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Laura Berry

Former Insurance Agent

Former Insurance Agent

Joshua Adamson

Joshua is a copywriter at Obrella who for more than 10 years has been creating content about insurance, health care, and more. He helps companies explain complex insurance subjects in simple ways so that customers can make smart buying decisions. He spends way too much time binge-watching Netflix, loves the outdoors and has a cat who tolerates him.

UPDATED: Mar 6, 2024

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Our insurance industry partnerships don’t influence our content. Our opinions are our own. To compare quotes from many different insurance companies please enter your ZIP code on this page to use the free quote tool. The more quotes you compare, the more chances to save.

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Your home is one of the biggest investments you have, so protecting it with a comprehensive insurance policy should be your number one priority. Fortunately, finding the right home insurance policy has never been easier, thanks to Obrella. Use our resources or connect with knowledgeable experts. In one easy phone call, they can help you find a policy perfect for your needs, answering any of your questions along the way. They can even bind your policy over the phone!

What are the home insurance costs in Oregon?

Oregon homeowners get a break when it comes to home insurance costs. In Oregon, the average home insurance premium is $567, compared to the national average of $1,034 per year. With premiums almost half of the national average, Oregon comes in as the second most affordable state for home insurance costs.

  • Median Home Value: 246,000
  • Household Income: 58,875
  • Percent of Income on Home Ownership: 35.10%

The median home value in Oregon is $238,000, and the average household size is approximately 2.5 people. With a median household income of $50,251, Oregon homeowners spend just over 35% of their total household income on home ownership. This makes Oregon the eighth highest state when it comes to home ownership costs.

As an Oregon homeowner, you understand the value of your investment and the importance of protecting it. An insurance expert can help you make sure you have the right home insurance policy in place to protect your home. Call [mapi-phone-link /] to compare home insurance quotes in Oregon today.

How are Oregon homeowners insurance premiums determined?

There are a number of factors that can influence the cost of your homeowners insurance. The rate you’ll pay for your insurance premium is primarily based on the size of the home, the year it was built, and building costs in the area.

Since a premium is essentially an assessment of the level of risk that the insurance company is assuming, environmental factors, local crime rates, and your credit score are also taken into account. Therefore, having a home in an area that is prone to flooding or tornadoes, for instance, will likely result in a higher premium, as will one in an area with high burglary rates.

You may pay more if you have a swimming pool or guest house, as well, as these types of amenities make your home more valuable, which increases the potential cost of damages. Although you may not be able to control environmental factors, there are a few things you can do to lower your home insurance rates. One of the best ways to keep your costs manageable is to install extra protection, like motion-sensitive lights, a security system, or surveillance cameras.

Read More: Cost of Homeowners Insurance in Your State

About homeowners insurance in Oregon

The majority of Oregon home insurance companies have multiple coverage options to pick between; here are a couple of those options:

  • HO-1: Limited Coverage
    • No longer available in most states, this basic policy offers coverage against the first 10 classified disasters. These include fire or lighting, windstorms or hail, explosions, riots, damage caused by aircraft, damage caused by vehicles, smoke, vandalism, theft, and volcanic eruption.
  • HO-2: Basic Policy
    • HO-2 policies are designed to provide coverage in the event that your home is affected by any of the 16 classified disasters.
  • HO-3: Standard, most popular
    • Aside from minor exclusions, this basic policy provides comprehensive coverage for your home.
  • HO-8: Older Home
    • To protect against depreciation, this policy will usually reimburse homeowners for damage on an actual cash value basis, though some older homes may not qualify for full replacement cost coverage.

What will standard home insurance policies in Oregon cover?

Many people assume that their insurance will cover everything. The truth is that you will only be reimbursed if the damages to your home are the result of a situation specifically stated in your insurance policy. If your home is damaged by a flood, for instance, but your policy does not cover flooding, your insurance company will not pay for any damages to your home. Check out the following list of common home insurance coverage terms for more insight on your policy options:

  • Coverage A – Dwelling
    • Coverage A deals with damage to the home itself, any structures attached to the home, and any of the home’s plumbing, heating, wiring, or permanent air conditioning systems.
  • Coverage B – Other Structures
    • Any structures that are not attached to the home, such as tool sheds, free-standing garages, fences, or guest homes, are covered under Other Structures.
  • Coverage C – Personal Property
    • In the event of damage or loss of personal possessions, Personal Property coverage will compensate the homeowner for the value of the item—be it clothing, furniture, electronics, or jewelry. Personal Property coverage even covers damage to or loss of personal belongings if the theft, loss, or damage occurs outside the home—meaning any items kept in a storage unit are covered as well.
  • Coverage D – Loss of Use
    • Loss of Use coverage reimburses the homeowner for living expenses during home repairs.
  • Coverage E – Personal Liability
    • In the event of a lawsuit in which the homeowner is deemed accountable for another person’s injuries or sustained damages, Personal Liability coverage will cover the homeowner’s monetary losses.
  • Coverage F – Medical Payments to Others
    • Covers medical bills for individuals hurt on a homeowner’s property or by the homeowner’s pet.

Read more: Finding The Perfect Homeowners Insurance In Oregon For 2023

What are some of Oregon insurance resources?

Oregon Insurance Division:works to protect consumers and help create a stable, competitive insurance marketplace for Oregon homeowners. If you own a home in Oregon and have questions about the viability of an insurance company, your homeowners policy, or need information about making an insurance claim, you should contact the division toll free at 1 (888) 877-4894 or at 1 (503) 947-7984 in the Salem area.

With so many options for home insurance, it can be downright overwhelming to try to find the perfect policy for your needs. That’s where Obrella can help. With one simple phone call, you can get in touch with an experienced insurance agent, who will help answer all of your home insurance questions. These agents ask the right questions to understand your needs, then walk you through your options and help you choose the perfect plan. They even offer over-the-phone binding of your policy! So skip the hassles of shopping for homeowners insurance when you use Obrella! It’s quick, easy, and reliable.

To talk to an insurance professional with experience in Oregon home insurance policy options, call today at [mapi-phone-link /].

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