Oregon condo and townhome insurance
The Oregon Condominium Act requires your association to carry property insurance on the building. What it does not do is tell you where that coverage stops and yours begins.
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Three things to settle before you buy an Oregon condo policy
- 1
Read the master policy, not the summary sheet
Oregon condominium associations are required to insure the common elements, and the declaration decides how far into your unit that reaches. A bare-walls policy stops at unfinished structure and leaves cabinets, flooring and fixtures to you. An all-in policy reaches original finishes but not your upgrades. Your dwelling limit is set against that line, so ask the manager for the declaration page itself.
- 2
The master deductible can be charged to your unit
Building deductibles on Oregon mid-rise and high-rise associations commonly run into five figures, and the governing documents often let the association charge that deductible to the unit where the loss started. A failed supply line in your kitchen can turn into a bill addressed to you. Loss assessment coverage is what answers it, and the default limit on most policies is far too small.
- 3
Loft and warehouse conversions underwrite differently
Portland’s converted buildings — Pearl District lofts, Eastside industrial conversions, older brick in Salem and Eugene — carry original plumbing stacks and sometimes unreinforced masonry behind new finishes. Sprinklers, the age of the stack, whether the building has had a reconstruction project and whether the association is in litigation all show up in the underwriting questions.
Water is the claim in every Oregon building
Supply lines, washing machine hoses, water heaters and failed shower pans cause more Oregon condo claims than fire and wind combined, and in a stacked building one failure becomes three claims. A water heater past ten years and rubber washer hoses are the two cheapest things to replace before a renewal. If the unit has a stacked washer-dryer in a closet with no pan, say so.
Earthquake, for a unit owner
The association may or may not carry earthquake on the structure. If it does not, the building you live in is uninsured against Cascadia, and a quake that damages the common elements can produce an assessment against every owner. Unit-owner earthquake coverage typically responds to your interior, your belongings and loss assessment from a quake. Ask the association what it carries before deciding.
Townhome, rowhouse, or house that looks like one
Ownership decides the policy, not architecture. If you own the structure and the ground under it, that is a homeowners policy even in a row of eight identical units. If an association owns the building and you own the interior, that is a condo policy even where it has its own front door and garage. Read the deed before you buy the wrong form.
Documents to have in hand
The association should provide all of these on request. The master policy declaration page is the one that matters.
- The declaration page of the association master policy, not the summary
- The master policy deductible, and whether the documents allow charging it to a unit
- Whether the master policy is bare walls or all-in
- Whether the association carries earthquake on the structure
- Any special assessment voted in or pending
- The reserve study date, which tells you what assessment is coming
- The age of the plumbing stack and of your own water heater
Frequently asked questions
What does an Oregon HO-6 condo policy cover?
Your belongings, your liability, your interior finishes and improvements to the extent the master policy does not reach them, loss of use if the unit becomes uninhabitable, and loss assessment from the association.
Who pays when my dishwasher floods the unit below?
Your liability coverage and the master policy interact, and the governing documents usually decide where the master deductible lands. This is the scenario loss assessment coverage exists for.
Does my association’s policy cover my flooring?
Only if it is an all-in master policy and the flooring is original. Upgrades are yours either way, which is why the dwelling limit on your own policy has to reflect what you have actually installed.
How much loss assessment coverage should I carry?
Enough to meet the master deductible your documents could charge you. That is a figure you can read off a page rather than estimate, and it is usually larger than the default limit written into a condo policy.
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