How much is Utah earthquake insurance?
The cost of Earthquake insurance in Utah will depend on several factors, specifically related to the home, location, coverage amount, and owners of the property. You should expect to pay anywhere from $350 to $1400 per year, depending on these factors.
In 2020, the average cost of an earthquake policy from our office was $391.00.
How expensive is earthquake insurance in Utah?
Utah ranks as one of the lowest in the country for the cost of home insurance as well as earthquake insurance. The last report I looked at showed us as the 5th lowest rates in the country (*this could change, and probably will). In relation to the states and locations, Utah is one of the cheapest places in the nation to buy earthquake insurance.
Should I buy the cheapest plan available?
The old adage of “you get what to pay for” often comes to light when purchasing any kind of insurance, especially insurance to protect your home. We all are budget conscious and are concerned about overpaying for something, especially something that you may not ever need (I hope your home isn’t damaged in an earthquake). But the whole purpose of insurance is to pass on risk to someone else (in this case, the insurance company). If you ever do need to use your insurance, I hope you have the coverage in place that you need to make your life whole again.
So, price is important, but not at the sacrifice of buying the proper coverage you need. Work with an independent insurance advisor to determine your needs, and then they will work hard to find you the best price available on the market to meet those needs.