Your Portland Financial Advisor
The Oregon Department of Geology and Mineral Industries produced this map to show earthquakes in Oregon from 1841 through 2002. The state’s most active areas are Portland and Klamath Falls.
About 20 percent of Oregonians carry earthquake insurance, according to 2009 data from the Oregon Insurance Division. Earthquake insurance is not part of homeowner policies and must be purchased separately.
Earthquakes in Portland, Oregon
Here is a larger version of the map
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• The very beginning: Insurance regulationstarts July 1, 1887, with the Secretary of Stateas the ex-officio insurance commissioner.
• Birth of a department: The Department of Insurance is born Feb. 24, 1909, and not a day too soon. The 1909 Legislature creates the department with an emergency clause so it can tackle problems of the day. The preamble to the insurance code notes that numerous insurance companies are doing business in Oregon without authorization, thus escaping taxes. Also, property owners can’t get sufficient insurance and the few companies that are in Oregon “have entered into an unlawful combination by which they are ableto enforce such rates as they may agree upon…”
• The family tree: The Insurance Department becomes a division of the Department of Commerce in 1964. In 1987, it becomes part of the Department of Insurance and Finance. And, in 1993, it becomes a division of the Department of Consumer and Business Services (DCBS), where it remains today. The department is Oregon’s largest business regulatory agency. The DCBS director is Oregon’s insurance commissioner; an Insurance Division administrator provides policy direction and manages daily operations.
• First insurance commissioner: Sam A. Kozer, formerly deputy in the Secretary of State office, becomes the state’s first insurance commissioner 1909. His salary is set at $3,000 a year.
• First woman insurance commissioner in Oregon: Josephine M. Driscoll is appointed insurance commissioner on Dec. 7, 1981. In 1986, she also becomes the first woman president of the National Association of Insurance Commissioners (NAIC), which was founded in 1871 to coordinate the work of the state insurance commissioners.
• Funding: The Insurance Division generates its operating revenues from fees and assessmentson those it regulates.
• What we do: The Insurance Division protects consumers and ensures the financial soundness of insurance companies. In 2008, the Insurance Division’s staff of 90:
Received approximately 4,000 consumer »»insurance complaints and fielded 15,000 questions.
Recovered nearly $2 million for consumers it »helped with insurance problems.
Completed 14 detailed financial exams of »insurers in addition to monitoring financial solvency of insurers authorized to dobusiness in Oregon.
Licensed and monitored nearly 92,000»resident and nonresident insurance agentsand agencies.
Protected consumers from insurance»companies and producers that violated the insurance code by closing 983 investigations that resulted in 84 enforcement actions. As a result of these actions, nearly $1.9 million was recovered for consumers and more than $716,800 in civil penalties was collected and deposited into the state’s General Fund.
Received more than 43,000 insurance forms »of one type or another to review for consumer protection. The division also received morethan 1,600 insurance rate filings.
source: Oregon Insurance Division:A snapshot
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• Columbus Day Storm (Oct. 11-13, 1962): $391 million in 2008 dollars
Still the granddaddy of windstorms, gusts reached 116 miles per hour in downtown Portland. Cities lost power for two to three weeks. Property losses amounted to $55 million in 1962 dollars.
• Floods and wind (Dec. 11-13, 1995): $113 million in 2008 dollars
Wind gusts topped 60 mph in the Willamette Valley. Hundreds of thousands lost power. Dubbed the stormof the year by the state climatologist.
• Floods and wind (Dec. 2-4, 2007): $73 million in 2008 dollars
Hurricane-force winds with heavy rain and flooding wreaked havoc in coastal communities. All east-west highways from the Willamette Valley to the coast were closed by downed trees or flooding. Severalthousand structures were damaged or destroyed in Clatsop and Tillamook counties alone.
• Floods and wind (Feb. 8-10, 1996): $62 million in 2008 dollars
Days of Pineapple Express rains melted heavy snow packs and flooding submerged the downtowns of Oregon City and Tillamook and prompted disaster declarations in many counties. The Willamette River came within inches of topping its seawall and entering Portland’s downtown Tom McCall Waterfront Park.
