Do you have earthquake insurance?

This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Thinking a bit about earthquakes today? A lot of people don't realize that earthquake damage is not covered by basic homeowner's insurance policies. If an earthquake damages or destroys your home and you don't have earthquake coverage, you're still obligated to pay your mortgage - even if you can no longer live in your home.

Whether or not earthquake insurance makes sense for you, however, depends a few things, such as where you live and how worried you are about earthquakes. Your financial situation is another factor, because earthquake coverage isn't cheap. Many people pay $300 to $500 or more per year to be covered in the event of earthquakes. That's in addition to the cost of your basic homeowner's insurance policy. (Many major insurance companies do not actually sell earthquake insurance in Utah, but they can refer you to a specialty company that does sell the coverage.)

For more information about the risk of earthquakes in Utah, go here. The Utah Geological Survey also has a lot of good information here. The Utah Department of Insurance also has some information you may want to read here. Another good source of information is your homeowner's insurance agent.