The Best Home Insurance in Oregon for 2023

The average cost of homeowners insurance in Oregon is $1,105 per year, or about $92 per month, according to a NerdWallet analysis. That’s less than the national average of $1,820 per year.

We’ve analyzed rates and companies across the state to find the best homeowners insurance in Oregon. Our sample rates are for a homeowner with good credit and $300,000 of dwelling coverage, $300,000 of liability coverage and a $1,000 deductible. Your rates will be different.

Note: Some insurance companies included in this article may have made changes in their underwriting practices and no longer issue new policies in your state.

If you’re looking to buy homeowners insurance from a well-rated national brand, consider one of these insurers from NerdWallet’s list of the Best Homeowners Insurance Companies.

See more details about each company to help you decide which one is best for you.

America’s largest home insurer celebrated its 100th anniversary in 2022. One useful endorsement you may be able to add to a State Farm policy is an inflation guard rider, which automatically increases your policy limits to make sure your coverage doesn’t fall short.

State Farm offers a free Ting device as a perk for home insurance policyholders. Ting is a smart plug that monitors your home’s electrical network to help prevent fires.

Homeowners policies from Farmers may include two valuable types of insurance: extended dwelling and replacement cost coverage. Extended dwelling coverage gives you extra insurance for the structure of your house, while replacement cost coverage offers higher reimbursement for stolen or destroyed belongings.

Some Farmers policies also come with perks that can save you money. For example, with claim forgiveness, Farmers won’t raise your rate for a claim as long as you haven’t filed one within the past five years.

Founded in Madison, Wisconsin, American Family receives fewer consumer complaints than expected for a company of its size. You may be able to customize your policy with optional add-ons such as identity theft, equipment breakdown or service line coverage, which pays for repairs to water, power or other underground lines that run to your house.

Homeowners may be able to save on their premiums by installing smart-home devices, bundling multiple policies or setting up automatic payments.

Nationwide’s standard homeowners policies include ordinance or law coverage, which pays to bring your home up to the latest building codes after a covered claim. They also include coverage for unauthorized credit or debit transactions. For an extra cost, you may be able to add coverage for things like water backup, identity theft and stronger materials to replace your roof.

The Nationwide website offers plenty of ways to manage your policy, including filing and tracking claims, paying bills and getting quotes.

Country Financial has three different levels of homeowners coverage to help you choose the package that’s best for you. You also have the option to add extra coverage for the structure of your home, in case inflation drives up rebuilding costs more than you expect.

Country Financial sells homeowners insurance through local representatives. The company has drawn far fewer complaints than expected to state regulators.

USAA sells homeowners insurance to veterans, active military members and their families. If that description fits you, you may want to consider a USAA policy. That’s because the company’s homeowners insurance has certain features that other insurers may charge extra for.

For example, USAA automatically covers your personal belongings on a “replacement cost” basis. Many companies pay out only what your items are worth at the time of the claim, which means you may not get much for older items. USAA pays enough for you to buy brand-new replacements for your stuff.

The average annual cost of home insurance in Oregon is $1,105. That’s 39% less than the national average of $1,820.

In most U.S. states, including Oregon, many insurers use your credit-based insurance score to help set rates. Your insurance score is similar but not identical to your traditional credit score.

In Oregon, those with poor credit pay an average of $2,565 per year for homeowners insurance, according to NerdWallet’s rate analysis. That’s more than double the average rate for those with good credit.

How much you pay for homeowners insurance in Oregon depends on where you live. For instance, the average cost of home insurance in Portland is $975 per year, while homeowners in Bend pay $1,125 per year, on average.

Here are the insurers we found with average annual rates below the Oregon average of $1,105.

When shopping for homeowners insurance, Oregonian homeowners have to consider a few risk factors, such as wildfires, flooding, winter weather and earthquakes.

With vast forests, Oregon is prone to wildfires, especially during the summer and fall. These fires can rapidly spread and cause extensive damage to homes and properties. Homeowners insurance in Oregon covers damage from wildfires, but it’s important to review your policy to ensure you have enough coverage.

Pay particular attention to your dwelling coverage limit. This is the amount the insurance company will pay to rebuild your house. A significant fire can destroy your whole home, so talk with your insurer to ensure you have enough coverage to rebuild if necessary.

Flooding can be a risk no matter where you live, especially in rainy Oregon. Standard homeowners insurance policies typically do not cover flood damage. As a result, homeowners in flood-prone areas may need to purchase separate flood insurance to protect their property.

To find out if you live in a high-risk area, check out the Federal Emergency Management Agency’s flood maps or visit RiskFactor.com, a website from the nonprofit First Street Foundation. Even if your property is deemed low risk, it may be worthwhile to purchase flood insurance for extra peace of mind.

Remember that while you can purchase flood coverage anytime, there’s typically a 30-day waiting period before the insurance takes effect. Here’s more information about flood insurance and waiting periods.

Heavy snowfall and severe winter storms are expected, particularly in Oregon’s mountainous regions. These weather events can lead to roof collapses, frozen pipes and other property damage.

A standard homeowners policy will cover most damage from winter storms. However, you should still carefully review your policy, as some types of winter weather damage may be excluded.

For example, damage caused by the weight of snow may be covered, but damage to retaining walls or foundations may not be. Your insurance also likely does not cover damage caused by negligence. If you leave town and a winter storm comes through, you’re responsible for preventing burst pipes by keeping your heat at an adequate temperature or emptying your water lines.

Oregon is located in a seismically active region, and earthquakes have the potential to cause significant damage to homes and the surrounding areas. It’s important to note that homeowners insurance does not typically cover earthquake damage or other types of earth movement, such as landslides.

If you live in an area with a higher risk for seismic activity, consider purchasing additional earthquake insurance. When purchasing earthquake insurance, pay attention to the deductibles so you know the potential out-of-pocket costs. Earthquake insurance often has a separate deductible, which tends to be either 10% or 15% of the coverage on your policy. For example, if you have a 10% deductible on $200,000 of coverage, you would need to pay a $20,000 deductible for earthquake damage before your insurance kicks in.

The Oregon Division of Financial Regulation oversees the state’s insurance industry and provides resources and support to homeowners looking for information on homeowners insurance in the state.

If you have an issue with your homeowners insurance provider, you can file a complaint with the division online or by mail or fax. For other questions, you can use the toll-free Consumer Hotline at 888-877-4894 or contact [email protected]

Amanda Shapland contributed to this story.