Hollay Ghadery Last Updated On: February 13, 2024

Find Homeowners Insurance in Oregon and Save

Oregon might be called The Sunset State, but the sun never sets on insurance savings. We love helping consumers become more informed and find insurance policies that fit their needs without breaking the bank, and home insurance in Oregon is no exception. 

So, settle in and get ready to find out everything you should know about shopping for home insurance in the great state of Oregon, because you deserve great coverage and peace of mind. 

Let’s dig into it.

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Table of Contents

Oregon’s Climate and How It Impacts Home Insurance

Oregon’s proximity to the coast means that part of the state enjoys mild marine weather throughout the year. Otherwise, the state sees warm, wet summers, and cold, snowy and windy winters. 

The good news is that Oregon is at a very low risk for hurricanes and tornadoes. But on the other hand, earthquakes and flooding abound in Oregon. Unfortunately, both are typically excluded from most home insurance policies. 

As an Oregon resident, you’ll likely want to purchase additional flooding and earthquake insurance to ensure you’re covered should anything happen. We’ll go through what a standard policy does and doesn’t cover next, so you can choose if you want more coverage or not.

Options for Homeowners Insurance in Oregon

Your home is often the largest investment you’ll make in your lifetime, which is why home insurance to protect that investment is a no-brainer. But home insurance can quickly become overwhelming, and it’s hard to know what you’re actually covered for.

So let’s break it down. Here are the common coverage types included in most home insurance policies:

  • Dwelling: This protects the structure of your home, like roof, walls, foundation, etc., from damage. 
  • Other Structures: Other structures on your property are also covered from damage, like a detached garage, shed, fence, etc.
  • Personal Property: What’s inside the house is also covered, like your clothing, electronics, appliances, furniture, jewelry, and more. 
    • Keep in mind these are covered to specified limits, so if you have fairly expensive items like collectibles, antiques, and art, you’re going to want to bump up your personal property protection or get scheduled personal property covered on specific items.
    • Another factor to be aware of is replacement cost versus actual cash value: your policy will either cover the depreciated value of your belongings or the actual cost to replace the belongings. Knowing which one you’re covered for is important. 
  • Liability: If someone is injured on your property, you could be found liable. This would leave you on the hook for their medical costs and potential damages if they sue. Liability coverage helps cover these costs, including a legal defense if you’re sued.
  • Loss of Use: If your home is damaged to the point where you can’t live there until it’s repaired, this coverage helps pay for lodging, food, and transport until your home is ready. 

It’s important to note that each of these categories has specific limits of coverage. For example, dwelling coverage is usually the amount it would cost to replace or repair your home at the time you take out your policy. If labor and supply costs rise significantly in your area, it might be worthwhile to consider increasing your coverage the next time your home insurance is up for renewal, to ensure you can fully repair or rebuild your home if the worst happens.

Personal property coverage can range from 20-50% of your total policy, but it’s important to do an inventory of your belongings to ensure that coverage actually suffices. If you have pricey jewelry or designer clothing, you’re going to want to read this.

Home Insurance Endorsements

While a standard home insurance policy with the coverage above works for many homeowners, you might want a little more coverage to feel fully protected. This is where endorsements come into play: these are additional coverage options you can add to your policy.

Some common endorsements include:

  • Sewer Backup: Home insurance includes some types of water damage, but sewer backup isn’t one of them and it can wreak havoc on your home. 
  • Identity Theft: This coverage is becoming more and more popular as identity theft is on the rise. This coverage helps reimburse you the costs to resolve an identity theft situation, including legal fees.
  • Earthquake: Quakes are typically excluded from home insurance, so Oregon residents should consider adding earthquake insurance to their policy given the frequency of them in the state.
  • Flooding: Flooding is also excluded from home insurance perils, but the damage can quickly reach the tens of thousands of dollars. Oregon is a wet state, so adding flooding insurance is a smart choice.
  • Guaranteed Replacement Cost: Many people forget that the assessment of their home’s repair/rebuild cost could be many years out of date, depending on when they took out their policy. This endorsement ensures that your home will be rebuilt to exactly the way it was before the loss, no matter the cost. 
  • Home-Based Business: If you run a business out of your home, you need more insurance than a traditional homeowners policy, or you could end up jeopardizing your home insurance coverage. This endorsement helps protect your business equipment and supplies.

