The Oregon FAIR Plan Association board of directors recently approved an increase in coverage limits for personal and commercial dwellings. The FAIR plan is Oregon’s insurer of last resort.
The changes the board made come from increased wildfire threats and risk and because construction costs and housing values are rising significantly. Retention limits on the FAIR Plan will go up from $400,000 to $600,000 for personal dwellings and farms and from $700,000 to $1 million for commercial properties.
The board made the changes after the Oregon Division of Financial Regulation pushed for them and said they are needed. The new limits went into effect on May 1st.
Oregon Insurance Commissioner and director of the Department of Consumer and Business Affairs said, “The FAIR Plan coverage increases were needed and it will allow the association to be accessible to more Oregon residents who need this type of insurance.”
Stolfi also heads up the Oregon Division of Financial Regulation which is part of his department.
The board also hired Stephen Steinbeck as its new executive director. He spent eight years as a senior manager at Oregon Mutual Insurance and worked for 21 years for Nationwide.