• Floods and wind (Dec. 14-15, 2006): $53 million in 2008 dollars
This windstorm left more than a quarter million PGE customers in Oregon without power. Gusts at thecoast topped 100 mph.
source: Oregon Insurance REGULATOR
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There are some interesting Portland house price graphs and charts available at Trulia.com that can give real estate buyers an idea of what the prices are doing in different parts of the Portland real estate market.
Housing prices in Portland 97211
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Oregon Summertime Activities: Are You Covered?
As our Oregon summer is in full swing, take a minute to make sure you have sufficient insurance coverage in case an accident happens.
Did you know that if your vehicle is insured under an auto policy and you pull your RV or camper to a campsite for temporary vacation use, your vehicle liability insurance may cover the trailer for liability losses?
However, if you plan to leave your RV or camper at a campsite for the season, you should see your insurance agent to make sure you have the additional coverage needed for ample protection.
Before you hit the water, you may want to check to see if your boat has the right coverage. For example, boats with inboard motors require a different coverage than boats with an outboard motor.
You will need additional coverage if your boat has an inboard or inboard-outboard motor of more than 50 horsepower, if it’s 26 feet or more in length, or if it’s powered by one or more outboard motors totaling more than 25 horsepower.
You may need additional coverage if you plan to take your boat or personal watercraft into saltwater, like at the mouth of the Columbia River.
Vacations are a time to relax, not a time to worry about whether or not you have adequate insurance.
When you make your list of things to do before you leave, put Your Portland Financial Advisor’s name on that list. Most times a phone call is all it takes to give you the peace of mind you need to help you really enjoy your vacation.
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Use Properly Secured Child Safety Seats.
The overall usage of vehicle child safety seats has risen dramatically over the past 20 years, and that’s good news because child safety seats help save lives. But, safety seats can’t save lives if they aren’t used correctly. If you need a Certified Child Passenger Safety Technician in Oregon visit the Child Safety Seat website
That is why it is important to make sure they are installed properly. The first step is to read and follow the installation instructions that came with the safety seat. Next, check your vehicle owner’s manual for additional guidelines.
Keep these tips in mind when transporting small children:
Secure all children under the age of four in child safety seats in the back seat of the vehicle.
Fasten children 12 months or younger in rear-facing safety seats in the back seat, out of danger of inflating airbags. If traveling in a vehicle without a backseat, turn off the airbag if possible.
Use booster seats for older children that position the lap/shoulder belt correctly, away from the child’s face and neck.
Tighten and thread safety belts through proper paths to hold child safety seats in place. Straps should move no more than one inch at the base.
Fasten the retainer clip at armpit level and tighten straps enough to allow room for only one finger under the strap.
Remember safety seat regulations vary from state to state, so check with local law enforcement officials to make sure you are meeting state regulations.
For more information on the proper use of child safety seats, or to find a listing of local child safety seat technicians who will check for proper seat installation, visit the National Highway Traffic Safety Administration website at www.nhtsa.gov. Information about specific state laws is also available there.
You are ultimately responsible for the safety of your children in vehicles. Set the example by always wearing a seat belt and stressing the importance of safety restraints. Take all necessary precautions to keep your precious cargo safe.
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Long term care costs in 2009 for Portland, Oregon, the reason every financial plan should include long term care insurance to give you options, reduce the expense and protect your estate.
Homemaker services aides help people complete those household tasks that they can’t manage alone, like housecleaning, cooking and running errands, making it possible for their clients to continue to live independently in their own homes. Hourly rates for a licensed non-Medicare certified homemaker services provider in Portland, Oregon have a median hourly rate of $21 and a five-year annual growth rate of 5%.
Home health aides help the elderly, disabled or ill with personal care like bathing, toileting, dressing, eating and taking medication. These sides also allow clients to remain in the comfort of their own homes longer and avoid the cost of more expensive care facility. Hourly rates for a licensed non-Medicare certified homemaker services provider in Portland, Oregon have a median hourly rate of $22 and a five-year annual growth rate of 3%. Home health aides who are Medicare certified are paid considerably more, with a median hourly rate of $70 and a five-year annual increase of 36%.
Community adult day health care centers provide daytime supervision; giving family caregivers much needed assistance and rest. Clients have exposure to social activities and often minor health services and therapy. Daily rates in Portland, Oregon average $78.
