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.

How Much Comprehensive Auto Insurance Do You Need?

Most people know that car insurance is a requirement, but you may not know how much coverage you actually need. Even if you have full coverage insurance with comprehensive, you may not know which coverage amount to select. So, what instances would you need a higher amount, and when should you choose the lowest amount?

Choosing Comprehensive Coverage Amounts

Selecting to have comprehensive insurance doesn’t always offer the protection you may need while on the road. Comprehensive will cover items such as damage from storms or theft. If you have a vehicle with a higher price tag, you should elect to choose comprehensive coverage close to the value of your vehicle. If you have an older car, or you bought an economy car that you have had for some time, you may want to select a lower amount. Consult with your auto insurance agent to discover which options are right for your situation.

Getting The Best Auto Insurance

You always want to make sure you are working with an insurance agency that will have your best interest in mind. That means selecting an auto insurance provider that will sit down with their clients and explain the options that will deliver the most coverage for their specific needs. If you are located around the Tigard or Portland, OR area, consider consulting PorchLight Insurance. We will outline products that will give you protection and reliability. 

Don’t guess when it comes to comprehensive coverage. Get the facts from PorchLight Insurance serving the residents in and around the Portland, OR area. Call or stop by today for more details and to speak with a knowledgeable representative.