner profile used by MoneyGeek was for a 2,500-square-foot home built in 2000 with a $500,000 dwelling coverage limit, $200,000 for personal property coverage and $100,000 in liability coverage. All policies used in the study had a $1,000 deductible. We also gathered rates for newly constructed homes, higher personal property and dwelling coverages, increased deductibles and poor credit scores. We included nine homeowners insurance providers in Salt Lake City in this study.
About Mark Fitzpatrick
sources
- National Weather Service. "Flooding in Utah." Accessed June 28, 2021.
- Steady Marketplace. "What are Typical Landlord Expenses?." Accessed June 28, 2021.