The Best Oregon Homeowners Insurance Company
Oregon’s average annual premiums for homeowners insurance are the lowest in the nation — $643 per year for an HO-3 policy, compared to $1,173 nationwide. That said, how much you’ll pay can vary a lot depending on your home’s size, your assets, and your address. Use our tool to find your best rates:
It pays to shop around.
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What Does Homeowners Insurance Cost in Oregon
Average annual premium in Oregon: $643
Oregonians looking for homeowners insurance have a few specific concerns they should definitely think about before purchasing with any particular company.
“Aside from the usual suspects, such as fire and theft, investigate flood insurance if you’re in a flood zone,” says Keith Haley, Insurance Instructor for EinsuranceTraining.com. Haley also suggests considering your risk for wildfire, earthquake, landslide and don’t forget damage that can be caused by Oregon’s wet climate. “New residents moving from drier climates of California or Alaska may be distraught to discover the sports or garden equipment they stored in their unheated garage all winter to be tossed in the spring because of mold damage,” says Haley.
Fortunately, homeowners insurance in Oregon is relatively inexpensive. And while most policies in the state have basic similarities, your best coverage may not be the best coverage for someone in a different house or a different part of the state, so, as always, shop around to find the right coverage at your best rate.
How We Found the Best Homeowners Insurance in Oregon
To find the five best homeowners insurance companies in Oregon, we used similar methodology to what we used in our nationwide homeowners insurance review. The five companies identified here are the largest homeowners insurance providers in Oregon by market share.
We wanted to uncover what it’s really like to be a customer of these companies. So, we studied what consumer organizations like J.D. Power and Consumer Reports had to say about them, as well as A.M. Best, Moody’s, and S&P Global, which measure financial stability.
From there, we compared the information and tools available on their websites. We also checked for coverage that’s particularly important in Oregon, like wildfires and landslides. We noted whether each company had the following endorsements, or additional coverage options, available.
Finally, we checked how easy it is to get a quote from each company on our list. Of course, as we mentioned before, the best company and premium for you will depend on your own situation and your own home, so consider the following a guide for where to start your shopping for homeowners insurance journey.
Oregon Homeowners Insurance Reviews
State Farm is a great place to start your search for homeowners insurance in Oregon. The company has high financial stability ratings and high customer satisfaction ratings from JD Power and Consumer Reports in claims service and overall customer satisfaction.
State Farm also leads the pack in an important category for Oregonians: Its site lists six of our must-have endorsements, like coverage for water/sewer backup, identity theft coverage and inflation guard, which means this company offers more opportunities to customize your plan than any other provider on our list.
State Farm still lists nine discounts on its site. While it doesn’t list as many discounts on its site as Allstate (15) or Liberty Mutual (13), it’s still relatively generous.
State Farm’s website offers some good customer service tools too, like a helpful FAQ section and an inventory tool to catalog your home’s contents. However, we found the site lacking in some areas. Specifically, it doesn’t outline State Farm’s options for coverage clearly or list the most common claims in each region. This means a little more work for a potential customer to fully understand your options with State Farm.
However, State Farm makes up for these initial drawbacks with its quote tool. The tool is easy to use and offers up an estimate that allows you to see how your premium might change with certain discounts, endorsements, or by changing your coverage limits or deductibles.
State Farm like most companies, includes damage from wildfires, as well as safety articles that explain how to keep your property protected from wildfire damage. For flood, earthquake or landslide insurance, though, you’ll need to ask a State Farm agent about the possibility of adding these protections to your plan as whether they are available and how much they cost depends on your home and location so the general quote tool doesn’t offer those add-ons.
Liberty Mutual stands out in several categories, making it another great option for a place to start your homeowners insurance shopping. Its Consumer Reports ranking is slightly higher than State Farm’s, but its JD Power overall rating was slightly lower. Still, policyholders rate them well.
We particularly love its informative, easy to read, website. Liberty Mutual lays out its coverage options clearly, including possible discounts and optional endorsements. It offers a good amount of endorsements, in fact — 5 of the ones we look for and 13 total. That could add up to a lot of premium savings for you depending on your situation.
