What is condo insurance?

You have accomplished your dream of homeownership in the form of a condominium purchase. What responsibilities come with condo ownership, though? Condo insurance should be the first thing that you look into after closing the deal to such an important investment in Portland, OR.

What is condo insurance?

Condo insurance is an indemnity policy that a homeowner buys to protect his condominium unit. Unlike a traditional home insurance policy that guards single-family homes against costs associated with structural damage, condo assurance plans do not necessarily place an emphasis on the entire structure.

You as a homeowners’ association contributor should expect the association to care for the exterior structure of the property. Your personal possessions as well as the walls that make up your condo, however, are generally your responsibility. You may find yourself out of hundreds or even thousands of dollars if you depend on the insurance attached to your homeowners’ association fees to pay for everything when tragedy strikes. You need to purchase a condo insurance policy separate from the plan that the association provides to ensure that you are protected.

What does good condo insurance entail?

No condo assurance plan is the same in Portland, OR. You will need to sit down with an agent from PorchLight Insurance to determine what policy works best for your living situation.

In general, you may want to consider a condo indemnity policy that offers building property protection that pays for repairs to the walls of your condo as well as personal property coverage that reimburses you for damages to your electronics, appliances, and furniture. A good condo insurance plan may also be one that includes medical coverage for your guests in the instance that a visitor becomes injured while enjoying festivities at your home.

Let PorchLight Insurance help

PorchLight has helped dozens of Portland residents find the insurance policy that works best for their lifestyles. Call them today to get started with your condo insurance policy quote!

Understanding replacement cost and market value

It is important to understand the terminology when talking about homeowners insurance. The professionals at PorchLight Insurance in Portland, OR can help you through the maze and find the policy that is best for your situation. Two of the most important concepts to understand are Replacement cost and market value.

The replacement cost is what it would cost to replace an item or a structure like your home. This means getting the item or structure replaced. The market value, on the other hand, is what the item is worth in current dollars. This can fluctuate wildly due to depreciation and the value of the item. A 20-year-old couch that cost $2,000 new, is not going to be worth much today in current market value. If you have replacement cost insurance, you will get a new couch and it may cost more than $2,000. If you have market value coverage, you will get what a 20-year-old couch would cost at a used furniture store, which might not be $100.

In that scenario, replacement cost coverage would be better, but it would cost more, so you would have to balance the cost of the premium against the risk you are willing to take.

It might be best to go for market value in some other areas, however.  If you have an older house with plaster finished walls, the replacement cost would be very expensive and would raise your premiums a lot. You could go for fair market value there an get a very nice market value settlement with a lower cost premium.

Visit or call the PorchLight Insurance agency in Portland, OR today to learn more about getting the best possible coverage for your home. You want to protect it, but you also want to be wise in the decisions you make.

 

As a renter, will I benefit from having a home security system?

Renters who live in Portland, OR may choose to install a home security system for an added layer of protection against intruders. Whether you live in an apartment or a home that is rented, home security systems offer benefits that include peace of mind and a sense of security. The agents at PorchLight Insurance can provide additional information as to how a home security system may be a good choice. 

Home Security Systems for Renters

Many home security companies like Ring, Arlo, and SimpliSafe offer systems that can be easily installed by renters. Most have video cameras that can be installed without tools and are capable of providing 100% wireless security. Systems can be remotely accessed through smartphone apps that allow the renter to see who is inside their home at any given time. Many of these systems are easily taken down and can be transported and re-installed in a new location.

Are They A Good Idea?

If you want the peace of mind that comes with having a video surveillance system that allows you to view your home when you’re away, then yes. A home security system will offer you the benefits you want without having to worry about your property being damaged or vandalized. You may want to talk to your landlord prior to installing the system, but in most cases, it’s a personal choice. 

At PorchLight Insurance, the agents serve residents throughout the Portland, OR area. If you are considering installing a home security system in your apartment or rental unit, talk to the agents to find out whether or not it will be beneficial. They have the answers you need. 

 

Why an umbrella policy may be right for you

When you are a homeowner and/or drive a car, you are a good candidate for an umbrella policy. Think about what an umbrella does; it protects you from a rainy day. That is what an umbrella policy will do for you, protect you above and beyond the liability coverage provided by your homeowners or auto insurance. One umbrella policy covers all your needs. You don’t need to get separate ones for your home or your car.

Typically, liability coverage on an automobile or home is limited in its scope. A basic umbrella policy will take over when the liability limit of your policy has been met. Depending on what you have for assets, you may want to consider more than a minimum umbrella. If you have an auto policy, the umbrella policy will be in addition to the coverage on the face of your policy. While this may seem like a lot of money, if you happen to be sued, a ruling can attach not only your current assets but future assets and earnings.

