In Salt Lake City, Utah, homeowners pay an average home insurance rate of $425 to $576. The analysis made by vHome revealed that homeowners in Salt Lake City could save as much as $200 by choosing the cheapest home insurance quote. Salt Lake City homeowners are advised to compare quotes from multiple home insurance companies to choose the cheapest one according to their coverage needs. However, choosing the best home insurance company goes beyond comparing insurance quotes.
Below are some of the factors that Salt Lake City homeowners should keep in mind before choosing the best home insurance company.
A.M. Best Rating
A.M. Best company rates home insurance companies based on their financial strength. Financial strength is referred to as the capacity of an insurance company to grant claims of current policyholders. Home insurance companies with high A.M. Best ratings are considered to be a safe bet for homeowners. Salt Lake City homeowners can use these ratings to identify home insurance companies with high financial capacity.
J.D. Power Score
J.D. Power awards ratings to home insurance companies based on the feedback collected from current policyholders. The overall customer satisfaction of an insurance company is calculated using policy coverage, insurance rates, discounts, customer handling, and the speed at which a claim is processed. USAA and Amica have been awarded the perfect customer satisfaction score of 5/5.
Home insurance companies use different parameters to calculate home insurance rates. Home insurance quotes differ from one insurance company to another. Salt Lake City homeowners should receive quotes from multiple home insurance companies to choose the cheapest one. Homeowners should also consider the add-on policies offered by home insurance companies, in addition to the standard home insurance policy.
Deductibles vs. Insurance Rates
Home insurance rates vary depending on the deductibles that homeowners choose to pay on their policies. The percentage of reduction in insurance rates for the same deductible differs between one insurance company to another. Homeowners have to arrive at a balance between deductibles and home insurance rates. Salt Lake City homeowners are advised to choose the home insurance company that quotes the cheapest insurance rate on their deductible amount.
Claims Processing Speed
Home insurance companies should be swift to process the claims of homeowners. Homeowners are generally given a time period of 10 to 30 days to file a claim in case of damages. Once submitted, home insurance companies take a maximum of 40 days to review the claim and accept or deny it. Salt Lake City homeowners are suggested to choose home insurance companies that have a simple and swift claims processing system.