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What
does homeowners insurance cover?
Homeowners
insurance provides protection for your home, personal
property such as furniture, clothing, appliances
as well as for personal liability. It protects
you from a variety of events, including fire,
lightning, burglary, vandalism, storms, explosions,
and more.
What
should I look for in an Oregon insurance provider that sells homeowners insurance?
Make
certain that the Oregon insurance company insuring your home is
financially strong. Check for an A.M. Best rating
of “Excellent” or higher. A.M. Best ratings are
generally available in your local library. Be
sure the Oregon insurance company is easy to contact. Many companies
provide an around-the-clock service center that
can be called 365 days a year.
What’s
the right amount of insurance
for my home?
Your
coverage should match the value of your home.
Homeowners insurance should not cover the land your
home is on-- only the structure. That means that
the insurance amount could be less than the purchase
price or loan amount. If you have more questions, talk to your Oregon insurance agent.
What
is “replacement” coverage?
In
general, replacement coverage means that in the
event of a loss, the Oregon insurance company that you have your homeowners insurance policy with will pay
what it costs to replace the property at today’s
prices. Different insurers offer different
levels of replacement coverage.
Does
my homeowners insurance cover
my personal property?
Homeowners
insurance will also cover the property you own
as well as the structure itself. Your clothing,
furniture, appliances, and other belongings will
usually be insured up to a maximum limit.
What
about special items such as
jewelry, works of art, etc.?
A
homeowners insurance policy will frequently limit
coverage on some special items jewelry, currency,
works of art, etc. Homeowners who need additional
coverage on these items can usually obtain it from their Oregon insurance companies
for an additional cost.
What
about flood insurance?
If
your property is officially designated as being
in a special flood hazard area, you must obtain
flood insurance. While the federal government
provides most flood protection, you are responsible
for applying and obtaining this coverage.
It’s important to know that flood insurance is
not included in a standard homeowners policy.
Even if your home is not in a special flood hazard
area, you may wish to consider whether you need
flood insurance.
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