When shopping for earthquake insurance in Utah, there are a few things of which homeowners should be aware:

Rates are not derived on a statistical basis like other forms of insurance. Little is known about the causes, locations and magnitudes of earthquakes compared to other disasters such as fire and theft. In Utah, some of the factors that are considered in earthquake insurance rates are age of the home, environmental data, demographic and geographic, historical results and catastrophe models.

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Deductibles for earthquake insurance tend to run high. Most policies are offered with 5 percent, 10 percent and 20 percent base deductibles. Some insurance companies will offer a reduced premium for the higher-end deductibles.

Most insurance companies require a waiting period —usually 10 to 30 days — before they will bind coverage for a new applicant.

Unless earthquake coverage is in place prior to an earthquake, little, if any, of the homeowner's personal property is covered.

Masonry veneer and brick buildings are more susceptible to earthquake damage, and special consideration is given when writing an earthquake insurance policy for this type of home.

While most insurance companies offer earthquake coverage, few of them openly market it. It is usually only offered if the homeowner requests it.


Source: Utah Insurance Department