Bear River Earthquake Insurance in Utah
Homeowners' and renters' insurance policies typically cover a broad range of natural disasters, from fire and lightning strikes to ice and storm damage. However, one significant disaster is notably excluded from standard policies: earthquakes.
Utah insurance companies often exclude earthquake coverage due to the potential for catastrophic losses. In the event of a major earthquake, insurers would be unable to provide sufficient funds to cover the rebuild of all affected homes in a given area. For this reason, earthquake insurance is not included in standard policies and must be added separately, with homeowners deciding whether to include this coverage.
Do I Need Earthquake Insurance In Utah?
While Utah is considered a low-risk state for earthquakes, there are still about 700 seismic events recorded annually. Only 2% of these earthquakes are strong enough to be felt, registering a magnitude of 3 or higher on the Richter scale. Although most of these earthquakes are minor, it only takes one significant event to cause widespread damage. Leading insurers, including Bear River Mutual, strongly advise adding earthquake insurance to your homeowner's policy for adequate protection against potential risks.
What To Be Aware of With Earthquake Insurance Policies
Earthquake insurance policies are relatively affordable, particularly in states like Utah, where the risk of a major earthquake is low. On average, a typical policy costs between $500 and $1,000 annually, which breaks down to approximately $41 to $83 per month. The exact cost of your policy will depend on various factors, such as the size of your home, the value of your property, and the construction materials used. For instance, a brick home, which may be more prone to collapsing during an earthquake, will cost more to insure than a frame house, which is more likely to shift and require less extensive repairs.
Another factor to consider is the deductible for earthquake insurance, which can range from 5% to 25%. For example, if your home is valued at $250,000 and is completely destroyed by an earthquake, requiring a full rebuild, you may need to pay anywhere from $12,500 to $62,500 out of pocket. This is an important consideration when determining if earthquake insurance is the right choice for you and your family.
Earthquake Insurance Policy Provider Near You in Utah
Being prepared for the unexpected is always the best approach. Having earthquake insurance in place makes it easier to recover and rebuild after such events.
At Keystone Insurance, your trusted local insurance agency in Utah, we are committed to providing personalized care and support to our clients. We work with top insurance providers, such as Bear River Mutual Insurance, to offer the best policies tailored to your unique needs. Whether you're interested in earthquake insurance, renters, auto, or homeowners insurance, we are here to help.
Reach out to our office today at (801) 845-0313 for more information about our insurance products, or fill out our online form to receive your quote. With agents conveniently located in Orem/Provo, Payson, and Eagle Mountain, you'll always have a Bear River Mutual earthquake insurance agent close by!
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