Best Homeowners Insurance in Oregon: Top 5 Insurance Companies to Protect Your Investment

With a diverse outdoor landscape and a strong economy, Oregon is the state of choice for many homeowners. However, if you choose to call the Beaver State home, you must ensure that you have protected your real estate investment with homeowners' insurance.

The reality is that Oregon is no stranger to natural disasters like tornadoes, wildfires, and earthquakes, so choosing to live without the appropriate coverage could be one of the worst decisions you ever make.

Because there are so many insurance companies on the market and so many different types of coverage, navigating the world of home insurance can be challenging. To make the task a little less daunting, we have drawn up a comprehensive guide.

Here, we'll go over the unique coverage requirements for homes in Oregon, provide a buyers' guide to help you find the right insurance company, and list our top five picks to help ensure that you're making a sound decision when protecting your home.

Understanding Oregon Homeowners Insurance

Before you begin vetting Oregon homeowners' insurance companies, you must first start with a good understanding of what home insurance is and why it's important. In a nutshell, this type of insurance coverage is designed to provide protection against your home and the contents therein, whether by theft, natural disaster, or fires.

It also includes what is known as liability coverage, which is designed to pay for injuries that others may suffer while on your property. The truth is that coverage options vary depending on a wide range of factors.

Average Home Insurance Costs in Oregon

Cost is undoubtedly one of the main things that homeowners look at when looking for insurance coverage. Annually, homeowners in Oregon pay an average of $723, according to Bankrate. While it is certainly an important consideration, you should never base your decision on cost alone, as you might be leaving out important coverage that you later regret.

In addition to the type of coverage, there are several other factors that play a role in determining the cost of your homeowners' insurance policy. These include the following:

• The age and condition of your property
• Its location
• Security features
• Coverage limits
• The value of the home
• Your credit score and claims history

You may qualify for a discount on your home insurance, depending on the company you're working with. Many providers offer discounts when you bundle policies, use certain impact- or fire-resistant materials, or have certain security features.

It's important to do your research on these discounts before deciding on an insurer to ensure that you save money.

Homeowners Insurance vs. Landlord Insurance

Now that you have understood what homeowners' insurance is, it's time to talk about whether you really need it. If you lease your property to tenants, then landlord insurance may be the more suitable option. This type of coverage is designed to protect your rental income and offers liability coverage for incidents involving tenants.

It's important to choose the right type of coverage to ensure that you are adequately protected in the event that something goes wrong. Let's look at some scenarios where homeowners' insurance would be preferable over landlord insurance.

Vacant Property

Is your rental property lying vacant? In that case, it's probably best to have home insurance coverage to ensure that you are protected if there is a natural disaster or theft. It will also offer protection for your belongings.

Because every situation is different, it's important to talk to your insurer and ensure that you have the right kind of coverage.

Temporary Absence

Do you plan to be away for a short period? In that case, you will need to ensure that you have homeowners' insurance to safeguard your home and its contents until you get back. Temporary absence may be for business trips or holidays.

Transition Period

If you intend to occupy a property while you wait for new tenants, it's important to be open and honest with your insurance company. In such cases, home insurance is often best until the property is converted to a rental home, but it's always best to chat with your insurer for more information on the best option for your unique situation.

Home Sharing

This kind of arrangement can be mutually beneficial. When you decide to rent out a room or a portion of your home, homeowners' insurance is often the option of choice. However, it's important to keep in mind that this type of coverage will not protect your rental income.

Whatever the case, make sure you're communicating with your insurance provider. Failure to declare what the property is being used for may result in lost coverage.

How to Choose an Oregon Homeowners Insurance Company

Now that you understand what homeowners' insurance is and have determined that it is indeed the option you need, you will need to find a reputable home insurance company. The first step you will need to take is determining your needs.

You must conduct some research to learn more about what other homeowners in the state cover their homes for. In the next section, we'll look at some of the unique policy needs in Oregon.

Unique Policy Needs for Oregon Homeowners Insurance

According to Primalsurvivor.net, 19 major disasters were declared in Oregon. The state often experiences tornadoes, wildfires, and earthquakes, which is why it is important to ensure that your home insurance policy includes coverage for these unique needs.