Liberty Mutual’s website hosts a collection of tools and resources, too. It's the only company that lets your live chat with a customer service agent directly. The website has specific pages detailing the most common and costly claims in your state so you can make sure you have the right coverage.
Liberty Mutual also offers up safety and claims tips for damage from earthquakes and wildfires, which may come in handy for folks living near faults or in areas of the state particularly at risk for wildfire. While wildfire coverage should be included in your basic homeowners insurance policy from Liberty Mutual, earthquake coverage will need to be purchased as an addition to a policy as with other companies.
Allstate is worth a look while you insurance shop due to its impressively educational website. It clearly lays out coverage options, available endorsements and discounts, as well as a thorough FAQ customer service section, making it one of the most highly rated sites we analyzed for our Oregon companies (only Liberty Mutual came out with a higher rating in this category).
Where Allstate really shines is discounts. We were blown away by the sheer number offered on their site: 15, more than any other company we looked at.
The only reason we rate Allstate a bit lower than State Farm and Liberty Mutual is that its financial stability ratings from AM Best, Moody’s and S&P, while stable and considered good, aren’t as great as the other two companies. Its customer service ratings from JD Power and Consumer Reports, are similarly just fine, but a bit lower than State Farm’s and Liberty Mutual’s (and not nearly as stellar as USAA’s sky-high numbers in these categories).
While Allstate’s basic policies should provide wildfire coverage, it might not be available in all regions. If you live in an area where this risk is high, double-check with a local agent to see if you’re covered.
We love Farmers’ informative, straightforward website that lays out its coverage options and endorsements and discounts. The site also includes helpful resources that offer advice on keeping your premium down, determining how much coverage you need, and FAQs.
The online quote tool is also incredibly user-friendly and quick and offers up three examples of varying levels of coverage so you can see how your premium might look with different plans.
It also offers a decent number of endorsements, four of the ones we typically look for, and discounts, nine of the ones we account for, which puts it right on the same level as Allstate and State Farm in those categories.
Its JD Power and Consumer Reports claims and customer satisfaction ratings are right in line with Allstate, State Farm and Liberty Mutual, while its financial stability ratings are slightly lower than the other four we analyzed — but still considered good and stable.
You may be eligible for coverage from wildfire damage through Farmers, but eligibility isn’t guaranteed. So, if you’re in an area where this is a major concern for you, it’s worth it to ask a Farmers agent about your eligibility (and how that coverage will affect your premium) before you sign on.
USAA is only available to military members and their immediate family, but if you qualify, we wholeheartedly recommend getting a quote. Coverage details aren’t available to non-members, but USAA is popular in Oregon, and it routinely makes the top of “best of” lists thanks to its stellar financial stability ratings and customer satisfaction scores.
Floods and Earthquakes Pose the Biggest Threat to Oregon Homeowners
While overall claim frequency is relatively low in Oregon, according to the Insurance Research Council, the severity of claims that do get made has increased to line up more with national averages in recent years. So while you may be less at risk to make a claim at all, if you do end up experiencing a loss or damage, you want to be sure you’re fully covered for the risks your home does face.
Haley suggests Oregon residents consider their risk for earthquake and flooding as well as additional insurance products that could provide coverage for those occurrences.
“Flood insurance is not just for floods,” says Haley. “While this is more of a gray area, Oregon’s wet climate can sometimes cause landslides which produce just as much damage as the flood itself. If an insured is living in an environment that may be prone to landslide, they ought to thoroughly discuss the possibility with their insurer to find out whether or not flood insurance would protect potential loss.”
And, he says, you should consider an earthquake policy, too. “While earthquakes are not as common as rain in Oregon, it should be considered in an overall policy,” he says. “Usually earthquake coverage has to be added to a regular homeowners policy and typically carries a large deductible, up to 20% [of your dwelling coverage].”
Lastly, if you’re a coastal resident of Oregon, don’t think that earthquake coverage will cover you from tsunami damage, even if the event is caused by an earthquake. For that kind of coverage, look again to flood insurance. Ask your insurer about options or take a look at www.floodsmart.gov.
And when it comes to that pesky mold problem, definitely ask a potential insurer before you buy whether it covers damage from mold and don’t assume the company will always cover it — it usually depends on how the mold happened.