If you love the beautiful scenery of skyscrapers and mountains, you probably love living in Salt Lake City, UT. However, living in The Crossroads of the West comes with certain perils. The city is known for severe weather and natural disasters, like earthquakes, floods, and wildfires. Additionally, there’s a risk of theft and other criminal activity. Buying a house in Salt Lake City is a great choice but it’s wise to protect this investment with homeowners insurance.
At Trailstone Insurance Group, we help you buy insurance products, like home and auto insurance in Salt Lake City at affordable prices. As a leading insurance agency, we match you with the best home insurance companies in the city.
Get a QuoteWhat Are the Standard Salt Lake City Homeowners Insurance Coverages?
- Personal Property Coverage: This coverage protects the contents of your home, like furniture, clothes, personal belongings, and equipment, even if lost or damaged outside your property.
- Dwelling Coverage: A coverage that offers protection for the structure of your house from damage. It includes walls, roofs…etc.
- Other Structures Coverage: Other structures here refer to structures attached to your house, like a garage, shed, or fences. This coverage is usually limited to only 10% of your dwelling coverage.
- Additional Expenses Coverage: If your house becomes uninhabitable for a covered loss, this coverage pays for your expenses. For example, if a flood damages your home, you might have to stay in a hotel until your house is repaired. In that case, your insurance company pays for the accommodation fees, groceries, and transportation, up to a certain limit.
- Personal Liability Coverage: Personal liability insurance coverage generally refers to the protection against claims resulting from injuries and damage to other people or property you or a family member are responsible for. There are two types of liability coverages that are a part of the standard home insurance policy:
- Bodily injury: Protects you when you accidentally cause injuries to someone else. This coverage pays for medical expenses, lost wages, and legal fees.
- Property damage: Covers the cost to repair or replace a property that you damaged, like a neighbor’s fence, for example.
Optional Coverages for Home Insurance in Salt Lake City
At Trailstone, we give the soundest advice to our clients. At times, having a standard home insurance policy is enough. But in some cases, we recommend increasing the coverage limits to enhance safety and maximize protection. Here are some of the recommended optional insurance coverages for homeowners insurance in Salt Lake City.
- Service Line Coverage: This optional coverage helps pay for the repair or replacement of underground service lines on your property, such as water, sewer, or power lines.
- Earthquake Coverage: Salt Lake City is in a seismically active region. That means it’s prone to earthquakes. This coverage covers the damage to houses and property caused by earthquakes.
- Flood Coverage: A flood insurance policy is sold through the National Flood Insurance Program (NFIP) or private home insurance companies.
- Water Backup Coverage: An optional coverage that covers against damage resulting from water backing up from drains, sewers, or sump pumps.
- Replacement Cost Coverage: If your house needs to be rebuilt but the cost is higher than the coverage limit, due to inflation, replacement cost covers the costs. Extended replacement cost coverage adds a limited percentage to the repair cost, while guaranteed replacement cost covers the cost in full.
- Scheduled Personal Property Coverage: Standard homeowners insurance policies have limited protection when it comes to belongings. If you possess a valuable item, like an art piece or collectible, this coverage extends to cover the items.
- Identity Theft Coverage: Standard homeowners insurance policies have limited protection when it comes to belongings. If you possess a valuable item, like an art piece or collectible, this coverage extends to cover the items.
How much is home insurance in Salt Lake City?
The average annual premium of home insurance in Salt Lake City is $899, which is $75 per month. That is the average cost for a property with a dwelling coverage of $300,000. It’s %1 higher than the average Utah home insurance rate and 49% lower than the national average. The cost highly differs from one individual to another, depending on many factors.
What Are the Factors at Play when Calculating Homeowners Insurance Cost in Salt Lake City?
- Coverage chosen: The amount of coverage you get affects the insurance premium. The more protection you get, the higher it is.
- Deductible: A low deductible means a high premium and vice versa.
- Home value: An expensive house is more expensive to repair or replace, so it’s more expensive to insure.
- Roof materials: The durability of the roof affects the homeowners insurance rate. A durable, long-lasting roof lowers the insurance rate.
- Claims history: If you made previous insurance claims before, you would get a higher rate than an individual without any prior claims.
- Credit score: Homeowners with excellent credit may pay significantly less than those with poor credit scores.
Want to know how much you could save? Call us at 801-590-7877
Why Choose Trailstone for Homeowners Insurance in Salt Lake City
- We treat our clients how we want to be treated.
- We’re committed to providing excellent customer service to our clients.
- We’re your Ramsey Trusted pro in Salt Lake City, making us credible and trustworthy.
- Over 40 financially strong A-rated insurance carriers.
Homeowners Insurance in Salt Lake City FAQ
Homeowners insurance isn’t legally required in Utah. However, it’s recommended because of the risks that come with living in Salt Lake City, like wildfires, floods, earthquakes, and extreme weather. Moreover, most mortgage lenders and banks require home buyers to get home insurance to protect their investments.
You can potentially save money on home insurance if you follow these steps:
- Increase the deductible if you can afford to pay the amount out-of-pocket.
- Review your policy regularly to make sure you’re not paying for coverage you don’t need.
- Avoid making claims for small damage that you can pay for.
- Maintain a good credit score.
- Upgrade the system of your home, like the plumbing, HVAC, heating, and electricity systems.
- Bundle home insurance with auto insurance under the same company.
If it’s covered damage, you should make a claim and get reimbursed for repair costs. Take pictures and videos of the damage and prepare a repair bill to present to your insurance carrier. Before settling the claim, the insurance company will send you an insurance adjuster to inspect the damage and validate the claim. If it’s proven to be accidental covered damage, the insurance company will cover you.
These damages aren’t covered by homeowners insurance in Salt Lake City:
- Mold
- Pest infestation
- Wear and tear
- War, nuclear hazards, and government actions
- Intentional or criminal acts
Homeowners face a lot of risks in Salt Lake City, including wildfires, floods, extremely cold winters, poor air quality, landslides, high wind, hail, and property crime. Because there are many risks, homeowners insurance coverage is highly recommended for all homeowners.