Home Insurance Rates Soar In Oregon
New homeowners looking to get a home insurance quote in Oregon might receive a dose of “sticker shock” as The Oregonian reports that homeowners insurance rates in the state have had double digit increases in recent months.
One of the main reasons for the rate hike is the increase in catastrophic claims nationwide. According to Munich Reinsurance America, the number of disasters in the United States has doubled since the 1980s.
This is reflected in the Pacific Northwest, which has seen a large number of fires and storms causing increased claims.
Another factor is the high cost of new building. The price of both lumber and labor costs has increased in the Pacific Northwest, making it pricier than ever to rebuild or perform major repair work.
Ron Fredrickson, who manages the state insurance division’s consumer advocacy unit, recommends that homeowners get free home insurance quotes to make sure they are getting the most competitive rate possible.
Photo © DavidK-Oregon
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