The Cheapest and Best Homeowners Insurance in Salem
The Cheapest Home Insurance Companies in Salem
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.
The Cheapest Home Insurance in Salem, Ranked
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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 Homeowners Insurance in Salem for 2022
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.
Calculate the Cost of Home Insurance in Salem
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.
Home Insurance Calculator
These are annual estimates. Get a personalized quote to determine your costs.
The Best Home Insurance Companies in Salem
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
Farmers received high scores for affordability, financial stability and customer service, making it the best option in the city. The average cost of home insurance from Farmers is $505 per year. One perk of Farmers insurance is its unique coverage option for energy-efficient upgrades.
Users can receive up to $25,000 toward the cost of replacing materials and appliances with “green” alternatives. Discounts are also given to homeowners who own a property that is less than 14 years old. Bundling Farmers home and auto insurance can save you even more money.Read MoneyGeek's Farmers home Insurance Review
MoneyGeek ranked Travelers as the second best option for home insurance in Salem based on high scores for affordability, financial stability and customer service. On average, homeowners pay $595 per year for a policy. The company provides matching coverage on undamaged property, meaning the insurer will cover the cost to replace any damages with materials that match the undamaged property.
Travelers’ matching coverage feature covers up to $30,000 in costs related to replacing or repairing damaged property with materials that match your undamaged property. This ensures that all repairs match the existing features of your home. You may also be eligible for its claims-free discount for not submitting a claim within a specified period, or its protective device discount, for installing home security and home safety systems like smoke detectors, fire alarms and others.Read MoneyGeek's Travelers home Insurance Review
Cheapest Home Insurance Companies in Salem for Newly Constructed Homes
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
The Cheapest Home Insurance in Salem for New Homes, Ranked
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Cheapest Home Insurance Companies in Salem if You Have a Lot of Personal Property
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
Cheap Companies in Salem for Extra Personal Property Coverage
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Cheapest Home Insurance Companies in Salem for High Deductibles
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
The Cheapest Companies in Salem for High Deductibles, Ranked
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Cheapest Home Insurance Companies in Salem if You Have Poor Credit
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
The Cheapest Companies in Salem for Poor Credit, Ranked
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Getting Online Homeowners Insurance Quotes in Salem
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.
Homeowners Insurance in Salem Analysis: Methodology
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.
About Mark Fitzpatrick