The average cost of home insurance in Oregon is $1,315 per year for a policy with $300,000 in dwelling coverage and a $1,000 deductible, according to Insurify data. Oregon homeowners pay less than the national average of $2,532.
Located in the Cascadia Subduction Zone, Oregon has a risk of earthquakes — so homeowners should consider buying earthquake coverage.1
To find the best homeowners insurance for your coverage needs, you should always compare quotes from multiple insurers. Here’s what you need to know as a homeowner in Oregon.
Several companies in Oregon offer high-quality home insurance at affordable rates. Home insurance rates vary based on different factors, including the age of your house, ZIP code, and claims history. Shopping widely can help you find a policy that fits your personal situation and needs.
Start your search for cheap home insurance with four of the best home insurers in Oregon below.
Oregon homeowners pay some of the most affordable home insurance rates in the country. But your rates can vary based on several factors — and some coverage options are cheaper than others.
The following table features a list of the cheapest home insurance companies in Oregon, along with each company’s average monthly premium for a policy with $300,000 in dwelling coverage and a $1,000 deductible.
The average cost of homeowners insurance in Oregon is $1,320 per year. This compares favorably to the average cost of home insurance in other states, which tends to be higher.
Location is a key factor when it comes to home insurance rates. Homes in disaster-prone areas or far from a fire department are more expensive to insure, on average. Your home’s claims history, age, and condition also play a role in home insurance rates. Finally, your credit history can also affect how much you pay for insurance coverage.
Dwelling coverage is the part of a standard home insurance policy that protects the physical structure of your home. The dwelling coverage limit you choose determines how much your insurer will pay for a covered claim.
Choosing higher coverage limits means you’ll have higher premiums. You should consider several factors when choosing a coverage level, including your home’s age, construction materials, and local labor costs.
The following table shows how much Oregon homeowners pay for home insurance policies with a $1,000 deductible based on the dwelling coverage limit.
Your deductible is the amount you’ll pay out of pocket before insurance begins to pay for a covered loss. Choosing a high deductible can help you save money on monthly insurance costs. Just remember that you’ll face more out-of-pocket costs if you choose a higher deductible.
The table below shows how much Oregonians pay for a home insurance policy with $300,000 in dwelling coverage by deductible amount.
Several strategies can help you find cheap homeowners insurance in Oregon:
Perform home upgrades. Insurers consider older homes as higher risk due to the potential for an expensive claim. Fixing a faulty foundation or leaky roof can help you pay lower premiums. Adding new features, like an advanced security system or smart smoke alarms, can also lead to discounts from most home insurers.
Improve your credit. Homeowners insurance companies use your credit history to generate your credit-based insurance score, which estimates your likelihood of filing a claim. Improving your credit history could lead to lower rates.
Check your coverage limits. You might have purchased too much home insurance. Take an inventory of your personal belongings to make sure you have the right amount of personal property insurance. Getting a better sense of the value of all your belongings can also help you correctly estimate the amount of insurance you need.
Take advantage of discounts. Talk to your insurance agent or visit your insurer’s official site to figure out which discounts you qualify for. Most insurance companies offer bundling discounts, loyalty discounts, and savings for homeowners who enable paperless billing or automatic payments.
Shop around and compare quotes. Rates can vary significantly between home insurance companies. That’s why getting home insurance quotes from at least three different insurance companies and comparing them side by side can help you pick the best coverage for your unique needs and budget.
When you take out a mortgage on your home, your mortgage lender will require you to purchase a home insurance policy. The amount of coverage you need can vary based on your home’s value. Different types of home insurance policies have different levels of coverage.
But most insurance experts recommend insuring your home for at least 80% of your home’s replacement cost, and at least $300,000 in liability coverage.4
It’s important to know what your home insurance policy covers. Most policies include dwelling coverage for the home’s structure, other structures coverage for detached structures like a fence or garage, liability coverage in the event of an accident, and additional living expenses if you need to temporarily leave your home after extensive property damage.
You may want to purchase a type of coverage not typically included in a standard home insurance policy. For instance, a standard homeowners policy doesn’t include coverage for earthquakes.
Many severe weather events affect Oregon. As a homeowner, you should be aware of three common perils.
To find the best home insurance company for your coverage needs, you should compare quotes from multiple insurers. The following information can help answer your remaining questions about home insurance in Oregon.
In Oregon, the average annual cost of homeowners insurance for a policy with $300,000 in dwelling coverage and a $1,000 deductible is $1,315. Because Oregon has a risk of earthquakes, you may want to buy an additional earthquake insurance policy, which will come with another premium.
Travelers has the cheapest homeowners insurance in Oregon, with an average monthly premium of $85 for a policy with $300,000 in dwelling coverage.
No. Oregon state law doesn’t require homeowners insurance, but your mortgage company will require it. Even if you’ve already paid off your mortgage, you should still buy home insurance to protect your home and personal belongings. By not insuring your home, you put yourself at risk of having to pay expensive repair costs in the event of damage.
An HO-3 policy is the most common homeowners insurance policy. Also known as the special form, HO-3 coverage includes dwelling and other structures coverage for all perils, unless specifically excluded.
)
)
Licensed auto and home insurance agent
3+ years experience in insurance and personal finance editing
NPN: 20564519
Featured in
){kind=small}
){kind=small}
)
Data expert on auto trends and driver behavior
University of Chicago graduate with statistics degree
Featured in
){kind=logo}
){kind=small}
){kind=small}
)
)