Homeowner insurance coverage in Utah for a condo, house, or mobile home has one of the lowest insurance rates in the country. Annual premiums are pegged at a low of $385 to a high of $494. With such low premiums, there is no excuse for Utah residents not to get an insurance policy. Even new homeowners are attracted to build homes in the state because of the affordable rates.
Like most states, Utah mortgage lenders require a basic homeowner before approving loans. However, why settle for limited coverage? It is highly advised to get a policy that would cover at least 80% of the replacement cost of the home.
Homeowner insurance in Utah consists of the following types of coverage:
· Dwelling: Covers the actual structure of the house
· Other structures: Covers detached structures such as garages, sheds or swimming pools
· Personal Property: Covers the contents of the home, such as furniture, appliances, electronic devices, clothing and other possessions. Jewelry, antiques and other valuables need to be appraised and additional coverage paid for at extra cost.
· Loss of use: Pays the funds that the homeowner and his/her household would need to maintain a normal standard of living while the home is being repaired or rebuilt. Covered here are food, clothing and apartment rental fees, just to name a few.
· Personal Liability: Covers lawsuits and claims resulting from bodily injury or property damage to another person that the court deems the homeowner and/or his household responsible for
· Medical Payments: Covers the medical expenses of individuals who are injured on the homeowner’s property. This coverage does not extend to the homeowner and his/her household.
While the standard Utah homeowner insurance policy covers perils such as fire, smoke and windstorm, it excludes earthquakes and floods. The state is prone to occasional small earthquakes and flash floods during heavy rains. These coverage need to be added to the policy as special riders. Flood coverage is available as a separate policy from the National Flood Insurance Program.
Utah is one of the states wherein credit score influences insurance rates. Homeowners who don’t pay their credit card bills and loans on time will have low credit scores which would increase premiums. For this reason, it is very important for homeowners to make sure that all their credit card bills, loans and mortgage payments are paid on schedule. Credit card balances, in particular, should be kept at 30% below the balance limit.
Although insurance rates in Utah are already low, homeowners could get lower premiums if they first shop around and compare quotes provided by insurance companies. One could get a lower premium with one company compared to that from another insurance provider. Another way to get lower insurance rates is by purchasing multiple policies from the same insurance company. Higher deductibles are another option. A homeowner, however, must ensure that the deductible should not exceed the amount of money that he or she could get in a short period of time.
Homeowner insurance in Utah, with its easy affordability, is a homeowner’s partner in protecting his or her greatest investment: the home.
Find homeowner insurance rates in each of these Utah cities:
Alpine – American Fork – Bountiful – Brigham City – Canyon Rim – Cedar City – Centerville – Clearfield – Clinton – Cottonwood Heights – Cottonwood West – Draper – East Millcreek – Farmington – Grantsville – Heber – Highland – Holladay – Hurricane – Hyrum – Kaysville – Kearns – Layton – Lehi – Lindon – Little Cottonwood Creek Valley – Logan – Magna – Midvale – Millcreek – Mount Olympus – Murray – North Logan – North Ogden – North Salt Lake – Ogden – Oquirrh – Orem – Park City – Payson – Pleasant Grove – Price – Provo – Richfield – Riverdale – Riverton – Roy – Salt Lake City – Sandy – Smithfield – South Jordan – South Ogden – South Salt Lake – Spanish Fork – Springville – St. George – Summit Park – Syracuse – Taylorsville – Tooele – Vernal – Washington – Washington Terrace – West Jordan – West Point – West Valley City – Woods Cross