6 Best Homeowners Insurance Companies in Oregon 2022
When you buy a home in Oregon, whether it’s in a big city like Portland or Salem or a small town such as Silverton, it’s essential to protect it.
Homeowners in the Beaver State must consider potential damage from the Northwest’s heavy rainfall as well as the risk of wildfires and other natural disasters, which can cause expensive damage to home and property.
The best way to protect your Oregon home is by purchasing a homeowners insurance policy that will reimburse you if your home is damaged or destroyed.
State law in Oregon does not mandate homeowners insurance but most mortgage lenders require it of borrowers because it protects their collateral.
Standard homeowners policies provide coverage to repair or rebuild your home and other structures on your property, as well as paying to replace personal property and covering your personal liability.
The average annual cost of homeowners insurance in Oregon is $1,200 per year or $100 per month.
At PropertyNest, we want Oregon homeowners to be protected, so we’ve done the research for you.
Here are the details about the best homeowners insurance companies in Oregon.
The Best Homeowners Insurance in Oregon
- Lemonade: Best for Online-Only Services
- Liberty Mutual: Best for Discounts
- Allstate: Best for Retirees
- Nationwide: Best for Unique Coverage
- Chubb: Best for High-Value Homes
- The Cincinnati: Best for Wildfire Protection
Lemonade: Best for Online-Only Services
Lemonade is a unique insurance company that uses artificial intelligence (AI) to offer an array of online services, including quotes and claims filing.
Everything you need to do with Lemonade can be done from home with a computer or a mobile app, which is free to download.
The waiting time for a response from Lemonade is usually three minutes or so, and their whole business model is about streamlining services to make it easy to file a claim and get service.
Some claims may be processed in just minutes and Lemonade has eliminated the long wait times that many of us associate with insurance companies.
Lemonade offers basic homeowners insurance with the option to add riders to obtain additional coverage.
One of the unique things about Lemonade is that they take any unclaimed money at the end of the year and donate most of it to charity in the Lemonade Giveback.
How is Lemonade Rated?
Lemonade is a relatively new company and as such, has not received ratings from places such as A.M. Best and Moody’s. However, it does receive good marks from the following places.
- BBB: A-
- NAIC: .081 (higher than the national average)
- Demotech: A
We expect that as Lemonade expands into new states and more homeowners buy insurance, they will be rated by other companies and we will add those ratings when they become available.
Read a full Lemonade home insurance review.
As is the case with any insurance company, there are pros and cons to choosing Lemonade for your homeowners insurance.
| Pros | Cons |
|---|---|
| You can obtain a quote online in just minutes. | Lemonade doesn’t offer as many discounts as other companies. |
| Filing claims is easy with their online tools and mobile app. | Services are online-only and may not be ideal for some homeowners. |
| If you need to change your coverage, you can do it within the mobile app. | It can be difficult to get a live customer support representative if you can’t find what you need online. |
| Customer service response times are impressively quick. | As a relatively new company, Lemonade doesn’t have the same experience or ratings as some of the other companies on our list. |
| Prices are affordable and may be lower than the average in some cases. | |
| Lemonade is a charitable company. |
Liberty Mutual: Best for Discounts
Liberty Mutual has been providing insurance coverage for more than 100 years and receives excellent ratings for its financial strength.
In addition to being a solid company all around, Liberty Mutual offers an impressive array of discounts to help homeowners save on their insurance.
We like that Liberty Mutual offers homeowners the option to customize coverage with add-ons that include scheduling valuables, identity theft protection, and inflation protection.
You can get a quote from Liberty Mutual online in just a few minutes by entering your name and address and answering some basic questions.
The cost of a homeowners policy with Liberty Mutual can be as little as $85 per month depending on the value of your home and its location, but Oregon homeowners may pay $50 or less with discounts.
How is Liberty Mutual Rated?
Liberty Mutual is a well-respected company that has received high financial ratings from the following sources.
- A.M. Best: A
- Moody’s: A2
- Standard & Poor’s: A
- BBB: A+
- J.D. Power: 872/1,000
Read a full Liberty Mutual home insurance review.
