Utah Homeowners Insurance
In Utah, homeowners insurance is a necessary item. Rates for homeowners insurance in UT do vary depending on the company, so it makes a lot of sense to compare rates from different insurers before you commit to buying a policy. Take the time to conduct some research into your options before you settle on a homeowners insurance policy in Utah.
Utah Homeowners Insurance: Factors That Affect Premium Costs
Rates for homeowners insurance depend on a number of factors, including:
- Location
- Age of the Home
- Amount of the Deductible Selected
- Policy Limit
- Local Fire Department Service/Location of Closest Fire Hydrant
Utah Homeowners Insurance: How Much Insurance Do I Need?
When you are looking for UT homeowners insurance, you will probably want to have enough coverage in place to pay for all of the costs involved in rebuilding your home if it were to be destroyed. You will also need to buy liability insurance to pay for damages if someone who is visiting your home should become injured. Many homeowners have up to $1 million in coverage for this purpose.
If you have a mortgage on your home, the lender may require you to carry insurance on the property. This amount will need to be for at least the amount remaining on the mortgage. If there is a claim, the insurance company will pay off the mortgage lender first and any money left over up to the policy limit will be given to the homeowner.
Utah Homeowners Insurance: Basic Coverage Available
Your insurance company can provide you with information about what kinds of perils (events that may damage your property) it will provide coverage for. The more perils you are insured against, the more you will be paying in premiums. Examples of perils a homeowner can be insured for are fire, theft, and wind damage.
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Property Damage Coverage - this pays for damage to the structure of your house, as well as your personal property. Your garage and/or tool shed is also covered under this part of your insurance policy. Personal property includes your furniture, electronic equipment, and clothing. Some items that are considered personal property, including expensive jewelry, furs, antiques, computer equipment, and silverware may need to be added to your homeowners policy under a separate endorsement.
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Additional Living Expenses Coverage - this kicks in when you are unable to live in your home while it is being repaired or rebuilt following a loss.
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Medical Payments Coverage - this pays claims for medical expenses for a person who was injured while on your property. This coverage pays out whether you or a family member who lives with you is found to be at fault. It also covers injuries caused by pets.
Utah Homeowners Insurance: Replacement Cost Versus Actual Cash Value
Some insurance companies will insure your UT home for its replacement cost. This means they will pay the full cost of repairs or rebuilding the home at the time the loss occurred, without deducting an amount for depreciation.
A number of insurance companies will require a homeowner to insure their home for at least 80% of the replacement cost. You would be required to pay any amounts over your policy limit if your home was destroyed. If you are unable to pay for the additional costs yourself, you may want to consider spending the money to buy an insurance policy that pays out the full replacement value for your home and any structures you have on your property.
The other option is to buy insurance that will pay the actual cash value of your home if a loss occurs. This figure would include depreciation of the property, so over time you are actually getting less coverage for the amount you are paying to the insurer in premiums.
No matter which option you choose for your UT homeowners insurance, you should keep detailed records of your home’s contents and any improvements you have made to the property. At the time of a loss, it can be difficult to recall exactly what you own, how much you paid for it, and what those items would be worth now.
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