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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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.
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:
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.
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:
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 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:
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.
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.
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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Hollay Ghadery Hollay Ghadery is a writer and editor who is passionate about financial literacy as a means to personal fulfillment. Hollay has over 18 years of experience creating content about a range of topics related to personal finance, including insurance, investing, banking, and credit cards. When Hollay isn't writing, she's spending time with her four children, two dogs, and three goats.
