Earthquake Insurance in Klamath Falls, OR

Earthquake Insurance in Klamath Falls, OR – A Solid Foundation

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Unlike some natural disasters, earthquakes are extremely difficult to predict. There are several regions in the U.S. that are at higher risk than others for having the “big one” and we just happen to live in one of them. Depending on the depth, intensity and duration, an earthquake can do significant damage to a home or condo.

This type of damage is not typically covered on a basic homeowner’s or condo insurance policy and only about 10 percent of homeowners purchase earthquake coverage. In this instance an earthquake insurance policy in Klamath Falls, OR may be a smart move.

Earthquakes and Oregon:

  • Quaking ground: Earthquakes can be brought on by many factors. The movement of a tectonic plate in a subduction zone, the slipping of rock on a strike-slip fault line, a volcanic eruption or it can be triggered by an external factor, like drilling or mining. Generally the deeper the location of the earth’s movement, the stronger the earthquake, however, the shallower it is makes it more destructive. Earthquakes that occur along coast lines can be even more destructive as an earthquake can trigger a tsunami. Here in Klamath Falls, Oregon, we are close to the Cascadia Subduction Zone. The CSZ is lengthy fault that runs from Vancouver Island in Canada all the way into Northern California, separating the Juan de Fuca plate from the North American plate. This particular fault has produced some damaging earthquakes, most recently in February 2001 when the Nisqually earthquake shook the Puget Sound region, had a recorded magnitude of 6.8 and caused about $2 billion in damages.
  • Dwelling damage: Damage from an earthquake can range from a few easily repairable cracks in the drywall of a home, to a complete failure of the structural integrity of a home. A homeowner may need to higher inspectors, structural engineers, a contractor and the list goes on. Not to mention that a family whose home was damaged in an earthquake will need a safe place to stay until the home is repaired. If the family does not have an earthquake insurance policy, they may be responsible for paying all repair costs out of pocket. These costs can often be thousands of dollars.
  • Earthquake Insurance: An earthquake insurance policy helps cover damages and additional living expenses up to a certain dollar amount. The policy cost and the amount of the deductible may vary depending on a number of factors including, but not limited to: Age of the home, distance from a fault line, location of the home (hillside, soil type, etc.) and the type of policy either Standard or Comprehensive. The monthly cost for an earthquake insurance policy can range from a few hundred dollars a year to a few thousand dollars a year depending on your location. If you or the previous owners retrofitted the home for an earthquake by securing the home to the foundation with seismic bolts or reinforcing walls or chimneys, you may be entitled to a lower earthquake insurance policy cost.

Before purchasing a home or condo, it’s important to remember to talk to your licensed insurance agent in Klamath Falls, OR to see if you might need an earthquake insurance policy. The experts Pacific Ridge Insurance in Klamath Falls, Oregon have years of insurance experience that can save you a bundle. Plus they live right in your area, so know first-hand if you may need additional insurance such as flood insurance.  You can also visit their insurance website 24/7 to learn more about the other insurance products Pacific Ridge Insurance offer.

 

 

Homeowner's Insurance Klamath Falls, OR

Homeowner’s Insurance in Klamath Falls, OR – Don’t let your home be a house of horrors

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Time to break out the conical hats, black cat decorations and the pumpkin seeds; Halloween is on its way! Whether you intend to go all out and build a spooky scene in your front yard complete with a giant spider and web or if you plan to put up a few jack-o-lanterns you can take some extra steps to ensure that your Halloween spirit does not turn your home into a personal house of horrors. To avoid a costly homeowner’s insurance claim in Klamath Falls, OR, such as a fire, property damage or a personal liability claim, make sure that your Halloween decorations and any area that party-goers or trick-or-treaters access is free of debris and tripping hazards.

Avoid a holiday homeowner’s insurance claim in Oregon:

  • Décor: Many Halloween decorations are made of paper or wood products. Keep these decorations away from open flames and away from lights as the décor could spontaneously combust resulting in a fire. Lit jack-o-lanterns should be extinguished prior to going to bed or leaving the house for an extended period of time. A pumpkin that is too dry or a flame that is too close to a wooden porch could spark a blaze, which if not caught quickly could be quite destructive. To eliminate open flames altogether, try flameless LED candles.  Speaking of lighting, make sure that any lights hung are the appropriate type (indoor or outdoor) and that they are strung in such a way that no one could trip over or get tangled in.
  • Tripping Hazards: Little ones (and adults too!) can get over excited during a scare and could hurt themselves on décor that is not properly secured or in the way. Moving items like porch furniture or lawn décor could help prevent accidents outside. If you plan to throw a Halloween party indoors with little ones, make sure that sharp edges and corners are secured and tripping hazards such as side tables or ottomans are out of the way. Taking a few extra steps to ensure that your guests are safe could save you from a costly personal liability claim.
  • Treats and tricks: Another wonderful part about Halloween is the food! Candy corn, lollipops and caramel apples are delicious treats for young and old alike; however they do present a choking hazard for small children. Make sure that bite-size or chewy treats are kept out of reach of tiny hands.

