Oregon Homeowners Insurance

 
Oregon Homeowners Insurance

Residents in Oregon pay an average of $54 per month or $643 per year in home insurance premiums. 


There are almost 1.8 million homes in the Beaver State, sixty-one percent of which are owner-occupied.

The average monthly cost for a homeowner with a mortgage in Oregon is $1,563.

Residents in Oregon pay an average of $54 per month or $643 per year in home insurance premiums. 


There are almost 1.8 million homes in the Beaver State, sixty-one percent of which are owner-occupied.


The average monthly cost for a homeowner with a mortgage in Oregon is $1,563.

Shop around and save.

Compare insurers to find the cheapest rates around.

 

Oregon Statistics*

4,142,776

Population

$247,200

Average value of owner-occupied housing units

1,545,745

Households

$53,270

Average household income

90%

High school grad or higher, percent of people age 25 years +

23 min

Average travel time to work

*Data from the U.S. Census Bureau


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Oregon homeowners are a lucky bunch, especially when it comes to home insurance premiums. The Beaver State is known for comparatively lower home insurance rates than most of the other states across the nation. Oregon is at a lesser risk of natural disasters which has helped to keep the premiums low. However, we cannot deny the pesky mold issues caused by the wet climate in OR. Insurance Information Institute (III) has ranked Oregon in the 10th position in the list of top 10 states affected by wildfires. Insurance companies will consider the location of your home, along with other factors, when giving you a homeowners insurance quote. It’s better to study the different rates offered by different insurance companies beforehand to find out the most compatible rate for you.

Oregon home insurance premiums 


III has ranked Oregon in the 51st position in regards to average homeowners insurance premiums nationwide. The annual average homeowners insurance premium in OR is $643, which is significantly less compared to the national average of $1,173.


In regards to the monthly rates, the monthly average home insurance premium in Oregon is approximately $54. OR homeowners are paying well below the nation's monthly average of $98. Based on the numbers given by III, homeowners saved $44 per month on their premiums as compared to an average American in 2015 (latest available data). Therefore, Oregon homeowners enjoy affordable home insurance rates.


Keep in mind that home insurance rates vary greatly, depending on the individual situation and need. There is no guarantee that you will get a quote that is within range of the state average. Though this range can be used a reference when shopping around. If you get a quote above average, question the agent on what is causing the higher rate. It's a great idea to do a comparative study on home insurance companies to really see if you are getting the most affordable rates around.


Shopping around not only help you in finding the best rates, but also enable you to gather information about the financial stability, the overall approach and the claims payout practices of different insurance providers, helping you make a confident and informed choice.

Average Oregon home insurance premiums

 201620152014
Monthly average$55$54$48
Annual average$659$643$574
National annual average$1,192$1,173$1,132
Rank515151
Source: The annual average premiums came from the Insurance Information Institute's latest recorded data. We calculate the estimated monthly insurance costs based on the data provided.

Top 3 home insurance companies in Oregon


Here is a list of the top 3 homeowners insurance companies who hold the largest market share percentages in the home insurance sector in Oregon. Along with using market share data from III, we've compiled financial ratings and consumer satisfaction reports to better understand why the companies are popular in-state. It's worth noting here that we cannot cover all of the home insurers in Oregon. It may be so that another company (that we didn't mention) will serve you and your needs better. We find it's good to start with these popular companies as they are already performing well. The pitfall of large firms is that they tend to hike up prices, that's why it's always advised to shop around and compare as many insurance companies as possible before making a final decision. Even if you already have an insurer, it's still wise to shop around and compare your rates with market prices and the state average.


State Farm


State Farm covers 22.7 percent market share in the Oregon home insurance sector. The company is known for some of the most affordable home insurance rates in the state. The best part is, State Farm offers coverage for the must-have endorsements for Oregon homeowners including: coverage for identity theft, sewer/water backup, as well as protection from inflation. Their policy also covers damages caused from wildfires. Policyholders have more customization opportunities compared to other insurance companies in the state. 


State Farm is known for its financial strength and stability over the years. It has earned A++ (Superior) and AA from AM Best and S&P respectively. AM Best is an organization that is the oldest of its kind, whose purpose is to review and rate insurance companies. They are a trusted source that gave State Farm their highest possible rating. JD Power is another reliable organization. We looked at JD Power's 2018 U.S. Homeowners Insurance Study to evaluate what the consumers are saying about State Farm. We can gain insight into a company's payout records by measuring the level of consumer satisfaction.  JD Power has given the company 3 (About average) out of 5 Power Circle Rating for overall satisfaction. This means that consumers in the study rated an about average experience across the board as compared to other companies in the same study.


State Farm home insurance policies cater to all kinds of dwelling units including condos, single-family homes, manufactured homes as well as ranches and farms. However, it’s to note here, if your house is older compared to average, the company will issue insurance coverage on case-by-case basis. 


State Farm has come up with an easy quote tool that will enable you to check how your home insurance premium may alter with endorsements, discounts or changes in deductibles and coverage limits. The company is also renowned for its great customer support. Its website boasts an information-rich FAQ section to answer almost any query you may have. Additionally, customers here also love the inventory tool on the website that enables them to keep track of home contents.


Farmers 


One of the oldest insurance companies in the U.S. and here in Oregon, Farmers has been serving Oregon homeowners since 1926. Farmers is another significant name when it comes to premier home insurance companies in Oregon. The firm covers 16 percent market share in the state homeowners insurance scene. 


The company received superior ratings from top authorities for its excellent financial strength and timely payouts. It has earned an A (Excellent) rating from AM Best. S&P rated with an A, reflecting Farmers strong record of meeting its financial obligations. JD Power has endowed Farmers with a decent 3 (About average) Power Circles, in regards to overall satisfaction.


