Oregon reconsidering another year of wildfire insurance

Reports suggest the state may renew its Lloyd’s of London insurance coverage following another year of expensive drought-driven wildfires

Insurance News

By Lyle Adriano

On April 5, Oregon fire officials recommended that the state continue to purchase wildfire insurance coverage from Lloyd’s of London. The state is considering the purchase, particularly now that the region has been beset by three consecutive years of costly wildfires exacerbated by drought.

The insurer is offering the state another year of coverage despite the series of expensive wildfires that have affected the region in recent years.

According to local news company KOIN 6, Lloyd’s of London’s wildfire policy would also be made available to private landowners in Oregon.

Should the state ultimately choose to continue its wildfire insurance coverage, the policy’s premium will be $300,000 less than the previous year’s. Both state fire officials and landowners would pitch in with the $3.5 million premium and up to $50 million deductible before the insurer contributes up to $25 million.

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