More than two dozen insurance companies have agreed to give homeowners more time to rebuild after this September’s Oregon wildfires.
Some insurance policies allow just a year to rebuild a house after a total loss. But with thousands of structures destroyed across eight counties, the Oregon Department of Consumer and Business Services said there could be a surge in demand for construction resources that could make it difficult to rebuild under typical timelines.
The agency says the insurance companies have agreed to allow at least two years, and in some cases longer, for homeowners to rebuild. Allowing a longer timeline should also decrease the average cost per home since the demand for materials will also be spread out over a longer period. The agreement will also make it easier for people who decide to rebuild at a new location.
