In light of increased wildfire risks, increased housing values and construction costs, the Oregon FAIR Plan Association board of directors approved an…
May 12, 2023 at 09:13 AM
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In light of increased wildfire risks, increased housing values and construction costs, the Oregon FAIR Plan Association board of directors approved an increase in coverage limits for both personal and commercial dwellings. The limit for personal dwellings and farms has been increased from $400,000 to $600,000, and the limits for commercial dwellings have been increased from $700,000 to $1 million.
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Christine G. Barlow, CPCU
Christine G. Barlow, CPCU, is Executive Editor of FC&S Expert Coverage Interpretation, a division of National Underwriter Company and ALM. Christine has over thirty years’ experience in the insurance industry, beginning as a claims adjuster then working as an underwriter and underwriting supervisor handling personal lines.
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When an association policy is nonrenewed and the new policy is substantially more so that unit owners are assessed for the increase in premium, can they file a claim under their loss assessment coverage for the increase?