In light of increased wildfire risks, increased housing values and construction costs, the Oregon FAIR Plan Association board of directors approved an increase in coverage limits for both personal and commercial dwellings. The limit for personal dwellings and farms has been increased from $400,000 to $600,000, and the limits for commercial dwellings have been increased from $700,000 to $1 million.
The change is effective May 1, and is the first increase in limits since 2016. The plan was created in 1971 as a nonprofit company to provide coverage for those unable to acquire insurance through the standard market.
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