Oregon Homeowners Insurance Policy Basics

By James J. Robinson

Knowledge of Oregon homeowners insurance policy basics is very important for getting the best policy to meet your needs. Understanding the Oregon homeowners insurance policy basics means you will know more about what you are looking for and be less likely to settle for a policy that doesn't adequately protect you. Learn about Oregon homeowners insurance policy basics today to guarantee the best protection for your family and one of your biggest investments. Knowledge and information is power so read on to understand how to find the best Oregon homeowners insurance coverage and maybe even save yourself a little money in the process!

Dwelling: This type of coverage is for the cost to repair or replace your home or one of the outlying buildings in case of damage caused by one of the listed perils.

Contents: This covers replacing or repairing contents of your home that are damaged or destroyed by one of the covered perils.

Liability: This pays in case you are found to be liable for loss or injury that occurs on your property.

Medical Payments: This covers the cost of medical expenses in case someone gets hurt on your premises.

Loss of Use: If you cannot use your home for a period of time, this part of the policy pays for a certain amount of living expenses.

Deductable: The amount of money you must pay out of pocket before your homeowners insurance will kick in and pay the remainder of the claim.

Limits: The maximum amount of money you can receive for a loss. However if you are underinsured, you will receive a pro-rated amount rather than the full amount you are covered for, in case of partial losses.

Exclusions: These are things that are listed in the policy as not being included. Typical exclusions are flood, earthquake damage and incidents resulting from war.
Riders: This type of coverage is an amendment to a policy that allows it to cover something not typically covered by the homeowner's policy.