Utah Home Insurance

Homeowners across Utah know they need to keep their biggest investment well-insured and covered in case of disaster. With forest fires and floods a significant threat for some residents, it’s not something that’s should be overlooked in the Beehive State. To help consumers find their way along the path to quality insurance coverage, The Simple Dollar has drawn together resources and information to inform and illuminate the sometimes murky homeowners insurance industry and housing market.

Stats in Your State

The following graphs and charts illustrate how the homeowners insurance market works in Utah, along how it and housing market have changed over time. Read on to get a quick overview at what makes the industry tick.

Homeowner Insurance Premiums

With few natural disasters and a relatively stable economy, Utah’s home insurance rates have remained relatively stable compared with the U.S. as a whole. While the U.S. rates rose by roughly 160%, Utah’s rates increased by around 120% over the same period, hovering at about $500 per month through 2006 and 2007 while the U.S. average was over $800.

Renter Insurance Premiums

Similar to its homeowners insurance rates, renters insurance in Utah is a bargain compared with the national average. At the same time, Utah’s market rose and fell nearly in parallel with the U.S. market as a whole during the 2000’s.

Existing Home Sales

Despite its cheap insurance rates, Utah was not immune to the housing market bubble and subsequent crash during the second half of the 2000’s. Existing home sales peaked at 51,700 in 2005 before dropping by nearly half to 28,500 by the end of the decade.

Flood Insurance in Region

Just 56 home insurance claims for flooding were filed by Utah residents in 2011 and 2012, for roughly $200,000 in damage, putting Utah just slightly ahead of Wyoming in terms of costs, but well behind neighboring mountain states Montana and Colorado.

Homes Built

Since the 1930s, Utah has shown steady growth in housing development, driven by the tourism and mineral extraction industries. Utah’s significant Mormon population also contributes to a high birthrate, which creates new demand for homes each decade.

Rules in Your State

Readers can research insurance regulations and rules through the state legislature’s website below. The property and casualty rules apply to both homeowners, auto, and other types of property insurance, while the general insurance rules apply to all companies and policies. Consumers will also benefit from a read through the Unfair Claims Practices. It can give you an idea of the practices insurers are banned from using while settling and handling claims.

Representatives & Resources in Your State

Here readers will find links to local government resources for additional information on choosing a good insurance policy, finding the right company, and comparing different rates for home insurance in Utah. Readers who are looking for consumer advocacy and support will also find a link to the Utah Insurance Department below.

Utah Insurance Department
3110 State Office Building
Salt Lake City, UT 84114
(801) 538-3800
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Consumer Complaints
Homeowners Insurance Information
Here readers will find additional information on homeowners insurance and how to go about finding the best possible policy.

Federal Emergency Management Administration: Region 8
FEMA’s region 8 offices handle the mountain states including Utah, and provide disaster relief as well as tips and plans for preparedness in advance of any calamities.