Oregon sits as the gateway to the Pacific Northwest, offering pure beauty from the mountains to the ocean. Buying a home in the state can be a strong investment, but it requires protection from fires, natural disasters and even theft. MoneyGeek ranks the top home insurance companies across Oregon to help owners find the right coverage at a competitive price and allow them to compare their state’s average premium with the national average. From condos to estates, homes with pools, high-value homes and homeowners with bad credit, everyone can find the best options for their budget with MoneyGeek’s tools and data analysis.
The Best Homeowners Insurance Companies and Cheapest Quotes in Oregon for 2021
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The 5 Best Homeowners Insurance Companies in Oregon
It would help if you considered various company-related factors to determine what company has the best homeowners insurance in Oregon for you. While the cost of an annual premium is important, you should also look into the coverage options, a company’s ability to pay claims, its customer service and customer complaints.
To help you get started, MoneyGeek ranked the top five insurance carriers in Oregon based on affordability, J.D. Power’s customer satisfaction scores and AM Best’s financial stability ratings.
1
FarmersScore: 94
5/5
Affordability
4.6/5
User Satisfaction
4/5
Financial Stability
If you are looking for cheap home insurance in Oregon, consider Farmers. The company allows policyholders to customize their plans. Aside from the standard policy, you can increase personal property limits and adjust replacement payment. Farmers has an online rate calculator, an online bills payment option, an online claims application tool, a household inventory tool and a mobile app.
Read MoneyGeek's Farmers Home Insurance Review2
TravelersScore: 92
4.9/5
Affordability
3.9/5
User Satisfaction
5/5
Financial Stability
Travelers’ policyholders have the freedom to bundle coverage options to save money on their insurance plans. They can get standard coverage or choose a comprehensive policy by adding optional coverages. Bundling Travelers home insurance and auto insurance policies may result in additional discounts. Customers can make transactions anywhere with Travelers’ online bills payment option, online claims application tool, rate calculator and mobile app.
Read MoneyGeek's Travelers Home Insurance Review3
NationwideScore: 91
4.7/5
Affordability
4.3/5
User Satisfaction
4.5/5
Financial Stability
Nationwide allows customers to build customized homeowners insurances based on their needs. Customers can add optional coverages for a more comprehensive policy, such as replacement cost plus, equipment breakdown, roof replacement, earthquake, and identity theft or fraud insurance. Oregon homeowners have access to various discounts. Customers can easily access the company’s services through the online rate calculator, online bills payment tool and the mobile app.
Read MoneyGeek's Nationwide Home Insurance Review4
American FamilyScore: 89
4.8/5
Affordability
4.2/5
User Satisfaction
4/5
Financial Stability
American Family allows customers to choose from its three basic insurance options. Customers can customize their policy and add optional coverages like sewer back-up and pump overflow coverage along with identity theft protection. If you own a smart home or have a home security system, you can qualify for a 5% discount. The company also offers discounts if you bundle your policies. Oregon homeowners can opt to pay directly from their bank accounts or make a full payment instead of making them monthly. American Family has an online quote tool, a home insurance calculator, a personalized coverage assistant and a home inventory worksheet.
5
USAAScore: 88
What Is the Average Cost of Homeowners Insurance in Oregon?
$0
$0
home insurance is 0.0% more than the average.
Oregon homeowners pay an average of $811 per year for a dwelling coverage baseline amount of $250,000. That is around $1,292, or 61.4%, less than the country’s national average, which is $2,103. Insurance companies estimate homeowners insurance in Oregon by evaluating all risks associated with an individual and various factors related to the area, such as the crime rate, property values and weather conditions.
Home Insurance Calculator: Estimate the Cost of Homeowners Insurance in Oregon
Other factors that insurers use to estimate homeowners insurance in Oregon are the value of your property, roof quality, property location, proximity to a fire department, value of personal property, whether you have a pool, whether you own an aggressive dog breed and deductible chosen.
Home Insurance Calculator
State
Oregon
Dwelling Coverage
$250,000
Deductible
$500
Liability
$300,000
Personal Property
$50,000
Credit Score
Excellent
low end
on average
high end
These are annual estimates. Get a personalized quote to determine your costs.
The Cheapest Homeowners Insurance Quotes in Oregon
Typically, homeowners insurance in Oregon is cheap since the state average is less than half the national average annual premium. Farmers policyholders have the most affordable option. The company offers a policy that may cost an average of $545 for a dwelling coverage baseline. That amount is 32.8%, or $266, lower than the state average.
The dwelling coverage is a feature in homeowners insurance in Oregon that covers the cost of repairs or rebuilding if a covered hazard damages your home’s physical structure. The dwelling coverage baseline amount in Oregon is $250,000. To get the most accurate policy and annual premium, compare personalized quotes from multiple insurance companies.
Cheapest Homeowners Insurance by Dwelling Coverage
Dwelling Coverage:
$250,000
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- CompanyAmountper year
- 1. Farmers$545
- 2. Travelers$597
- 3. American Family$634
- 4. Nationwide$644
- 5. MetLife$780
Best Cheap Homeowners Insurance Companies for Expensive Homes
Looking for the best homeowners insurance in Oregon for expensive homes requires additional costs and will likely not be as cheap as the average home insurance options. For example, the most affordable option for a $2 million home in Oregon is USAA, with an average annual premium of $2,502. If you do not qualify for a USAA policy, your next cheapest option is American Family. A similar policy with American Family may cost an average of $2,764. If you want to find the most appropriate policy for your property, you will have to get personalized quotes from various insurers.