You may also be required to pay legal fees, and these can add up quickly. An umbrella policy can pay for your defense expenses which if a case drags on can be devastating whether you win or lose. Even if you are not wealthy, an umbrella policy protects you and your smaller home or older car from the possibility of a lawsuit that can take away all that you have worked so hard to earn.

If you live in Oregon and want to learn more about what an umbrella policy can do for your financial security, Porchlight Insurance has offices in Portland, OR. You can contact Porchlight Insurance in person at their office or on the phone at (866) 272-8522. Reach out to our agents in Portland, OR for more information.

When is renters insurance required?

Moving into a new apartment or rental home is always a very exciting experience. When you are moving to a new place, there are many important responsibilities that you need to fully understand. One responsibility that you will likely have will be the need to have renters insurance in place. 

Required by Landlord and Lease

In the vast majority of situations, you will be required to carry renters insurance by your lease agreement. You will be required to carry this coverage for the entire term of your lease and the landlord may require that you provide evidence of coverage before you are able to move in. This could include requiring you to show that you have paid for at least one year’s worth of coverage in advance.

Why it is Required 

There are many reasons why a landlord will require that you have renters insurance in place. A renters insurance policy will provide both you and your landlord with a variety of different types of available protection. For the landlord, this will include providing them with coverage if you cause any damage to the property. It will also provide them with additional liability protection in the event you were found liable for some form of an accident.

Even if you find a landlord that does not require you to have renters insurance, it is still a good idea to have this coverage. The renter’s insurance policy that you received will provide you with coverage for both your personal property and liability should someone become injured.

If you are a renter in the Portland or Tigard, OR area, contacting PorchLight Insurance is a smart insurance move to discuss all your coverage needs. The team at PorchLight Insurance will ensure that you and your Portland or Tigard, OR rental unit are properly covered and that you have a reliable insurance policy for your home.

What is an umbrella insurance policy?

You might have heard something at some point or another about umbrella insurance and were thinking, "What is umbrella insurance?" Umbrella insurance is a term that many people are unfamiliar with, but if you have ever been the defendant of a lawsuit, you might have some idea of why it is important. Continue reading or contact an agent from PorchLight Insurance in Tigard, OR to learn more about umbrella insurance and why it might be important for you.

Umbrella Insurance Defined

Umbrella insurance provides an additional layer of liability insurance. It can help protect you from lawsuits and other claims against you. It helps to protect your personal assets and the integrity of your future. These are two ways this kind of insurance can help you.

What Does Umbrella Insurance Do?

One way it protects you is by providing the extra liability coverage above any limits of other policies including homeowners, auto, and boat policies. It will kick in once the limits have been reached on those insurance policies. Another way it helps is by providing the coverage for claims that might have been excluded by your other policies in their terms. This can include things like slander or libel, false arrest, and even the liability coverage of rental property. 

What is Covered?

Injuries, damage to property, certain kinds of lawsuits, personal liabilities, and other situations can be covered by these policy types. Various claims can be filed against you where you are considered at fault, and umbrella insurance can hedge against these circumstances. You might have to cover damage to property as the result of an accident and umbrella policies can help here too. There are many similar scenarios. For specific questions on coverage and policies, you should contact an agent at PorchLight Insurance in Tigard, OR. 

Shaking Walls and Stereo Earthquakes

Teens love their music. Generation after generation has had to deal with teenagers who play their music loud. However, today’s teens probably have the most capability of doing something close to structural damage because the stereos they have are capable of literally shaking the walls, and that’s a real problem in a shared residential facility like a condominium. Whether it’s a stereo, exercise equipment, an entertainment system or similar, anything that generates big noise and bass is going to cause vibrations, and they will carry through the walls to the neighbors.

The first defense for an affected condo resident is to use the condominium association to enforce the residential rules. However, that approach typically only deals with behavior and not the outcomes. The second step, if a clear responsibility can be linked, is to talk to the responsible party when damage has been caused. Some folks will immediately take responsibility, deal with the problem, and restore the status quo. However, if no cooperation is possible, and the condo owner has no idea where the cause is coming from, the owner’s condo insurance policy may or may not be an option.

A lot depends on what kind of terms the current condo insurance policy covers. Some are bare bones and only deal with structural issues like a burst pipe or frame break. Other policies are far more robust and cover unexpected damage to property for all sorts of problems, including noise vibration. There is no one standard, so a Tigard, OR resident has to do a bit of research. To help find clarity, PorchLight Insurance can help. Our staff is well-trained and experienced in policy comparisons and matching various products to specific condo owner needs. Give PorchLight Insurance a call today to find out how we can help.