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Purchasing homeowners insurance may be one of the least exciting steps you're expected to take on your way to homeownership, but it is also one of the most important. A comprehensive homeowners policy can protect you from financial hardship if peril strikes. Here, we'll identify the best homeowners insurance in Oregon, direct you toward the cheapest policies in the state, and highlight factors to consider when choosing an Oregon home insurance policy.
For cheap homeowners insurance in Oregon, these four insurers offer the lowest overall rates:
Everything about a new house is sort of wonderful. From the faint aroma of building supplies to the knowledge that no one else has ever lived within those four walls, new homes are special. An added benefit is that new homes are less expensive to insure. That's because insurance companies know that all the components in the house are new and unlikely to break down any time soon. That means fewer leaky roofs, wet basements, and broken water pipes. The expected savings get passed on to the homeowner through lower insurance premiums. These Oregon home insurance providers offer the lowest rates for newly built homes:
Older homes come with a story of their own and are frequently full of character. That said, they're also prone to more problems. Issues like shifting foundations and leaky basements lead to insurance claims. And that's why insurers tend to charge more to insure an older home. In Oregon, these four companies offer the lowest rates for older homes:
For all but the wealthiest among us, it would be foolish to live without homeowners insurance. However, homeowners who make a claim can expect their premiums to increase, particularly if it was a major claim. While a premium increase won't last forever, it's important to know that it can happen. For an Oregon homeowner who has made a claim, these four insurers aim to keep rates low -- even after a submitted claim:
At an average statewide cost of $834, Oregonians pay 53% less than the average national rate of $1,788.
Average Rate Category | Oregon | National Average |
---|---|---|
Overall | $834 | $1,788 |
New home construction | $502 | $1,748 |
Older homes | $852 | $988 |
After making a claim | $988 | $1,984 |
The best homeowners insurance in Oregon offers a high level of coverage at a low price. While the concept seems simple enough, the tricky part is being bombarded with unfamiliar terms. Here's a breakdown of what some of those terms mean.
Policy types range from basic coverage to coverage with all the bells and whistles, depending on the needs and budget of the homeowner. The best homeowners insurance companies offer a host of coverage options. Choosing the right option comes down to deciding what the homeowner wants to be protected. For example, if a homeowner has a fully-outfitted "she-shed" on the property, they'll need to make sure their policy is comprehensive enough to cover its loss. The same is true for things like wine cellars and expensive home upgrades.
The least expensive policy is always the most basic. The problem with a barebones policy, though, is that it may not fully cover the homeowner in the event of a loss. It benefits a homeowner to fully consider the level of coverage they may actually need before shopping for the best homeowners insurance in Oregon.
When a homeowner makes a claim, they pay an insurance deductible. The deductible is the amount they must pay toward a repair or replacement. Let's say a tree falls on the house, causing $30,000 worth of damage. If the homeowner has a $1,000 deductible, they're responsible for paying the first $1,000 toward repairs. The insurance company then picks up the remaining $29,000. The lower a homeowner's deductible, the higher their policy premium will be. One way a homeowner can keep the cost of a policy low is to choose a higher deductible.
One of the easiest ways to land cheap homeowners insurance in Oregon is to investigate policy discounts. Nearly all insurers offer a full menu of home insurance discounts. These discounts cover everything from whether the home has a new roof or electrical system to whether the homeowner bundles home and auto coverage.
Knowing the most common Oregon home insurance claims can assist a homeowner as they shop for the best home insurance for their needs.
Wind and hail are the most frequent causes of insurance claims. Within minutes, hail can damage everything from roofs to windows and siding.
Nationwide, lightning strikes are among the most common claims. Oregon is no exception. Whether a fire is started by carelessness at a campground or a lightning strike, it's important to have coverage when this peril strikes.
The national average rainfall is 38 inches, but Oregon receives an average of eight to 200 inches, depending on where in the state a home is located. Rain, of course, can lead to leaky roofs, flooded basements, dry rot, and a resulting loss of personal property.
As mentioned, the best homeowners insurance in Oregon provides great coverage at the lowest possible price. And the easiest way to land a low price is to take advantage of discounts. Here, we highlight coverage options and illustrate how discounts can reduce premiums.
Here's a quick rundown of the eight types of homeowners insurance:
A comprehensive policy may also include protection for things like upgraded appliances, expensive add-ons, custom roofs, and expensively outfitted theater rooms.
One huge factor in finding low-cost insurance in Oregon is claiming as many discounts as possible. Here are some of the most common:
When an insurance company determines rates, it takes into account many factors, including:
The five cheapest cities in Oregon for homeowners insurance are:
City Name | Average Home Insurance Rate |
---|---|
Aloha | $707 |
Cornelius | $709 |
Hillsboro | $713 |
Tualatin | $714 |
Beaverton | $721 |
And here are the five most expensive cities:
City Name | Average Home Insurance Rate |
---|---|
Mosier | $1,105 |
Imnaha | $1,008 |
White City | $1,003 |
Maupin | $1,003 |
Meecham | $1,003 |
Oregon has some of the most reasonably priced homeowners insurance rates in the country, making it far easier for the average homeowner to purchase the comprehensive level of coverage they desire.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
The data found on this page is a combination of publicly available quote data obtained directly from the carrier as well as insurance rate data from Quadrant Information Services. These rates were publicly sourced from the top ten (10) to fifteen (15) carrier markets, within each state, based on annual written premium and should be used for comparative purposes only -- your own quotes may be different.