Do I need earthquake insurance in Utah? Utah is in a part of the United States that has a lot of earthquakes, so you should consider whether you need earthquake insurance for your home. Even though buying earthquake insurance is a personal choice, there are a few things you can look at to help you decide if it’s a good idea for you.
First, think about how likely earthquakes are to happen in your area. Even though earthquakes can happen anywhere, they are more likely in some parts of the country, such as parts of Utah. If you live where earthquakes happen more often, you should buy earthquake insurance to protect your property.
Second, consider your property worth and whether you can pay for earthquake damage yourself. If you own a home or other valuable property but don’t have enough money to pay for repairs or rebuilding if there’s an earthquake, earthquake insurance can be a big help.
Last, consider whether earthquake insurance is available in your area and how much it costs. Often, earthquake insurance is sold as a separate policy or as an add-on to your home insurance policy. The cost will depend on how much your property is worth and how much coverage you want.
Do I Need Earthquake Insurance In Utah?
Even though you might think that the chance that an earthquake will damage your property depends on how close it is to an earthquake fault, you should remember that earthquakes can damage property very far from the epicenter.
How much damage an earthquake does depends on how far you are from the quake’s center, how big it is, how close it is to water, and what kind of sediment is under your property. Utah Earthquake insurance covers damage caused by an earthquake’s most dangerous effects, like the shaking of the ground, the liquefaction of the soil, and the collapse of a slope.
This happens when the ground moves up and down and side to side. When the ground shakes, it usually causes a lot of damage to buildings. In general, homes made of brick or masonry that aren’t reinforced will get more damage than homes made of wood. If you live in an older home that hasn’t been made safer for earthquakes, you are much more likely to have damage. When a big earthquake shakes the ground, it can destroy buildings, damage dikes, and dams, and cause big landslides.
Soil liquefaction caused by an earthquake can also be covered by earthquake insurance. Soil liquefaction can cause ground failure, making a house sink or tilt. It can also stop the flow of water, which can lead to debris flows that move quickly.
A slope can fall because of an earthquake, especially if the slope is wet. This commonly happens when an earthquake causes flooding along the coasts of lakes and reservoirs when the ground surface descends below the water table, along altered stream courses, canals, sewage lines, or other gravity-flow systems where slope gradients are reduced or reversed.
What Is Covered By Earthquake Insurance?
Like other types of insurance, earthquake insurance includes exclusions, limits, deductibles, and waiting periods.
Most policies will cover the following:
- How your house is built
- Personal belongings
- Debris removal
- Because you can’t live in your home, you have to pay more for other things.
- Some policies can cover an upgraded replacement, repairs to driveways and walkways, and emergency repairs for aftershock protection.
But earthquake insurance doesn’t cover all the damage caused by an earthquake. Some things can be left out:
- Your yard has land, sinkholes, cracks, or holes.
- Damage is done before
- Water damage on the outside caused by a sewer backup or a flood
- Masonry veneer
- Most homeowners’ insurance covers damage caused by fire, even if an earthquake caused the fire. Ask your Utah auto insurance company if quakes are covered for damage to your car.
How Will Insurance For An Earthquake Help?
In Utah, earthquake insurance helps pay for costs related to earthquake damage, like fixing or replacing your home, replacing its contents, finding temporary housing, and paying your mortgage, second mortgage, or line of credit on your home if it is destroyed. If you have a typical home loan and deed of trust, you will still have to pay off the loan balance even if an earthquake damages or destroys your home. This is why earthquake insurance is so important to protect your finances. The amount of coverage and the deductible for earthquake damage vary from state to state.
The Price of Earthquake Insurance in Utah
How much does quake insurance cost in Utah? It’s less expensive than you might think to get a policy. The Utah Insurance Department says that policies can cost between $500 and $1,000 per year.
The price you pay for insurance can vary from one company to the next. It also depends on the following:
- Where your home is
- How old is your house
- The building of your house
- Price of rebuilding your house
- You choose the amount
Most of the time, higher deductibles mean lower premiums. When looking for Utah earthquake insurance, read the fine print and ask questions. Not all policies cover the same kinds of damage, which can affect how much they cost. You might not get the necessary coverage if you choose the cheapest plan.
How much does Utah earthquake insurance cost?
The cost of home and earthquake insurance in Utah is one of the lowest in the country. The last report I looked at said our rates were the fifth lowest in the country. This could change and probably will. Utah is one of the states and places where earthquake insurance is one of the cheapest in the country.
Should I go with the cheapest plan?
The old saying “you get what you pay for” is often true when buying insurance, especially insurance to protect your home. We all watch our money and don’t want to pay too much for something, especially if it’s something we might never use (I hope an earthquake doesn’t damage your house). But the whole point of insurance is to give someone else the risk (in this case, the insurance company). If you ever have to use your insurance, I hope you have enough coverage to put your life back together.
