Many insurance policies limit the time a person has to rebuild their home after a fire. With so many homes destroyed in the 2020 wildfires, and a limited number of contractors available, many survivors would struggle to complete their construction project before their insurance deadline expires. That's why the Oregon Division of Financial Regulation has negotiated agreements with insurance companies to extend timelines to at least two years from the date of loss.
Construction prices are affected by variations in supply and demand. Extending the rebuilding timeframe also helps control the cost of construction by alleviating demand on a limited supply of construction labor and materials.
The complete list of insurance companies that have signed on to rebuild timeline agreements are listed on the division’s wildfire insurance page. The list will be updated as more insurance companies commit to the agreement.