Finding ways to reduce homeownership costs is a top priority for many property owners. Comparison shopping is the best way to do that. We analyzed average rates for large home insurers in Oregon to help you find the best homeowners insurance in Oregon.
Cheap Home Insurance in Oregon Cost Comparison
It’s wise to shop around if you’re in search of cheap homeowners insurance. Our research shows home insurance costs can vary significantly from one insurance company to another. You won’t know how much you can save without comparison shopping.
| Home insurance company | Average annual home insurance cost in Oregon |
|---|---|
|
Mutual of Enumclaw
|
$469
|
|
$638
|
|
|
$658
|
|
|
$673
|
|
|
Oregon Mutual
|
$686
|
|
$796
|
|
|
$933
|
|
|
$945
|
|
|
$1,039
|
|
|
$1,506
|
Pay attention to what companies have to offer beyond price. The best home insurance company for you will also offer coverages and discounts that match your needs.
Oregon Homeowners Insurance Cost Factors
Your ability to find cheap home insurance in Oregon will depend on several factors, including:
- The materials that make up your home (like stone vs. wood)
- The cost to rebuild your home
- The age of your home
- The claims history of your location
- Your personal claims history
- The fire rating of your location
- The coverage amounts and policy limits
- Your deductible amount
- Your credit
When you compare home insurance quotes, these factors will play a part in what price you’ll pay for your policy.
What Does Oregon Homeowners Insurance Cover?
A standard homeowners insurance policy is also called an HO-3. It covers your home for any problem that’s not excluded in your policy. Common exclusions include vermin and insect infestations, wear and tear, war, power failure, nuclear hazard, sinkholes, floods and earthquakes.
Your belongings are covered for specific “perils” in a standard home insurance policy. Tornadoes, fires, explosions, theft and vandalism are examples of problems covered by home insurance.
A standard home insurance policy can be broken down into these main coverage types:
- Dwelling: This coverage pays to rebuild or repair your house if it’s damaged. It also covers other structures such as a porch or garage.
- Other structures: The repair and replacement of structures that are not attached to your house, like a fence or shed, are covered under other structures insurance.
- Personal property: This coverage pays to replace or repair your personal belongings after a problem like vandalism or fire. Your personal belongings include your furniture, clothing, pots and pans, jewelry, rugs and other items.
- Liability: This pays for property damage and injuries you accidentally cause others. Your liability insurance can pay for a settlement or court judgment against you. It also covers the cost of a legal defense. For example, if your dog bites someone and you are sued.
- Medical payments to others: This coverage pays for smaller medical expenses if a guest is injured, no matter who is at fault for the accident. For example, if a guest slips in your kitchen, medical payments coverage can pay for a trip to the doctor. Coverage amounts are usually small, such as $1,000.
- Additional living expenses: If you cannot live in your home because of a problem covered by your policy (like a tornado), additional living expenses can cover costs like hotel bills, restaurant meals and other services, like pet boarding or laundry services.
Compare Home Insurance Quotes
1
Lemonade
Excellent
Average
2
Erie
Very good
Low
3
Chubb
OK
Very low
What’s Not Covered by Oregon Homeowners Insurance?
Common problems not covered by a standard home insurance policy includes floods, sinkholes, earthquakes, nuclear hazard, power failure, wear and tear, war, vermin and insect infestations, and intentional loss.
Make sure you read your policy closely so you understand what’s excluded from coverage.
Flood Insurance in Oregon
A standard homeowners insurance does not cover flood damage. Considering Oregon faces numerous floods, you may want to consider flood insurance if your property is at risk.
Financial help from the government after a flood may be unavailable or limited. It’s smart to have your own flood insurance to rely on. Most people who buy flood insurance get it through the National Flood Insurance Program (NFIP), a federal program. Private flood insurance is also available.
FEMA’s Individuals and Households Program (IHP) can provide monetary and direct assistance after a major disaster or emergency, if you are eligible. This program helps folks find housing after a problem directly caused by a disaster and that’s not covered by other sources or insurance.
Earthquake Insurance in Oregon
Coastal Oregon has the highest hazard for an earthquake, according to the Long-term National Seismic Hazard Map by the U.S. Geological Survey. Most of the state has either a moderate or high risk of earthquakes.
If you want coverage for earthquake damage, you will need to buy a separate earthquake insurance policy. A standard home insurance policy does not cover earthquakes.
Earthquake insurance generally covers:
- Dwelling
- Other structures
- Personal belongings
- Additional living expenses
Earthquake insurance often has a separate deductible from your home insurance, usually between 10% to 25% of your dwelling’s policy limits.
Tips for Buying Homeowners Insurance in Oregon
Whether you’re about to buy your first home or you are a longtime homeowner, you want to find a good policy for a fair price without sacrificing coverage. Here are some tips for both newcomers and veteran homeowners alike:
- Assess your rebuilding costs. Your dwelling coverage is based on how much it would cost to rebuild your home. Talk to a trusted contractor or your insurance company for an estimate of what the cost would be to rebuild the home based on material and labor costs in your area. This will help you know how much home insurance you need.
- Buy adequate liability coverage. A general rule of thumb is to buy enough liability insurance to cover your assets.
- Upgrade to replacement cost coverage. Actual cash value will only pay the depreciated value of your damaged personal property. Replacement cost coverage pays to replace your damaged items with new items.
- Insure your valuables for their actual worth. Your policy might have sub-limits for certain types of pricey possessions, like jewelry. You may want to consider scheduling personal property for high-value items.
- Ask for discounts. You may be eligible for savings for home security features, multi-line discounts and various other types of home insurance discounts, for instance, if you upgrade your roof. Make sure you ask your agent if you qualify.
- Research financial ratings. Make sure you go with an insurer with good financial strength. You can check financial strength ratings from companies like A.M. Best or Standard & Poor’s. In some cases, your lender may require that your insurance company has at least an “A” rating.
- Get multiple quotes. The best way to find a good price is to comparison shop. Make sure you get home insurance quotes from multiple insurers for the same coverage level.
Methodology
Average home insurance rates were calculated using data from Quadrant Information Services. Rates are based on a policy with dwelling coverage of $300,000 and liability coverage of $100,000.
