- Home insurance premiums in Utah are rising at concerning rates, says Rob Bhatt.
- LendingTree data shows Utah's insurance costs rose six times faster than incomes.
SALT LAKE CITY — Homeowners know the drill: One season brings heavy snowfall on rooftops. Another season can send floodwater into the basement. And another season can mean wildfires in the foothills.
Every time disaster strikes, your home insurance policy remembers.
"Utah is seeing home insurance rates rise," said Rob Bhatt of LendingTree. "They're not just rising at a normal pace like the rest of the country. They're actually rising at rates that are pretty troubling."
Bhatt shared LendingTree data with the KSL Investigators showing that Utah has the nation's second-widest gap between rising insurance rates and rising income from 2020 through 2024.
Home insurance costs here rose nearly six times faster than paychecks.
Why Utah?
So, why Utah?
"I think it's a combination of factors," answered Bhatt.
One factor he points to is an increase in extreme storms bringing more extreme wind and hail across Utah.
One of the biggest factors driving home insurance premium increases in Utah, he said, is where we're building our homes.
"One of the things we've seen is a lot more homes being built in wildland urban interface areas in Utah," Bhatt said.
Rescuing your wallet
Want to pay less? Well, the reality is your zip code plays a large role in determining what you'll pay for your home insurance.
Still, Bhatt recommends homeowners shop around. Consider going with a policy with a higher deductible in exchange for a lower premium. And, if you can afford it, don't file every little claim.
"Oftentimes, it's better to just pay out of your pocket and then save insurance for the really big things," he advised.
The better news here is that experts expect the rate hikes to start leveling off. But that's assuming we won't get hammered by a new round of disasters or inflation.
