At Allen & Associates Insurance, Inc., we’re used to seeing a lot of confusion over home insurance in the Albany, OR area. Perhaps one of the biggest questions of all is, "Am I legally required to carry homeowners insurance coverage?"
We’ll go ahead and answer this one right up front — no, the state of Oregon does not make home insurance mandatory. That said, there are certain situations in which homeowners may be otherwise legally required to get coverage. Furthermore, there are a lot of excellent reasons for every homeowner to get the protection that comes with a good policy. We invite homeowners to reach out to our experienced insurance team at Allen & Associates, Inc. at any time with questions. In the meantime, keep reading to learn more!
Check the Terms of Your Mortgage Loan
While the state may not make homeowners insurance mandatory, your mortgage lender may very well call for it. After all, it’s all about protecting the property that both you and they have invested in. And if you’re not sure, never be afraid to ask. Many lenders will even stipulate their own coverage minimums to ensure that the policy can handle any significant damage to the home.
Is Your Home Part of a Private Community?
It is exceedingly common these days for condo associations and other HOAs to require residents to carry homeowners’ insurance. And in case you’re wondering about those association fees you may need every year, the truth is that any insurance that may be included in them usually only covers common areas / public exteriors only. You will still need your own individual policy to make sure your home is fully protected from damaging events.
Ready to learn more about your home coverage options in Oregon? The insurance pros at Allen & Associates, Inc. in Albany, OR are here for you!