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There are plenty of good reasons why you should take the time to understand the ins and outs of your homeowners insurance policy. Since you’re paying quite a lot for it, it only makes sense you know where your money is going.

Oregon homeowners insurance plays many different roles in your life, but in a nutshell, it provides you, your family, as well as your home and what it contains with protection from various perils and dangers. The Oregon Government’s Division of Financial Regulation considers this type of insurance as a major form of protection for your assets.

Allowing you to determine if you’re overpaying

The 2013 national average premiums for homeowners insurance in Oregon is $568, according to the National Association of Insurance Commissioners. During this year, OR was considered by the organization as the second state with lowest insurance premiums.

Now that you have an idea of how much other policy holders pay in OR, you can then determine if your payments are too high or too low. Yes, you definitely want a policy that will sufficiently cover you for damages, losses, or liabilities, but this doesn’t mean you should spend more than what’s necessary. So review your policy, compare your premiums with the averages above, and check if they’re close or not.

Finding out what coverage you don’t have

In a chart published by the Insurance Information Institute, it lists the percentage of homes in the State of Oregon that are owner occupied at 61.1. This number accounts for the results of a 2015 study.

In another study, the organization also found out that OR had a total incurred loss of $3,346,175, an amount paid for by property insurance coverage.

From these numbers, you can already see just how big of a saver homeowners insurance can be. However, this amount could have been higher – and the out of pocket expenditures of consumers lower – if policy holders only went for a more robust coverage.

This is why you should take the time to learn more about your policy, as this will allow you to find out what you’re covered for and what you’re not. Determining what you don’t have will let you act promptly and acquire coverage for an uninsured peril, saving you and your finances from potential disasters.

Taking the time to learn more about your policy will allow you to find out what you’re covered for and what you’re not.

Giving you the chance to reduce your expenditures

Thoroughly checking and reading your policy doesn’t just let you figure out what coverage you don’t have but should. It also allows you to find out and come up with strategies aimed at reducing your Oregon homeowners insurance premiums.

For instance, your insurance company charged you slightly higher rates because of your outdated heating, ventilation, and air conditioning system, or because your plumbing system (during the time you obtained your policy) needed extensive repairs. Now that you have upgraded these systems and made the proper repairs or changes, you could ask for a discount on your rates.

It is also possible for you to bring your rates lower when your credit score has improved. The bigger the improvement, the greater chances you have of receiving higher discounts.

Conclusion: Reading your policy can save a lot from your expenses

All in all, simply allotting time to read and review your Oregon homeowners insurance policy can already help you prevent having a higher than state average rate.

References:

http://dfr.oregon.gov/gethelp/ins-help/home/Pages/index.aspx

http://www.iii.org/fact-statistic/homeowners-and-renters-insurance

http://www.iii.org/publications/a-firm-foundation-how-insurance-supports-the-economy/a-50-state-commitment/insured-homes-by-state