Farmers extends a wide range of endorsements including 4 must-haves for every Oregon homeowner. Besides, the company offers 9 lucrative discounts which altogether make it a great choice when you are looking for a top home insurance company in Oregon. 


It’s to stress here the company has come with a very user-friendly website with a convenient quote tool. The tool enables users to check different levels of premiums, as per your chosen coverage options and plans. Besides, customers are really happy with the company’s convenient claim-filing process. There are multiple ways to communicate with the company (phone, online form and dedicated mobile app) which comes handy when you have to reach out to the company fast in times of emergency. The website also features an informative FAQ section. It’s bustling with all details a homeowner may want to know when looking into a home insurance plan.


Liberty Mutual


Liberty Mutual occupies the third spot at 13 percent market share in the home insurance scene in Oregon. The company extends as many as 13 endorsements of which 5 are must-have for almost every homeowner in the state. Then, the company is also loved for its amazing assortment of discounts that assure quality savings for policyholders. 


In regards to financial stability, Liberty Mutual is certainly in good terms. The company has received A (Excellent) rating from AM Best. An A was awarded by S&P as well. It has earned 3 (About average) Power Circles  JD Power in overall satisfaction from their study done this year (2018).


You will love the company’s official website. It’s both user-friendly and informative. The good part is the website offers a clear layout of the coverage options so that it’s easier for consumers to check out what will work for them. We love their live chat option, enabling consumers to connect with customer support conveniently and efficiently. A good tool to have in the event of a crisis and need immediate response from your insurer. 

Oregon home insurance companies: Market share and summary of ratings

RankInsurerMarket share %AM BestS&PJD Power
1State Farm22.7A++AA3
2Farmers16.1AA3
3Liberty Mutual13.0AA3
4Allstate7.3A+AA3
5USAA6.7A++AA+5
6COUNTRY Financial5.2A+NR3
7American Family4.8ANR3
8Travelers2.8AA3
9Nationwide Mutual2.1A+A+3
10Mutual of Enumclaw1.8A-NRNR
NR: Not rated
Source: Insurance Information Institute, AM Best, S&P, JD Power

HELP Program


Oregon Housing & Community Services established the HELP Program grant to help in the development of housing for low-income families and individuals. Since 1991, the Help Program has been working to provide livable conditions for people in poverty by encouraging the development of cheap rental housing. Eligible applicants will be given grants for the purpose of building, buying, and reviving rental housing for families and individuals considered very low-income. HELP funds are to help people in recovery, homeless and individuals with disabilities and chronic illnesses.


Tips for saving on home insurance in OR


A homeowner has many bills to balance. This can include all of or any of the following: mortgage, utilities such as water, gas, electricity, maintenance and repairs, daily expenses, and not to mention insurance premiums. According to U.S. Census Bureau, the monthly cost for a homeowner with a mortgage in Oregon averages out to $1,563. 


As a substantial investment, your home should be fully covered by a reputable insurance firm. An excellent insurance policy should be able to mitigate all the risks of losses, in the event of damages incurred due to natural calamities.


Over time, the average prices of various items change. This as well applies to the Oregon homeowners insurance, just like any other service. Over several decades ago, homeowners insurance increased at an average of 50 percent in the entire state. Individuals looking to acquire Oregon homeowners insurance policy is required to pay comparable annual insurance premiums based on the perceived risks in that particular area. Geographical factors are crucial elements that define the premiums any firm will provide.


Predictably, areas that are considered high-risk for disastrous events are prone to higher premiums as compared to areas that have milder conditions. Nevertheless, compared to expensive states in the country, Oregon is a great place in which you can live in and avoid all kinds of risks such as tornadoes, hurricanes, earthquakes, among other natural disasters. Nevertheless, here are some tips on how to save on homeowners insurance.


Eliminate any unnecessary coverage


It would be great to evaluate and assess your policy and seek to remove any unnecessary coverage which you may not need. However, as you look for different types of cheaper coverage, its essential to foresee the worst when it comes to natural disasters that are prone to occurring in your area (if any).


Take into consideration any damages and its costs that may occur to the home, to be clear on what needs to be covered under the policy you need. The act of saving some dollars by changing policies can cost you much, in case the home sustains extensive damage. Consulting you insurance agent about the rebuilding costs when your home gets some significant damages is suggested here. The price to rebuild a home from catastrophic events can be quite costly and ensuring that you're covered is very important because protection from financial loss due to calamities  is the main reason to purchase home insurance. 


Exclude the land value


Confirm that your insurance provider does not include the land value in your insurance plan. It is more likely that you will just require coverage for your structure, the contents and third-party packages than covering the actual land. You must discuss with your provider before you decide to cancel this part of the coverage. 


Discounts


Home insurance companies provide a wide selection of discounts. Companies that offer more discounts than other providers are worth checking out because there is a potential for a significant premium decrease if you find discounts that you can apply to. Some insurance companies provide discounts for clients who make improvements on safety and security components while others may not. Each provider will have their own set of discounts. Working with a company that can lower its rate based on a particular agreement could be helpful too.


Choose to pay annually


Insurance premiums are mostly subject to administration fees in case you want to pay monthly. To avoid such fees, opt to pay annually and save more on your premiums.


As you choose the best insurer for your property, avoid under insuring your property. That could lead to complete losses leading to the inability to rebuild. Choose reputable insurance companies which will underwrite a comprehensive Oregon home insurance policy.

For more assistance, please contact your local state department of insurance:

Oregon Department of Insurance

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