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There are many homeowners in Utah who go without earthquake or flood insurance. They figure the odds are low that anything will happen. Some people may think that an earthquake or flood is covered under their homeowner’s policy. Let L.A. Bowen correct you; unless you have added the coverage, it is excluded. We agree that the probability is low, none the less, it does exist. Some mortgage companies may even require flood insurance, depending where your home is located.

Flood Insurance - If your home is in a flood zone that is considered high risk and you have a loan on the home, your mortgage company will more than likely require that you purchase home flood insurance. The National Flood Insurance Program (NFIP) offers coverage L.A. Bowen Insurance can help you secure affordable coverage.

Earthquake Insurance – Typically, earthquake insurance covers damage to your home and your possessions. Most policies also cover costs incurred to minimize further damage after the earthquake, plus costs for additional living expenses. Deductibles are generally 10-15% of the insured amount. This means that on a $300,000 home, the first $30,000-50,000 in losses would be paid out-of-pocket by the homeowner. Exterior structures such as pools, irrigation systems, driveways, and detached garages are generally not covered. Where you live will help determine the premium, as most of the country has been categorized into earthquake zones.

L.A. Bowen Insurance recommends you consider both these coverage, and can help you analyze the cost benefits. Insurance is all about understanding risks, and not every Utah homeowner is equally at risk for earthquake or flood losses. Your risks depend on how close you live to fault lines and flood zones, how well your home was built to withstand losses, and the type of ground your home is built on. Let L.A. Bowen Insurance help you find the most cost effective option.

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