Oregon Renews Wildfire Insurance Policy
As Northwest states brace for what's expected to be a challenging summer for fighting wildfires, Oregon has decided to renew its wildfire insurance policy.
The policy isn't cheap. The premium is nearly $4 million and it comes with a $50 million deductible.
But last year Oregon spent $75 million fighting wildfires. So the policy could save the state money if this summer's fire season gets really bad. With a low snowpack and drought declarations in effect in parts of the Northwest, fire managers are warning that 2015 could be one for the books.
After several bad fire years, Oregon wasn't even sure if it would be offered a wildfire insurance policy this year. But Lloyds of London made the state an offer, and this week fire officials decided to buy the policy.