The wildfires that ripped through Oregon in September of 2020 caused unprecedented damage, and sparked legislation that would expand property coverage and look to create a bad faith cause of action in Oregon.
- Require insurers that provide replacement cost coverage to allow insured not less than 24 months of additional living expenses and not less than 24 months within which to repair, rebuild or replace damaged or lost property. However, if the damage results from an emergency or major disaster, those time periods could increase to 36 months.
- Allow insured to combine all available limits to rebuild or replace if the limits for the dwelling are insufficient.
- Prohibit insurers from limiting or denying payment of replacement or building code upgrade coverage on the basis that the insured has decided to rebuild or purchase an existing structure in a new location.
- Require insurers to provide the insured with an estimate of the cost to rebuild or replace damaged or lost property every other year at the renewal of the policy.
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