Openly has implemented pricing updates in Utah designed to improve its competitive position for new homeowners business, alongside capped renewal rates for existing policyholders, effective June 2026.
What Openly Announced
In a June 2026 bulletin to appointed agents, Openly announced pricing updates to its Utah homeowners product with two stated goals: more competitive rates for new business to help agents write new policies, and capped renewal rates to support retention of existing customers.
Openly described the changes as designed to "strengthen our market position and give you a real competitive edge" in Utah.
Specific rate change percentages were not included in the carrier bulletin. This post will be updated when the SERFF filing confirms the overall rate change magnitude.
Why This Matters for Utah Homeowners
The Openly rate update comes as the Utah homeowners market has been running through one of the most sustained periods of rate pressure in the country. Utah home insurance premiums climbed a cumulative 70.6% from 2019 through 2024 — second only to Colorado nationally — and 2024 alone saw effective rate changes of 20.5%, according to S&P Global RateWatch data.
In that context, a carrier moving toward more competitive new business rates signals that its Utah loss experience is sufficiently favorable to justify sharper pricing. Openly underwrites through a guaranteed replacement cost model with strong wildfire-zone eligibility standards, which positions it as a competitive option particularly for homeowners in the Wasatch Front communities and other Utah locations where some carriers have tightened appetite.
Capped renewal rates — limiting how much a renewing policyholder's premium can increase at each renewal cycle — are a direct response to the frustration many Utah homeowners have felt watching back-to-back double-digit renewal increases. Even if the underlying rate level rises, a renewal cap provides budget predictability for existing policyholders.
Related Rate Moves
For the complete picture of carrier rate activity across Utah homeowners insurance — including carriers filing increases of 10% to 35% — see the Utah home insurance rate tracker.
Source: Carrier bulletin from Openly (Team Openly), June 2026. SERFF filing number not yet confirmed — this post will be updated when the public filing posts.
