Home Insurance Companies Lake Oswego
Home insurance protects your home in Lake Oswego, OR and the personal property you keep inside it. It will enable you to rebuild your home from the ground up if disaster happens. Top insurance companies like Schmidt Insurance Group can customize a policy just for you.
Schmidt Insurance Group opened its doors in 2019 with a goal of making insurance easy while providing exceptional customer service. We proudly serve the local Portland area and all of Oregon and Washington. Our office is full of born-and-raised Oregonians!
Home Insurance: Is It Required?
If you have financed your home with a mortgage, the lender will most likely require you to have at least some basic homeowners coverage. If you’re lucky enough to be able to pay cash for your home without a mortgage, or you’ve already paid off your mortgage, you could skip the home insurance… but it’s a good idea to have it anyway!
If your home was ever completely leveled by a covered risk, such as a fire, would you be able to pay to rebuild it out of your own pocket? If it’s chock-full of family heirlooms or other valuables and was burglarized, could you afford to replace everything you lost? If a visitor fell down your stairs, could you afford to pay their medical bills?
Don’t put your finances and your family’s future in jeopardy. Invest in a home insurance policy from Schmidt Insurance Group and enjoy peace of mind!
Home Insurance: Is Coverage Provided for Floods, Earthquakes, and Other Natural Disasters?
Most standard homeowners’ insurance policies cover a wide range of catastrophes, including fire, lighting, windstorms, hail, explosions, civil commotion, vandalism, malicious mischief, and theft, subject to policy limits and deductibles.
Typically, however, flood, earthquake, and volcano damage are not covered by standard home insurance policies. If you live in an area where floods are frequent, you can buy a special flood protection policy. If you live in an area known for seismic activity, like Oregon or Washington, you can also buy supplemental earthquake insurance. If you live near active volcanoes, such as parts of Washington, you can buy additional coverage for volcanic disasters.
Home Insurance: How are Rates Determined?
Many different factors are considered by insurance companies when determining your home insurance rates, from the number of people living in your home to the shape of your roof! The main factors are:
Location: Do you live in the woods, surrounded by shrubs and grasses? This could make your home vulnerable to fire. Does your neighborhood have a history of break-ins? Is there a fire station nearby? The location of your home is one indication of how risky it may be to insure. The higher the risk, the higher your rate will be.
Characteristics: The size and type of home you own can also affect your insurance rate, but there are other factors:
- Age: Older homes typically cost more to replace, so the older your home is, the more it will probably cost to insure.
- Structure: Masonry/brick homes withstand wind better than wood frame ones. On the other hand, frame homes are better able to withstand earthquakes.
- Garage: Your 3-car garage will probably be broken into more often than a 1-car garage (because it can hold more stuff). More risk often equates to higher insurance premiums.
When you own a home in Lake Oswego, OR, work with top home insurance companies like Schmidt Insurance Group to protect your home and personal belongings. We know our Schmidt and make it easy to find the coverage you need!
