Can I Get Homeowners Insurance if My Home is Considered a Standard or High Risk?

We have companies able to handle preferred, standard, specialty, and high risk Homeowners insurance. We can do older homes, losses, out of state landlord, course of construction, vacancies and more!  Please see our "Web Links" section for links to our Homeowners, Manufactured Homes, Renter's, and Flood Insurance websites.

What Are the Policy Limits in the Standard Homeowners Policy?

The dwelling and other structures on the premises are protected on an all risks basis up to the policy limits. All risks means that unless the policy specifically excludes the manner in which your home is damaged or destroyed, there is coverage. The policy limit for the dwelling is set by the policy owner at the time the insurance is purchased.

Personal property is covered on a named perils basis. Named perils means that you have coverage only when your property is damaged or destroyed by events specifically described in the policy. The policy limit on the personal property coverage is usually between 50% and 70% of the limit on the structure at no additional cost. You may purchase more at additional cost if you can demonstrate your coverable possessions exceed these percentages.

Loss of Use and provides for the cost of living somewhere else while your home is being rebuilt. The limits for this coverage are equal to 20% of the policy limit on the dwelling.

The coverage limit on personal liability is determined by the policy owner at the time the policy is issued. The coverage limit on medical payments to others is usually set at $1,000 per injured person, although higher limits can be purchased.

Do I Need Earthquake Coverage?

No one ever thinks an earthquake is going to happen near them in Oregon. People forget we are sitting right on the line of the "ring of fire" with all the volcano mountains lined up. Recent geological events prove we are prone to earthquakes here in Oregon. The smallest earthquake can do serious damage to your home. If it's not endorsed on to your policy, you will be responsible to repair it out of your own pocket.

The standard insurance policy does not pay for direct damages caused by earth movement. Earth movement is a much broader term than earthquake. It includes earthquake, volcanic activity and other earth movement. This coverage may be available by endorsement for an additional charge.

Where and When is My Personal Property Covered?

Personal property (except property that is specifically excluded) is covered anywhere in the world. For example, suppose that while traveling, you purchased a dresser and you want to ship it home. Your homeowner's policy would provide coverage for the named perils while the dresser is in transit -- even though the dresser has never been in your home before.

What is the Difference Between Actual Cash Value and Replacement Cost?

Covered losses under a homeowner's policy can be paid on either an actual cash value basis or on a replacement cost basis. When actual cash value is used, the policy owner is entitled to the depreciated value of the damaged property. Under the replacement cost coverage, the policy owner is reimbursed an amount necessary to replace the article with one of similar type and quality at current prices.

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