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CheapRenters InsuranceOregon2022The Best and Cheapest Renters Insurance Companies in Oregon for 2022: Rankings, Reviews and Rates
In Oregon, renters insurance costs an average of $9 per month, which is $4 cheaper than the national average. You can still have substantial savings of up to $4 per month, or $43 yearly, just by shopping around for the lowest rates.
MoneyGeek found that State Farm offers the cheapest and best renters insurance in Oregon, with premiums costing an average of $100 per year, or $8 per month.
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Advertising & Editorial DisclosureLast Updated: 11/11/2022
Edited By |
Morgan Hull
Written By |
Mark Fitzpatrick
CheapRenters InsuranceOregon2022The 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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Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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.
Read MoneyGeek's State Farm renters Insurance Review2
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.
Read MoneyGeek's Allstate renters Insurance Review3
Farmers
Score:77
Farmers ranks as the third-best renters insurance provider in Oregon based on MoneyGeek’s analysis. Although it gets impressive marks for financial stability and service quality, it scores relatively lower in terms of affordability. Its common coverage offerings include protection for identity theft, personal property replacement cost and scheduled personal property.
More About Farmers
Farmers has an established business presence in 42 states, including Oregon. Farmers Identity Shield helps its policyholders resolve cases of identity fraud, with compensation for time and loss up to shared limits, in addition to credit monitoring services. Policyholders will also enjoy excellent benefits and perks, such as Farmers’ welcome discount, good payer discount, claims-free discount, smoke-free discount, occupation discount, home protective device discount and multi-policy discount. The company also has a mobile app that allows its users to manage their insurance policies, report claims, communicate with their agent and more.
Read MoneyGeek's Farmers renters Insurance Review4
American Family
Score:75
American Family ranks fourth on our list of Oregon’s best renters insurance companies. Based on MoneyGeek’s rating system, this insurer has impressive scores on financial stability and customer satisfaction, but the rates of its premiums aren’t competitively priced.
More About American Family
American Family offers renters insurance policies in 19 states, including Oregon. Policyholders can get scheduled personal property coverages of up to $1,500 in jewelry, as well as pet damage liability coverage for damage inflicted by pets to other people on your property. The company also offers a host of discounts, such as generational and loyalty discounts, bundling renters and auto policies, having a qualifying smart device installed in the home and opting for autopay, full annual payment and paperless billing.
Read MoneyGeek's American Family renters Insurance Review5
Nationwide
Score:73
Getting the final spot on our list is Nationwide. The biggest perk of having a policy under Nationwide is that its standard policies already include coverages against identity theft, water backup and loss and payment of fees for damages to a shared space like a pool or gym.
More About Nationwide
Available in 44 states, including Oregon, Nationwide’s renters insurance policies offer unique coverages, including those for building alterations and additions made in compliance with the latest building codes and standards, any unauthorized transactions on your credit cards, debit/ATM card and protection against forged checks and counterfeit money. There is also the option to extend theft coverage to include personal belongings that are stored in any motor vehicle, trailer or watercraft. Additionally, while most renters insurance policies don’t cover floods, Nationwide offers this coverage as a separate policy.
Read MoneyGeek's Nationwide renters Insurance ReviewMONEYGEEK 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.
- CompanyMarket Share
- 1.State Farm21.6%
- 2.Farmers15.4%
- 3.Liberty Mutual12.7%
- 4.USAA8.0%
- 5.Allstate7.2%
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.
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Total:
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:
Location
Your ZIP code is important because neighborhoods that insurers view as low-risk will typically have lower premiums, while those exposed to risks like bad weather and high crime rates will have higher renters insurance rates.
Coverage Amount
A home inventory can help you determine how much your possessions are worth. You can then purchase insurance to cover that amount and eliminate the possibility of overinsuring or underinsuring your goods.
Deductible
Your provider charges a deductible to process your claim. If your plan has a high deductible, your premium will be lower. If the deductible is low, the premium will be high because the insurance carrier will pay more in compensation for a claim.
Actual Cash Value (ACV) vs. Replacement Cost Value (RCV)
To process a claim, insurance companies can use either the ACV or RCV valuation method. ACV assesses that your items lose value over time, so this type of policy pays less to replace older belongings. RCV plans cost more because they compensate you for purchasing a new item of comparable quality.
Credit Score
Besides helping you get a loan or credit card more easily, a good credit score can also make you eligible for renters insurance discounts. Conversely, insurers consider people with low credit scores to be more likely to file a claim, so they often charge them higher premiums.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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:
- EventDescription
Flooding
Flooding because of bad weather is typically excluded. If you live in an area that’s prone to flooding, you should get adequate coverage through the National Flood Insurance Program (NFIP).
Earthquake Damage
Renters insurance usually excludes earthquake damage. Since Oregon has a fault line, you may want to consider add-on earthquake coverage.
Structural Damage
Renters policies do not cover damage to the building’s structure. This is your landlord’s responsibility.
Roommate Property
Only the policyholder’s belongings are covered, and not their roommate’s. Your roommate should get their own coverage.
Expensive Items
An additional rider is needed to cover expensive items that exceed policy limits like jewelry, fur, gaming computers, etc.
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.
Compare Renters Insurance Rates
Ensure you're getting the best rate for your renters insurance. Compare quotes from the top insurance companies.
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 the Author
sources
- DFR. "Oregon’s Division of Financial Regulation." Accessed March 31, 2022.