Oregon agency has resources available on earthquake insurance – KTVZ

SALEM, Ore. (KTVZ) – Final week’s small earthquake in Linn County is an efficient reminder to overview your householders and renters insurance coverage insurance policies and take into account buying earthquake insurance coverage. If you have already got earthquake insurance coverage, that is additionally a very good time to overview what it does and doesn’t cowl.

Earthquake insurance coverage isn’t an ordinary a part of householders or renters insurance policies. Some insurance coverage corporations will assist you to add earthquake protection as an endorsement, whereas others would require you to buy a separate coverage. Additionally, most insurance coverage corporations put a moratorium on shopping for earthquake insurance coverage after an occasion that scores as little as 4.5 on the Richter scale. 

“Ready till after an earthquake to purchase insurance coverage isn’t a good suggestion,” stated Insurance coverage Commissioner Andrew Stolfi, who can be the director of the Oregon Division of Shopper and Enterprise Providers. “First, you possibly can’t purchase insurance coverage to cowl harm that’s already occurred. Second, after an earthquake, insurers probably received’t promote protection for some time frame.”

Most earthquakes in Oregon are too small to really feel and the best seismic exercise in latest historical past has occurred within the Portland metro and Klamath Falls areas.

The Division of Monetary Regulation has assets accessible for customers on earthquake insurance coverage. The division additionally has a information to assist stroll you thru what steps to take earlier than and after an earthquake.

As all the time, it’s best to test along with your insurance coverage firm or agent to see what suits finest for you and your private home.

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About Oregon DFR: The Division of Monetary Regulation is a part of the Division of Shopper and Enterprise Providers, Oregon’s largest enterprise regulatory and client safety company. Go to www.dcbs.oregon.gov and dfr.oregon.gov.​​