Home Insurance in Eugene, OR
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The city of Eugene is home to almost 180,000 people and as such stands as the third largest in Oregon. Located close to where the McKenzie and Willamette rivers meet, Eugene is noted for its natural environment, outdoor activities and focus on the arts. In fact, Eugene’s official slogan is “A Great City for the Arts and Outdoors,” but it’s also referred to as “Track Town USA.” Home to the University of Oregon, this part of the Beaver State is known for its importance to the sport of track and field. Not only did the Nike Corporation start here, but the University of Oregon’s Hayward Field track has hosted numerous amateur and collegiate track and field events for almost four decades. In fact, the 18th Track and Field World Championships will be held here in 2022.
Besides sprints and marathons, there are several performing arts organizations with offerings for you and your family to get into. The Eugene Symphony, the Eugene Ballet, the Eugene Opera, the Oregon Mozart Players, the Eugene Concert Choir, the Oregon Bach Festival, Ballet Fantastique and the Oregon Children’s Choir are just a few of the acts that offer performances the whole year. Eugene is a college town, so the music scene is quite diverse, running the gamut from dubstep to bluegrass and even heavy metal. There’s even a large Zimbabwean music community here. Whether you love the fact that this is widely considered the “Track and Field Capital of the World” or the mild warm summers here, Eugene is a great place to put down roots. Here’s the scoop on having home insurance in Eugene.
As a homeowner, you’re responsible for the upkeep and repair of your home, especially if it experiences damage due to a fire or vandalism. You’re also responsible for the things inside your residence such as major appliances, electronics, jewelry, artwork and other items of value. Having home insurance in Eugene means that you don’t have to pay out of pocket for repairs or replacement for a covered loss. The average home price in Track Town USA is north of $400,000. Imagine having to fork over 400 grand for a new house after a tornado! Your policy for home insurance in Eugene covers you and your pockets. You can expect a policy to include these coverages:
- Property damage to your residence, including the building itself and your possessions contained
- Liability against injuries experienced by third parties in your home
Generally, Oregonians aren’t required to have home insurance in Eugene, OR by the state, but banks and lenders for mortgages require homeowners to have coverage.
It’s important to make sure that your policy has a liability limit that is sufficient to cover the cost of replacing your home and its belongings. If you should suffer damages, you don’t want to end up having too little insurance for your property. You pay a monthly, semiannual or annual premium to have home insurance in Eugene, OR. Many mortgagors pay their premiums along with the mortgage principal, interest and property taxes. In the event of a covered loss, you’ll only be responsible for the deductible, a small amount deducted from the total cost of the loss as determined by a claims adjuster. Higher premiums come with lower deductibles and vice versa.
Your home insurance in Eugene, Oregon doesn’t cover the following items:
- Repairs to major home appliances, usually covered by a home warranty
- Flooding and some natural disasters, coverable with separate policies
- Mortgage insurance, often required by lenders when a down payment is below 20% of the home price
This information is intended for general informational purposes only and is not intended to constitute legal advice.