The average cost of renters insurance in Portland, Oregon, is $114 a year or $10 per month. The difference between the cheapest and most expensive renters insurance rates is $4 per month, so you can save money by shopping around and comparing quotes. To help you find the best renters insurance carriers in Portland, MoneyGeek ranked them based on their cost and quality.
The Best and Cheapest Renters Insurance in Portland, OR for 2022: Rankings, Reviews and Rates
The Cheapest and Best Renters Insurance in Portland
The Companies With the Cheapest Renters Insurance in Portland
Renters insurance cost is a vital factor for many consumers as most carriers present the same core features. To find the cheapest rates, you should compare renters insurance quotes from multiple providers. MoneyGeek’s research ranked companies that offer the most affordable renters insurance. In Portland, the cheapest options are:
- MetLife: $88 per year
- State Farm: $100 per year
MoneyGeek used prices based on policies with $20,000 in personal property coverage, $100,000 in liability coverage and a deductible of $500. Your actual costs will be different. Peruse the table below for various personal property coverage limits and see how the prices change.
Renters living elsewhere in the state can compare renters insurance for Oregon as a whole.
Average Annual Rates for Personal Property Insurance
Personal Property Coverage:
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What Are the Best Renters Insurance Companies in Portland?
According to MoneyGeek’s study, the best renters insurance companies in Portland are:
- Best Overall: MetLife
- Runner-Up: State Farm
To accurately rank the companies, MoneyGeek used a rating system that includes affordability, financial stability ratings from AM Best and customer satisfaction ratings from J.D. Power. The above companies also offer unique coverages not provided by all renters insurance firms.
All MetLife policies offer identity theft protection, for which other companies charge extra. You can get specialty coverage for valuable items like jewelry, sports equipment or musical instruments.
MetLife is MoneyGeek’s top pick in Portland because it has high scores across all parameters, including maximum points for affordability.
State Farm lets you raise limits for valuable items like business personal property and jewelry while getting a quote. You can buy inflation coverage so that your personal property coverage limits automatically increase over time. In addition, you can add identity restoration coverage to your renters policy for $25 per year to safeguard against the expenses of identity fraud.
State Farm is the runner-up in Portland with a maximum score for financial stability. Its total score is 88.6 out of 100.
The Average Cost of Renters Insurance in Portland for 2021
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The average cost of renters insurance in Portland is $114 per year or around $10 per month. This is $45 less than the national average of $159 per year.
What Factors Impact Renters Insurance Costs in Portland?
The following factors play the biggest role in determining your renters insurance rates in Portland:
- Personal property coverage amount – You should assess your assets and valuables and choose the appropriate amount of coverage for them. Your coverage level is an important determining factor in the cost of your policy.
- Liability coverage amount – The level of liability coverage has a minor impact on the cost of your renters insurance. A standard package offers $100,000 in liability coverage, but you can add thousands more for only a few dollars per year.
- ACV vs. RCV – The provider will reimburse you for your damaged or stolen goods based on either the actual cash value (ACV) or the replacement cost value (RCV). For ACV policies, you will only get reimbursement based on the depreciated value of your used items. In contrast, RCV policies reimburse the equivalent cost of a new item of the same type and quality without considering the depreciated value of the damaged property. Because RCV policies pay more for claims, they are costlier than ACV plans.
- Deductible – The deductible is the fee you need to pay to the insurer to cover a claim. A policy with a higher deductible has lower premiums. This is because you will pay more out of pocket if you file a claim.
- Location - Your renters insurance cost is also determined by the locality where you live. For instance, ZIP codes with high crime rates tend to have higher insurance rates.
Calculate How Much Renters Insurance You Need
Does My Portland Neighborhood Impact Cost of Renters Insurance?
Generally, neighborhood locations do not have much impact on renters insurance costs. MoneyGeek’s research shows that the locality you live in will only affect your premium by a couple of dollars per month.
Understanding Renters Insurance in Portland
When you shop for renters insurance, ensure you get adequate coverage for your needs. Renters insurance is an affordable way to shield yourself against possible expenses due to theft and other unanticipated damages. According to the FBI, 4,232 property crimes were reported in Portland per 100,000 residents in 2019. That is 124% higher than the national average.
What Does Renters Insurance Cover in Portland?
Portland tenants may buy additional coverage for risks that can happen anywhere, like water damage and fires. Providers in Portland typically offer renters insurance policies that include:
- Personal property coverage – This covers your rented home’s contents from certain perils like vandalism, fire, plumbing issues, theft, electrical malfunctions and some weather-related damages.
- Additional living expenses – If your rented unit becomes unlivable due to a covered peril, this coverage will pay for the costs of your temporary housing.
- Liability insurance – If another person gets injured or suffers damage to their property due to an accident in your rented property, liability insurance can help with your legal expenses and court judgment payments.
- Medical payments coverage – If an individual gets injured in your rented property, this feature will pay for medical expenses related to that injury. Coverage is assured regardless of who is at fault.
What Is Not Covered by Renters Insurance in Portland?
Your renters insurance policy in Portland may not cover some aspects, so make sure to read the fine print carefully to understand what protection you are getting.
For instance, the home’s structure is excluded, and the property owner should get coverage for it. Standard renters coverage includes only certain water damage, and damages due to flooding are excluded. For security against flood damage, it’s ideal to buy incremental coverage through the National Flood Insurance Program (NFIP).
Renters insurance also excludes damage to your car, damage due to earthquakes, your roommates’ possessions, valuables and jewelry that cost more than the policy limits. You should look to buy add-on coverage for these potential costs.
Frequently Asked Questions About Renters Insurance in Portland
To help you find the right renters insurance policy in Portland for your needs, MoneyGeek answers frequently asked questions about the topic.
Renters Insurance in Portland Analysis: Methodology
Moneygeek assessed hundreds of renters insurance quotes in Portland to help you find the best renters insurance. The top companies were determined using data from J.D. Power, AM Best and our affordability metrics derived from a comprehensive analysis of quotes provided by Quadrant.
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