The Best Condo Insurance In Utah For April, 2024

Nationwide is the No. 1 condo insurance provider in Utah.

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Written by
Bob Phillips
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Welcome to the ultimate guide to buying the best condo insurance policy in Utah. Purchasing condo insurance is not just about protecting what is most likely your most valuable asset. It’s also about providing you with peace of mind.

Having worked 15 years as a licensed insurance agent, I cannot emphasize enough the importance of having proper coverage for your dwelling. I’ve witnessed many condo owners thrown into a financial crisis for lacking adequate coverage.

Natural disasters, such as wildfires and severe storms are not unheard of in Utah. These disasters have the potential to pose damage to your condominium and belongings. If your condo is underinsured or uninsured, you may have to pay part or all of the repair and replacement cost, causing potential financial and emotional burden.

You can ensure you’re well-protected against any eventuality by getting a condo insurance policy that covers a myriad of potential causes of loss. These include natural disasters and theft. Read on to learn more about your condo insurance options in Utah.

Best Condo Insurance Companies In Utah, 2024

Best Condo Insurance, Utah 2024

Compare The Best Condo Insurance Companies In Utah

Overall Rating Best For A.M Best Rating J.D Power Rating Average Monthly Cost Get A Quote
Nationwide
4.9

Best Overall

A+

816

$886

Instant Quote
Travelers
4.6

Discounts

A

794

$828

Instant Quote
Chubb
4.7

High-Value Condos

A++

809

$1,551

Instant Quote
Amica
4.8

Best Runner-Up

A+

849

$1,449

Instant Quote
Scroll to see comparisons

Our Methodology

To determine the companies offering the best condo insurance in Utah, I relied on my personal experience, selling condo insurance in Utah as a former licensed property and casualty agent. I also sampled customer feedback from various consumer sites and analyzed financial strength and customer satisfaction ratings from AM Best and J.D. Power.

58

Quotes Analyzed

17

Brands Reviewed

15+

Years Of Experience

30+

Research Hours

The Best Condo Insurance Companies In Utah


Best Overall

Overall Rating
4.9

Key Statistics

9/10 Affordability
10/10 Customer Reviews
10/10 Claims
9/10 Coverage Level

Why We Like Them

In the top spot is Nationwide, which offers condo owners comprehensive, customizable condo insurance. Customers can tailor their policies to fit their needs, ensuring robust protection of their condominiums.

Besides protecting your dwelling, Nationwide also covers your personal property, such as furniture and clothing, and provides additional living expenses coverage if your condo becomes uninhabitable due to a named peril.

What further sets Nationwide apart as the best condo insurance provider in Utah is its selection of extended coverage options for maximized protection. These include coverage for property additions, alterations, installations, improvements, or fixtures.

Nationwide’s commitment to customer satisfaction is also evident in its quality claims handling. They have a dedicated claims team that gets you the help you need for prompt and fair settlements of claims.

Benefits & Drawbacks

Benefits
  • Great coverage options
  • Good rates
  • Exceptional customer service
Drawbacks
  • Not the best choice for low-value condos
  • Some discounts may have limited availability
  • Potential for additional charges

Best Runner-Up

Overall Rating
4.8

Key Statistics

8/10 Affordability
9/10 Customer Reviews
9/10 Claims
10/10 Coverage Level

Why We Like Them

With robust coverage options and excellent customer service, Amica is another great choice for securing condo insurance in Utah. It has an upgraded condominium owner’s policy called Platinum Choice that provides extensive coverage options for additional protection. Whereas a low complaint level indicates customers are satisfied with their services.

Aside from comprehensive coverage and a winning customer experience, Amica also offers affordable rates. When compared to Allstate, for instance, Amica offers more affordable rates. Customers can also bundle their condo and auto insurance policies for a discount of up to 20%.

