Earthquake Insurance Utah
What is Earthquake Insurance?
4 Things to consider when buying Earthquake Insurance in Utah
Here are 4 things to consider when buying earthquake insurance in Utah. You need to be aware of the risks of an earthquake.
- Risk of an earthquake – If (and when) we have an earthquake in Utah, what are the risks to you, your family, and your property? If your home is damaged, do you have the means to rebuild/replace your home, contents and have a place to live while your home is being repaired?
- Value of home – The value of your home, and the equity you have in your home, play a role in determining how much earthquake coverage you need. The more equity you have, the more important it is to protect that equity from all risks, including an earthquake.
- Deductible – The deductible is the amount you pay first before your insurance kicks in to pay for any damage. Most earthquake policies will have a percentage deductible vs a flat fee deductible. The percentage of the deductible is based on the value of your home or the amount of coverage you purchase.
- Contents coverage – Contents are your personal belongings. Contents coverage covers things like clothes, shoes, kitchenware, TV’s, and computers. Anything you would pack up and take with you if you sold your home would be considered content. It’s important when considering an earthquake policy to determine how much contents coverage you need.
Who should buy earthquake insurance?
Earthquakes are unpredictable, and they can be incredibly damaging. Many homeowners shy away from adding on earthquake endorsements to their home policy due to the concern for the cost of it, but the benefits far outweigh the cost of the risk.
If you live in an area prone to seismic activity, like the Wasatch fault line, do yourself a favor and call us for quality earthquake insurance.
At Inside Insurance, we have several options for stand-alone earthquake policies as well as several carriers that allow you to add this coverage to your existing home insurance policy. We always shop around to make sure you’re getting the coverage you need at the best available price.
Is earthquake insurance worth it in Utah?
Despite the challenges that earthquake insurance presents, it’s essential for anyone that lives near a fault line or in an area with a lot of seismic activity.
Earthquakes can strike without any warning, at any time, at any place. You can live in uncertainty or you can make your best efforts to ensure that you and your family will be safe and protected if an earthquake does happen.
Protecting you and your family is our Highest Priority!
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.
Can you get Earthquake Insurance in Utah?
Yes, there are several insurance companies that provide earthquake insurance for homes in Utah. You will be able to find great coverage for dwelling coverage as well as content coverage. Most insurance companies also offer loss of use coverage, which pays for a place for you to live while your home is being rebuilt or remodeled if damaged by an earthquake.
What home are ineligible for earthquake insurance?
There are certain homes that may not be eligible for earthquake insurance. These are typically older homes that are not built on a concrete foundation or that are built entirely of masonry construction. If you are concerned that your home may not qualify, consult a licensed insurance advisor to discuss your needs.
How do I get Utah Earthquake Insurance?
Working with an independent insurance agency who has the ability to shop with multiple earthquake insurance companies will give you choices for your earthquake insurance policy.
Start by working with a local insurance advisor to review your risks and coverage needs. Then we’ll go to work finding the best insurance company to provide you the coverage you need at an affordable price.
Call us today at 801-505-4300, or you request a quote below. Either way, we will make sure you’re getting the best value on earthquake insurance