For the 62.9% of Oregon residents who own houses, finding the best home insurance companies in Oregon doesn’t have to be a chore. USAA, State Farm and Allstate are a few examples of major insurance companies providing competitive rates and other advantages for homeowners. The average cost of home insurance in Oregon is $704 per year for $250,000 in dwelling coverage, which is far below the U.S. national average rate of $1,312 per year, according to Bankrate’s 2022 study of quoted annual premiums.
If you are looking for Oregon home insurance, there are several criteria you may want to use to evaluate a company. Bankrate’s insurance editorial team has reviewed the largest home insurance carriers by market share in Oregon to help you find a policy that fits your needs.
Info
Key takeaways
  • USAA, State Farm and Allstate are considered some of the best homeowners insurance companies in Oregon, based on Bankrate’s assessment.
  • Oregonians, on average, are paying nearly half the premium versus the national average for homeowners insurance.
  • Bend, Oregon residents pay higher premiums, on average, compared to Portland or Eugene residents.

How Bankrate chose the best home insurance companies in Oregon

Several homeowners insurance companies in Oregon were reviewed, including the average premiums based on data from Quadrant Information Services. The information from this research was analyzed and a Bankrate score was assigned to each provider. These scores, based on a five-point scale, provide an overall snapshot so you can quickly determine if one provider may be better for your needs versus another.

Home insurance company Bankrate Score Average annual premium* J.D. Power score AM Best rating
USAA** 4.8 $639 882/1,000 A++
State Farm 4.7 $819 835/1,000 A++
Allstate 3.9 $812 829/1,000 A+
Travelers 3.7 $469 800/1,000 A++
Grange Insurance Association 3.0 $487 Not rated A

*Rates are for annual policies with $250,000 in dwelling coverage

**Not officially ranked by J.D. Power due to eligibility restrictions

USAA

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 coverage options, like uniform coverage.

Learn more: USAA Insurance review

State Farm

State Farm is the largest home insurance company in the country by market share. 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. The carrier partners with Ting to provide qualifying homeowners with a free device that monitors a home’s electrical system and can help identify problems before they start a fire.

Learn more: State Farm Insurance review

Allstate

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 coverage choices that Allstate offers. With a policy from Allstate, you may be able to add coverage 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

Travelers

Travelers has the cheapest average premium of any company on our list and also offers one of the longest lists of optional coverage. You may want to consider adding jewelry and valuable item coverage, identity fraud or green home coverage. You might 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

Grange Insurance Association

Grange Insurance Association specializes 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 coverage includes water backup, recreational vehicle and farm liability.

Learn more: Grange Insurance review

How much is homeowners insurance in Oregon?

The average cost of homeowners insurance in Oregon in 2022 is $704 annually for $250,000 in dwelling coverage. This is far below the national average, which is currently around $1,383 per year. One reason for this may be due to Oregon experiencing less volatile weather conditions, versus other states in the Northwest.

Common causes of claims in Oregon

Like other states, Oregon has its own list of potential risks for homeowners. This includes fires, flooding and earthquake damage, although the numbers are not too significant. However, homeowners in Oregon may choose to supplement their policies by adding coverage, such as flood or earthquake insurance, to provide greater financial protection for these (or other) hazards.

Common causes of loss in Oregon

Oregon may be a relatively safe place to live, but that doesn’t mean there aren’t still threats. Some of the most common causes of loss include:

  • Earthquake damage: Oregon is similar to other West Coast states where there is a higher chance of earthquakes — even tsunamis  — affecting homes in the area.
  • Landslides and mudslides: Oregon experiences a wetter climate, which may lead to mudslides and landslides. This risk increases after an earthquake too.
  • Fire: Oregon ranks eighth in the country for the number of wildfires, which puts homeowners at risk for fire damage.

Knowing the common causes of damage in your area may help you decide what coverage types 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 additional coverage 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 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 typically be personalized. You may be able to add optional coverage to tailor a policy to your unique situation. Working with a licensed insurance professional might help you choose the proper coverage for your circumstances.

Frequently asked questions