Oregon home insurance laws
In keeping with most states, Oregon does not require homeowners to have property coverage as standard.
However, almost all banks and lenders require a borrower to have a home insurance policy in place for mortgage approval — with Oregon no exception to this. This is due to the lender having a financial stake in the property and therefore protecting its asset.
Home insurance policies tend to be more expensive in states that are susceptible to large-scale natural disasters. With its temperate weather, Oregon ranks low in terms of natural disaster risk compared to other states, and benefits from some of the lowest home insurance rates in the nation. These rates mean even mortgage-free purchasers benefit from coverage.
House insurance premium factors
Despite the smaller risk of flooding and fires in Oregon, typical factors affecting the price of the premium still apply. These can include:
- The age, location and condition of the property
- Previous claims history and credit score
- The availability of local fire services
The cannabis green area
While the cultivation, use and sale of marijuana are legal in Oregon, whether cannabis-related activities and products are covered under property insurance policies can vary. This is due to the discrepancy in state and federal law.
If applicable, check with a potential insurance company. Be aware this may well affect premiums.
While Oregon State does not require homeowners to have a home insurance policy, crucially, mortgage providers do.
Oregon is a low-risk state in terms of natural disasters and enjoys lower house insurance premiums than many other states.
If applicable, check with your provider for terms relating to properties with cannabis cultivation.