It’s smart to buy renters insurance in Oregon, as it offers protection for your valuable assets at a low cost. To help you find the best policy for your needs, MoneyGeek ranked the leading renters insurance providers across Oregon based on the main factors of affordability, customer service and financial strength.
The Best and Cheapest Renters Insurance in Oregon for 2021: Rankings, Reviews and Rates
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.
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Best Renters Insurance Companies in Oregon
In addition to pricing, you should also assess customer support quality and financial stability while choosing a provider. The company should give you the assurance that it will process your claim fairly and swiftly.
To find the best renters insurance carriers in Oregon, MoneyGeek rated firms on three main factors: affordability, AM Best’s financial stability ratings and J.D. Power’s customer service scores. Based on the research, MetLife is the leading renters insurance firm in Oregon, with a score of 93 out of 100.
Besides standard features, MetLife offers bonus coverage for sports and recreation equipment, musical instruments, electronics and luxury items. This provider provides multi-policy, claim-free, employer and protective device discounts. MetLife's renters insurance is available nationwide, and each policy includes identity protection services.
State Farm's add-on features include incidental business liability, additional business property, earthquake damage, fraud loss, identity restoration, cyber event and additional liability coverage. A unique feature of State Farm is its inflation coverage. You can save money by bundling your auto and renters insurance policies.
Allstate's base policy includes personal property coverage, personal liability, medical payments to others, loss of use coverage and off-premise coverage. Optional add-on features are identity theft, water backup and earthquake coverage. Allstate also offers multi-policy and home safety discounts.
Pros of Farmers renters insurance coverage are $100 deductibles, more than 90 years of experience in the industry and a non-smoking discount. Add-on options include identity shield, pet insurance and umbrella liability insurance. You can get 24/7 claims service.
American Family's notable features are 24/7 claims support, a useful mobile app and the inclusion of identity theft protection in every policy. Optional coverage is offered for fur, watches, gemstones and jewelry, personal injury, equipment breakdown, pets, travel and home-based businesses. You can submit your claim through their convenient online customer portal.
Largest Renters Insurance Companies in Oregon
Large insurance providers are more reliable, as they are more likely to be financially stable and compensate your claim without trouble. In terms of market share, Oregon’s biggest renters insurance company is State Farm, with 22%. It is followed by Farmers (15%) and Liberty Mutual (13%). These three firms account for about 50% of the renters insurance policies issued in the state.
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Average Cost of Renters Insurance in Oregon
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In Oregon, the average annual rate of renters insurance is $114, about $46 less than the U.S. average. These prices are for a plan that offers personal property coverage of $20,000, liability coverage of $100,000 and a deductible of $500.
By comparing renters insurance prices, Oregon consumers can save a significant sum. For example, if you choose the cheapest provider instead of the most expensive one, you can save 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.
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
Though renters insurance in Oregon covers many emergencies, it may not protect you from some common issues and events, like the ones given below:
- 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.
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.
FAQs About Renters Insurance in Oregon
Expert Insight on Renters Insurance in Oregon
- What advice would you give tenants looking to buy a renters insurance policy in your state?
- What considerations should tenants in your state take when determining the best renters insurance company for them?
- Are there any environmental factors renters should consider when deciding whether or not to buy a renters insurance policy in your state?
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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.
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