OR SB340

Caps annual fire insurance premium increases at 3% for properties located in the wildland-urban interface or owned by individuals whose primary employment is farming or resource extraction (logging, mining)

Prohibits insurers from canceling fire insurance policies for these protected property owners without their consent, unless the insurer paid out more than 75% of the coverage limit on a claim within the previous three years

Prohibits insurers from canceling policies for protected property owners based on the insurer's claims experience with other policyholders in the same municipality, county, or region

Requires the Department of Consumer and Business Services to establish rules defining how employment or business activity qualifies an insured for these protections

Takes effect on the 91st day after the 2025 legislative session adjourns, with substantive provisions becoming operative January 1, 2026