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Best homeowners insurance in Oregon for 2022
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At Bankrate, we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff who have spent a combined 47 years in the auto, home and life insurance industries. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation of . Our content is backed by Coverage.com, LLC, a licensed entity (NPN: 19966249). For more information, please see our .
What To Know First
- 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
To find the best homeowners insurance companies in Oregon, we reviewed several key metrics of the largest insurance carriers by market share, starting with the average premiums based on data from Quadrant Information Services. We also looked into discounts, coverage options and third-party ratings from J.D. Power’s 2022 U.S. Home Insurance Study and AM Best. The information from this research was analyzed and a Bankrate score was assigned to each of the Oregon homeowners insurance companies. 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.
The best homeowners insurance companies in Oregon
Based on our research, the best Oregon homeowners insurance comes from USAA, State Farm and Allstate. Although only one of these companies has an average rate that is under the $704 state average in Oregon, they offer unique and robust coverage features that might make up for the higher price. If you’re wanting a cheaper home insurance company, you may want to consider Travelers or Grange Insurance Association.
|Home insurance company||Bankrate Score||Average annual premium for $250k in dwelling coverage||J.D. Power score||AM Best rating|
|Grange Insurance Association||Not rated||$487||Not rated||A|
*Not officially ranked by J.D. Power due to eligibility restrictions
Best for: Military-focused coverage
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
Best for: Online resources
State Farm is the largest home insurance company in the country by market share. The coverage is fairly standard and the average rate is higher than the state average, 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
Best for: Personalized coverage
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
Best for: Low average rates
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. Travelers does have a lower-than-average customer satisfaction score from J.D. Power though, so it might not be the best fit if you’re looking for outstanding service.
Learn more: Travelers Insurance review
Grange Insurance Association
Best for: Local agents
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 and you enjoy working with a local agent. 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.
Home Insurance 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, some policyholders may choose to supplement their Oregon homeowners insurance 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 coverage types, 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.