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.
The change is effective May 1, and is the first increase in limits since 2016. The plan was created in 1971 as a nonprofit company to provide coverage for those unable to acquire insurance through the standard market.
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. Christine regularly presents and moderates webinars on a variety of topics and is an experienced presenter.