Bear River Earthquake Insurance in Utah
Homeowner’s insurance and renter’s insurance policies cover a wide range of natural disasters, everything from fire and lightning strikes to ice and storm damage, but infamously there is one natural disaster standard policies exclude; earthquakes.
Utah insurance companies tend to avoid items that could lead to cataclysmic losses should such events occur. They simply wouldn’t be able to provide the funds necessary for every affected party in an area to rebuild. As such earthquake insurance is excluded from standard policies and is an add-on that homeowners must choose for themselves whether to include or not.
Do I Need Earthquake Insurance In Utah?
Utah is considered a low-risk state when it comes to earthquakes. There are approximately 700 earthquakes throughout the state of Utah in a given year but only 2% of those are actually strong enough to be felt, registering a 3 or higher on the Richter Scale. Even though these earthquakes are very small it only takes one big one to have devastating consequences. Insurance companies like Bear River Mutual and others, they do recommend adding an earthquake insurance policy to your existing homeowner’s policy to make sure you are adequately protected.
What To Be Aware of With Earthquake Insurance Policies
Standard earthquake insurance policies are fairly reasonably priced, especially in states like Utah where risk is low. A typical policy runs somewhere between $500-1000 a year or $41-83 a month. The price of your policy will be dependent on the size of your home and property, as well as the construction materials your home is made with. For example, a brick home that would be likely to crumble in the event of an earthquake will cost more than a frame home that will shift and potentially need less repair. Another factor to be aware of is that the deductible for earthquake insurance tends to be higher, anywhere from 5-25%. This means if your home is valued at $250,000 and is completely destroyed by an earthquake needing a full rebuild you could have to pay anywhere from $12,500-62,500 out of pocket. Something to consider when trying to determine if earthquake insurance is right for you and your family.
Earthquake Insurance Policy Provider Near You in Utah
Being prepared for the unexpected is the best course of action in life. It makes getting back on your feet when these things happen that much easier. Earthquake insurance is just one small step you can take to be more prepared.
At Keystone Insurance, your top local insurance agency in Utah, we pride ourselves on the care and compassion we serve our clients with. We are dedicated to making sure they have the best policies possible for their unique circumstances from top insurance brands such as Bear River Mutual Insurance. Whether you are looking for earthquake insurance, renters, auto, or homeowners insurance, we can help. Contact our office today (801) 845-4307 for more information on any of our insurance products, or fill out our online form and get your quote right away.
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