Protect your belongings
Basic Oregon home owner insurance covers the contents of a house–furniture, clothing, electronic equipment, musical instruments, and so on–for a total of up to 50 percent of the value of the policy.  The home’s contents are typically insured

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Protect your belongings

Basic Oregon home owner insurance covers the contents of a house–furniture, clothing, electronic equipment, musical instruments, and so on–for a total of up to 50 percent of the value of the policy.  The home’s contents are typically insured at “cost.” That means if your possessions are damaged, you’ll be reimbursed for their depreciated value, not for what it would take to replace them.  Insurance experts recommend that you buy “replacement” coverage for about 10 percent more, which means your possessions will be replaced with brand new ones.  Also consider raising personal-effects coverage to 75 percent of the home’s value, although this might not be necessary if a recent reevaluation raised the amount of your property coverage. (In that case, the insurance on your belongings will have gone up as well.)

Valuables like jewelry, artwork, antiques, and coin or stamp collections are not fully protected by regular homeowners policies.  Jewelry, for instance, is limited to about ,500 to ,500 in coverage. So consider having your rare and expensive property appraised, then buy a separate floater policy that guarantees full dollar value.  Expect to pay about per ,000 in coverage.

Oregon Home Owner Insurance
Don’t make small claims

Not surprisingly, Oregon home owner insurance companies are cautious about claims.  With increasing frequency, they are adding surcharges on premiums at renewal–or some may even drop your policy altogether–for a single claim in the past year.  They’re taking a much closer look at claims activity and have a shorter fuse about it, says Terry McConnell, vice president and manager of personal lines underwriting at Erie Insurance in Erie, Pa.

So it often makes sense not to submit claims that exceed your deductible by just a few hundred dollars.  Paying for the loss yourself might cost you less than the premium increase you’ll probably face later. Most claims–and sometimes even conversations with insurers about damage, particularly water-related, that don’t result in actual claims–are reported to the CLUE (Comprehensive Loss Underwriting Exchange) database maintained by ChoicePoint, a company that provides services to insurers.  Consumers are entitled to one free copy of their CLUE report annually (for more information, go to www.choicetrust.com and click on CLUE Reports).  Homeowners should read these files carefully, and immediately dispute errors or submit a written statement that fully explains any large losses.

ChoicePoint also takes data from a consumer’s credit reports to produce a Home Insurance Score, which is used by insurers to determine whether the customer is a good risk. Because most insurers rely on the same scores when making underwriting decisions, it’s more than likely you will pay quite a bit more to purchase insurance from a new carrier if your company decides not to renew your policy.

Oregon Home Owner Insurance For Less
Here are some other steps you can take to protect your home while keeping your coverage costs in check.

Raise your deductible.  Insurance policies typically carry a 00 deductible.  But if you’re willing to bear more of the risk, you can save upward of 15 percent a year in premiums with a 00 deductible and 25 to 30 percent with a ,000 one.  “Most homeowners are not aware of the significant savings awaiting them in their policy by reevaluating the deductible,” McConnell says.

Maintain and upgrade your home.  At least once a year, inspect your home for developing problems, particularly the roof, plumbing, exterior paint, and washing machine and dishwasher hoses, to protect against water-related disasters-the type of damage that Oregon home owner insurance companies like least.  Wiring and heating systems should also be checked.  In addition, you might be able to cut your premiums by 10 percent or more by installing upgrades such as fire detectors, security alarms, and deadbolt locks.

Buy a flood policy if you need one.  Flood insurance is available through the government’s National Flood Insurance Program (www.floodsmart.gov) and can be bought from insurance agents.  Maximum coverage limits are 0,000 for property and 0,000 for personal belongings.  Premiums run from about 0 a year in a moderate- to low-risk area to more than ,000 in high-risk coastal zones.

Shop around. Oregon home owner insurance companies are looking for new business in low-risk areas. If you live in one, you might be able to find a better deal on your rate and coverage, and don’t forget to complete the form above to get quotes from the top Oregon home owner insurance companies!

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