McKenzie River Reflections - Make the McKenzie Connection!

Homeowners insurance deadlines extendedEmergency

 

August 11, 2022 | View PDF



The Oregon Division of Financial Regulation (ODFR) has determined that certain property and casualty insurers should extend timelines for policyholders who suffered losses during the 2020 wildfire season and who have been unable to rebuild or replace property due to circumstances outside their control.

The determination applies to property and casualty insurers who write homeowners policies that specifically contain a time limit of less than three years for rebuilding a home, replacing contents, or both. The ODFR bulletin outlines the communications now required between these insurers and their policyholders who still have active claims almost two years after the wildfires. These insurers are directed to extend the rebuilding timeline and content replacement timeline if the delay has been due to circumstances beyond the insured’s control. They are also directed to notify policyholders of any extension by August 30.

For policyholders not being granted an extension until at least September 30, 2023, insurers are required to report certain information to the division, including an explanation of why the insurer refused to grant an extension after a thorough examination. The division will continue to monitor the situation to ensure that all policyholders are protected and allocated a reasonable time to rebuild and replace contents given the extreme difficulties they have faced. The division has the authority to take action against any insurer who unreasonably declines to extend timelines.

ODFR says the findings and background of the bulletin speak to the widespread destruction of property, the ongoing COVID-19 pandemic, global supply chain issues, arid consequently, and the disruption of normal operations across the state for a prolonged period.

“The 2020 wildfires caused heartbreaking losses, and the recovery process has taken longer than it should due to circumstances completely out of homeowners' control,” said Insurance Commissioner Andrew Stolfi. “Our actions today are meant to provide wildfire survivors with the certainty they deserve. After nearly two years of struggling to rebuild in the face of unprecedented challenges, every homeowner should be given the time they, need to finish recovering."

 

Reader Comments(0)

 
 

Our Family of Publications Includes:

Powered by ROAR Online Publication Software from Lions Light Corporation
© Copyright 2021

Rendered 09/28/2022 03:07