Oregon is home to approximately 4.19 millions people . 62.5% of these people own a house. Oregon’s average home insurance cost is $712 per annum for $250,000 of dwelling coverage. This is significantly lower than the national average rate. It is crucial to have the best Oregon homeowners insurance in order to protect your finances as your home could be the biggest purchase you ever make.
There are several factors you can use to assess a company when you’re looking for the best home insurance . Bankrate’s editorial team has reviewed Oregon’s largest insurance companies by market share to help you choose the right policy for you.
Oregon’s best home insurance companies
We first looked at average premiums from Quadrant Information Services as we investigated Oregon homeowners insurance companies. We also looked at each company’s policies, coverages, and customer satisfaction scores.
These companies may be a good place to start when searching for Oregon’s best homeowners insurance.
Allstate
Allstate’s home insurance policies cost more than the average Oregon rate. However, this could be because of the many optional coverages Allstate offers. Allstate policies may allow you to add coverages for business property, sports equipment, and musical instruments. The company may offer discounts to help you lower your premium if you are a homeowner, a new buyer, pay on time, or switch to Allstate from an existing insurance carrier.
Grange Insurance Association
Grange Insurance Association provides coverage for homeowners in six US states, including Oregon. The company’s premium is well below the average for the state, so it could be a good choice if budget is your primary concern. Grange Insurance Association, a mutual insurance company is here to serve its policyholders. Additional coverages include water backup, farm liability, and recreational vehicle insurance.
State Farm
State Farm is the biggest home insurance company. Although coverage is quite standard, Oregon residents have access to many online resources and tools, as well as a mobile application. State Farm offers discounts that can help you save even more. State Farm partners up with Ting in order to offer homeowners a free device that monitors the electrical system and can help identify potential problems before they start a fire.
Travelers
Travelers offers the lowest average premium and the longest list of optional coverages. You might want to add jewelry, valuable item coverage, identity theft or green home coverage. Your premium may be reduced by not having to file claims, purchasing multiple types of Travelers policies and installing a home security system.
USAA
USAA does not qualify for J.D.’s official ranking. Power, because it sells insurance only to military personnel and their families. The company has low rates and consistently earns high marks in customer satisfaction. You may be eligible for coverage if you are a military member, such as uniform coverage.
What is the cost of Oregon homeowners insurance?
For a policy that covers $250,000 of dwelling coverage, the average cost for homeowners insurance is $712. The U.S. average home insurance rate is $1,312 annually. Oregon homeowners pay much less than the national average.
Oregon’s premium is lower than other states. Washington homeowners pay an average of $863 annually, while Idaho residents pay an average premium of $835. California’s average home insurance premium, $1,014 annually, is the highest among Oregon’s neighboring states. Oregon’s low risk of weather damage may have reduced Oregon’s average home insurance premium.
Oregon home insurance
Although some homes in Oregon are at risk from fire, flood, and earthquake damage the danger is minimal. It is important that Oregon homeowners purchase insurance policies to protect their home from possible hazards.
Oregon’s most common causes of loss
Oregon is not as affected by extreme weather or natural catastrophes as other states. However, fires are a common cause of loss during the dry months. There were 2,215 fires in Oregon in 2020 that burned more than a million acres. Oregon was second in the nation for acres burned in 2020, California being close behind. Other losses Oregon homeowners could face include:
- Water damage: Water damage may be caused by storms or broken pipes.
- Earthquake damage. Oregon, like the rest of the West Coast states is at greater risk from earthquake damage because it lies near the Cascadia Subduction Zone. It is possible to experience a 9.0 magnitude earthquake, or more, with its associated tsunami.
- Landslides, mudslides, and landslides: Because of the state’s humid climate, landslides and mudslides can be quite common. An earthquake may increase the risk.
You may be able to determine the right coverage for you by knowing the most common causes of damage in your locality.
Oregon offers a variety of home insurance options
Oregon homeowners policies include standard coverages. These coverages include dwelling, personal property liability, medical payments, loss of use, and liability. Oregon homeowners might also consider optional coverages to increase their protection.
- Flood insurance: Standard homeowners insurance policies do not cover flood damage. You will need a flood policy. You can also add flood endorsements to your home insurance policy.
- Earthquake insurance is not automatically covered by your home insurance policy. This coverage can be added to your home insurance policy by endorsement. However, if you live in an area with high risk, you might need separate earthquake insurance policy.
- Insurance coverage for identity theft: Identity theft is more prevalent as society becomes increasingly digital. If your identity is stolen, this endorsement will pay for the cost of restoring it.
- Debris removal coverage: Most homeowners insurance policies provide a minimum amount of debris removal coverage. You may want to increase your coverage limit. This helps you cover the cost of removing any debris from your home after a covered incident.
You can personalize your homeowner’s insurance. To make your policy unique, you can add optional coverages. A licensed insurance professional can help you select the right coverages for your situation.
Questions frequently asked
Oregon homeowners insurance: Is it required?
Oregon law does not require homeowners insurance. However, if you have a mortgage, or any other type of loan, your lender may require that you have one. Even though homeowners insurance is not mandatory, it can be a wise investment. A policy can help protect your finances in the event of a home being damaged or destroyed.
How can I obtain Oregon homeowners insurance?
A quote is one of the first steps to getting Oregon home insurance. You can get quotes from multiple providers to determine which one best suits your needs. Some basic information such as your name and address will be required. Also, information about your house is necessary. The insurer will ask for information such as the year of construction, age of the roof, and any special or unique features.
It is helpful to have a general idea of what coverages you are looking for. However, an agent can help you make a decision. Your agent will help you determine the next steps once you have decided to purchase a policy. It is possible that you will need to sign an agreement or make a payment.
What amount of home insurance do you need?
Everyone will have different coverage needs. The most important step in the insurance process is deciding how much coverage you want. You will need to have sufficient coverage to cover your home in the event of a total loss. Insurance professionals recommend that you insure your home up to its replacement value.
Also, you should consider your liability coverage. This will help you decide how much protection you need to protect yourself from injury or damage to property. An insurance agent can help you determine the right coverage.