Cheapest Homeowners Insurance Companies for High-Value Homes
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- CompanyAmountper year
- 1. USAA$2,502
- 2. American Family$2,764
- 3. Farmers$2,806
- 4. Nationwide$3,449
- 5. Allstate$4,692
Best Homeowners Insurance Companies if You Have a Pool
If you own a pool, your coverage needs will likely be more than what a standard policy can offer. That means that your annual premium will also be different. MoneyGeek’s research found that the most affordable option for Oregon pool homes with an average dwelling cost of $250,000 is Travelers, which offers an average annual premium of $561. Depending on the insurance company, the cost may be much more than that. For instance, a similar policy with USAA may cost an average of $1,065. Adding liability coverage can protect you in case a pool accident in your property causes injuries.
Cheapest Homeowners Insurance for Pool Home
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- CompanyAmountper year
- 1. Travelers$561
- 2. Farmers$563
- 3. American Family$622
- 4. Nationwide$626
- 5. Allstate$749
Cheapest Home Insurance in Oregon if You Have Poor Credit
Insurance companies also take into consideration the credit score of a homeowner. Generally, individuals who have poor credit get higher annual premiums. So, if you think you have poor credit, you may have to start improving it by paying off any outstanding credit card debts and maintaining a utilization rate below 30%.
Some insurance carriers in Oregon offer policies that are specifically designed for homeowners with poor credit. The cheapest option will likely be Nationwide, which offers a policy that may cost an average of $1,098 per year for a dwelling coverage baseline amount of $250,000.
Cheapest Homeowners Insurance for Poor Credit
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- CompanyAmountper year
- 1. Nationwide$1,098
- 2. Country Financial$1,289
- 3. American Family$1,289
- 4. Travelers$1,460
- 5. MetLife$1,900
How to Get Homeowners Insurance Quotes in Oregon
To find out how much your homeowners insurance in Oregon will be, you may need to provide some basic information about yourself like your name, address, contact information and social security number. Insurance companies may also ask you pieces of information related to your property, such as the your home’s current value, the cost of all belongings inside it, how old the home is, the type of home that you have, the materials used in building it, its current condition and an estimate of how much it may cost if it needs rebuilding.
If you have any safety features in place, like a home security system, you will want to inform the insurance provider because these will have an impact on your annual premium.
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Ensure you're getting the best rate for your home insurance. Compare quotes from the top insurance companies.
Other Considerations for Homeowners Insurance in Oregon
You should be aware of natural disaster risk factors in your area. Find out if certain hazardous weather conditions could strike your community. You may have to add certain coverages to make sure you are prepared for any emergency.
For instance, Oregon ranks 9th in the nation when it comes to wildfires. Approximately 151,400 properties are at risk of wildfire damage.
Crime rates also play a role in determining how much your homeowners insurance in Oregon will be. The state ranked 8th in the country in the FBI’s 2018 report. Oregon recorded 11,966 violent crimes and 121,278 property crimes.
As for the cost of homes, Oregon has the 7th most expensive average cost in the country. Oregon homeowners have an average home value of $361,970.
Do You Need Flood Insurance in Oregon?
Around 13.9% of Oregon properties, or approximately 268,000, are at risk of flooding in 2020. The state ranks 9th in the nation when it comes to the areas with the highest risk of flooding. To get flood insurance, check if your community participates in the government-sponsored National Flood Insurance Program (NFIP) coverage.
Do You Need Hail Insurance in Oregon?
While Oregon ranks 42nd in terms of hail incidents, the state still experiences an average of 10 hail events annually. So, getting hail damage coverage may be necessary to protect your Oregon home.
Methodology
MoneyGeek analyzed homeowners insurance premiums from 16 of the top insurance companies in Oregon that were provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Oregon. Quotes were gathered with an average home profile of 2,500 square feet, built in 2000, with an average dwelling coverage value of $250,000, liability coverage of $100,000 and personal property coverage of $100,000.
sources
- AM Best. "Rating." Accessed July 27, 2020.
- Business Insider. "Here's the typical home price in every state — and what you can actually get for that money." Accessed August 24, 2020.
- FBI. "2018 Crime in the United States." Accessed July 10, 2020.
- First Street Foundation. "The First National Flood Risk Assessment Defining America’s Growing Risk." Accessed July 10, 2020.
- Flood Factor. "Find Your Home’s Flood Factor." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hail." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Hurricanes." Accessed July 10, 2020.
- Insurance Information Institute. "Facts + Statistics: Wildfires." Accessed July 10, 2020.
- J.D. Power. "Homeowners’ Satisfaction with Property Claims Reaches Record High as Insurers Focus on Relationship Management, J.D. Power Finds." Accessed July 27, 2020.
- Verisk. "Wildfire Risk Analysis." Accessed July 10, 2020.