Compare Homeowners Insurance In Oregon
The Beaver State is home to Nike, Columbia Sportswear, and the most craft breweries per capita of any state. Oregon is the site of the end of the Lewis & Clark Trail and the Oregon Trail, as well as Crater Lake National Park. Matt Groening, creator of the TV show The Simpsons, is from Oregon. Oregon is also home to some crucial homeowners insurance hazards to keep in mind.
Average Oregon Homeowners Insurance Rates
How much is home insurance in Oregon? Oregon has some of the lowest homeowners insurance premiums in the country. The average cost of homeowners insurance in the state of Oregon is $643. That's a little more than half the national average of $1,173. People in the state of Oregon enjoy the lowest average home insurance rates in the US.
| 2013 | 2014 | 2015 | |
|---|---|---|---|
| Oregon Annual Average | $568 | $574 | $643 |
| Oregon Price Per Month | $47 | $48 | $53 |
| US Annual Average | $1,096 | $1,132 | $1,173 |
| US Cost Per Month | $91 | $94 | $98 |
| National Rank | 50 | 51 | 50 |
| Source: Facts + Statistics: Homeowners insurance | |||
The graph below shows the change in average Oregon home insurance rates from 2011 to 2015, the most recent year the data is available. According to the III, Oregon homeowners insurance rates increased from $559 in 2011 to $643 in 2015, a jump of $84 dollars, or 15.03 percent.
Choosing a homeowners insurance company in Oregon should be easier. Actually, it’s already easy. The key to finding the best rates is to get a homeowners insurance quote comparison in Oregon from multiple companies.
Most Popular Oregon Home Insurance Companies
Last year, these were the most common home insurance companies reported by QuoteWizard users living in the state of Oregon. Out of the 10,244 Oregon homeowners that used QuoteWizard to request insurance quotes last year, 377 had no home insurance.
- Farmers
- Allstate
- Progressive
- Geico
- American Family
- Liberty Mutual
- Safeco
- Country Financial
- Nationwide
- AAA
Best Homeowners Insurance Companies in Oregon
The above list shows the most popular home insurers in Oregon according to our users. But popular doesn’t always mean best.
Our study on the Best Homeowners Insurance Companies focuses on top of the line companies. In no particular order, these companies stand out among the rest:
- Amica: Best Overall
- MetLife: Best for Bundling
- Allstate: Best for Local Agents
- Hartford: Best for Seniors
- State Farm: Best for Pet Owners
- Travelers: Best for Flexible Policies
- Nationwide: Best Replacement Coverage
- Farmers: Best for Eco-Friendly Homes
- Liberty Mutual: Best for Quick and Easy Quotes
- Auto Owners Insurance: Best Claims Experience
Top Oregon Home Insurance Company Market Share
| Rank | Company | Financial Rating | Market Share |
|---|---|---|---|
| 1 | Farmers Insurance | A+ | 16.6% |
| 2 | Liberty Mutual | A | 12.6% |
| 3 | Allstate | A+ | 8.5% |
| 4 | USAA Insurance | A++ | 5.4% |
| 5 | COUNTRY Financial | A+ | 4.7% |
| 6 | American Family | A | 4.6% |
| 7 | Travelers Companies | A++ | 2.3% |
| 8 | Nationwide Mutual | A+ | 2.2% |
| 9 | Hartford Financial Services | A+ | 2.0% |
Oregon Home Insurance Rate Factors
Insurance companies consider several factors when calculating your homeowners insurance rates. Some of these factors, like roof upkeep, are under your control. While others, like natural disasters, affect all OR residents.
Your Personal Rate Factors
Your House
How much you’ll pay for homeowners insurance depends on your home. Insurers will analyze several aspects of your house:
- Your home’s age. Old homes come with high insurance rates. As homes rise in age, so does the chance of a major repair. And those repairs can cause a major claim. Most OR residents own semi-old homes. 7 percent of homes were built between 1970 to 1979.
- The quality and age of your roof. Maintaining your roof with region-appropriate material can help cut insurance costs. If you have an old or damaged roof, expect to pay more for insurance. A strong roof can be the difference between serious damage and minor repairs after a disaster. In Eastern Oregon, for example, avoid wood shingles as they’re a major fire hazard. In Western Oregon, make sure your roof can handle frequent rain.
