Oregon law does not require homeowners to carry house insurance, but most lenders require it as long as there is a mortgage on the house.
Most policies are basic, covering replacement costs of damages, removal of damaged materials and a limited amount of personal property as well as liability. Any more than that may require an additional policy to cover valuable antiques, jewelry, art work, or guns, etc. Flood insurance is not usually included, but can be obtained through NFIP the national flood insurance program. http://www.floodsmart.gov/floodsmart/
While in some states a person’s credit history can be used as a reason to increase policy costs or refuse insurance, this is not true in Oregon. In this state the insurer must have other factors as reason to make changes or refuse a person for insurance.
Oregon also has a unique “ Homeowner Bill of Rights” that helps to protect Oregonians from unfair practices.
If insurers use a person’s loss history, the company must disclose this and give the consumer a copy so they can check it and make sure there is no incorrect data. If there is then they have the right to correct it.
The time period a company can use to look at a person’s loss history is limited to five years so that the consumer will not be penalized with higher premiums beyond that time.
Consumers who seek information about their policy to decide whether or not to file a claim, cannot be treated as an actual claim by the insurance company.
The only reason an insurer can cancel a policy mid-term is for specific reasons such as: nonpayment,breaking the terms or conditions of the policy, or a substantial increase in risk.
The insurance company cannot cancel or refuse to renew a policy for five years after a first claim has been filed.
The company must give the consumer thirty days notice before canceling or failing to renew a policy.
An insurance company cannot use a past owners claims that have been settled as a reason to increase fees or refuse insurance.
Refusals of an insurance company to issue or renew a policy must be based on sound actuarial practices that are the same for all persons regardless of race, color, religion, or nationality.
This also extends to any limitations or increases in costs. An insurance company cannot use age, gender, marital status, domestic partnership status, disability, or partial disability as a reason for refusal, renewal or increase in costs.
The Fair Access to Insurance Requirements (FAIR) Plan provides basic fire and vandalism coverage for those who cannot qualify for regular insurance. This protection is limited and does not cover liability.
A Green policy is a special insurance that covers actual replacement costs for the more expensive green construction or green remodeling. A regular policy might only allow for normal building replacement
costs and not cover the cost of green materials. Since Oregon is a leader in the green movement, this has been an issue at times.
The products and construction practices generally have to meet a specific criteria established by the Insurance company to qualify for this type of policy.
Oregon maintains a Guaranty fund that will cover up to $300,000 in claims in the event a newly licensed company becomes insolvent. This will only cover the same items and limits as were in the insured’s policy. Most companies add a charge into their regular policies to pay into this fund.
