Best homeowners insurance in Oregon of 2021
There are roughly 4.19 million people living in the state of Oregon and 62.5% of them own a home. The average cost of home insurance in Oregon is $712 per year for $250,000 in dwelling coverage, which is far below the United States national average rate. Because your home may be the largest purchase you will ever make, having the best Oregon homeowners insurance to protect your finances is important.
When you are looking for the best home insurance in Oregon, there are several criteria you may want to use to evaluate a company. Bankrate’s insurance editorial team has reviewed the largest insurance carriers by market share in Oregon to help you find a policy that fits your needs.
Best home insurance companies in Oregon
As we researched Oregon homeowners insurance companies, we first analyzed average premiums obtained from Quadrant Information Services. We also reviewed each company’s policy features, coverages, discounts and customer satisfaction scores.
The companies below may be a good starting place when you are shopping for the best Oregon homeowners insurance:
|Home insurance company||Average annual premium for $250k dwelling||J.D. Power score|
|Allstate||$1,039||829 / 1,000|
|Grange Insurance Association||$512||Not rated|
|State Farm||$821||829 / 1,000|
|Travelers||$448||803 / 1,000|
|USAA||$683||*889 / 1,000|
*USAA does not qualify for official ranking with J.D. Power due to eligibility restrictions
Allstate’s home insurance policies are more expensive than the average rate in Oregon, but this could be due to the wide array of optional coverages that Allstate offers. With a policy from Allstate, you may be able to add coverages for sports equipment, musical instruments, business property and electronic data recovery. You may also be able to lower your premium with the company’s discounts for being claims-free, being a new home buyer, paying on time and switching to Allstate from another insurance carrier.
Learn more: Allstate Insurance review
Grange Insurance Association
Grange Insurance Association specialized in coverage for homeowners in six states, including Oregon. With an average premium well below the state’s average, the company could be a good fit if you are primarily concerned with budget. As a mutual company, Grange Insurance Association is designed to serve its policyholders. Optional coverages include water backup, recreational vehicle and farm liability.
State Farm is the largest home insurance company in the country. The coverage is fairly standard, but Oregon homeowners get access to a wide variety of online tools and resources, plus a mobile app. State Farm also offers generous discounts for more savings. State Farm also partners with Ting to provide homeowners with a free device that monitors your electrical system and can help you identify problems before they can start a fire.
Learn more: State Farm Insurance review
Travelers has the cheapest average premium of any company on our list and also offers one of the longest lists of optional coverages. You may want to consider adding jewelry and valuable item coverage, identity fraud or green home coverage. You may also be able to lower your premium even more by being claims-free, buying more than one type of policy from Travelers and having a home security system.
Learn more: Travelers Insurance review
USAA is not eligible for official ranking with J.D. Power because it only sells insurance to current and retired military members and their immediate families. However, the company consistently receives some of the highest scores in the industry for customer satisfaction and has below-average rates. If you qualify for coverage, your home insurance with USAA may also come with military-focused coverages like uniform coverage.
Learn more: USAA Insurance review
How much is homeowners insurance in Oregon?
The average cost of homeowners insurance in Oregon is $712 per year for a policy with $250,000 in dwelling coverage. In comparison, the U.S. national average rate for home insurance is $1,312 per year. Oregon homeowners pay far less than the national average.
Compared to the surrounding states, Oregon’s average premium is low. Homeowners in Washington pay $863 per year and in Idaho, the average annual premium is $835. California’s average annual home insurance premium is the highest of Oregon’s neighbors, at $1,014 per year. Oregon’s average premium may be less due to the state’s relatively low threat of weather damage.
Home insurance in Oregon
Some Oregon homes are at risk of fire, flood and earthquake damage, but the threat is not significant. However, it is still important for Oregon homeowners to purchase an insurance policy that will protect their property from potential hazards.
