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Home/Condo Insurance

 

Leonard Adams Insurance will shop your Portland Oregon home insurance and provide you with the best possible home insurance rates from local northwest and national insurance companies.

Home insurance is a policy that will save you from severe financial loss if your home is damaged or destroyed. It will also cover your family’s possessions and can provide you with compensation for liability claims, medical expenses, and other amounts that result from property damage and personal injury suffered by others.  

The coverages that are included on a typical home insurance policy are as follows:

Your Home Provides protection for property losses to the dwelling

Other Structures Provides protection for losses to other structures on the premises that are not attached to the home

Personal Property Provides protection for property losses to personal property

Loss of Use Provides financial protection when the residence cannot be used because of an insured loss

Personal LiabilityProvides protection for damages because of bodily injury or property damage for which you might be legally liable

Medical Expenses to Others Provides protection for necessary medical expenses for non-household residents regardless of whether you are at fault or have any liability     Extra home insurance coverage options include:

• Extended Replacement Cost

• Valuable Items Replacement

Flood Coverage

Earthquake Coverage

Landslide Coverage

• Identity Theft Coverage

1. Why does the insurance replacement cost differ from my home’s appraised value?

The purpose of home insurance is to provide you a means to replace your home due to a loss from a total loss. A home’s replacement cost value is only for the cost of the rebuilding the structure. Appraised value takes into consideration the cost of the land beneath the home as well as the location.

The calculation method that is used to determine the insurance replacement of a home is based on ‘Reconstruction’ costs, not Market Value or the cost of New Construction. The reconstruction cost of a home is the cost to rebuild today with similar materials and craftsmanship, used during its original construction. Building experts say that reconstruction can cost up to 30% more to rebuild a house than to build it new. Builders hired for reconstruction require a higher skill set since they are required to work around existing structures, landscaping and power lines. They also need to be able to match up new materials to existing materials.

2. Are there any special limits to personal property coverage? Is all property covered?

Certain types of property have specialized limits that are lower than the stated personal property limits on your policy. The items that often have what are called ‘Special Limits of Liability’ include:

• Money & related items

• Securities, accounts, deeds, and related items

• Watercraft, including their trailers, furnishings, equipment, and engines

• Other trailers

• Jewelry, furs, and related items

• Firearms and related items

• Silverware and related items such as China and Crystal

• Business property on the premises

• Business property away from the premises

• Electronic apparatus while on a motor vehicle

Personal property that you would want to consider to schedule would be:  

• Artwork

• Jewelry, furs and leathers

• Firearms and related items

• Antiques and collectibles

• Unusual collections, hobby materials or tools

• Computer systems

If you find items that require more coverage than your policy provides, you can obtain coverage by increasing your property limit by scheduling items separately through the purchase of an endorsement. Typically when something is scheduled or added onto your policy as a rider:

There are no limitations – the schedule will cover any type of loss other than wear and tear. No deductible is used if you need to file a claim on the property that is scheduled. There are no exclusions on the policy other than wear and tear.

3. Does the home insurance policy provide coverage for earthquake or flood?

All home insurance policies are going to exclude coverage for flood and earthquake. You must purchase separate coverage to be protected due to a loss by earthquake and flood.