Finding the Best Homeowners Insurance in Oregon
Are you looking for the best and most affordable homeowners insurance quotes in Oregon? If you’re one of the nearly 62% of Oregonians who own their own home, you’ve probably considered purchasing homeowners in the past and whether it was worth the investment. Life in the beautiful Beaver State is fairly calm, with a relatively low natural disaster rate compared to the rest of the Pacific Northwest. As a result of this lower risk, finding cheap homeowners insurance in Oregon is by no means hard, with a report by the National Association of Insurance Commissioners (NAIC) recording an average annual statewide homeowner insurance premium cost of $677; well below the national average of $1,211 a year. However, despite the comparatively lower natural disaster risk and cheaper insurance costs, homeowners in Oregon shouldn’t let their guard down. Homeowners insurance covers you, your home, and your personal belongings from any liability, damage, or even destruction, regardless of whether a natural disaster caused it, so it makes sense to take advantage of the low price and ensure you’re covered no matter what. With that in mind, people have different coverage requirements, so finding the best homeowners insurance for your specific needs isn’t as simple as settling on the cheapest quote. There’s a lot to consider when picking the right homeowner's insurance plan. To make things easier for you, we’ve gathered a list of important information to remember when looking for the best homeowners insurance in Oregon.
| Oregon Homeowners Insurance Cost Broken Down | Costs |
|---|---|
| Yearly Cost of Homeowners Insurance in Oregon | $793.00 |
| Costs Per Month for Homeowners Insurance in Oregon | $66.08 |
How Much is Homeowners Insurance in Oregon
Like we mentioned earlier, the statewide average cost of homeowners insurance in Oregon is $677. This is nearly half the national average and ranks Oregon as the 51st most expensive state in the country for homeowners insurance. However, despite this low average, the actual price you pay for homeowners insurance depends on a range of factors, including your credit score, the size and value of your home, your zip code, and more. Additionally, even though Oregon has a lower rate of natural disasters than other states in the Pacific Northwest, that doesn't mean it's 100% disaster-free. As a matter of fact, Statewide Planning Goal 7 identified six natural hazards common in Oregon: floods, landslides, earthquakes, tsunamis, coastal erosion, and wildfires. This means that you'll likely want to purchase additional coverage or endorsements if you live in an area affected by these hazards, which would naturally raise the overall rates you pay. Different cities and zip codes also play a part in homeowners insurance rates in Oregon, and premiums tend to be more expensive in cities like Ashland and West Linn than in places like Aloha and Tualatin. This is partly because insurance companies consider things like the area crime rate, population density, and the value of your home and others in the same neighbourhood when calculating homeowners insurance rates. Regardless, these above factors don't hold nearly as much weight as the type and amount of coverage you need on your homeowner's insurance plan, so don't worry too much about them and instead focus on more important things like figuring out exactly how much coverage you want and what you would be comfortable paying for it.
| City in Oregon | Monthly Costs | Yearly Costs |
|---|---|---|
| Portland, OR | $93.50 | $1,122.00 |
| Salem, OR | $95.42 | $1,145.00 |
| Eugene, OR | $92.67 | $1,112.00 |
| Gresham, OR | $94.42 | $1,133.00 |
| Hillsboro, OR | $87.67 | $1,052.00 |
| Beaverton, OR | $90.25 | $1,083.00 |
| Bend, OR | $96.25 | $1,155.00 |
| Medford, OR | $97.75 | $1,173.00 |
| Springfield, OR | $96.17 | $1,154.00 |
| Corvallis, OR | $91.50 | $1,098.00 |
| Aloha, OR | $86.67 | $1,040.00 |
| Tigard, OR | $88.33 | $1,060.00 |
| Albany, OR | $96.50 | $1,158.00 |
| Keizer, OR | $94.58 | $1,135.00 |
| Lake Oswego, OR | $89.83 | $1,078.00 |
| Grants Pass, OR | $97.92 | $1,175.00 |
| Oregon City, OR | $97.08 | $1,165.00 |
| McMinnville, OR | $98.08 | $1,177.00 |
| Redmond, OR | $96.25 | $1,155.00 |
| Tualatin, OR | $86.08 | $1,033.00 |
| West Linn, OR | $96.25 | $1,155.00 |
