Utah homeowners have seen their home insurance rates increase by about 20%, ranking third in the country behind Texas and Arizona, according to a study by S&P.
Utah homeowners have seen their home insurance rates increase by about 20%, ranking third in the country behind Texas and Arizona, according to a study by S&P.
Data from the commissioner’s office shows yearly increases: 7 percent in 2021, 12 percent in 2022, 17 percent in 2023 and 19 percent in 2024."What has changed that suddenly there has been this big jump?" she asked, noting that nothing around her property has changed, nor have there been any disasters in her neighborhood.
“From 2011 to 2020, there were over 6,000 new homes in high-risk wildfire areas in Utah. In California, that number was 10,000. We were second to California. The third state was a distant third," Pike said.“Drone use in assessing and determining what a homeowner’s insurance rate is going to be is becoming more common,” Pike said.
He said if your insurance company increases your rates and cites added risk or liability, ask your agent for any photos and then ask what you can do to mitigate the risks around your property in order to avoid paying more.
Insurance Rates Homeowners Pike Increases Wildfires Claims Policies
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