The Best Cheap Homeowners Insurance in Salem, Oregon for 2024: Quotes and Reviews

When selecting a home insurance policy, cost is an important consideration for homeowners in Salem, as many companies offer the same core coverage at varying prices.

MoneyGeek gathered quotes to find the cheapest homeowners insurance companies in different states and cities. The cheapest insurance companies in Salem for home insurance with $250,000 in dwelling coverage are:

• Farmers: $505 per year
• Travelers: $595 per year

The cost of your insurance premium increases in proportion to the value of your home and belongings; the more you own, the more you will pay for home insurance. The cheapest homeowners insurance companies for a policy with $2 million worth of dwelling coverage are the following:

• Farmers: $2,639 per year
• American Family: $3,341 per year

USAA is the cheapest home insurance provider in the city at an average cost of $2,265 per year. However, coverage is limited to military members and their families, so it was not included in our ranking.

You can see how choosing a different dwelling coverage limit will alter your homeowners insurance cost in the table below.

Homeowners insurance policies in Salem with the initial baseline dwelling coverage of $250,000 have a personal property limit of $100,000, and policies with dwelling coverage of $2 million have personal property limits of $800,000. All policies have $100,000 in liability coverage.

If you live in Oregon but not in Salem, you can also look up home insurance in OR to find the best home insurance rates in your area.

The average cost of home insurance in Salem is $830 per year, or approximately $69 per month. This is slightly more expensive than the state average of $811 per year and significantly less expensive than the national average of $2,103 per year.

Location is one of the main determinants of home insurance cost. However, other factors can affect the cost of your home insurance, including your credit score and the amount of dwelling and personal property coverage in your policy.

You can compare homeowners insurance quotes in your state through MoneyGeek’s home insurance calculator.

When comparing different insurance companies in Salem, homeowners shouldn’t focus only on cost. An insurance company's customer service and financial stability are also important considerations for choosing a provider. Filing a claim can be a stressful experience, but quality customer service can make the process quick and painless.

MoneyGeek ranked home insurance companies in Salem based on affordability, user satisfaction and financial stability. Based on MoneyGeek’s study, the best homeowners insurance companies in Salem are:

• Best Overall: Farmers
• Runner Up: Travelers

In Salem, newly constructed homes may have cheaper homeowners insurance rates than older homes. This is because homes made of modern materials are more resistant to damage and are easier to replace, reducing the likelihood that homeowners will make a claim.

Newly constructed homes cost an average of $626 per year compared to $830 per year for a home built in 2000.

The cheapest homeowners insurance companies in Salem for those with newly constructed homes with $250,000 in dwelling coverage are:

• Travelers: $372 per year
• Farmers: $409 per year

Home insurance also covers damages to personal property in your home. Those who want to cover more personal property will have to pay more for home insurance.

In Salem, it costs an average of $626 per year for a standard policy with a personal property coverage limit of $100,000 compared to an average of $888 per year for a standard policy with $250,000 in personal property coverage limits.

The cheapest homeowners insurance companies in Salem for those with personal property coverage limits of $250,000:

• Farmers: $521 per year.
• Nationwide: $701 per year

When choosing a home insurance policy, you can opt for one with a higher annual premium and lower deductible, or a lower annual premium and a higher deductible. A lower deductible will increase the cost of your premium, but you’ll pay less out of pocket if you make a claim

It costs an average of $746 per year if you select a policy with a $2,000 deductible, compared to $830 for a policy with a $1,000 deductible.

The cheapest insurance companies in Salem for those with policies with $2,000 deductibles are:

• Farmers: $470 per year
• Travelers: $527 per year

Credit score is also an important factor when determining the cost of insurance. If you’re a homeowner with good credit, you may be able to get cheaper rates than those with poor credit.

In Salem, the average cost of home insurance is $830 per year for homeowners with good credit compared to $2,186 per year for those with poor credit.

The cheapest homeowners insurance companies in Salem for those with poor credit are:

• Nationwide: $1,114 per year
• American Family: $1,426 per year

Requesting homeowners insurance quotes online is easy if you have the right information. In order to get a homeowners insurance quote online, you'll need to provide the following information:

• The replacement cost of your home: This is the cost of rebuilding your home, not its market value. It will define the limitations of your dwelling coverage. To acquire a replacement cost estimate, you may want to hire a building contractor or consult with a construction professional.
• The value of your personal property: The value of your belongings will determine the appropriate personal property coverage limits.
• Personal information: Personal information such as your address, who lives in your home, your insurance history and other details are needed to get quotes.
• Information about your house: You will also need to provide information about your house including when it was built, how big it is and what security devices are currently installed in it.

MoneyGeek analyzed home insurance premiums from nine companies in Salem for a home with varying coverage levels to calculate affordability scores. Quotes were also collected for homeowners with newly constructed homes, increased dwelling coverage or personal property coverage, higher deductibles and poor credit scores.

The base profile for a homeowner was for a 2500-square-foot home built in the year 2000, with a dwelling coverage of $250,000, personal property coverage of $100,000 and liability coverage of $100,000. All policies had a $1,000 deductible.

The data was provided in partnership with Quadrant and customer satisfaction ratings were drawn from J.D. Power surveys.