Deductible vs Premium
If you’re aiming for a lower deductible, you’ll likely face a higher monthly premium for your policy. On the other hand, higher deductibles can create a lower monthly payment.
If you have many high-ticket items in your home, like jewelry and designer furniture, your standard policy may be higher than in homes with less valuable items inside.
Costs of an HO6 Policy
On the cheaper end of Utah HO6 insurance, you could get out paying just $12 a month, which would be on the low end of the spectrum.
On the other hand, if you have a bare walls master policy with tons of assets that need protection, children, and dogs, you can expect your policy to be higher.
In Utah, a personal policy typically costs somewhere between $150-600 each year, depending on your unique circumstances.
If you look at the rate analysis for 2020, the average countrywide premium is $625 per year. In Utah, you can expect $398 annually for the same level of coverage.
This is great news for you if you’re a Utah condo owner!
What kind of insurance do you need for a condo?
If you want to get set up with a full suite of Utah condo insurance, you’ll want to get HO6 insurance in Utah, at least. Remember that you can’t get a standard homeowners’ policy, as you don’t own a home that a homeowner’s policy is designed for.
Rather, you’ll need a condo owners’ insurance policy that covers just the portion of the property that is yours.
Be sure that the coverage option you choose takes into account the perils you’re most concerned about. They typically cover things like medical payments, liability, and personal belongings.
For more information about the specific policies, you should be looking for, reach out to our Utah condo insurance team.