Best Homeowners Insurance Agencies in Portland

Frequently Asked Questions

• Introduction

  Homeowners' insurance is a type of property insurance used by private property owners to protect their home and property from a range of risks and liabilities. It is also called home insurance.
  

  
  

  All homeowners' insurance policies cover the primary home on a property, meaning that most damage from weather, accidents, vandalism, and other events will be at least partially paid for by the insurance company. Many policies also include coverage for other structures, personal property, and some premises liability.

  
  

  It is not required by law that a homeowner purchases insurance for their property. However, if you have a mortgage, the lender will usually make purchasing a homeowners' policy a mandatory part of the loan process. Since the mortgage lender is essentially selling you the home, they require you to protect the investment.
  

• Can you reduce your monthly premiums on homeowners' insurance in Portland if you pay a higher deductible?

  Yes. If you choose a higher deductible of at least $1000, your monthly premiums will be reduced by 25%. Insurance companies usually require a deductible of at least $500. When you file a homeowner's insurance claim in Portland, you must pay a deductible out of pocket before the insurer will pay for the damage.

• How do you check the property insurance claims history of a Portland home before purchasing it?

  You can use the Comprehensive Loss Underwriting Exchange (CLUE) report to determine the home's issues and make an informed decision about your purchase. The CLUE report provides information on the property's insurance claims, filing date, and paid amount over a five-year period. You can use the report to determine whether the Portland home you are about to purchase has previously suffered flood or fire damage, or if it has been burglarized. You can also use it to determine what type of homeowners' insurance coverage you will require if you buy the house.

• Are losses from wildfire covered in standard homeowner's insurance in Portland?

  Yes, losses from wildfires are covered. This is because the Oregon insurance code requires all insurance companies to include wildfire coverage in homeowners' policies. Because of the increased risk of wildfires in the state, some insurers may decide that certain properties are too risky to cover. Apply for the Wildland-Urban Interface Home Assessment to determine the wildfire risk of your home. For more information, call 503-823-3741 or go to 900 SE 35th Avenue Portland, OR 97214.

• Can your credit scores potentially affect your premiums for homeowner's insurance in Portland?

  Yes, it may have an effect on your premiums because insurance companies use credit-based insurance scores when evaluating your initial application or renewal. It is not the only factor that will influence your premiums. In fact, the use of credit-based insurance scores is strictly prohibited in Oregon. This means that even if you have a bad credit history, you may be able to obtain homeowner's insurance. However, having a good credit history can help you get approvals faster and lower your insurance premiums in Portland.

• What can a homeowner in Portland do if they cannot qualify for traditional homeowners' insurance?

  Homeowners in Portland can apply for an Oregon Fair Access to Insurance Requirements Plan. For people who are unable to obtain traditional homeowners' insurance, this type of insurance provides limited protection but no liability coverage. More information on this plan is available by calling 503-643-5448 or writing to: Oregon FAIR Plan Association 8285 SW Nimbus Avenue, Suite 104 Beaverton, OR 97008-6466

• What determines the price of homeowners insurance premium?

  The premium, or monthly cost, of your homeowners' insurance policy depends on several factors, including the value of your home and amount of coverage you choose. Your credit history and whether the property is in a higher risk area also play a role.