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CheapRenters InsuranceOregonThe Best and Cheapest Renters Insurance Companies in Oregon for 2024: Rankings, Reviews and Rates
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Updated: 12/28/2023
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CheapRenters InsuranceOregonThe Cheapest Renters Insurance in Oregon
Cheap Renters Insurance Companies in Oregon
Most consumers want to buy the cheapest renters insurance policy that offers sufficient coverage for their needs. MetLife is the most affordable renters insurance provider in Oregon, with average premiums of $88 per year. State Farm follows close behind with an average yearly price of $100.
MoneyGeek based the average costs of each renters insurance firm on quotes acquired from a diverse collection of ZIP codes across Oregon. These prices are for a plan with personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
Personal Property Coverage:
$20,000
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Best Renters Insurance Companies in Oregon
State Farm is the best renters insurance company in Oregon, scoring 92 out of 100 on MoneyGeek’s ranking system. We based our analysis on the companies’ affordability, customer satisfaction ratings from J.D. Power and financial stability ratings from AM Best.
Our recommendations for the best renters insurance companies in Oregon may not always offer the cheapest premiums, but they provide the best balance between cost and service quality. We encourage renters to consider quality service in addition to cost, as a company’s service will determine how quickly and fairly your claims are processed.
1
State Farm
Score:92
State Farm is our top pick for renters insurance in Oregon. It offers coverages that protect against earthquakes, identity theft and personal injury, including defamation of character, libel or slander. Policyholders may also choose to get additional, separate policies for business property insurance and incidental business liability.
More About State Farm
State Farm has an established presence in Washington, D.C., and all 50 U.S. states, and renters can easily get a personalized quote from the company’s website. Aside from having an easy-to-use mobile app for managing insurance and banking transactions, State Farm also has options for automatic payment and paperless transactions. Optional coverages include protection against personal injury, identity theft, earthquakes and incidental business and professional liability. Policyholders can also save on premiums through multi-line discounts when renters and auto insurance policies are combined.
2
Allstate
Score:81
Allstate scored 81 out of 100 in MoneyGeek’s ranking system, earning our nod for the second place in our analysis of Oregon’s best renters insurance providers. Usual coverages available through endorsements include protection against identity theft, flood, personal injury and scheduled personal property.
More About Allstate
Allstate’s renters insurance policies are available in Washington, D.C., and all 50 U.S. states. Among the many advantages to an Allstate policy is a convenient mobile app and free online calculators for monthly payments, net worth and more. Policyholders may also get expert financial advice from Allstate’s personal financial representatives on areas like starting your career, growing your family, raising your children, protecting your finances and planning for retirement. You can save even more through Allstate’s multi policy bundling discounts, staying claims-free and setting up automatic payments. The company also has a discount for policyholders who are retired and at least 55 years old.
3
Farmers
Score:77
4
American Family Insurance
Score:75
5
Nationwide
Score:73
MONEYGEEK EXPERT TIP
Do not be shortsighted by focusing only on cost when shopping for the best renters insurance. Sometimes, paying a bit more for the right policy can save you more money in the long term.
Largest Renters Insurance Companies in Oregon
It might be intimidating to buy renters insurance from a larger company. However, there are many advantages to choosing this option. Larger companies tend to be more financially secure and invest more in guaranteeing superior customer service and providing a quality user experience.
Company | Market Share | |
|---|---|---|
1. | State Farm | 21.6% |
2. | Farmers | 15.4% |
3. | Liberty Mutual | 12.7% |
4. | USAA | 8.0% |
5. | Allstate | 7.2% |
6. | American Family | 6.2% |
7. | Country Financial | 5.3% |
8. | Travelers | 3.2% |
9. | Nationwide | 1.8% |
10. | Mutual Of Enumclaw | 1.8% |
Average Cost of Renters Insurance in Oregon
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renters insurance is equal to the average.
