If you’re a homeowner in Utah, buying earthquake insurance for your property might be one of the best decisions you ever make! Utah experiences about 700 earthquakes every year, and while many of them are too small to be felt, many are strong enough to cause significant damage.
The Damaging Effects of Earthquakes
Earthquakes can trigger a variety of events, including landslides, mudslides, tsunamis, and avalanches. When the ground shakes or is displaced, it can also lead to fires and floods. All of these events can damage or destroy buildings, as well as hurting or killing people at the same time.
All homes are vulnerable to the damage inflicted by earthquakes, including structural damage and personal property damage from the activity. Depending on your property, this can quickly result in thousands or even millions of dollars of damage to your home which can ultimately lead to bankruptcy if you don’t have the right coverage.
Are Earthquakes Covered By Home Insurance?
Many homeowners assume that if their home or personal property is damaged by an earthquake, their home insurance will cover the repair costs. But the truth is, standard homeowners insurance policies DO NOT include earthquake coverage.
How to Get Earthquake Insurance for Your Home
Because home insurance policies don’t include earthquake coverage, you’ll need to purchase this coverage on its own to benefit from the protection it provides.
In Utah, your best bet for an affordable and flexible earthquake insurance policy is choosing Salt Lake City Insurance as your agency. Our helpful agents will help you find a plan with the coverage you need at a price you can afford.
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Are Earthquakes Covered by Homeowners Insurance Policies?
No. Standard homeowners insurance policies do not include coverage for damage caused by earthquakes, with the exception of fire, which is a covered peril in most home insurance policies. For all other types of damage their home and property could experience from an earthquake, homeowners must purchase this coverage separately to get the protection they provide.
What Does Earthquake Insurance Cover?
Each policy is different, but earthquake insurance policies tend to cover structural damage to your home caused by earthquakes as well as personal property that is destroyed. Policies may also include additional living expenses coverage if you’re temporarily displaced from your home.
Can Renters or Condo Owners Buy Earthquake Insurance?
Yes, renters or condo owners can buy earthquake insurance but it will offer slightly different protection than it does for homeowners. Renters or condo owners aren’t responsible for the outer structure of their home, so they do not need earthquake insurance for the structure of their home. However, they can buy earthquake insurance to give them personal property protection and additional living expenses if they’re displaced from their condo or rental home.
Can I Buy Earthquake Insurance for My Mobile Home??
Yes. You can buy earthquake insurance to protect your mobile home, as well as your property inside of it and to give yourself additional living expenses coverage.
Do I Need Earthquake Insurance?
Earthquake insurance is optional, but if you live in a state that experiences regular or strong earthquakes (including Utah), it is strongly encouraged.
Should I Buy Earthquake Insurance?
If you live in a seismically-active state and you’re wondering if you should buy earthquake insurance, ask yourself if you could afford to rebuild your home from scratch if an earthquake ruined it. If the answer is no, earthquake insurance is likely a good choice.
Does Earthquake Insurance Cover Damage to My Land?
Earthquake insurance doesn’t usually cover land damage, like sinkholes or erosion. Speak to your insurance agent about what options you have for buying this kind of protection.
Does Earthquake Insurance Cover Damage to My Vehicles?
No. Check your auto insurance policy to see if it includes protection for damage to your vehicles caused by earthquakes and ask about purchasing it if it doesn’t.
Does Earthquake Insurance Cover Flood Damage?
Homeowners insurance policies rarely include flood damage coverage, and neither does earthquake insurance. Instead, homeowners can buy flood insurance through the National Flood Insurance Program.
How Can I Save Money on Earthquake Insurance?
One option for saving money on earthquake insurance is by retrofitting your home for added earthquake protection. This includes bolting your home to the foundation, bracing the chimney, bracing the water heater to the wall, and putting in automatic gas shut-off valves. While this requires an initial investment, it can ultimately save homeowners a lot of money when an earthquake strikes. It also can save you money on insurance because it minimizes the risk of needing to make a claim.
Another essential way to save money on earthquake insurance is to work with an insurance agency who is skilled at finding insurance policies with the coverage you need at a price you can afford. Call Salt Lake City Insurance today so we can do just that for you!