Best homeowners insurance in Oregon for 2023

Compare the best homeowners insurance companies in Oregon

Based on our research and data from Quadrant Information Services, the best Oregon homeowners insurance comes from USAA, State Farm and Allstate. Three of these companies have an average rate that is under the $723 state annual average in Oregon, and they all 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 American Family.

The top 5 home insurance companies in Oregon

Additional Oregon home insurance companies to consider

Farmers Insurance

Mutual of Enumclaw

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 2023 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.

Cheapest home insurance companies in Oregon

Although the average cost of the best Oregon home insurance is below national averages, it still pays to shop around to find the lowest possible price for your policy. Most of the companies below, with the exception of State Farm, have average rates that are less than the Oregon state averages. If your top priority is finding cheap coverage, you may want to consider asking for quotes from these companies:

How Bankrate chose the cheapest home insurance companies in Oregon

We looked at all the major carriers writing policies in the Beaver State, gathering average rates from each, to determine the best cheap home insurance in Oregon. The companies that made the grade received high ratings from third-party organizations that measure financial strength and customer satisfaction, while also offering the cheapest premiums for policyholders.

How to get cheap home insurance in Oregon

If you have a mortgage, then your lender likely requires home insurance. Still, even without a mortgage, these policies can be important. Home insurance can help protect your finances if your home or property is damaged in one of your policy’s named perils. Without home insurance, you’ll be left paying out of pocket for any repairs or replacements your home needs.

1. Assess your coverage needs: Until you know what you're applying for, it can be hard to do so. Estimate your home insurance needs as the first step. If you want to get a sense of likely costs, then you can start calculating some of your home insurance costs before you even apply for coverage. This two-part step can help you know what coverage to look for while also giving you some idea of expected costs.
2. Shop around and compare quotes: Experts often recommend shopping around between multiple insurers to see which one will offer you the coverage you need at the most reasonable price. To keep the comparisons between these free estimates valid, selecting the same levels and types of coverage on each quote is vital. It can also be worth checking each insurer's discounts page to see which, if any, discounts you might be eligible for. Discounts are not always included in quotes and some of these savings can have a significant impact on rates.
3. Select your choice and apply for coverage: Of the quotes you pulled, select your preferred company and apply for a homeowners policy. This can often be done online, over the phone, or in person.

Best home insurance discounts in Oregon

Using discounts can be a great way to save costs on your homeowners insurance premiums. Not all homeowners will be eligible for all discounts and discounts can vary by company and location.

How to save on home insurance policy renewals in Oregon

After you have purchased your policy, there are a number of strategies you can use to keep your premium rate down. Here are a few factors you should consider before it's time to renew your policy:

• Maintain a good credit rating: Insurers often reward policyholders who have a high credit rating with preferable premium rates. This is because individuals with a high credit rating have a demonstrated ability to pay their bills in full and on time — something that insurers prefer.
• Install damage mitigation equipment: If you live in an area that sees frequent high winds, for example, installing storm shutters and a damage-resistant garage door could earn you a discount.
• Keep your roof in good repair: If you have an older roof, consider replacing it. If it's on the newer side, be sure to maintain it properly each year. An old or damaged roof can lead to high-cost claims, and insurers are likely to reward those who take good care of their roofs.
• Consider a higher deductible: If you can afford it, choosing a deductible that is on the high side is likely to earn you a lower premium rate. Be careful, however, that you choose an amount that you'd be easily able to pay in the case of a claim.
• Limit claims: If you experience minor damage to your home, think about replacing it on your own without filing a claim, if the cost is not prohibitive. Generally, insurers increase the premiums of those who file frequent claims, so it may not be worth it to submit a claim if you can afford to pay for the damages yourself.

How much is home insurance in Oregon?

The average home insurance cost in Oregon in 2023 is $723 annually for $250,000 in dwelling coverage. This is far below the national average, which is currently $1,428 per year for the same amount of dwelling coverage. One reason for this may be that Oregon experiences less volatile weather conditions, versus other states in the Northwest.

Oregon homeowners insurance rates by city

Even within a single state, insurance rates can vary from city to city. For example, a city that has higher crime rates may see more pricey home insurance than an area where crimes such as vandalism and theft are lower. Weather patterns may also differ from city to city, impacting premium costs.

*Rates are for $250,000 in dwelling coverage.

What does home insurance cover in Oregon?

The most common type of home insurance policy in the U.S. is called an HO-3 policy. It covers your home in several different ways. Your personal property is covered under a named peril basis, which means that it is protected from damage caused by a standard list of perils, such as fire and winter storms. Your home and other buildings are protected on an open peril basis — meaning you'll be covered for anything that is not specifically excluded from your policy.

Here is a list of what is covered by your basic HO-3 policy:

• Dwelling coverage: This is the part of your policy that will pay to repair or rebuild your home after a covered peril. It includes the main structure and any attached structures, such as a detached garage.
• Other structures coverage: This insurance covers detached structures, from sheds and fences to gazebos and detached garages.
• Personal property coverage: Pays out if your personal property is damaged or destroyed, including furniture, clothing, electronics and appliances.
• Liability protection: Covers you from the possibility of financial losses if you are found legally responsible for damage or injury to another person or their property while on your land. Also covers legal costs if you are sued.
• Additional living expenses: If you need to move into a hotel while your home is being repaired, this part of your policy will pay for the costs. It may include everything from laundromat fees to pet boarding.
• Guest medical payments: Can pay for injuries to a visitor, whether you are determined to be at fault or not.

Additional home insurance coverage types in Oregon

Like other states, Oregon has its own list of potential risks for homeowners, including flooding and earthquake damage. There is also a high risk of wildfires in the state — amongst the highest in the U.S., according to the Insurance Information Institute. 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.

• 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.

Common Oregon home insurance problems

The home insurance market is changing rapidly in the U.S., adapting to climate change and economic uncertainties. Here are some common issues that Oregon homeowners may have to contend with:

• Post-pandemic cost hikes: Although COVID-19 is no longer the threat it was several years ago, the nation is still contending with disrupted supply chains and the lack of availability of common home repair items, such as lumber. This may cause home insurance costs to rise as insurers deal with the increased cost of meeting claims.
• Coverage for specific risks: Not all homeowners insurance policies cover damage for risks such as wildfires or landslides; securing the necessary coverage can be a concern in areas that are prone to these sorts of disasters.
• Coverage gaps: It's essential to review your policy annually to make sure there are no gaps in your coverage. Flood damage, for example, is not included in HO-3 policies. If you are in an area that sees occasional flooding, you may want to consider a separate flood policy.
• Rising premium costs: For a number of reasons, premium costs have risen sharply in the past decade. According to a recent CNN report, rebuilding and replacement costs surged 55 percent between 2019 and 2022. Insurers are likely to pass those increases on to policyholders when they renew their policies. Shopping around may help you find more affordable rates, however.

Frequently asked questions