Buying a home in Park City is an aspirational move for many. Living in Park City is all about the lifestyle. Whether it’s hitting the slopes, hiking, mountain biking, or enjoying fine dining and shopping. The very last thing you probably want to think about when you’re living here is property insurance. 

No one buys insurance expecting to need it, but as a homeowner, property insurance is that peace of mind knowing that if something were to happen to your home, you are covered. 

Getting property insurance in Park City is a little bit different than it is in other cities. Here’s a closer look at what you need to know. 

Influences on Property Insurance in Park City 

Speaking to locals, you might hear conflicting tales about obtaining home insurance. Some may say it’s difficult to get, others might have a different opinion. 

It’s important to remember that insurance companies in Park City will typically consider two main factors when insuring a home:

1. The location of your home. 
2. Your home’s property value. 

Each person’s situation and property is different, so it’s important not to take any claims at face value. When it comes to buying property insurance, you’ll need to do your own research. 

Do Condo Fees Cover Insurance?

If you own a condo in Park City, you are likely part of a homeowners association and pay condo fees as part of your monthly expenses. 

In some cases, condo fees cover at least some aspect of your home insurance. However, it’s important to know exactly what is covered vs. what is not covered. 

Learn more about HOAs in Park City in our blog right here.

Instances When Insurance May Not Be Available

Park City is surrounded by natural beauty. It’s one of the main reasons why we love living here. But all this fabulous nature can also add some strain on our homes. We already know that Park City winters are hard on your home (you can read that blog right here), but other factors could create hazards that insurance companies frown upon. 

For example:

• Is your home located in a remote area surrounded by large trees? Those trees could pose a fall hazard that could damage your home. 
• How far are you from the nearest fire station? Unfortunately, forest fires can happen and if your home is located in the woods far from a fire station, it could pose a fire hazard. 
• Are you located in a valley or an area at risk for flooding? Environmental disasters like floods do sometimes happen, and if your home is located in an area prone to experiencing floods, you may face a challenge obtaining insurance. 
• Have there been any geological issues in the past? Landslides and earthquakes are relatively rare occurrences, but they could happen. 

It’s hard to stop your mind from spiraling when we begin talking about potential disasters and what-ifs. The real takeaway is not to be worried about every single issue that could ever arise but rather focus on things you can do to mitigate the risk and protect your home. 

Do you have more questions about buying a home in Park City? Read these posts next:

• The Ultimate Guide to Buying a Home in Park City: An FAQ
• How to Buy a Second Home Remotely in Park City
• Best Park City Neighborhoods For Permanent Relocators

How to Increase Your Chance of Getting Insurance

If you’re struggling to obtain insurance, there are a few things you can do to better position yourself. 

For example, a water sensor system could help prevent floods by triggering when it senses dripping water and shutting off the water main immediately. 

Sometimes, the insurance company might tell you what they need to feel comfortable writing your insurance policy. In these cases, all you need to do is comply with their requests.

Additionally, if your Park City home is a secondary property, you should ask your primary insurance provider to write insurance for the vacation home. In most cases, there are advantages to using the same insurance provider for primary and secondary properties. 

When to Get Property Insurance in Park City? 

In some areas, you might be able to buy a property, close on it, and then begin the process of insuring the home. In Park City, the process of obtaining insurance should be done in the Due Diligence part of the transaction. 

There would be nothing more disappointing than closing on a property only to find you can’t insure it. 

While performing due diligence, you should reach out to multiple insurance providers and find out if the property can be insured as-is, or if you would be required to make any changes to the home before it can be properly covered. 

At the same time, we recommend finding out if there have been any previous claims on the property in question. 

Get more buying insights with these posts next:

• Is it Better to Buy or Rent in Park City?
• Benefits of Owning a Vacation Home in Park City 
• Why Buy a Luxury Condo in Park City?

Where to Get Insurance in Park City? 

If you don’t already have insurance with a specific provider, we recommend calling multiple providers to see what’s available. Different providers may have better coverage depending on the unique circumstances. 

Getting a variety of quotes will also help you assess the level of coverage and the cost of insurance. 

When dealing with insurance companies, it is essential to read the fine print. You may have extensive coverage for one issue and lesser coverage for others. For example, perhaps you have flood coverage, but in the fine print, it says that flooding caused by the local water table is not covered. 

Learn more about buying a home in Park City with CMFH right here.

Getting Insurance in Park City is Nothing to Be Afraid Of 

At the end of the day, you might feel overwhelmed by the idea of obtaining property insurance in Park City. There’s a lot to consider and many things to keep in mind. However, it just means that you have to be more detail-oriented and specific about your unique needs and the requirements of the insurance providers. 

Park City is a unique place to live and with all the beauty we have surrounding, the incredible amenities, and the world-class lifestyle, it would make sense that we have to work a little bit harder to keep it safe. 

Why Work with a Local Park City Realtor?

We’ve seen it all. And not to brag, but we can look at a property and tell almost immediately if you are going to run into issues with insurance. While we are not underwriters ourselves, we have spent decades in Park City helping homeowners buy and sell real estate. With that, we can provide advice and insights to help make sure your purchase goes smoothly. 

If you’re looking to buy a home in Park City, get in touch with us directly by calling 435-647-8035 or emailing info@cmfhparkcity.com today.