In 2008, between January 1 and September 30, there were more than 1530 earthquakes in Utah. More specifically, in Salt Lake County, there were more than 500 during the same time period. This translates to an average of over 55 earthquakes per month or nearly 2 per day in Salt Lake County. In 2006, Utah averaged over 9 earthquakes per day!!! For more information about earthquakes in this area please visit the University of Utah's Seismograph Stations site at http://www.seis.utah.edu/Welcome.html.
"Is earthquake insurance expensive?" This is our most common question at our agency and the answer is always the same, "It's all relative to your level of desired security, but it is not as expensive as rebuilding your home if you needed the coverage and didn't have it."
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You see, many of us believe that we never get back from our insurance what we have paid into it, however, we fail to remember that a policy only lasts for a period of time. Usually one year for property and 6 months for Automobile. We think the insurance company owes us something since we have paid so long and gone without a claim. Insurance isn't gambling, it is "Risk Control and Management", we are paying a known price to protect our property, lives, health, ability to work, etc., for a known period of time and we do not know if a loss will occur during that time period. The difference between insurance and gambling is that there is never a chance for gain with insurance because it is a policy of indemnity. This means that it is designed to put you back in the position you were in prior to the loss. You will never legally profit by making an insurance claim, you will minimize your loss since you will be paid back or "indemnified" for your loss in order to be put back into a whole position. The most important factor to remember is that YOU NEED TO HAVE THE COVERAGE IN FORCE BEFORE THE LOSS TAKES PLACE. Barring any moratoriums, we can bind your coverage the same day you call.
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The typical earthquake policies will have a large deductible, usually 10%, 15%, 20%, 25% or even higher. So, for example, if you had a $500,000 policy covering your home you would be subjected to a $50,000 deductible in the 10% option. But, in a massive earthquake, on the other hand, you would have $450,000 in coverage!!
FREE QUOTES 1-800-928-8175
We only deal with the 10% policy at our agency and typical pricing can range anywhere from $400 - $2,600 a year for coverage ranging from $150,000 to $600,000. Call now for your free quote 1-800-928-8175 and we'll have your quote ready in less than 15 minutes. Or simply fill in the Earthquake Quote Request with the requested information and we will get your quote to you within 24 hours.