- Your home’s replacement cost. Replacement cost is the price it takes to rebuild your home from the ground up after an accident or disaster. Replacement cost should match your home’s dwelling/structure coverage, and a higher replacement cost means higher premiums. Your replacement cost depends on the style and size of your home, not how much you bought it for. For example, a $500,000 home in Portland could have a lower replacement cost than a house worth $250,000 of that in Astoria.
Claims History
Filing a claim bumps up your insurance rates. Claims stay on your record for five to seven years. If you file more claims within that time period, your rates increase exponentially. That’s why homeowners avoid filing any unnecessary claims.
Pets
If you own an exotic pet or a specific dog breed, your insurance prices could be higher. Insurance companies will charge more for homeowners with certain pets, if they’re willing to insure you in the first place. According to the AVMA, Oregon has the fourth highest pet ownership rate in the country.
Credit Score
Your credit score plays a big role in determining your homeowners insurance prices. It’s controversial, but insurance companies look at your credit score to price your policy. People with a bad credit score pay more for insurance. OR has the 14th best average credit score in the nation.
Oregon Rate Factors
Weather
OR is the 12th most natural disaster-prone state in the country. The higher the risk of severe weather in your area, the higher home insurance rates are. Climate varies depending on where in the state you live. If you live in Western Oregon, make sure to keep gutters clear in preparation for severe rainfall. If you live in Eastern Oregon, avoid a roof with wood shingles in case of wildfires.
No matter where in OR you live, you may encounter these natural disasters at some point:
- Earthquakes
- Floods
- Landslides
- Volcanic Hazards
- Tsunamis
- Wildfires
Your state has a high risk of flooding, and homeowners insurance doesn’t cover flood damage. Make sure you buy flood insurance.
According to the Oregon Office of Emergency Management, there are steps you can take to prepare your home for a natural disaster.
- Check your foundation for cracks.
- Hire a professional to bolt down your home.
- Buy flood insurance.
- Use fire-resistant materials to build and repair your home.
Property Crime
Burglary is a serious property crime that impacts your possessions, your home, and your insurance rates. Areas with high property crime rates have higher home insurance prices. OR has the eighth highest property crime rate in the country. In 2017, Oregon’s average property crime rate was 2,986.5 per 100,000 people. Luckily, the property crime rate in your state is down 49 percent from 1997.
Property crime rates vary depending on where in the state you live. For example, Portland has an average of 52.86 property crimes annually per 1,000 residents. Whereas Silverton has an average of 19.5 property crimes annually per 1,000 residents.
There are steps you can take to prevent a burglary from happening at your home. These include: alarms, security cameras, deadbolt locks, and more.
Types of Home Insurance Policies
Homeowners have several policy options when shopping for insurance. In OR, these are the insurance types you can choose from:
- HO-1: This covers normal damages. It is the most basic insurance policy.
- HO-2: This is a broad homeowners policy that covers everything in HO-1. It also covers falling objects and damages to AC units, pipes, and other home systems.
- HO-3: This covers all damages unless specifically excluded. It is the most popular homeowners policy type. HO-3 also covers unattached structures.
- HO-5: This comes with more coverage and less property claim limitations but is a comprehensive policy like HO-3. It’s considered a premium policy.
- HO-6: If you own a condo, this is most likely the best policy type for you. It provides liability and covers possessions for condo owners.
- HO-7: Do you own a mobile home? If so, this policy is for you. It offers similar coverage as HO-3, but for mobile homeowners.
- HO-8: If you own an old home, you may need a policy to cover its unique needs. This policy is like HO-3, but for old homes.
Oregon Office of the Insurance Commissioner
Oregon Division of Financial Regulation
- Insurance Commissioner:
- Andrew R. Stolfi
- Insurance Hotline:
- 866-814-9710
- Hours:
- Monday - Friday
8:00 am - 5:00 pm
File a Consumer Insurance Complaint
Sources:
- A.M. Best Insurance Carrier Ratings
- Insurance Information Institute – Home Insurance Market Share in Oregon
- NAIC--Home Insurance Market Share in Oregon
- Average Home Insurance Rates in Oregon
- Average Home Listing Price in Oregon
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