Best cheap homeowners insurance in Portland

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Home insurance Portland rates are half of the national average of $1,312 per year for $250,000 of dwelling coverage. Homeowners in Portland pay an average of $657 annually for the same amount of dwelling coverage. However, Bankrate’s analysis of quoted annual premiums from Quadrant Information Services identified carriers with even lower homeowners insurance rates in Portland, which include Travelers, American Family, USAA and State Farm.

Saving on your home insurance premiums could offset other rising expenses associated with the housing market fluctuations, such as building materials or mortgage rates. Bankrate’s study on cheap home insurance Portland rates provides some comparative information on which carriers may be the cheapest, and tips on how you can lower your rates — even if you do not switch providers.

Best cheap home insurance companies Portland

To narrow down the list of Portland home insurance companies, we compared customer ratings, home insurance prices, and what each carrier has to offer policyholders to bring you the top five cheap home insurance companies in Portland.

Given how important customer service can be to homeowners, it can be helpful to factor in third-party scores assessing this aspect before choosing a provider. J.D. Power conducts annual independent policyholder surveys to get a better picture of how insurance companies are performing in the eyes of their customers. The five carriers on the list rank high in the study, in addition to having competitive rates for Portland. While these may be useful for the sake of comparison.

Home insurance company Average annual premium for $250K dwelling J.D. Power Score
Travelers $415 803/1,000
American Family $480 821/1,000
USAA $525 889/1,000
State Farm $743 829/1,000

Travelers

Travelers Insurance tops the list of best and cheapest home insurance in Portland for its combination of low rates and high customer satisfaction rating from J.D. Power. Travelers’ average annual premium for Portland residents is $415 for $250,000 in dwelling coverage, or about $35 per month. With lower rates homeowners may be able to budget for adding special coverages, such as green rebuild that reimburses you for home repairs using eco-friendly materials. Replacement cost coverage may also be worth the extra expense for Portland homeowners and is offered by Travelers.

Learn more: Travelers Insurance review

American Family

American Family has some unique add-on coverages that expand your home coverage to provide a greater degree of financial protection, in addition to being competitively priced. If your home has siding, Matching Siding Protection replaces damaged sections after a covered loss, as well as surrounding undamaged siding to match. Equipment protection coverage pays for repairs or replacement of your home’s appliances, smart home devices and major systems such as HVAC or electrical. American Family also scores well with J.D. Power for customer satisfaction.

Learn more: American Family review

USAA

USAA home insurance is reserved for members of the military and their families. If you are able to qualify for membership, you can access award-winning customer service and comprehensive home insurance at an affordable rate. USAA Includes identity theft protection as well as replacement cost coverage with home insurance coverage. Although the carrier does not have any local offices in Portland, you can reach an agent by phone or file your claims and manage your policy with ease through the USAA mobile app or website.

Learn more: USAA Insurance review

State Farm

State Farm’s home insurance average is higher than the city average, but your rates will likely vary based on your situation, home value and whether or not you take advantage of the discounts the company offers. These include bundling of car and home insurance, as well as home security and roofing discounts. State Farm’s customer satisfaction rating from J.D. Power speaks highly of what you may experience as a policyholder.

Learn more: State Farm Insurance review

Portland home insurance recommendations

Unlike car insurance, a homeowners insurance policy is not required by law. However, having a mortgage may mean you are required to have insurance to protect the lender’s financial investment. A standard home insurance policy covers you for most hazards and perils, which protects you financially in case of a devastating loss. But there are additional coverages worth considering that may be of interest based on your specific circumstances.

  • Business coverage: Portland homeowners that have decided to continue working remotely may consider adding business insurance to protect the contents of their home office, including computers and other work-related equipment.
  • Scheduled personal property: If you have computers, electronics, jewelry, antiques, art or other high-value items, your standard policy may not have a high enough limit to cover the replacement costs. Scheduled personal property adds them to your home policy at the declared value they are worth.
  • Green coverage: If you currently have LEED-certified, energy-efficient appliances and materials in your home or plan on adding them in the future, green coverage pays for replacement or rebuilding with green materials.

Home insurance discounts in Portland

Home insurance companies typically offer customers discounts for two reasons. One reason is to encourage them to remain with the company. The second reason is to encourage safer practices. The following home insurance discounts may be ideal for Portland homeowners:

  • Fire resistance: Having roofing and exterior siding built to resist high heat and ignition could save you money. Maintaining your yard by cutting back dry shrubs and overgrown trees may also lower your rates — and chances of fire.
  • Protective devices: Installing a security system and/or smoke detectors can be a simple, weekend project. It may be well worth your time in two respects; it may reduce the risk of burglary or fire and could help lower your premiums if your provider offers a discount for these features.
  • Upgraded home: Although many of Portland’s homes are older and picturesque, investing in new wiring or a modern heating system could reduce the risk of fire and potentially earn you a home insurance discount.

Frequently asked questions

What is the best home insurance company in Portland?

Our research indicates that the best home insurance company based on pricing and home insurance coverage options is Travelers Insurance. However, obtaining quotes from multiple providers will help you figure out which company is ideal for your needs, whether your priority is price, coverage options, customer experience or digital policy management options.

How much does home insurance in Portland cost?

Based on our findings, home insurance in Portland averages $657 annually for a $250K dwelling. However, we also found that Travelers Insurance’s annual premium for Portland homeowners is $415 per year. Because rates vary widely by homeowner, your rates will likely differ from the city averages.

Methodology

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.

Written by
Cynthia Paez Bowman
Personal Finance Contributor
Cynthia Paez Bowman is a finance and business journalist who has been featured in Bankrate, Business Jet Traveler, MSN, CheatSheet.com, Freshome.com and TheSimpleDollar.com. She regularly travels to Africa and the Middle East to consult with women’s NGOs about small business development and works with select startups and women-owned businesses to provide growth and visibility.
Edited by
Insurance Editor