There are roughly 4.19 million people living in the state of Oregon and 62.5% of them own a home. Oregon is situated in the pacific northwest region, where heavy rains and flooding are common. If you’re a homeowner in the Beaver State, it’s important to purchase homeowners insurance.
Home insurance protects your home and your personal belongings from damage and destruction. Before you select a provider, determine how much coverage you need, how much you can pay for a deductible and if you need any endorsement policies for added coverage. This article will help you find the best home insurance company for your needs.
The top home insurance companies in Oregon
There’s always a lot to think about and consider when picking the best homeowners insurance for you. To make things easier, we compiled a list of the best Oregon homeowners insurance companies. Here are our top picks:
- Amica: Amica is consistently rated highly for overall satisfaction, policy offerings, price and customer service. The company also offers auto, life, condo, renters, flood, marine, umbrella insurance and more.
- State Farm: State Farm offers customizable coverage options for homeowners in Oregon. The company also offers auto, life, condo, renters, small business and health insurance, in addition to banking solutions.
- Allstate: Allstate offers affordable insurance premiums and discounts to help Oregon homeowners save even more money. Allstate also sells auto, life, renters, condo, identity theft, motorcycle insurance and more.
- Oregon Farm Bureau: Oregon Farm Bureau sells insurance through COUNTRY Financial, which is a highly rated insurance company. Oregon Farm Bureau members pay dues that support the state’s agriculture and local farmers.
To rate these companies, we started by reviewing J.D. Power’s 2019 Homeowners Insurance Study. We looked at the top providers and narrowed down the list to include insurance companies that offer coverage in Oregon. Then, we closely evaluated each company based on their policy offerings, average premium price, discounts and customer service ratings.
Average homeowners insurance cost in Oregon
According to the insurance.com, Oregon is the 11th cheapest state for homeowners insurance. The average annual premium is $1,608 per year, which is far less than the U.S. national average of $2,305. However, the actual amount that you’ll pay for insurance in Oregon is largely dependent on a number of factors.
We received sample quotes from the four providers on our list to determine their average annual premiums. These price quotes are for a 27 year old single female living in Portland, OR. The quotes are for a $325,000 home with $300,000 in dwelling coverage.
- State Farm—Unfortunately, we were unable to secure a quote from State Farm as this requires your social security number.
- Farm Bureau (COUNTRY Financial)—Apply for a quote online
The table below compares the cost of insurance in Oregon, to Washington, Idaho and California.
The reason why homeowners insurance in Oregon is inexpensive is because there is generally very little risk of natural disasters or other destructive events. Some Oregon homes are at risk of fire, flood and earthquake damage, but it’s not a significant threat.
Home insurance coverage options in Oregon
In Oregon, homeowners can get standard home insurance coverages, including:
- Dwelling: Dwelling insurance protects the structure of your home, and attachments like a garage.
- Personal property: Personal property insurance protects your personal items, like furniture, clothing, electronics, appliances and carpeting.
- Liability: If you accidentally damage someone else’s property, or someone injures themselves in your home, your liability insurance will cover your legal fees if you get sued.
- Medical payments: If someone hurts themselves in your home and you’re found responsible, medical payments coverage will help pay for their medical expenses.
- Additional living expenses: If your home gets damaged by a covered peril and you are unable to live there, additional living expenses coverage will pay for your temporary lodging and restaurant bills.
Homeowners insurance protects your home and your belongings from covered perils, like fire, theft and wind. Your policy’s hazard insurance will help you pay to repair the structure of your home and personal items if they get damaged or destroyed by certain events. The other portions of your policy cover liability, medical payments and additional living expenses.
Due to Oregon’s wet climate, homeowners should also consider purchasing flood insurance to supplement their home insurance policy. Most major insurance companies don’t sell flood insurance. Instead, you have to purchase it through the federally-backed National Flood Insurance Program.
Common causes of home insurance losses in Oregon
Although Oregon doesn’t frequently experience extreme weather or natural disasters, fires are a frequent cause of loss. In 2019, there were 2,293 fires recorded in the state. Flooding also damages homes in Oregon, especially along the immediate coastline. Although earthquakes are uncommon in Oregon, small earthquakes do happen every few years.
Frequently asked questions
Is homeowners insurance required in Oregon?
Homeowners insurance is not required by law in the state of Oregon. However, getting homeowners insurance is a very smart investment. If you have a mortgage on your home, check with your lender to see if they require insurance.
How much does homeowners insurance in Oregon cost?
The average cost of home insurance in Oregon is $1,608 per year. However, the actual amount you’ll pay depends on a number of factors, like your zip code, age, the size of your home, your credit score and more.
How do I get homeowners insurance in Oregon?
To get homeowners insurance in Oregon, look into the providers on our list to get a better sense of their coverage options and discounts. Then, request a few sample quotes to see which company can give you the best price. Don’t forget to explore add-on policies if you need coverage beyond the basic policy limits.