| Woodburn, OR | $93.42 | $1,121.00 |
| Forest Grove, OR | $90.75 | $1,089.00 |
| Wilsonville, OR | $89.67 | $1,076.00 |
| Newberg, OR | $90.83 | $1,090.00 |
| Roseburg, OR | $95.08 | $1,141.00 |
| Bethany, OR | $88.58 | $1,063.00 |
| Happy Valley, OR | $91.92 | $1,103.00 |
| Hayesville, OR | $93.83 | $1,126.00 |
| Klamath Falls, OR | $96.42 | $1,157.00 |
| Ashland, OR | $100.92 | $1,211.00 |
| Milwaukie, OR | $97.08 | $1,165.00 |
| Sherwood, OR | $88.58 | $1,063.00 |
| Altamont, OR | $95.17 | $1,142.00 |
| Central Point, OR | $96.42 | $1,157.00 |
| Canby, OR | $92.17 | $1,106.00 |
| Hermiston, OR | $104.92 | $1,259.00 |
| Lebanon, OR | $94.50 | $1,134.00 |
| Cedar Mill, OR | $88.67 | $1,064.00 |
| Pendleton, OR | $107.08 | $1,285.00 |
| Dallas, OR | $99.83 | $1,198.00 |
| Oak Grove, OR | $97.00 | $1,164.00 |
| Coos Bay, OR | $100.83 | $1,210.00 |
| Troutdale, OR | $100.08 | $1,201.00 |
| The Dalles, OR | $106.33 | $1,276.00 |
| St. Helens, OR | $101.67 | $1,220.00 |
| La Grande, OR | $109.75 | $1,317.00 |
| Cornelius, OR | $88.08 | $1,057.00 |
| Gladstone, OR | $96.25 | $1,155.00 |
| Oak Hills, OR | $88.50 | $1,062.00 |
| Sandy, OR | $98.50 | $1,182.00 |
| Ontario, OR | $119.33 | $1,432.00 |
| Damascus, OR | $95.92 | $1,151.00 |
| Newport, OR | $102.17 | $1,226.00 |
| Silverton, OR | $97.25 | $1,167.00 |
| Monmouth, OR | $100.50 | $1,206.00 |
| Cottage Grove, OR | $99.75 | $1,197.00 |
| Prineville, OR | $102.17 | $1,226.00 |
| Independence, OR | $93.58 | $1,123.00 |
Oregon Homeowners Insurance Laws
Homeowners insurance is not a legal requirement for Oregonians who own their own homes; however, banks and lenders who issue mortgages and home loans typically require it to be carried for the loan or mortgage duration. Still, just like having fully comprehensive car insurance is better for everyone involved, taking out a homeowners insurance policy ensures you’re covered no matter what. This is especially important in areas affected by the common hazards we mentioned earlier. In other words, purchasing homeowners insurance in Oregon is highly advisable, regardless of whether your lender or mortgage provider requires it. As for Oregon homeowners insurance requirements, insurance companies in Oregon are required to base their coverage on standard national homeowners insurance forms. The most common type of coverage offered by most homeowners insurance companies in Oregon and across the country is based on the HO-3 form, which includes broad coverage for your home, personal belongings, and liability against named perils, including fire, hail, explosions, vandalism, and riots. But more on that in the next section. The main take-home point here is that no matter whether any unscrupulous insurance company tries to convince you otherwise, homeowners insurance is not a mandatory requirement under Oregon law.
What Does Homeowners Insurance Cover in Oregon
Assuming that the homeowner's insurance companies on your shortlist base their plans on the standard HO-3 policy, basic homeowners insurance in Oregon covers your home, personal property, and personal liability. Home out of dwelling coverage protects your home, and potentially any other structures on your property like garages or sheds, against the costs for repairs following a covered peril or event. Dwelling cover limits are usually calculated based on what the insurance company deems the full rebuild cost of your home, which may vary between different providers. Personal property coverage compensates you for any belongings lost or damaged in a covered event. Bear in mind, however, that many insurance companies cap coverage limits and will only reimburse you for what they determine as the current market value for any particular object (which includes deprecation). To ensure your belongings and valuables are covered for what they cost you, consider taking out additional coverage or purchasing a separate endorsement. Last but not least, personal liability coverage covers any legal fees, medical bills, or indemnification costs you may incur should someone be injured or their belongings are lost or damaged on your property. The vast majority of insurance companies will cover up to $100,000 in liability, and you’ll be expected to cover any excess costs, so it’s worth looking into upgrading your liability coverage beyond the standard offered if you’re after total peace of mind.