So, price is important, but not if it means you don’t get the right coverage. Work with an independent insurance advisor to figure out what you need. They will then do their best to find you the best price on the market to meet your needs.
How to Get Insurance for Quakes in Utah?
It’s easy to get earthquake insurance in Utah. Most insurance companies offer earthquake insurance, even if they don’t advertise it. According to a 2019 report from the Utah Insurance Department, these five companies offer the best earthquake insurance:
- State Farm is an insurance company.
- Farmers Insurance Group
- Zurich American Insurance Company United Service Automobile Association
You can start by getting in touch with your home insurance company. They can add earthquake insurance to your already-established policy. Prices can vary from one insurer to the next, so shopping can help you save money.
When buying earthquake insurance in Utah, there are four things to consider.
Here are four things to think about if you live in Utah and want to buy earthquake insurance. You need to know what could happen in an earthquake.
- Risk of an earthquake: What are the risks to you, your family, and your property if (and when) there is an earthquake in Utah? If your home is damaged, do you have the money to rebuild or replace it and its contents? Do you have a place to stay while your home is being fixed?
- Value of home: The amount of earthquake coverage you need depends on how much your home is worth and how much equity you have. The more equity you have, the more important it is to protect it from all risks, including an earthquake.
- Deductible: The deductible is the amount you must pay out of pocket before your insurance pays for any damage. Most policies for earthquakes have a percentage deductible instead of a flat fee deductible. Your deductible amount is based on how much your home is worth or how much coverage you buy.
- Contents coverage: Your belongings are your contents. The contents coverage covers things like clothes, shoes, kitchenware, TVs, and computers. Content is anything you would pack up and take with you if you sold your house. When thinking about getting an earthquake policy, it’s important to figure out how much coverage you need for your belongings.
How can I keep my family and home safe if an earthquake happens?
- Secure bookcases and shelves so they don’t fall over and hurt someone or cause damage.
- Only put heavy items that can fall off shelves above beds, cribs, or couches.
- If your home is older, you should make changes to make it safer.
- Anchor big appliances to the wall and give your water heater some support.
- TVs and computers are heavy, so make sure they are attached to the furniture they are on.
- Instead of traditional picture hangers, use closed screw eyes to hang pictures and other valuable artwork on the wall.
- For earthquake insurance, many insurance companies have specific times when you can sign up. If you don’t add the coverage when you buy your homeowners insurance, you might have to wait until your policy is up for renewal.
Who should buy insurance against an earthquake?
Earthquakes can happen at any time and can cause a lot of damage. Many homeowners are worried about the cost of adding earthquake endorsements to their home insurance policy, but the benefits far outweigh the risk.
Call us to get good earthquake insurance if you live near the Wasatch fault line or another place where earthquakes happen often.
Is it worth it to get earthquake insurance in Utah?
Even though earthquake insurance can be hard, it’s important for anyone who lives near a fault line or where there are many earthquakes.
Earthquakes can happen anywhere, at any time, with no warning. You can live in fear or do what you can to ensure you and your family are safe and protected if an earthquake happens.
FAQ – DO I NEED EARTHQUAKE INSURANCE IN UTAH
Can you get insurance in Utah for earthquakes?
Yes, a few insurance companies in Utah offer insurance for homes in case of an earthquake. You will be able to get good coverage for your home and your belongings. Most insurance companies also offer loss of use coverage, which pays for a place to live while your home is fixed up or rebuilt after an earthquake.
What kinds of homes can’t get earthquake insurance?
Some houses might not be able to get earthquake insurance. Most of the time, these are older homes that don’t have a concrete foundation or are made entirely of brick. If you think your home is not eligible, talk to a licensed insurance advisor about your needs.
How do I get insurance for earthquakes in Utah?
You’ll have options for your earthquake insurance coverage if you work with an independent insurance agency that can compare rates from several earthquake insurance providers.
Start by talking to an insurance agent about your risks and what kind of coverage you need. Then, we’ll look for the best insurance company to give you the coverage you need at a price you can afford.
If there’s an earthquake, will FEMA help me?
Helping the country prepare for, respond to, and recover from natural disasters is the responsibility of the Federal Emergency Management Agency (FEMA). But FEMA doesn’t offer earthquake insurance, and the agency can only help if the president declares a national disaster.
A disaster loan is a common form of help. Loans are based on your credit score, and you can only get up to $200,000. You may need more than this to get your home back to how it was.
If I rent my home, can I still get earthquake insurance?
Yes. Standard renters insurance policies don’t cover earthquakes, but you can buy a separate or add earthquake coverage to your current renter’s insurance policy.
Conclusion – Do I Need Earthquake Insurance In Utah
Do I need earthquake insurance in Utah? In Utah, whether or not you need earthquake insurance depends on your situation and risk factors. You should think about the risks and costs of earthquake insurance and make a choice that works for you.