besthome insurancePortlandThe Best Cheap Homeowners Insurance in Portland, Oregon for 2023: Quotes and Reviews
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besthome insurancePortlandThe Cheapest and Best Homeowners Insurance in Portland
Cheapest homeowners insurance in Portland - American Family Insurance
The Cheapest Home Insurance Companies in Portland
Most home insurance policies in Portland protect you against the same things, including loss of or damage to your home and personal belongings. With similar core coverages, the policy's price is something worth considering.
For homes with a $500,000 dwelling coverage limit, the companies offering the cheapest home insurance in Portland on average are:
- American Family: $950 per year
- Farmers: $958 per year
Some homes are more expensive. Their dwelling coverage limits extend to $2 million. On overage, home insurance companies with cheap policies for homes like these are:
- USAA: $2,502 per year (only available to present and former members of the military)
- American Family: $2,764 per year
To check how much rates change based on the dwelling coverage limit, use the table below.
The Cheapest Home Insurance in Portland, Ranked
Dwelling Coverage:
$500,000
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Initial baseline dwelling coverage in Portland is half a million dollars. Policies with this dwelling coverage limit also have personal property coverage limits of $200,000. When the dwelling coverage limit is increased to $2 million, the limit for personal property coverage becomes $800,000. Liability coverage remains at $100,000, which is the standard for all policies.
You can check home insurance rates in Oregon despite living outside of Portland.
The Average Cost of Homeowners Insurance in Portland for 2021
Portland$1,373
Oregon$811
U.S.$2,103
The average price of home insurance nationally is $2,103 each year. Homeowners pay an average annual premium of $811. In Portland, the average rate for home insurance is $1,373 per year, which is higher than the state average but lower than the national average.
Calculate the Cost of Home Insurance in Portland
Home insurance rates in Portland are based on more than just location. Although insurers consider which area of Portland your home is in, they also consider other factors. These include your credit scores and how much coverage you purchase to cover damages on your home or personal belongings.
MoneyGeek’s home insurance calculator allows you to compare quotes in Portland using different zip codes and varying coverage limits.
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 Best Home Insurance Companies in Portland
Just like how location is not the only basis of home insurance rates, price should also not be the only factor to consider when choosing a policy. Ideally, you want a financially stable insurer. Filing a claim is always a stressful experience, so it’s also good to have an insurer that prioritizes customer experience.
MoneyGeek analyzed several providers and have found the best homeowners insurance companies in Portland to be:
- Top Provider: USAA (available only to current and former military members)
- Runner-up: Farmers
Three aspects were used in MoneyGeek’s study to rank home insurance companies, including customer experience, financial stability and affordability.
1
USAA
Score:94
Homeowners with a USAA policy can get lower rates if they have a security system installed. Remaining claim-free for five years can also lead to a lower premium. Additionally, choosing to rent out your home or part of it may cause you additional expenses, usually from maintenance and repairs. USAA’s policy has a home-sharing feature, which helps cover expenses related to being a landlord.
More About USAA
The insurance company in first place is USAA with two perfect scores, one in customer experience and the other in financial stability. Only current and former military members and their families are eligible to purchase their policies.
Read MoneyGeek's USAA home Insurance Review2
Farmers
Score:94
A standard Farmers policy protects you against damages to your home, but you can get as much as $25,000 more when filing for a claim if you agree to use environment-friendly materials and appliances. On top of that, their policies protect you from more than damages to your home and your personal property. You can even get protection against identity theft by adding Identity Shield to your standard policy.
More About Farmers
Farmers scored particularly high in affordability, followed by customer experience. Policyholders can lower their rates with Farmers’ Declining Deductible feature, which decreases premiums by $50 for each year you get insurance from Farmers.
