Wildfires are sending Oregon homeowners insurance rates skyward

Homeowners Insurance rates rising in Oregon - Wildfires

State residents are seeing fewer options, reducing competition in that market Property owners in Oregon are increasingly discovering that they have very few homeowners insurance options, and this marketplace situation is causing premiums to head much higher every year. Many insurers have chosen not to write any new policies in the state Due to the situation in the state’s market, many property owners in the eastern, southern and central parts of Oregon have watched their homeowners insurance coverage become decreasingly affordable or have had their policies canceled at renewal time.…

Read More

Oregon purchases more wildfire insurance

wildfire insurance

Oregon has purchased wildfire insurance to protect against the dry season Oregon is preparing to handle its dry season with the purchase of wildfire insurance. This type of insurance coverage is meant to protect the state from the onslaught of wildfires that could emerge in the state due to dry conditions. The insurance is meant to help cover the costs associated with these disasters, reducing the state’s financial exposure and providing it with some breathing room when it comes to recovery. Insurance policy from Lloyd’s of London will provide $25…

Read More

Wildfire insurance could continue in Oregon, but at a cost

California wildfire insurance fire season homeowners

The state will be able to continue to purchase its unique coverage, but with a higher deductible and premium. Lloyd’s of London has now offered Oregon wildfire insurance coverage of up to $25 million for the upcoming season, but it will involve a greater expense than in previous years and the deductible will be notably higher. For instance, the coverage that will be provided will kick in only after the state has paid a $50 million deductible. After that deductible has been paid, the wildfire insurance coverage being provided by…

Read More

Fire insurance policy used by Oregon to cover wildfires

fire insurance home

The state has already managed to burn its way through the deductible and is being assisted by its coverage. Oregon has now started to reach into its fire insurance coverage in order to help pay for the rising cost of battling wildfires in the state, and this is the second year in a row that it has been required to do so. This year, the number of acres that have been burned down have exceeded the average of the last decade. In fact, the wildfires in Oregon have tripled the…

Read More