The Best Homeowners Insurance Companies and Cheapest Quotes in Oregon for 2020

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.

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

$150,000

Credit Score

Excellent

low end

on average

high end

These are annual estimates. Get a personalized quote to determine your costs.

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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

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

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

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

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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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.