| Costs of Home Insurance in Oregon by County | Monthly Average Costs | Yearly Average Costs |
|---|---|---|
| Benton County, OR | $91.50 | $1,098.00 |
| Clackamas County, OR | $94.31 | $1,131.67 |
| Columbia County, OR | $101.67 | $1,220.00 |
| Coos County, OR | $100.83 | $1,210.00 |
| Crook County, OR | $102.17 | $1,226.00 |
| Deschutes County, OR | $96.25 | $1,155.00 |
| Douglas County, OR | $95.08 | $1,141.00 |
| Jackson County, OR | $98.36 | $1,180.33 |
| Josephine County, OR | $97.92 | $1,175.00 |
| Klamath County, OR | $96.42 | $1,157.00 |
| Lane County, OR | $96.20 | $1,154.33 |
| Lincoln County, OR | $102.17 | $1,226.00 |
| Linn County, OR | $95.50 | $1,146.00 |
| Malheur County, OR | $119.33 | $1,432.00 |
| Marion County, OR | $95.17 | $1,142.00 |
| Multnomah County, OR | $96.00 | $1,152.00 |
| Polk County, OR | $97.97 | $1,175.67 |
| Umatilla County, OR | $106.00 | $1,272.00 |
| Union County, OR | $109.75 | $1,317.00 |
| Wasco County, OR | $106.33 | $1,276.00 |
| Washington County, OR | $88.53 | $1,062.43 |
| Yamhill County, OR | $94.46 | $1,133.50 |
Top Rated Homeowners Insurance Companies in Oregon Based on Ratings
While finding a cheap homeowners insurance company in Oregon shouldn’t be too hard, finding the best one for your needs can be a bit tricky. One of the best and easiest ways to develop a shortlist of potential insurance plans is to research and compare the companies themselves. Thanks to technological advances, namely the Internet, comparing insurance companies and finding out what others have to say about them is a breeze. One of the best places to start your search would be the Oregon Department of Consumer and Business Services website, which offers a comprehensive list of all businesses licensed to operate in the state of Oregon, including homeowners insurance providers. This allows you to file complaints, check on a company’s license, and learn more about other aspects, such as their financial stability, that could help you determine whether you’d be comfortable taking out a policy with them. Other valuable resources include JD Power surveys, which rank and rate companies based on data collected through consumer surveys. The NAIC complaint index gives companies a score based on how many actual complaints they receive compared to estimates. As one of the country’s leading insurance providers for over 50 years, it’s not surprising that State Farm was rated as one of the best homeowners insurance companies in the Beaver State, with a JD Power rating of 4 out of 5 and an NAIC complaint index of 0.18. That’s not to say, however, that other insurance companies aren’t worth considering. For example, scoring JD Power ratings of 3 out of 5 and receiving NAIC complaint indexes of 0.12 and 0.29, respectively, both COUNTRY and Allstate fared relatively well in terms of overall customer satisfaction in Oregon. Please take a look at our list of Oregon homeowners insurance companies in the table below to find out more about how some of the state's leading insurance providers are rated by consumers and national associations.
| Oregon Home Insurance Company | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Homeowners Insurance in Oregon | 4/5 | 0.18 |
| Farmers Ratings for Homeowners Insurance in Oregon | 3/5 | 0.37 |
| USAA Ratings for Homeowners Insurance in Oregon | 5/5 | 0.31 |
| Allstate Ratings for Homeowners Insurance in Oregon | 3/5 | 0.29 |
| COUNTRY Ratings for Homeowners Insurance in Oregon | 3/5 | 0.12 |
| American Family Ratings for Homeowners Insurance in Oregon | 3/5 | 0.65 |
| Travelers Ratings for Homeowners Insurance in Oregon | 2/5 | 0.62 |
| Mutual of Enumclaw Ratings for Homeowners Insurance in Oregon | N/A | 0 |
| MetLife Ratings for Homeowners Insurance in Oregon | 2/5 | 0.2 |
| Oregon Mutual Ratings for Homeowners Insurance in Oregon | N/A | 0.67 |
How to Lower Homeowners Insurance in Oregon
Compared to the early 2000s, property prices over the last few years have increased dramatically. And with that, so have homeowners insurance rates. Oregon homeowners insurance rates are relative to property values, meaning that insurance providers have raised their rates to compensate for losses from more expensive claims and repairs. While property, and consequently homeowners insurance, prices are expected to decrease slightly in 2021, it still pays to look for ways to lower the price of your homeowner's insurance in Oregon. One of the easiest and best ways to benefit from cheaper homeowners insurance rates is to ask any insurance companies you may be considering whether they offer any discounts. As a bare minimum, most companies will at least offer their clients a multi-policy discount, meaning you can save by taking out your homeowner's insurance policy with the same company that handles your auto insurance. Doing things like improving your home security or reinforcing it against natural disasters could also incentivize insurance providers to offer you lower rates since you’ll be showing them that you’re a responsible homeowner and will be less likely to make a claim for stolen belongings or damages following extreme weather, thus minimizing the risk they’ll take on by insuring you. Nevertheless, the best way to lower your homeowner's insurance rates in Oregon is to compare different companies' plans and quotes.
Compare Homeowners Insurance in Oregon Before Buying
Shopping around and comparing different insurance plans, quotes, and providers is a must if you’re looking to save big on your homeowner's insurance in Oregon. Of course, you’ll want to find a cheap and affordable plan, but you’ll also need to make sure that it offers the coverage you need and is offered by a reputable company. When shopping for quotes for homeowners insurance in Oregon, be sure to have as much information to hand as possible to improve your chances of receiving the most accurate quotes possible and not just rough estimates. Furthermore, don’t forget to go over the specifics like covered events and coverage limits. Not only will you want to ensure that a certain company can meet all your coverage needs, but you’ll also want to be certain that they offer adequate limits and that you can afford to pay the deductible or any excess costs beyond policy limits. Lastly, trust your gut. If something about a particular insurance provider doesn’t sit right with you or you feel that you won’t be comfortable insuring your home with them, go with your instinct and consider your other options before deciding.