Benefits & Drawbacks

Benefits
  • Strong financial rating
  • Variety of coverage options
  • High customer satisfaction
Drawbacks
  • Above average rates
  • Financial strength rating downgraded to A+ from A++ in 2017
  • Dividend policies are not available in all states

Best For Discounts

Overall Rating
4.6

Key Statistics

9/10 Affordability
8/10 Customer Reviews
8/10 Claims
9/10 Coverage Level

Why We Like Them

With Travelers Insurance, condo owners in Utah don’t have to compromise on coverage to afford condo insurance. This is because the insurer offers an impressive number of discounts.

One of their most attractive savings opportunities is the multi-policy discount. Policyholders can save up to 15% by bundling condo insurance, auto insurance, and other policies from Travelers. Policy bundling not only saves money but also makes insurance management easier.

Taking proactive security measures is another way customers can lower their condo insurance costs with Travelers. The company offers condo owners discounts for installing certain protective devices, such as smart or connected home technology.

Travelers may also appeal to Utah homeowners in search of a customizable condo insurance policy. They have a great selection of coverage options at competitive rates.

Benefits & Drawbacks

Benefits
  • Cheap rates
  • Bundling policies allowed
  • Financially solid
Drawbacks
  • May ban specific dog breeds
  • Limited availability nationwide
  • Below-average customer satisfaction ratings

Best For High-Value Condos

Overall Rating
4.7

Key Statistics

7/10 Affordability
10/10 Customer Reviews
9/10 Claims
9/10 Coverage Level

Why We Like Them

For high-net-worth individuals with luxury condominiums in Utah, Chubb is an excellent choice. Through their Masterpiece policy, the insurer offers premium coverage options, increased limits, and a plethora of perks.

The Masterpiece condo insurance includes offerings such as extended replacement cost if rebuilding costs are more than the sum insured. There are also extra coverages available, such as personal cyber insurance and identity theft coverage.

Beyond offering top-tier insurance solutions to affluent condo owners, Chubb has a reputation for exceptional customer service.

Benefits & Drawbacks

Benefits
  • Provides extended replacement cost coverage
  • Good customer service
  • Very few complaints
Drawbacks
  • Higher prices than average
  • Not BBB accredited
  • Not a good fit for condos of average value

How Much Is Condo Insurance In Utah?

The comparison tables below provide condo insurance cost data to aid your decision-making.

The Average Cost Of Condo Insurance By City

This first table shows the average monthly and annual cost of condo insurance in 10 of Utah’s largest cities:

City Average Annual Rate Average Monthly Rate
Salt Lake City $360 $31
West Valley City $352 $30
West Jordan $346 $30
Provo $344 $29
St. George $335 $29
Orem $346 $30
Sandy $347 $30
Ogden $350 $30
Lehi $340 $29
South Jordan $343 $29

Average Cost Of Condo Insurance By Company

In this next table, I showcase the average annual rates from ten top condo insurance providers in Utah.

Insurance Company Average Annual Rate
State Farm $323
USAA $748
Nationwide $382
Allstate $244
American Family $639
Farmers $544
Amica $426
Auto-Owners $727
Travelers $415
Chubb $1,036

Average Cost Of Condo Insurance By Building Property Limits

When shopping for condo insurance, how much coverage you should get depends on the value of your condo and personal property. Here are the average monthly costs for different building limits in Utah:

Building Property Limit Average Annual Rate
$40,000 $751
$60,000 $902
$80,000 $1103
$100,000 $1304

The rates presented in the above tables are estimates and can vary drastically based on several factors. These include the amount of coverage you select, your condo’s location, and its structural features.

Additionally, cheap rates don’t necessarily mean great value. Instead, look for a policy that balances affordability, sufficient coverage, financial stability, and excellent customer service.

How To Find The Best Condo Insurance Company For You

The best way to save on condo insurance and find the best insurance provider is to compare multiple quotes from different providers in Utah. It will take time and effort, but it’s worthwhile for adequately protecting your condominium and its contents and safeguarding your family’s financial future.