These are just some common endorsements or riders that you can add to your policy. Of course, the specific endorsements you add will affect your insurance premiums, but some might prefer the peace of mind, especially considering the fact that costs from these perils can quickly spiral out of control.

Pro tip: home insurance is a smart financial decision, and it’s one of many you’ll make in your lifetime. It’s never too early to think about retirement and the financial considerations that go into deciding when to take the golden handshake. Get access to our free retirement planning handbook here so you can start planning for your freedom.

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The Average Cost of Homeowners Insurance in Oregon

The bottom line is what everyone cares about, which is why we’ve crunched the numbers to give you an idea of home insurance costs in The Beaver State.

We have good news for you: the average cost of home insurance in Oregon is quite a bit cheaper than the national average at $943 per year. Compare that with the national average of $1,899 annually, and it’s clear that it pays to live in Oregon.

But where you’re located in the state can either save you even more or cost you a little bit more to insure your home. Some of the cheapest cities in the state for home insurance include:

  • Beaverton
  • Cornelius
  • Forest Grove
  • Manning
  • Corvallis

However, if you live in Unity, Walton, Crescent, Jordan Valley, or Boardman, you’re going to wind up paying more than the state’s average for home insurance.

Even if you live in one of these pricier cities, you’re not stuck paying more than you can afford on home insurance. Keep reading for tips to save on your premiums.

How to Find Affordable Home Insurance Quotes in Oregon

An informed consumer saves money. We’ve pulled together all the information you need to find home insurance quotes that tick off all your checkboxes and fit in the budget. These include:
  • Check for Discounts: Most insurance providers offer discounts on home insurance. They can vary in type and amount by provider, but you could save as much as 30% on your home insurance premiums just by asking for a discount. Common discounts include:
    • Loyal customer
    • New customer
    • New roof
    • Safety features like smoke detector, burglar alarm, sprinkler system, etc.
    • Claims free
    • Multi-policy bundle, like the home and auto bundle 
    • Paperless billing
  • Review Your Coverage: Too many people set their coverage, and then forget about it for years. Before your policy auto-renews, be sure to take a look at what you’re covered for and make sure it’s still what you need. Maybe you got rid of the trampoline and haven’t told your insurance provider, or maybe you sold your collectibles and can drop your personal property coverage. Making sure you’re not paying for anything you don’t need is an easy way to save.
  • Increase Your Deductible: This might sound counterintuitive, but increasing your deductible means lower premiums. If you rarely or never submit claims, this is an easy way to save, but keep in mind that you will have to pay more to get a claim paid should something happen. 
  • Avoid Small Claims: Speaking of claims, try to avoid submitting smaller claims because they can cause your premiums to increase. Most often, it’s more cost effective to pay those repair costs out of pocket rather than pay higher premiums for an indefinite amount of time. 
  • Shop Around for Coverage: Every insurance provider calculates quotes differently, based on factors like your location, home’s age, the cost of labor and supplies in your area, and more. By getting quotes from multiple providers, you can ensure you’re getting the cheapest home insurance in Oregon. 
Affordable home insurance in Oregon is more than possible, especially since you’re already saving just by residing in the state. Now that you know what to look for, go ahead and get access to free quotes here and start saving.

Is Home Insurance in Oregon Required?

Unlike car insurance, which is legally required in most states in order to drive a car, you don’t need to have home insurance to own a home in Oregon. However, you may be required to have home insurance as a condition of your mortgage, so be sure to check the fine print or click here for more info.

Even though home insurance may not be required, it’s a given that if you own a home, you should have some form of home insurance in place. After all, your house and belongings are worth a pretty penny, and to see them damaged is hard enough without having to foot the repair and replacement bills yourself. 

Luckily, home insurance is more affordable than you might think, especially in Oregon, so it’s easy to get a great policy in place to protect your home and your peace of mind.

Find Homeowners Insurance in Oregon Now

Now that we’ve simplified the jargon and prepared you in terms of cost, coverage and discounts, you’re ready to start looking at quotes to find your new home insurance policy. Shopping for home insurance might not be fun, but we make it as painless as possible.

Start by getting access to free quotes here, and watch the savings roll in. We’ve got you covered!

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