Homeowners insurance is one of the most important purchases Portland, Oregon and Washington families can make. After all, your home shelters you, gives you and your family space to grow, and reflects who you are. With the amount of time and effort you put into making a house your home, it’s important to cover yourself in case of damage, theft, or vandalism. Our home insurance policy comes with liability insurance, which may cover you if you are found legally liable for damage to a person or their property.
Peggy Romero and Associates will help you evaluate your assets and create a homeowners insurance policy that protects you and your family while staying within a budget. We will be happy and able to make sure you’re properly covered; we want to make sure you feel secure.
Call 503-255-7828 for a quote!
What Is Homeowners Insurance?
Homeowners insurance typically combines several types of coverage into one policy:
- Coverage A: The dwelling and any attached structures or permanently installed fixtures
- Coverage B: Detached structures (garages, sheds, etc)
- Coverage C: Personal property
- Coverage D: Living expenses if you cannot live in your home while it’s being repaired
The policy also covers personal liability: if someone is hurt by or in your home, insurance may help pay for costs. You can also purchase additional insurance, like flood and earthquake coverage, as well.
Homeowners insurance varies depending on your home’s structure. You can get a policy for a traditional home, a condo, a manufactured home, or a purchased apartment. We offer a policy for landlords as well. This policy has coverage for the dwelling, a small amount for the personal property you may keep at that residence, and up to 1 million dollars for liability.
Renters will need a separate policy – see our page on Oregon renters insurance.
What Does Homeowners Insurance Cover?
Coverage depends on the type of policy you choose. Generally, our policies cover property damage that results from a specified list of dangers.
Covered items include wind, smoke, or hail damage, theft, explosions, vehicle damage, bodily injury, damage to personal property both at home and a limited amount away from home, and a number of other standard perils. Our policy also covers damage from plumbing or heating malfunctions, falling snow or ice, and electrical damage.
Your coverage will also depend on whether you elect to get a replacement cost policy or an actual cash value policy. While the former will replace lost property with new, similar items, the ACV policy will only reimburse you for the original cost of the item or property.
Our home policy is written with replacement cost while the landlord protection policy will be written with actual cash value if it is older than 60 years of age.
What Are The Benefits Of Homeowners Insurance?
Some of the benefits of Oregon homeowners insurance to Portlanders are obvious: you wouldn’t want to lose your home or possessions to weather or theft, so it makes sense to protect those.
Despite the monthly premium, the cost of rebuilding a home or having to replace prized possessions is much higher, so it’s essential that you find a good policy. Another, lesser known, benefit of homeowners insurance is that personal property coverage often travels with you.
Under the majority of policies, your belongings are protected whether or not you’re in your actual house. If your luggage is lost while traveling, or if you drop an expensive portrait while taking it to get reframed, your homeowners policy will cover the costs.
The same likely goes for a child’s possessions while he or she is at boarding school or college. The liability insurance included in many policies has another hidden benefit: if your pet happens to bite someone, your homeowners insurance could cover that.
You’ll need to make a choice from $1,000 – $5,000, but given the cost of medical care, this makes your policy even more valuable.
Is It Difficult To Qualify For Homeowners Insurance In Portland, Oregon?
Underwriters look at a number of factors when determining whether you qualify for homeowners insurance. Specifically, they consider:
- The structure’s age, safety, condition, and location
- Previous claims history
- Whether you’re a full-time resident or not
- Your credit history and insurance score
- Probability of perils
Clearly, your qualification depends, in large part, on the residence you’ve purchased. Older houses, those in potentially dangerous areas, or dwellings that have fallen into disrepair may make it more difficult for you to get insurance, or may drive your premium up. However, if you have a good credit rating the premium will be less.
When buying a home in good condition, your policy will issue without any problem. We will ask you to remove any foliage touching the house, get the moss off the roof and make sure there is no debris or other hazards on the property.
In general, it is easy to qualify for insurance with us. If you find that you can’t get coverage, you should contact the Oregon FAIR Plan Association, which offers insurance on hard-to-insure dwellings and/or residents, though it doesn’t provide liability coverage.
How Much Does Oregon Homeowners Insurance Cost?
According to the department of Consumer and Business Services, Portland, Oregon homeowners insurance is some of the least costly in the U.S. Based on data released in 2010, the average cost of homeowners insurance was just $496 per year, compared with $822 nationally.
According to other insurance sources, the average cost for an Oregon policy in 2013 was just $477 per year. Part of that is due to the state’s location: we’re sheltered from many of the natural catastrophes that have hit the east coast and southern United States.
Though earthquake, flooding, and wildfire are still concerns for Oregon homebuyers, the perils are fewer than in many other areas. To save a little more money when buying a policy, consider what you can afford in the case of serious damage, and raise your deductible to an amount you are comfortable with.
You can also look into adding safety features to your property, such as burglar alarms, smoke detectors, and deadbolts. You’ll also want to carefully add up the value of your possessions so that you don’t overestimate when deciding on policy limits. You will be able to choose how much coverage you need for your personal property.
Quick Facts About Oregon Homeowners Insurance
What’s the average homeowner insurance claim payout?
Average payouts after a catastrophe, like Hurricane Sandy or Katrina, are around $15,000 nationally.
How many homes were sold in Oregon in 2012?
In 2012, $6.45 billion worth of residences were sold in Oregon, with 32,300 new sale listings.
What’s the average cost of an Oregon home today?
Homes range from $141,892 in Sherman, OR, to $523,002 in Hood River, OR. Portland area homes sold for an average of $345,992.
What other coverage might you need?
Flood, earthquake, and landslide/mudslide insurance are generally sold separately (or as riders) on homeowners insurance policies.
Would you like a quote on Oregon homeowners insurance? Call our Portland office at 503-255-7828!