Home Insurance in Orem, UT
Home insurance in Orem, UT, protects your property from unexpected events so you can shield your budget from the financial impact of theft, fire and severe weather.
Conveniently located about 45 miles south of Salt Lake City, Orem pairs with Provo to create one of Utah's largest metro areas. The city has more than 98,000 residents. with an increase of more than 10,000 people from 2010 to 2020, according to U.S. Census data. Orem is the home of Utah Valley University, the state's largest public higher education institution. It's also the city's largest employer, followed by Alpine School District and U.S. Synthetic Corporation. Orem has all the benefits of a vibrant college town surrounded by unmatched natural beauty.
Orem has a higher-than-average median home value of $460,500, 36% higher than the national average. according to Sperling's Best Places. While it can be costly to purchase property here, you can expect a significant appreciation of more than 16% per year. The median age of Orem's residential real estate is 37, so you'll find some modern new builds among the eye-catching historic homes.
When shopping for home insurance in Orem, UT, it's important to consider the state's geographic diversity. You may be subject to the impact of natural disasters that could damage your home. For example, landslides, mudslides and earthquakes are common occurrences in Utah. If you live in an area with steep, mountainous terrain, consider purchasing a ground movement rider to ensure coverage for these issues. Standard homeowner's policies don't typically pay for earthquake damage.
Your Orem property may also be vulnerable to wildfire damage. Nerdwallet reports that wildfires cost state residents and business owners more than $13 million in 2018 alone. Shop around with VIU by HUB to find an affordable policy that includes wildfire coverage to protect your property from this type of catastrophe.
Home insurance in Orem, UT, averages about $78 per month or $940 per year, according to Nerdwallet. Premiums in the city align with the state average, and you'll save nearly 50% compared to the U.S. average homeowner's insurance cost of $1,820 per year.
These estimates are based on a policy for $300,000 in liability and $300,000 in dwelling coverage with $1,000 for someone with good credit. In addition to your credit score, factors that affect the cost of your policy include your exact coverage amounts, your geographic location, the size of your home and the crime rate in your neighborhood. Every provider has its own rate structure, so you can save money on home insurance by shopping around with VIU by HUB.
Utah does not require homeowners to carry insurance on their properties. However, your lender may have requirements if you have a mortgage on your home. Most people start with a standard homeowner's policy, which pays for the repair or replacement of your home and everything inside after a covered event.
Examples of covered events include hail, wind, lightning, smoke or fire damage, as well as vandalism and theft. Most policies do not cover floods and earthquakes, so you may want to purchase added coverage if your property has a risk for these events.
Find high-quality home insurance in Orem, UT, with the help of VIU by HUB. Our smart online tool pairs you with personalized quotes from multiple providers.
This information is intended for general informational purposes only and is not intended to constitute legal advice.
