Utah Home Insurance Data Shows a 3x Cost Difference Between the Cheapest & Most Expensive Options
A recent analysis from Gavop found that there was a 3x difference in price between the cheapest and most expensive home insurance options for specific counties in Utah. The analysis used data from Utah’s Department of Insurance to gauge market trends. The figures used in the study represent comparison samples of premiums charged by insurance companies in Sandy and Provo City.
Below is a table that shows the top 3 cheapest and most expensive home insurance options available in both cities. The data was divided into brick and frame style homes valued at $250,000.
Top 3 Cheapest and Most Expensive Home Insurance Options for Sandy and Provo
| Provo City | Sandy City | |||
|---|---|---|---|---|
| Insurance Company | Brick Home | Frame Home | Brick Home | Frame Home |
| Bear River Mutual Ins Co. | $463 | $509 | $463 | $509 |
| Farmers Ins Exchange | $453 | $420 | $464 | $433 |
| CSE Safeguard Ins Co. | $474 | $523 | $474 | $523 |
| Farm Bureau Prop & Cas Ins Co. | $944 | $1,002 | $845 | $914 |
| United Service Auto Association | $1,497 | $1,415 | $1,584 | $1,506 |
| USAA Casualty Ins Co. | $1,546 | $1,470 | $1,639 | $1,568 |
The top 3 cheapest home insurance options for the two cities are Bear River Mutual Ins Co, Farmers Ins Exchange, and CSE Safeguard Ins Co; which have premiums that range from $463 to $523.
Insurance premiums are based on several factors including the type of a home. 9 of the 15 companies that offer home insurance in both cities report a cheaper premium for brick style homes when compared to frame style homes of the same price. Among the top three cheapest options, brick homes are $46 cheaper for Bear River Mutual, $49 cheaper for CSE Safeguard Insurance Co. Moving on from the cheapest insurance options, the data also reveals the most expensive insurance companies in Provo and Sandy. United Service Auto Association and USAA Casualty Ins Co. both have significantly higher premiums than all the other insurance companies. Premiums from these companies for a $250,000 home range from $1,415 to $1,639.
The different prices that the insurance companies charge for brick vs. frame style homes were not consistent across providers. For example, Bear River Mutual, CSE Safeguard, and Farm Bureau insured brick homes for less than frame homes in both Sandy & Provo. However, Farmers and USAA insured frame homes for less than brick homes.