Gephardt: Location Can Affect Insurance Savings After Home Improvement

May 17, 2021, 6:10 PM | Updated: May 18, 2021, 7:27 am

SALT LAKE CITY, Utah – Many Utahns have used their time at home during the pandemic to make improvements to their abodes, and even small projects can save you a lot on home insurance. But as the KSL Investigators crunched the data, something surprising jumped out: Those insurance discounts do not apply the same to everyone.

It makes sense that making upgrades to a home can save someone money on their insurance.

A new deadbolt will limit break-ins. A new roof holds up better in the wind. A lightning rod will prevent a house from catching fire if it gets struck by lightning.

Nationally, those three renovations will drop the cost of homeowners insurance by $114 per year, on average, but not for Utah homeowners. In the Beehive State, those three changes will only knock $27 off the annual premium, according to a new study from Value Penguin/LendingTree.

“When you think about what insurers base their rates off of, they’re typically looking for any hints towards a recurrent claim – something that’s going to happen again and again,” said the study’s author, Andrew Hurst.

The potential insurance savings in Utah are a glass-half-full sort of situation. Utah sees fewer break-ins, fewer lightning storms, and less devastating winds – especially compared to the Midwest and some neighboring states, which top the insurance savings list when it comes to those projects.

“There’s not that much in terms of savings for the average Utah resident, especially relative to the average, or especially relative to somewhere like Colorado or Wyoming where they’re seeing almost $500 off their policy,” said Hurst.

This data was based on averages, so determining how much you will actually save will take a one-on-one conversation with your agent.

KSL 5 TV Live

Top Stories

KSL Investigates

Matt Gephardt & Sloan Schrage

Get Gephardt: How cybercriminals use social engineering to get us to hand over our sensitive info

You can have the strongest, most secure password in the history of cybersecurity, but the bad guys know there is one weakness they can use to hack into your system - you!
4 days ago
Delric Ellington and Kael Ellington talk about a stray bullet that entered their Salt Lake City hom...
Annie Knox and Daniella Rivera, KSL TV

Amid increase in youth shooting deaths, Utah pediatricians push for tougher gun laws

The number of Utah children and teens killed by gunfire reached a record high in 2020, in part because of a spike in homicides. Two Utah pediatricians are calling on the state to pass what they see as solutions to the troubling trend.
7 days ago
Albee Bostrom and Sissy McDade turned their love of thrift store shopping into a business: Thrift H...
Matt Gephardt

Gephardt Busts Inflation: Second-hand shopping, selling surge as Utahns try to beat rising prices

Data shared with the KSL investigators shows Utahns are trying to bring in more money and reduce spending as they try to bust inflation.
7 days ago
Bry Hansen visits his son's grave in South Jordan. (Tanner Siegworth/KSL TV)...
Annie Knox and Daniella Rivera, KSL TV

The number of Utah kids and teens dying by gunfire hit a record high in 2020

The state hit a devastating milestone in 2020, recording the highest-ever number of shooting deaths among Utahns 18 and younger.
7 days ago
Matt Gephardt & Sloan Schrage

Get Gephardt: What can you do if you pay someone to do work but they disappear with your money?

Imagine paying a deposit only to have them take your money and ghost you.
9 days ago
Photo illustration (Photo by Matt Cardy/Getty Images)...
Matt Gephardt

Get Gephardt: Your credit card can up your interest rate without telling you

If your credit card company raises your interest rate even just a little bit, it could have a significant impact on how long it takes you to get out of debt. A relatively new law means your credit card company can do just that and they do not even have to give you the heads up.
10 days ago

Sponsored Articles

Hand turning a thermostat knob to increase savings by decreasing energy consumption. Composite imag...
Lighting Design

5 Lighting Tips to Save Energy and Money in Your Home

Advances in lighting technology make it easier to use smart features to cut costs. Read for tips to save energy by using different lighting strategies in your home.
Portrait of smiling practitioner with multi-ethnic senior people...
Summit Vista

How retirement communities help with healthy aging

There are many benefits that retirement communities contribute to healthy aging. Learn more about how it can enhance your life, or the life of your loved ones.
Happy diverse college or university students are having fun on their graduation day...
BYU MBA at the Marriott School of Business

How to choose what MBA program is right for you: Ask these questions before you apply!

Wondering what MBA program is right for you? Take this quiz before you apply to see if it will help you meet your goals.
Cloud storage technology with 3d rendering drawer with files in cloud...
PC Laptops

How backing up your computer can help you relieve stress

Don't wait for something bad to happen before backing up your computer. Learn how to protect your data before disaster strikes.
young woman with stickers on laptop computer...
Les Olson

7 ways print marketing materials can boost your business

Custom print marketing materials are a great way to leave an impression on clients or customers. Read for a few ideas to spread the word about your product or company.
young woman throwing clothes to organize a walk in closet...
Lighting Design

How to organize your walk-in closet | 7 easy tips to streamline your storage today

Read our tips to learn how to organize your walk-in closet for more storage space. These seven easy tips can help you get the most out of your space.
Gephardt: Location Can Affect Insurance Savings After Home Improvement