Follow these steps to find the right condo insurance company for your specific needs:

  1. Determine how much condo insurance is enough.
  2. Do an internet search of top carriers in Utah.
  3. Narrow your search to three insurers and request quotes from all three.
  4. Compare each carrier’s coverage options, financial strength, insurance rates, customer reviews, and available discounts, and choose one.
  5. Begin the application process with the selected carrier.

What Does Condo Insurance Cover In Utah?

Condo insurance, also known as HO-6 insurance, typically protects the interior of a condominium unit, which includes walls, floors, fixtures, cabinets, and built-in appliances. It also helps to pay to replace or repair your belongings if they’re stolen or damaged.

Most HO6 policies also cover liability claims and include up to $1,000 in loss assessment coverage to pay for losses that affect shared areas of the condominium complex. You can increase the coverage limit of the latter with an endorsement.

How Much Condo Insurance Do I Need In Utah?

The cost to rebuild your condominium in Utah is the primary factor in determining how much condo insurance you need. The value of your personal belongings is also a significant determinant. Ideally, your HO-6 policy should fill in the coverage gaps your condo association’s master policy doesn’t cover.

Factors That Impact The Cost Of Your Condo Insurance Policy

Here are some of the main factors that determine the cost of condo insurance:

Location Of Your Condo

Where in Utah your condominium is located can greatly impact your condo insurance rates. If a high-crime neighborhood or a region that is prone to natural disasters, such as floods, hurricanes, or wildfires, expect to pay more for condo insurance.

Age And Construction Type Of Your Condo

If your condominium complex is old, your unit might have outdated plumbing, electrical, or heating systems. Consequently, you could pay higher condo insurance rates owing to the increased risk of potential hazards. Your condo’s building materials can also raise or lower the cost of your policy, depending on their resistance to damage.

Replacement Cost Of Your Condo

Insurers factor in the cost of building materials and labor required to rebuild your condominium following a covered loss when setting your insurance premiums. The more expensive it is to rebuild your unit, the higher your rates will be.

Claims History

If you’ve filed claims in the past, insurance companies may consider you a high-risk client, leading them to charge you higher premiums. On the other hand, a clean claims history can help you negotiate lower premiums.

How To Save Money On Utah Condo Insurance

You can help lower your condo insurance premiums through various strategies, including raising your deductible. Usually, the higher your deductible, the lower your monthly premium. However, if you make a claim, you’ll pay more out-of-pocket. The goal is to strike the right balance between your deductible and premium.

As I mentioned earlier, Utah has seen extreme weather over the years. So, reinforcing your condo with upgrades that prevent or reduce damage from severe weather damage can qualify you for discounts that lower your premiums. The same goes for installing a burglar alarm system.

How To Get An Online Condo Insurance Quote In Utah

In order to get accurate quotes, you’ll need to provide certain information, such as:

  • Personal identification information: includes your name, date of birth, and location address.
  • Property details: for example, year built, square footage, type of exterior, and installed safety devices.
  • Number of people living in the condo: who lives at your home?
  • Replacement cost of your condo: how much would it cost to rebuild your unit to its original condition if it gets destroyed?
  • Value of your personal belongings: this will help determine how much coverage is needed to pay to repair or replace everything you own in the condo.

Insurance comparison websites like Insuranceopedia allow you to easily and quickly compare multiple quotes from different insurance companies, and you’ll only need to provide your information once.

FAQs

How much is condo insurance in Utah?

The average cost of condo insurance in Utah is $121 monthly or $1,457 annually. Rates for similar coverage can vary widely based on several factors like location, insured’s claims history, and coverage limits.

How much condo insurance is required in Utah?

Utah law does not require condo owners to carry condo insurance. However, your bank or building association may require you to have a policy. A typical condo insurance policy covers a minimum of $100,000 and a maximum of $500,000 in liability protection.

How does condo insurance work?

A HO-6 or condo insurance policy fills in the gaps your condo association may not cover in their master policy to ensure your condominium is adequately protected. It includes coverage for the interior of your unit, personal belongings, personal liability, loss of use, and loss assessment.

Sources

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