Free Portland, Oregon Home Insurance Tips
Increasing Real Estate Value: Protect Yourself by Renewing Your Policy Today
Since 2000, home values have gone up nearly 150 percent in the Portland area. This is due largely to an influx of Californians who have moved to the area searching for lower home prices. In so doing, they have driven up housing prices dramatically. Many Portland natives who have lived in the area for a long time are finding they do not have enough insurance to cover their home should it be destroyed by a fire.
In fact, the Insurance policy looks at the value of your home when the policy is written, not at the value of your home when you need to rebuild. Mrs. Loretta Johnston found that all the hard way. "When my house was burned down by a fire, my Insurance did not pay enough for me to rebuild., Instead, I had to sell the land and buy a home elsewhere."
Portland Oregon Natives Moving Elsewhere
Many other homeowners in the Portland area are finding themselves in the same fix. There insurance policies are simply out-dated, and do not cover what it would take to build a home if it were destroyed. Disaster strikes and they do not have enough home insurance to build half of a house. They are finding themselves digging into their savings or retirement to build a house just to sell it to move somewhere else, sometimes to other cities just to find a house to afford to live in and save to try to rebuild their nest egg.
Earthquake Insurance in Portland Oregon
Portland natives usually are not covered if their house is destroyed by an earthquake. Over 34% of those living in Portland do not have earthquake insurance. Many believe their homeowners insurance will cover them should an earthquake happen. But that is not the case, most general homeowners insurance does not cover damage due to earthquakes, floods or mud slides.
What Can Those Living in Portland Do?
Portland Oregon is in an earthquake prone area, it is very important to have additional earthquake insurance to cover losses due to earthquake. You must check with your insurance agent to find out what the exclusions are on your homeowners policy. If necessary, you may need to buy additional homeowners insurance in order to be completely covered in most disasters. Also, review your homeowners and other insurances annually so you will know you are covered should a disaster strike.