Should You Get Earthquake Insurance in The Valley?

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I've been getting asked a lot about earthquake insurance by homeowners and property investors. Many are wondering if they need it on the Wasatch front. It's a really good question, and there are a couple important factors that come into play. You need to consider where you live and what type of home you have.

I think earthquake insurance - and whether or not to get it - falls into the same realm as flood insurance sometimes. The one fact that we know here in the valley is that inevitably, we will have a large earthquake here in Salt Lake. At some point, that insurance would be a good idea.

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Inevitably, we will have a large earthquake here in Salt Lake.

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When looking at the home, consider the age of the structure and the type of construction. If your home is unreinforced brick, it may not qualify for earthquake insurance.

My best advice is to enlist a really good insurance agent. We have several great insurance agencies that we work with who treat us very well, and they know this stuff in and out. We're able to provide you with a recommendation for a great agent who can answer any and all specific questions you may have. Personally, I know enough about it to answer some preliminary questions.

Insurance is important, and just like a real estate professional, I think you need to work with somebody who knows what they're doing, does it frequently, and has a solid track record. If you're interested in learning more or getting in touch with one of our trusted insurance agents, reach out to me! Likewise, if you have any questions I can answer about earthquake insurance or anything related to real estate in the Valley, don't hesitate to contact me.

Will this Change Make You Eligible for Your Dream Home?

The Wasatch Front real estate market is diverse with both buyers and sellers alike seeking a variety of different properties. As a prospective seller, you can find out the market value of your property with a free home value report right here, or if you're looking to purchase in the Wasatch Front area click here for full MLS access. Always feel free to reach out to us for any questions regarding the current market conditions, or the value of your property at 801-882-7427.

Today, we have big news for all you homeowners!

FHA recently announced that they're lowering their insurance premium from 1.35% to .83%! This is HUGE news for both buyers and sellers on the Wasatch Front.

This news is big for Utah for a number of reasons, but mainly because of affordable housing. A lot of buyers are looking for homes under $250,000. However, a lot of them have issues getting together a down payment. 

If they are able to get a 3.5% down payment, they can get an FHA loan. The problem is mortgage insurance. The fact that the amount you have to pay for it has decreased means FHA loans have become even more affordable. 

Lower monthly payments for mortgage insurance will allow buyers to buy more home - the savings will come to about $80 a month for those buyers. What does this mean for you? Well, its means more people are now eligible to buy your home. This is huge news for sellers and buyers across the area, as it will likely result in an increase in market activity.

If you have questions about these lower insurance premiums, or would like real estate assistance of any kind, don't hesitate to give me a call or shoot me an email. I would love to hear from you!