Halloween can be a fun time for friends and family, not a time to worry about household accidents. If you have any questions about what your homeowner’s insurance policy covers in terms of fire, property damage or personal injury liability, your licensed insurance agent in Klamath Falls, Oregon can assist you.  The local, independent agents at Pacific Ridge Insurance can assist you with examining an existing policy or setting you up with a new policy. Their years of insurance experience can save you a bundle. You can also visit their insurance website 24/7 to learn more about auto insurance or the other insurance products they offer like personal umbrella insurance.

 

 

Gap Insurance Klamath Falls, OR

Closing the Gap: Do I need Gap Insurance in Klamath Falls, OR?

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Gap Insurance Klamath Falls, ORCongratulations, you just bought a new (or new to you) car! You were able to afford a down payment and now you are the proud owner of a new car and a monthly car payment. But, what happens if your car becomes involved in an accident and you owe more than your car is worth?

Imagine this scenario: While out enjoying your new car, you hydroplane and hit a guardrail damaging your new vehicle beyond repair. The insurance company is telling you that your new car is a total loss. While you may not be able to drive the vehicle, you are still responsible for the loan associated with vehicle. If you have gap insurance in Klamath Falls, OR, you may be only responsible for your deductible.

How gap insurance in Oregon works:

 

What is depreciation:  Vehicles, especially new vehicles, begin to depreciate as soon as you drive them off the dealer lot. Depreciation can be quite surprising and is not necessarily tied to the base cost of the vehicle. Due to wear-and-tear, fluctuating market conditions and a number of other factors, depreciation in the first year is the steepest. Even with proper care and maintenance and no accidents, a vehicle will continue to depreciate. Even though the value of the vehicle will go down each year, the amount you owe on the vehicle will not. Depreciation will vary between make and model but here is a baseline comparison:

Year Vehicle Style Base price Depreciation year one
2013 Subaru Legacy 2.5i sedan $21,295 $3,069
2013 Honda Civic Base sedan $22,715 $4,406
2013 BMW 328i sedan $34,900 $5,198
2013 Ford F-150 $28,595 $5,915
2013 Toyota 4Runner $37,155 $6,380

 *Figures courtesy of automobilemag.com

Why gap insurance: In the unfortunate event that your vehicle is totaled, and it is an event covered under your current auto insurance policy, your insurer may pay the actual cash value of the vehicle, which may be significantly less than the outstanding vehicle loan. In that case, you would still be responsible for the remaining balance between the loan and the insurance payout, which could be thousands of dollars. If you choose to purchase gap insurance in Klamath Falls, Oregon, your insurance company would cover the remaining balance between the actual cash value of the vehicle and the remaining loan balance, typically up to 25 percent, potentially saving you thousands of dollars.

Options for gap insurance: There are two options for purchasing gap insurance in Klamath Falls, OR. It can be purchased from the dealership or through an insurance agent. If you choose to purchase gap insurance through the dealership you purchase your vehicle from, the gap insurance will be built into your loan. The average price for gap insurance from a dealership is around $1,000, but add interest and taxes and it can add up to much more. If you choose to purchase gap insurance from an insurance agent, on average it would add less than $10 per month to a policy! There may be certain stipulations associated with a gap insurance policy:

  • The loan may need to be through a financial institution rather than an individual
  • Your current auto insurance policy may need to include Collision and Comprehensive coverage
  • Your claim may need to be a covered Collision and Comprehensive coverage event
  • Your vehicle may need to be determined as a total loss

Before you purchase a new vehicle, make sure to check with your licensed insurance agent in Klamath Falls, Oregon to see how you can add gap insurance to your new vehicle policy. The local, independent agents at Pacific Ridge Insurance can assist you with adding or amending an existing policy or setting you up with a new policy. Their years of insurance experience can save you a bundle. You can also visit their insurance website 24/7 to learn more about auto insurance or the other insurance products they offer like classic car or home insurance.