Oregon Homeowners Insurance Guide
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Oregon Homeowners Insurance
Explore Oregon Homeowners Insurance State Guides, Laws and Regulations before You Buy Insurance
The Beaver State is a huge playground for the outdoor enthusiast. From hiking to windsurfing, the state provides visitors and Oregonians alike with plenty of outdoor activities. Oregon also offers a vibrant urban lifestyle with its large, international magnet of a city, Portland. Between the scenery and the inherent charm of Oregonians, its no wonder why many find themselves relocating to this great state.
Bordered by the Pacific Ocean to the west and land everywhere else, Oregon finds itself susceptible to just about every natural disaster you can imagine. Due to its proximity to bodies of water, and combination of terrain and climate, the disasters the Beaver State is most prone to are floods, landslides, and wildfires.
What Does Homeowners and Renters Insurance Cover, and How Much Does it Cost?
Although property owners in Oregon are susceptible to several natural disasters, they enjoy the lowest homeowners insurance rates in the country, and their renters insurance rates are significantly lower than the country average as well. The relatively low rates reflect carrier’s perceived risk of enduring financial loss. So, though the Beaver State can endure several types of natural disasters, they often times do not result in significant financial loss.
Average Homeowners and Renters Insurance Premium
| State | Homeowners | Renters |
| Oregon | $677 | $163 |
| USA | $1,211 | $180 |
Source: Insurance Information Institute (2017)
Damage from some natural disasters, such as wildfires, is covered under the typical homeowners or renters insurance policy. Theft, vandalism, liability, and a host of other normal perils are covered as well. However, flood and landslides, which are considered ‘earth movement,’ are specifically excluded. Thus, property owners in Oregon should supplement their standard homeowners insurance policy with flood and earthquake ones as well.
Which Property Insurance Carrier Should I Choose?
Oregon’s homeowners insurance market is fairly balanced, with no one carrier controlling too much of the market. However, it lacks diversity with little representation from regional carriers. In fact, there are none in the top five insurance carriers, when measured by market share. Given the competitiveness within the Beaver State’s property insurance market, its in property owners’ best interests to include regional carriers in their analysis, when trying to find the best insurance partner. National carriers will probably have better financial support/stability, but regional carriers may be able to provide a much better, and unique customer experience.
Top 5 Home Insurance Carriers in Oregon
| Company | Market Share |
| State Farm | 21.6% |
| Farmers Insurance Group | 15.4% |
| Liberty Mutual | 12.6% |
| USAA Insurance Group | 8.0% |
| Allstate Corp. | 7.2% |
Source: Insurance Information Institute (2019)
Oregon is known for its scenic landscape. Riddled with beaches, national parks, and waterfalls; its landscape can be mesmerizing at times. Needless to say, why people find themselves returning to visit the Beaver State quite often, or simply packing up and relocating there. In addition to these gems the state has to offer, it also is home to the lowest homeowners insurance rates in the country.
Oregon Regulating Agencies And References
