Compare Homeowners Insurance in Portland
Are you a homeowner in Portland, Oregon? Or are you thinking of making a move to the Portland area?
A small stock of available housing has put the squeeze on Portland residents. Portland’s housing prices have grown for years, though the climb may finally be slowing.
There’s a lot to consider when shopping for a Portland homeowners insurance policy. That includes price factors, how to save money, and what companies to compare.
Average Portland Home Insurance Rates
How much is home insurance in Portland? Using information from 1,300 QuoteWizard in the city, we created this ‘average’ Portland home:
- 1,852 square feet built in 1972
- 3 bedrooms and 2 bathrooms
- One story
- Deadbolt locks
- Fire extinguishers
- Composite shingle roof
With got policy quotes from top insurance companies for this sample Portland home. Doing so painted a picture of the cost to insure a home in Portland. Remember, home insurance rates depend on you, your home, and your insurance needs. This is the average rate for a home insurance policy in Portland:
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.
QuoteWizard helps consumers compare quotes from both national insurance companies and local agents. QuoteWizard can help you find affordable home insurance rates near Portland, Oregon.
Last year, 1,300 people used QuoteWizard to compare compare home insurance quotes in Portland, OR from multiple companies.
Best Home Insurance Companies in Portland, OR
Most Popular Insurance Companies
Based on QuoteWizard users, these are the most popular homeowners insurance companies in Portland:
- State Farm
- Liberty Mutual
- COUNTRY FINANCIAL
Best Insurance Companies
The above list shows the most popular home insurers in Portland, 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
Portland Home Insurance Rate Factors
Insurers use many factors to estimate your home insurance rates. There are the most common components used to decide your insurance rates:
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- Your home's age: The age of your home plays a major factor in your home insurance premium. Older homes are costlier to repair and maintain in the event of an accident or disaster. That makes them an insurance liability. Our research shows that the average Portland home was built in 1972. That doesn’t quite qualify as an old house, but it’s close.
- Previous claims: It’s no secret that filing claims often impacts your insurance rates. Even claims filed by your home’s previous owner can hurt your insurance rates. A history of claims for you or your home make you statistically more likely to file a claim in the future. That, in turn, causes insurance companies to charge you higher rates. If you file enough claims, your insurer may label you as high risk. That leads to rate hikes or, in some cases, a cancellation of coverage.
- Dogs and pets: Portland is an extremely dog-friendly city. They have the most dog parks per capita of any large US city. However, that can be a problem. In 2015, homeowners filed over 15,000 liability claims due to dog-related bites and injuries. The CDC states that four and a half million people suffer dog bites every year. Who pays for liability claims? Your insurer. Statistics like this are the reason insurance companies charge dog-owners more for liability. If you have a dog, expect to pay more – especially for certain breeds. Pit bulls and Rottweilers, for example, are even more expensive to insure.
- Coverage amounts: A big part of the cost of home insurance is your coverage levels. It’s not rocket science; a comprehensive policy costs more than a basic one. A standard policy covers the structure, belongings inside, liability and living expenses. For many people, that’s enough, and the monthly premium is affordable. But some people need more coverage. People with unique homes, large assets, or collectables, for example, will want more coverage.
- Home security and crime: In 2017, Portland reported 27,000 total crimes. Of those, 88 percent were property crime. This is an alarming number. This means your chance of becoming a victim of property crime in Portland is 1 in 26. Portland homeowners can expect to pay more for insurance due to property crime, especially in bad neighborhoods.
- Credit history: If you have bad credit, it is an unfortunate fact that you will pay more for home insurance. In some extreme cases, people with bad credit paid 90 percent more for insurance compared to people with good credit. Luckily, Portland residents have great credit scores on average.. In 2017, they ranked ninth in the country with an average credit score of 710.
- Your home's replacement cost: Insurers give your home a replacement cost value. As the name suggests, your insurer will reimburse that amount if your home is destroyed. Replacement cost is based on the price to rebuild your home in today's market. A quick way to calculate the replacement cost is to multiply your home's square footage by local building costs per square foot. It’s possible for your replacement cost to fluctuate if construction prices rise.
Types of Homeowners Insurance
Below you will find the most universal and common homeowners insurance policy’s in Portland:
- HO-1: Basic insurance that covers standard damages.
- HO-2: Broad homeowners insurance that covers everything in HO-1. This policy also covers falling objects and damages to AC units, pipes, and other household systems.
- HO-3: Covers damage from all perils unless specifically excluded. Also covers unattached structures and liability.
- HO-4: Provides belongings and liability coverage for renters.
- HO-5: Comprehensive policy like HO-3 but with expanded coverage and less limitations for property claims. This is a premium policy.
- HO-6: Covers possessions and provides liability for condo owners.
- HO-7: Similar coverage as HO-3, but for mobile homes.
- HO-8: Designed specifically for older homes, this policy provides similar coverage as HO-3. It can be tailored to suit the unique needs of older homes.
8 Ways to Save Money on Homeowners Insurance in Portland
Below you’ll find some of the tried and true ways to save money on your monthly premium:
- Be a senior: Seniors get a lot of discounts, and home insurance is no exception. This is great news for the 25 percent of Portland’s population that are 55 or older.
- Add technology: High-tech security systems can stop potential problems before they happen. From home alarms to modern smoke and carbon monoxide detectors, there are many possibilities. Smart home technology can make your home safer. If you install these devices, you may qualify for smart tech discounts.
- Shop around: Buying insurance is a pain. It's tempting to buy the first policy that fits your needs. But if you don't shop around and compare quotes from multiple companies, you're leaving money on the table. Every company has their own rates and discounts, so your quotes will vary. On top of that, it’s common for insurers to raise your rates annually because they assume you won’t want to shop around. Be sure to compare prices from different home insurance companies in Portland.
- Renovate: Upgrading your wiring, plumbing, and heating make your home less at risk to electrical fires or plumbing accidents. It’s also a good idea to maintain your roof to keep out the Pacific Northwest rain. Be aware that remodeling can increase your home's value. That can make your coverage levels inadequate.
- Pick a good neighborhood: Fortunately for Portland residents, there are many safe neighborhoods. And it’s no surprise that certain neighborhoods have lower home insurance rates than others. If you can afford to buy a house in an area with low crime rates and no flood risks, your home insurance rates will reflect it.
- Avoid claims: Avoiding claims isn’t always easy. Especially if you live in a disaster-prone area. But the more claims you file, the more your insurance premiums rises. If you file several claims, your insurance company may cancel or refuse to renew your policy. There’s a lot to consider when it’s time decide whether to file a claim.
- Raise your deductible: A quick and easy way to shave numbers off your premium is to increase your deductible. Your deductible is the out-of-pocket amount you must pay before insurance covers you. Of course, a high deductible leads to greater out-of-pocket costs when you need to file a claim. It’s a balancing act. But be aware that there's a lot to consider when choosing your home insurance deductible.
- Bundle: Want a bulk-buy discount? Buy two insurance policies from one company. If you bundle your home and auto insurance policies with the same company, for example, you can save 20 percent on your premiums.
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