In Oregon, the average cost of renters insurance is $114 per year, which is $46 less than the national average.
Your rates will ultimately depend on the amount of personal property that you keep.
You can use MoneyGeek’s calculator to see how much insurance you’ll need based on the value of your personal property.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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MONEYGEEK EXPERT TIP
Oregonians can save a substantial sum just by spending extra time comparing renters insurance prices. For example, if you buy a policy from State Farm, which is the cheapest provider in the state, you can end up saving about $43 per year.
What Factors Impact Renters Insurance Cost in Oregon
Several factors have an impact on your monthly renters insurance premium in Oregon. These are the most significant elements of your renters insurance cost:
Renters Insurance in Oregon: What You Need to Know
The cost of renters insurance in Oregon is relatively low, and it offers the advantage of providing security for your valuables. This can give you peace of mind, as you don’t have to worry as much about natural disasters or burglary.
In Oregon, about 34% of the population are renters, and the average rent is $1,185 per month. For a basic renters insurance package with $20,000 in personal property coverage, $100,000 in liability coverage and a $500 deductible, the average monthly premium is $9, or less than 1% of the price of rent.
What Renters Insurance Typically Covers in Oregon
To make a successful claim, you should know what your renters insurance policy in Oregon covers and excludes. Standard coverage includes medical payments, liability insurance, additional living expenses and personal property.
Personal property insurance in Oregon can pay for damages caused by adverse weather events, such as wildfires, thunderstorms and others.
What Renters Insurance Typically Does Not Cover in Oregon
Each policy is different, and you should read the fine print to learn what exactly your plan covers. Armed with this knowledge, you can find the right policy and make a successful claim.
Though renters insurance in Oregon covers many emergencies, it may not protect you from some common issues and events, like the ones given below:
MONEYGEEK EXPERT TIP
Oregon’s Division of Financial Regulation has all the resources that you need to understand what renters insurance is and what it covers. This office protects Oregonians by providing access to fair insurance products and services through education, regulation and consumer assistance.
You can reach Oregon’s Division of Financial Regulation through the following channels:
- Office Address: 350 Winter St., NE, Room 410, Salem, OR
- Mailing Address: P.O. Box 14480, Salem, OR 97309
- Consumer Help Lines: 888-877-4894 (toll-free in Oregon), 503-378-4140 (Salem), 503-947-7862 (fax)
- Email Address: DFR.InsuranceHelp@dcbs.oregon.gov
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FAQs About Renters Insurance in Oregon
Renters insurance can be a difficult topic to navigate, especially for most new renters. Below are MoneyGeek’s answers to some of the most commonly asked questions to serve as your guide in finding the best renters insurance in Oregon.
What is the cheapest renters insurance company in Oregon?
With policies costing an average of $100 per year or $8 monthly, State Farm offers the cheapest renters insurance policies in Oregon.
What is the best renters insurance company in Oregon?
State Farm is the best renters insurance company in Oregon, earning a near-perfect MoneyGeek score of 92 out of 100.
How much does renters insurance cost in Oregon?
In Oregon, renters insurance costs an average of $9 per month, or $114 per year. However, actual costs vary depending on your chosen provider. Buyers could save up to $43 per year, or $4 per month, by choosing the cheapest policy.
Is renters insurance required in Oregon?
Renters insurance is not required by law in Oregon, but some landlords may require renters to purchase a policy. We recommend that you consider buying renters insurance to ensure that your personal property is properly protected against damage.
Renters Insurance in Oregon Analysis: Methodology
MoneyGeek analyzed renters insurance premiums from six of the top insurance companies in Oregon provided in partnership with Quadrant. Our analysis includes quotes from ZIP codes across Oregon. Quotes were gathered for policies with personal property coverage of $20,000, $50,000 and $100,000, liability coverage of $100,000 and a deductible of $500.
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
sources
- DFR. "Oregon’s Division of Financial Regulation." Accessed March 31, 2022.