I bought a house 5 years ago for $115,000. Now it is worth $230,000 (Portland Or.) I`m paying an extra $80 a month for Mort. Insurance, and I dont think I need to anymore now that the house value is far more than what I`m paying for it.

whats Mortgage insurance for, and how do I get rid of it?

Yeah, ask your lender... but PMI is for your bank's benefit, not yours... and it's based on the loan to value ratio... so depending on your lender, they require PMI if your loan is greater than 80% of the value of your house... since your LTV ratio is considerably less than 80%, ditch that PMI and get a raise!

You do not need it now, and should get rid of it as it is doing you no good whatever. Discuss the matter with your lender, and insist.