Assisted living facilities (or residential care facilities) can provide personal care and health services for people who may need assistance with activities of daily living, but not the level of care provided by a nursing home. Assisted living is an intermediate level of long term care, not an alternative to a nursing home. Monthly rates for a private one bedroom in Portland, Oregon have an average monthly rate of $3,000 or $36,000 annually. The five-year annual growth rate of this type of care is 5%.
Nursing homes give residents skilled nursing care 24 hours a day, along with medication monitoring, rehabilitation and physical therapy, room and board and personal care and supervision. Daily rates for a semi-private room in Portland, Oregon average daily rate $208 or an annual rate of $75,920, five-year annual growth or 7%. The median price for a private room is $234, annual rate $85,410 with a slightly higher five-year annual growth or 8%.
A long term care insurance policy can allow you to pay for these expenses for a fraction or these costs, give you choices and protect your wealth.
Data from Genworth Cost of Care survey data from 2005-2009.
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Auto insurance is important. It’s also important to get the best value at the lowest price. A variety of options exist to help you lower your auto premiums. You can start with the car itself. Do some research before buying a new car; you may be surprised by the rate differences between models. A high-performance car such as a Ford Mustang costs more to insure than a Ford Taurus with the same driver.
Call your financial representative when you begin car shopping. He or she can provide you with information on rates for models in which you’re interested.
Discounts
Ask Your Portland Financial Advisor about discounts available at various stages in life. You may be able to save money when you get married or graduate from college.
If you have student drivers in your house, they can help lower their premiums by maintaining high grades. Many insurance companies offer good student discounts.
Using one company for all of your insurance needs may also save you money. Some insurance companies offer discounts if you insure more than one car with them, or if you insure your car and home. Some companies even offer auto discounts if you have both auto and life insurance with them.
Coverage
If the cost of a minor accident exceeds the value of your vehicle, you may consider dropping the collision coverage on your auto insurance policy. Collision coverage is needed to repair your car if you are involved in an accident.
Also, you can reduce your premiums by raising your deductible. However, you need to be sure you can afford the higher deductible if you ever need to file a claim.
Drive Safely
A clean driving record is key to holding down your insurance costs. Some companies offer additional discounts if no one in your household has received any traffic violations.
Drive defensively to avoid accidents. Be aware your surroundings and expect other drivers to make mistakes.
To determine if you are getting the best auto insurance value, talk with Your Portland Financial Advisor.
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Portland is certainly a curiosity of the print media over the last week. First the Old Gray Lady wrote about Frugal Portland on the 10th and then the Journal puts out ‘Youth Magnet’ Cities Hit Midlife Crisis.
The Times article more or less talks about how great it is to live in Portland and the Journal article says pretty much the same but that there are not any jobs. Interestingly the Journal article is the second most popular article read online so the interest in Portland is there and judging from many of the comments, remains an odd curiosity for many people.
But really its not surprising as my wife and I just hosted some out of town photographers for a few days and they loved Portland as had every other guest who ever visited.
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There has been a lot of talk lately about long-term care policies and the most economic way to purchase a long-term care insurance policy. One way that is garnering attention here in in Portland, Oregon and I’m sure other places through out the country is to add a ”Chronic Care” or “long-term care” rider to new whole life policy at the time of purchase. This adds flexibility to your coverage. For example, if you need help paying nursing home or other long-term care expenses, the policy’s death benefit can be withdrawn while you are living.
The benefits of this are that it would allow you to have a life insurance policy that will pay out when you die, but also give you access to that money prior to death for long-term care expenses. Many of these permanent life insurance policies have a 90 day wait period before they start making payments for expenses.
So let me provide two examples:
Jane is 55 years old, single lives in Portland, Oregon and wants to provide for her long term care needs. In option one, she buys a long term care insurance policy that will cost her $200 per month and provide her with $250,000 in total coverage. The policy has a 60 day wait period before benefits begin to be paid.
In option two Jane buys a long term insurance policy and spends $100 per month, but sets the benefits to start paying at one year and by doing so gets the same $250,000 in coverage. She then purchase a $50,000 permanent life insurance policy with a long term care rider with the remaining $100 per month. The chronic care payments on the life policy would start to pay out after 90 days.
The numbers here are just for example, but the point here of option two is that is if Jane never needs her long term care insurance, the $100 she diverted to the whole life policy will pay out a death benefit to her heirs, allow to to have access to the cash value of the policy if she needs it and still have similar, but not quite as good, long term care coverage.
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