The Best Cheap Homeowners Insurance in Salt Lake City, Utah for 2024: Quotes and Reviews

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.

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 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.

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.

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.

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

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

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.

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

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.

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.