In Oregon more than 500 fires occur annually. Of particular concern are the 3.5 million acres where homes are within reach of wildfire. The chance of a total loss due to fire seems to be rising every year.
There are things you can do to make sure you have the coverage you need by simply reviewing your homeowner’s insurance policy. Most Insurance brokers recommend “Replacement cost coverage” since it covers the cost to repair or replace your property at today’s prices.
A few things to look into might be:
+Are additional living expenses covered and for how long? This would be crucial because it pays the additional cost for housing, such as a motel if you can’t return home.
+Is the increased cost of construction or building ordinance fees covered?
+Almost every policy has a maximum dollar amount they will pay on things like jewelry, guns, antiques and other high-value possessions. Check to see that you have enough coverage because sometimes these items easily exceed normal policy limits.
If you have questions please visit with your insurance broker, they are the experts.
As Realtors we know how important your home is to you and this article has nothing to do with the fact that when your home burns down it makes it really hard for us to sell it. In 30 years I’ve advertised with the words” Fire Sale” several times to let people know a quick sale is needed. But, I’ve never had to use the term literally due to a fire, for that I’m thankful. My prayers go out to everyone involved with the devastating effects of wildfires this year especially those firefighters who put it all on the line every day to protect us. If you like what you see please share it will help me to reach more people.
