The Best Cheap Oregon Homeowners Insurance for 2024

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.

• Cheapest overall for Oregon: Mutual of Enumclaw
• Cheapest for new home construction: Mutual of Enumclaw
• Cheapest for older homes: Grange Insurance
• Cheapest for homeowners who have filed a claim: Grange Insurance

Cheapest overall for Oregon

For cheap homeowners insurance in Oregon, these four insurers offer the lowest overall rates:

• Mutual of Enumclaw, with an average annual rate of $471
• Grange Insurance, coming in with an average rate of $516
• Auto Owners, with an average annual rate of $606
• Farmers, also competitive with an average rate of $621

Cheapest for new home construction

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:

• Mutual of Enumclaw, offering an average annual rate of $245
• Grange Insurance, with an average annual rate of $347
• Auto Owners, with an average annual rate of $369
• American Family, coming in with an average annual rate of $376

Cheapest for older 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:

• Grange Insurance, with an average annual rate of $496
• Farmers, offering an average annual rate of $562
• Mutual of Enumclaw, with an average annual rate of $589
• Oregon Mutual, offering a relatively competitive rate of $642

Cheapest when you've made a claim

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:

• Grange, offering a post-claim rate of $496
• Mutual of Enumclaw, coming in with an average annual rate of $504
• Farmers, offering an average annual rate of $602
• Oregon Mutual, with an average annual rate of $720

Average home insurance cost in Oregon compared to the national average

At an average statewide cost of $834, Oregonians pay 53% less than the average national rate of $1,788.

Oregon homeowners insurance overview

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.

Different types of homeowners coverage

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.

Level of coverage

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.

Amount of deductible

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.

Potential discounts

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.

What are the most common homeowners insurance claims in Oregon?

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

Wind and hail are the most frequent causes of insurance claims. Within minutes, hail can damage everything from roofs to windows and siding.

Lightning strikes and fire

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.

Water damage

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.

Homeowners insurance coverage options and discounts in Oregon

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.

Coverage options

Here's a quick rundown of the eight types of homeowners insurance:

• One covers renters.
• One covers mobile homes only.
• The other six range from basic coverage to more extensive protection.

A comprehensive policy may also include protection for things like upgraded appliances, expensive add-ons, custom roofs, and expensively outfitted theater rooms.

Discount options

One huge factor in finding low-cost insurance in Oregon is claiming as many discounts as possible. Here are some of the most common:

• Installing a burglar alarm saves an average of 9%.
• Upgrading the electrical system saves an average of 7%.
• A roof upgrade saves an average of 9%.
• Bundling home and auto coverage can save up to 26%.

Five cheapest cities in Oregon for homeowners insurance

When an insurance company determines rates, it takes into account many factors, including:

• Area crime rate
• Value of surrounding property
• Cost to rebuild
• How far a home is from a fire station

The five cheapest cities in Oregon for homeowners insurance are:

Five most expensive cities in Oregon for homeowners insurance

And here are the five most expensive cities:

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.