A standard homeowners insurance policy will offer dwelling coverage for your home, protection of other structures (such as garages), personal liability coverage, loss of use coverage, and protection of your personal belongings. However, you may also need the following endorsements:

Flood Insurance Coverage

Oregon is particularly prone to flooding, so it is important to ensure that your home is covered in the event of a flood. The National Flood Insurance Program, under the Federal Emergency Management, has declared 36 counties in the state as flood-prone, so if you live in one of these areas, flood insurance is non-negotiable.

However, it's important to remember that most insurance companies do not offer this type of coverage as part of a standard policy, so you will need to purchase it as an endorsement or an additional policy.

Earthquake Insurance Coverage

Earthquakes have been identified as a problem in Oregon since the 1980s. These events can lead to considerable damage, so it is important to protect your home from these natural disasters. Much like flood insurance, earthquake insurance isn't typically offered as part of a regular policy, so it's important to discuss this with your insurance provider to ensure that you're getting the correct coverage.

Mold and Water Damage

Flooding and heavy rains can lead to water damage to your home. It can also cause the growth of mold and mildew, which can reduce your home's quality of air. It's important to understand the coverage limits when investing in homeowners' insurance in Oregon. Make sure you're checking that it includes water damage and mold coverage that tend to occur over time.

Evacuation and Additional Living Expenses

When disaster strikes and the alarm is sounded, you may need to evacuate your home and move to a safe space. In these situations, you cannot afford to not have insurance coverage. Be sure to check that this is included in your plan.

When determining which policies and endorsements to add, be sure to consider the unique challenges your area faces.

Other Factors to Consider When Assessing Oregon Home Insurance Companies

Once you have determined what your needs are, here are a few next steps to help you find the right insurance provider for your home in Oregon:

1. Look up Oregon homeowners' insurance companies. With your list of insurance requirements in hand, you can look up insurance providers. The trick here is to look for reputable companies with a long track record and a reputation for reliability.
2. Set a budget and look at prices. Cost is an important factor when determining which service provider is most suitable. While it should never be the only quality you look at, it's definitely a quality you should go for an insurer that provides the best value for money.
3. Compare coverage options. Because your needs and preferences will differ from someone else's, it's important to compare different coverage options to determine what is being offered as part of the standard policy.
4. Look at the customer service offered. Providing customer service is an important quality that reputable insurance providers pride themselves on. It also ensures that your needs and queries are taken seriously. Good customer service will also ensure that you have a good overall experience when it's time to file an insurance claim.
5. Do some research into the company's financial stability. Your insurer should have the means to pay when you file a claim, so be sure to check independent sites like A.M. Best to learn more about the performance of each company you're interested in.
6. Consider the discount structure. The truth is that insurance premiums can burn a hole in your pocket. Fortunately, you can enjoy reduced rates with discounts. Do some research to learn more about the discount structure that each insurance company employs before taking your pick.
7. Go through your policy. Before signing on the dotted line, be sure to review the limitations, inclusions, and deductions to prevent any surprises when it's time to file a claim.

By following these steps, you can ensure that you're making an informed decision and selecting a provider that will offer the kind of protection that you are looking for.

Best Home Insurance Companies in Oregon

Based on the criteria listed above, we did a little research of our own to identify the top performers for homeowners insurance in Oregon.

1) State Farm

State Farm offers comprehensive coverage at affordable prices. It also gives you a number of options for personalization, which are just some of the reasons it has taken the number one spot on this list.

Coverage and Features

This insurance provider offers dwelling coverage, protection of other structures, personal liability coverage, personal property coverage, loss of use, additional living expenses, and medical payments as part of its standard coverage.

You can also opt for a number of other coverage options, such as identity theft protection and inflation guard.

