Portland Real Estate...Homeowners Insurance

By
Real Estate Agent with Oregon Realty Company

Portland real estate Insurance costs can vary by hundreds of dollars depending on the insurance company from which you buy your policy. There are different types of policies that differ in the amount of coverage they provide. The most popular type is called HO-3. This kind of policy offers Area property protection and liability insurance. Portland real estate or property protection means that you will be reimbursed for losses or damages to the house and its contents. Liability Insurance protects you against personal liability, medical payments for injuries to others and damage to other people's property. There are policies with more extensive coverage and are usually called "deluxe" or "executive" policies. If you do major remodeling to your home, make sure you upgrade your coverage. If you have an office in your home, you might want to consider special insurance for your computer equipment.

While it is necessary to have Portland Real Estate or Homeowner's Insurance, there are ways to reduce your premium costs.

One: Raise your deductible. Deductibles are the amount you must pay towards a loss before your insurance company starts to pay. You can save costs on your overall policy by increasing the amount of your deductible. For example, according to a Federal Government paper on lowering insurance costs, you can save up to 12% on your rate if you go with a $500.00 deductible rather than a $250.00 deductible.

Two: Bundle your insurance policies. Some companies that sell homeowners, auto and liability coverage will take 5 to 15% off your premium if you buy two or more policies from them.

Three: Reduce Your Risk. Find out from your insurance company what steps you can take to make your Area real estate more resistant to natural disasters. If you live in an older home, look into modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage.

Four: Home Safety Measures. You can usually obtain insurance discounts for having a smoke detector, burglar alarm or dead-bolt locks. However, take note that some fire systems can be costly and not every system may qualify for an insurance discount, so check with your insurance company first.

Five: Don't Over-Insure. Homeowner's insurance is designed to protect you against loss should your Portland home and furnishing be damaged or lost through theft, windstorm, fire, etc. The land under your home is not insured, as it is not at risk. If, in considering value, you include the cost of the land under your house, you may end up paying a higher insurance premium than you should.

Remember: Flood insurance and earthquake damages are not covered in standard homeowners' policies. If your home is in an area that the government designates as "flood-prone," you may be able to purchase flood coverage through the national Flood Insurance Program (NFIP).

Comments (1)

Joe Plante
Prudential Americana Group, Realtors, Dapper Development - Las Vegas, NV

Welcome to activerain, its a great place to network and meet people . Hope you enjoy. Joe

Aug 06, 2008 02:46 PM