Read MoneyGeek's Farmers home Insurance Review3
Nationwide
Score:92
4
American Family Insurance
Score:91
5
Travelers
Score:89
6
Allstate
Score:87
7
State Farm
Score:85
8
MetLife
Score:82
9
Country Financial
Score:75
Cheapest Home Insurance Companies in Portland for Newly Constructed Homes
The newer your home, the lower your policy becomes. Standard home insurance for a house constructed in 2000 in Portland has an annual rate of $1,373 on average. In comparison, rates for newly built homes constructed in 2015 and after are lower at an average of $1,036 per year. Homeowners with older homes tend to file more claims, leading to a higher premium.
For newly built homes in Portland with dwelling coverage limits of $500,000, cheap home insurance are offered by the following companies:
- Nationwide: $721 per year
- Travelers: $744 per year
The Cheapest Home Insurance in Portland for New Homes, Ranked
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Cheapest Home Insurance Companies in Portland if You Have a Lot of Personal Property
The protection given by home insurance policies in Portland is not limited to damages to the actual structure of your home. It also protects you against loss of or damage to personal property that you keep in your home.
Homes in Portland that have personal property coverage limits of $250,000 costs $1,470 on average. This is higher than a policy with a $100,000 personal property coverage limit that only costs $1,373 each year.
Among the insurance providers in Portland, the ones that offer the cheapest home insurance to homes with a personal property coverage limit of $250,000 are:
- Farmers: $988 per year
- American Family: $1,103 per year
Cheap Companies in Portland for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Portland for High Deductibles
Your home insurance deductible determines the amount you have to shell out when you file a claim. Your insurer then shoulders the remaining amount. The lower your deductible is, the more your insurer pays. This means your policy will cost more annually.
In Portland, a policy with a $2,000 deductible costs $1,234 every year. On the other hand, you pay $1,373 annually for a policy that has a $1,000 deductible.
Companies in Portland that offer cheap home insurance for policies with a $2,000 deductible are:
- Farmers: $893 per year
- American Family: $895 per year
The Cheapest Companies in Portland for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Portland if You Have Poor Credit
Homeowners with poor credit are more likely to file a claim, which is why insurers in Portland consider credit scores when computing for a policy’s price.
A homeowner with good credit standing pays a yearly premium of $1,373. Having a bad credit score almost triples the price to $3,786 each year.
Homeowners with poor credit scores can get cheap homes insurance from these companies in Portland:
- Nationwide: $1,885 per year
- American Family: $2,120 per year
The Cheapest Companies in Portland for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Portland
You don’t need to visit every home insurance company in Portland if you want to compare quotes. Rates can be estimated online, but make sure you have the following information ready to get an accurate price:
- Cost of home replacement – How much will it cost to rebuild your house? This amount determines the dwelling coverage limit in your policy, so get a professional to assess your home.
- Value of personal property – How much will it take to replace your personal belongings? When you make an inventory of your things, note that expensive items such as works of art and jewelry may not be included.
- Personal Details – How many people reside in your home? How many claims have you filed in the past couple of years? Insurers will even ask for your home address.
- Home Particulars – Do you have a security system installed? When was your house built? What condition is it in? These are some of the questions you’ll have to answer.
Homeowners Insurance in Portland Analysis: Methodology
MoneyGeek’s study used information provided in partnership with Quadrant. Customer experience ratings were based on survey results from J.D. Power. Quotes were gathered and compared to determine affordability scores.
Quotes from homeowners with poor credit scores, higher dwelling and personal property coverage limits and newly constructed homes were collected to compare with the baseline profile in Portland. That’s a homeowner with a 2,500 square foot home built in 2000 with a $500,000 dwelling coverage limit, a $200,000 personal property coverage limit, $100,000 liability coverage and a $1,000 deductible.
Nine home insurance companies in Portland were used in this study.
About Mark Fitzpatrick
sources
- Neighborhood Scout. "Portland, OR Crime Rates." Accessed April 30, 2021.
- Neighborhood Scout. "Portland, OR Real Estate Appreciation and Housing Market Trends." Accessed April 30, 2021.
- U.S. News. "USAA Homeowners Insurance Review and Quotes." Accessed April 30, 2021.
- Insurify. "Why Does the Age of My House Affect Home Insurance Premiums (2021)?." Accessed April 30, 2021.