Discounts

You can also expect a number of discounts from State Farm for the following:

• Bundling discount. Need home and auto insurance? You can take both policies from State Farm to enjoy a nice price reduction. There are discounts for bundling other types of policies, too.
• Discount for having an automatic sprinkler. If you include an automatic sprinkler in your property, you will receive a discount from State Farm.
• Claims-free discount. Haven't made a home insurance claim before? In that case, you could qualify for reduced premiums.
• Discount for updating your utilities. In some cases, homeowners may be eligible for a discount if they update their property's utilities.
• Protective devices. If you have a security system or other protective devices on your property, you will receive a discount.
• Discount for roofing materials. State Farm also offers discounts for using certain impact-resistant materials on your roof.

2) Grange

Grange Insurance, commonly referred to as Grange Mutual Casualty firm, is a Columbus, Ohio-based insurance firm. Grange Insurance was established in 1935. It began as a small car insurance firm. It now offers farmers' insurance. 

Coverage and Features

You can also expect the following coverage from Grange:

• Dwelling coverage
• Coverage for other structures
• Medical payments
• Personal liability protection
• Loss of use
• Personal property coverage

You can also obtain replacement cost coverage, water backup, underground service line, identify theft, sinkhole coverage, business property protection, and more, depending on your needs.

Discounts

One of the things we really liked about Grange is that it provides a wide range of discounts. This includes the following:

• Discount for home maintenance
• Smart home alarm discount
• Reduction in premiums for paying your annual premium in full
• New homebuyer discount
• Discount for getting a quote before your current policy expires
• Smart fire alarm discount
• Bundling discount
• DIY home inspection discount

3) Lemonade

Lemonade is a newcomer to the insurance world, but it offers a number of great features for homeowners in Oregon. This includes a nifty app that can be used for obtaining quotes and filing claims.

Coverage and Features

This insurance company offers industry-standard insurance coverage, which includes dwelling coverage, coverage for other structures, medical payments, and more. However, unlike many other insurers, additional living expenses are covered if your home becomes inhabitable.

There are also a number of additional policies or endorsements on offer that include the following:

• Equipment breakdown
• Water backup
• Extended reconstruction cost
• Swimming pool coverage

Discounts

Although Lemonade offers a number of great features, one of its only setbacks is that it does not offer as many discounts as other insurance companies. Here are some of the discounts on offer:

• Protective device discount
• Multi-policy discount
• Discount for paying your annual premium in full

4) Allstate

Allstate is another insurance provider that is known for its reliability, financial stability, and comprehensive coverage options.

Coverage and Features

As part of a standard homeowners insurance policy, you will receive the following types of coverage:

• Dwelling coverage
• Liability protection
• Personal property coverage
• Guest medical payments

You can also obtain a wide range of additional endorsements and policies, such as flood insurance and extended property protection, to personalize your coverage and ensure that your home is adequately protected.

Discounts

Allstate also provides policyholders a number of discounts, which include:

• Early signing discount
• Bundling discount
• Loyalty and welcome discount
• Discount for new or newly renovated homes
• Protective device discount
• Responsible payment discount

5) Farmers Insurance

If you've been researching home insurance companies, the chances are that you have come across Farmers' Insurance. This company has been in the business for years and offers great coverage for homeowners in Oregon.

Coverage and Features

You get comprehensive coverage with Farmers, which includes dwelling coverage, protection of other structures, personal liability coverage, personal property coverage, additional living expenses, and medical payments.

Personalize your plan with flood insurance, earthquake insurance, building law or ordinance coverage, and more.

Discounts

Here are some of the discounts you can take advantage of to save money with Farmers:

• Bundling discount
• Green certifications
• Protective devices
• Good payer discount
• EFT discount

Other Notable Oregon Home Insurance Companies

In addition to these great homeowners insurance companies in Oregon, here are a few more you can check out:

• USAA (for veterans and active military members)
• Amica
• American Family
• Nationwide
• Country Financial

Make sure you're spending enough time on research to choose the insurance company that offers the best value for money.

Conclusion

Oregon is often the state of choice for those who love the outdoors. With so many recreational activities to try and a booming economy and job market, it's a great place to own real estate. However, because the state experiences natural disasters on occasion, safeguarding your property is imperative.

Be sure to do your research on different homeowners' insurance policies before signing up for a plan and ensure that your plan adequately caters to your needs.