Common causes of loss in Oregon
Although Oregon does not experience extreme weather or natural disasters as often as many other states, fires are a frequent cause of loss in the drier months. In 2020, there were 2,215 fires recorded in the state, burning more than one million acres. In fact, Oregon ranked second in the country for number of acres burned in 2020, only surpassed by California. Some other losses that Oregon homeowners can face include:
- Water damage: Water damage can come from numerous sources, including storms and broken pipes.
- Earthquake damage: Like the other West Coast states, Oregon may be at a higher risk for earthquake damage due to its proximity to the Cascadia Subduction Zone. A 9.0 magnitude earthquake or higher, and its resulting tsunami, are possible.
- Landslides and mudslides: Due to the state’s wet climate, landslides and mudslides are relatively common. There may be a higher risk after an earthquake.
Knowing the common causes of damage in your area may help you decide what coverages are appropriate for your needs.
Home insurance coverage options in Oregon
In Oregon, most homeowners policies come with standard coverages, including dwelling, personal property, liability, medical payments and loss of use coverage. In addition, Oregon homeowners may want to consider purchasing optional coverages for more protection, such as:
- Flood insurance: A standard homeowners insurance policy does not cover damage caused by floods. For that, you will need a flood insurance policy. A few companies also offer flood endorsements that you can add to your home insurance policy.
- Earthquake insurance: Like floods, earthquakes are often not covered automatically on your home insurance policy. You can typically add this coverage by endorsement, but if you are in a high-risk area, you may need a separate earthquake insurance policy.
- Identity theft coverage: With society becoming increasingly digital, identity theft is becoming more common. This endorsement can help pay for the costs associated with restoring your identity if it is stolen.
- Debris removal coverage: Your homeowners insurance policy probably covers a base amount of debris removal coverage. However, increasing your limit may help be a good idea, as this coverage helps to cover the costs of removing debris from your property after a covered claim.
Homeowners insurance can be personalized. You can add optional coverages to tailor a policy to your unique situation. Working with a licensed insurance professional might help you choose the proper coverages for your circumstances.
Frequently asked questions
Is homeowners insurance required in Oregon?
Homeowners insurance is not required by law in the state of Oregon, but if you have a mortgage or other type of home loan, your lender will likely require you to have a policy. Getting homeowners insurance can be a smart investment, even if it is not required. Having a policy in place can protect your finances if your home is damaged or destroyed.
How do I get homeowners insurance in Oregon?
One of the first steps in getting an Oregon home insurance policy is to get a quote — possibly from several providers to see which company can best fit your coverage needs and budget. You will need some basic personal information, like your address and birth date, as well as information about your home. An insurer will likely also ask the year your home was built, the age of the roof and information about any unique or custom features.
Having an idea of the coverages you want to purchase can be helpful, but an agent may also help you choose. Once you decide to proceed with a policy, your agent can let you know what steps to take. You may need to sign an application or make a payment.
How much home insurance do I need?
Coverage needs will vary for everyone. Deciding how much coverage to buy is an important part of the insurance process. If you have a home loan, you will likely be required to carry at least enough dwelling coverage to pay off your loan if the home is destroyed. However, most insurance professionals recommend insuring your home to its full replacement value.
You should also consider your liability coverage and how much you might need to protect your assets from injuries or damage to the property of others. Working with an insurance agent might help you choose appropriate coverage levels.
Bankrate utilizes Quadrant Information Services to analyze 2021 rates for all ZIP codes and carriers in all 50 states and Washington, D.C. Quoted rates are based on 40-year-old male and female homeowners with a clean claim history, good credit and the following coverage limits:
- Coverage A, Dwelling: $250,000
- Coverage B, Other Structures: $25,000
- Coverage C, Personal Property: $125,000
- Coverage D, Loss of Use: $50,000
- Coverage E, Liability: $300,000
- Coverage F, Medical Payments: $1,000
The homeowners also have a $1,000 deductible and a separate wind and hail deductible (if required).
These are sample rates and should be used for comparative purposes only. Your quotes will differ.