State officials said that they don’t intend to use the new map for purposes that include determining coverage. According to regulators in Oregon, the new wildfire risk map created for the state will not lead to increased insurance rates as has been the worry among many home and business owners. Financial regulators released a statement saying that the speculations of this nature are unfounded. The story was covered by Live Insurance News earlier this month, as predictions of increased insurance rates abounded. That said, according to regulators, insurers in the…
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Some Oregon home policy rates to rise due to wildfire insurance risk
The state recently published a map to show which properties are at the highest and extreme level risks. After the catastrophic season in 2020, Oregon has moved ahead with strategies to advise people as to whether they are living in vulnerable areas, in a move that might send home wildfire insurance rates upward. While people did want to now if their properties were at an extreme risk of blazes during the summertime. While the new maps have been seen as informative and helpful, certain homeowners, particularly those in rural parts…
Read MoreOregon purchases more 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 MoreFire insurance policy used by Oregon to cover wildfires
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…
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