The Best Oregon Homeowners Insurance Company
Oregonians looking for homeowners insurance have a few specific concerns they should 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 wildfires, earthquakes, and landslides in addition to any 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 need 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 cover the basics, it’s still important to shop around to find the right coverage at the best rate for your specific situation.
How We Found the Best Oregon Homeowners Insurance Company
To find the five best homeowners insurance companies in Oregon, we used a 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, and checked for coverage that’s particularly important in Oregon, like wildfires and landslides. We also noted whether each company had the following endorsements, or additional coverage options, available.
- Sudden/Accidental Discharge of water
- Sewer Backup
- Identity Theft
- Replacement Cost
- Extended Replacement Cost
- Building Code Upgrades
- Inflation Guard
- Umbrella Liability
- Scheduled Valuables
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 home, so consider the following a guide for where to start your shopping journey.
The 5 Best Homeowners Insurance Companies in Oregon
Oregon Homeowners Insurance Reviews
State Farm is a great place to start your search for homeowners insurance in Oregon. The company earned above-average ratings in customer satisfaction from both J.D. Power and Consumer Reports, and an “A” for financial stability from A.M. Best.
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 you’ll have more opportunities to customize your coverage than any other provider on our list. State Farm also lists three homeowners insurance discounts on its site. While that’s not as many as Allstate (8) or Liberty Mutual (12), what it does offer is 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 their 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’s insurance, like most companies, includes damage from wildfires, and it offers safety articles that explain how to keep your property protected from wildfire damage. For flood insurance, 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 — the general quote tool doesn’t offer those add-ons.
Liberty Mutual stands out in several categories: Its Consumer Reports ranking is slightly higher than State Farm’s, while its J.D. Power overall satisfaction score was the same. It also received a solid “A” score for financial stability from A.M. Best.
We particularly loved 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 — five of the ones we looked for specifically and 13 overall. That could add up to a lot of savings depending on your situation.
Liberty Mutual’s website hosts a collection of tools and resources, too. It’s the only company on our list that lets you live chat with a customer service agent directly through the website. It 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. Wildfire coverage should be included in your basic homeowners insurance policy from Liberty Mutual, but you’ll need to purchase earthquake coverage separately — the same as every other company.
Allstate is worth looking at due to its impressively educational website. It clearly lays out coverage options, available endorsements and discounts, and includes a thorough FAQ 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).
The only reason we rated Allstate a bit lower is because of how it fared in Consumer Reports’ ratings, where Allstate scored 80/100 — perfectly fine, but lower than both State Farm and Liberty Mutual (and not nearly as stellar as USAA’s sky-high numbers). It received fairly average grades from J.D. Power, too, with 3 out of 5 for overall satisfaction, policy offerings, and price.
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, endorsements, and discounts. The site also includes a ton of 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, offering up three examples of varying levels of coverage so you can see how your premium might look with different plans.
Farmers also offers a decent number of endorsements (four of the ones we typically look for) and discounts (nine of the ones we account for). That puts it right on the same level as Allstate and State Farm in those categories. Its J.D. Power and Consumer Reports claims and customer satisfaction ratings are right in line with Allstate, State Farm and Liberty Mutual, as are its exceptional financial stability ratings.
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 asking 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 outscored its competition in every metric we looked at. It got an astounding 92/100 from Consumer Reports for overall satisfaction — nine points higher than the next best on our list. It was also the only one of our picks to receive an A++ from A.M. Best, meaning you can feel completely confident in USAA’s ability to pay out on its claims.
Guide to Oregon Homeowners Insurance
Be wary of floods
While overall claim frequency is relatively low in Oregon, according to the Insurance Research Council, the severity of claims 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.”
Earthquakes and tsunamis
“While earthquakes are not as common as rain in Oregon, it should be considered in an overall policy,” says Haley. “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].”
Furthermore, 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.
Ask about mold
How mold is covered in a policy usually depends on how it happened. If mold forms in your shower and damages your tiles, an insurance company may not cover that since it’s assumed you would be maintaining your shower. However, if inclement weather causes a backup of water or a leak, an insurer might be more inclined to cover the damage from the resulting mold. It’s worth asking a potential insurer about mold specifically before you commit to a policy.
Oregon Homeowners Insurance FAQ
How much is homeowners insurance in Oregon?
The average annual homeowners insurance premium for Oregon came out to $643. That’s significantly less than the national average of $1,173. Of course, this is no guarantee of what your premium will look like when you shop for homeowners insurance in the Beaver State. You’re going to want to get as many quotes as you can since your experience will vary based on your home’s age, location, and construction materials as well as the coverages and discounts you’re eligible for.
How can I get the most discounts and coverage options for my home?
We found a balance of online research and speaking with actual agents gave us the most opportunity for discounts and coverage policies. While online tools like the one featured by Farmers can be incredibly convenient, you’ll want to supplement that information with a good old fashioned conversation with a local agent. In some cases, an agent can help you dig down to the nitty-gritty of your home beyond what an online tool is capable of, and you might find you’re eligible for even more savings and coverage opportunities.
Do I really need earthquake coverage in Oregon?
While it’s true that earthquakes are not quite so prevalent in Oregon as they are in California, it’s still something worth considering in some areas. Your local insurance agent will be able to appraise you of the risk, as well.