Here are some of the upsides and downsides of choosing Liberty Mutual for your homeowners insurance.
| Pros | Cons |
|---|---|
| Liberty Mutual offers a wide array of discounts. | Liberty Mutual doesn’t offer much in the way of add-on coverage when compared to other insurers. |
| You can get customer support via text, social media, or phone. | The company has received a higher-than-average volume of customer complaints. |
| There is live chat available to help you through the process of getting a quote. | Some discounts are not available in every state and may not apply to older homes. |
| Inflation coverage is available to adjust your policy limits in accordance with the value of your home. | Coverage for some dog breeds is excluded. |
| You can add flood coverage to your Liberty Mutual policy without getting a separate quote from FEMA. | |
| Liberty has an easy-to-use mobile app to manage your policy and get support. |
Allstate: Best for Retirees
Allstate is one of the largest and best-known insurance companies in the United States
We chose them for our list because they offer a unique discount to make insurance affordable for retirees.
They also have an easy-to-navigate website that makes it simple to file and track claims, something we believe is essential since filing a claim can be stressful.
Allstate doesn’t offer flood insurance or replacement cost coverage as part of its standard policy, so you should keep that in mind when comparing companies.
Any policyholder can layer multiple discounts to maximize their savings. That’s important because, without discounts, the average cost per month is $170, which is on the high side.
How is Allstate Rated?
Allstate is a company with significant financial strength, which is reflected in their ratings.
- A.M. Best: A+
- Moody’s: A3
- Standard & Poor’s: A-
- NAIC: 2.73
Read a full Allstate homeowners insurance review.
Here are the pros and cons of choosing Allstate for your homeowners insurance.
| Pros | Cons |
|---|---|
| Rate Guard feature allows you to lock in your premium. | Without discounts, insurance premiums are higher than the national average. |
| Their website is intuitive and easy to navigate. | Replacement cost coverage is not standard. |
| HostAdvantage coverage allows for home sharing or renting. | Flood insurance must be purchased separately from FEMA. |
| Optional digital identity tracking tool. | |
| Add-ons include guest medical coverage, recovery of personal electronic data, and yard & garden repairs. |
Nationwide: Best for Unique Coverage
Nationwide got its start back in 1926 offering auto insurance to farmers in rural areas of Ohio.
Today, it’s one of the largest insurance companies in the US.
From a customer service standpoint, Nationwide receives high ratings for customer support and claims paying.
The company also offers some unique coverage, including the option to get brand new belongings in the event your belongings, no matter how old they are, are damaged or ruined.
Oregon homeowners also have the option to buy earthquake coverage, something that is a concern for anybody living in the Pacific Northwest.
How is Nationwide Rated?
Nationwide is a financially stable company with excellent ratings from the following sources.
- A.M. Best: A+
- Moody’s: A1
- Standard & Poor’s: A+
- BBB: A+
Here are the pros and cons of choosing Nationwide as your homeowners insurance carrier in Oregon.
| Pros | Cons |
|---|---|
| Personalized service is available thanks to Nationwide’s vast network of local agents. | Nationwide does not cover mobile or manufactured homes. |
| Unique coverage is available to protect you from earthquake damage, to rebuild your roof with stronger materials if it’s damaged, and to replace your belongings with new ones regardless of their age. | Nationwide’s mobile app could use some improvement, since it was first designed for auto insurance and doesn’t work as well as it could for homeowners insurance. |
| Some of the coverage that comes standard with Nationwide policies costs extra with other companies. | Customer complaints are above the industry median for homeowners insurance. |
| Claims may be filed online in just a few minutes. |
Chubb: Best for High-Value Homes
Chubb is the world’s largest publicly-traded property and casualty insurance company, headquartered in Zurich, Switzerland.
We chose Chubb for our list because they specialize in insuring high-value homes worth over a million dollars and offer some unique coverages to protect the owners of those homes.
Because Chubb sells only one homeowners policy, Masterpiece Homeowners, it is the best choice for high-value homes in areas that are prone to natural disasters such as earthquakes and wildfires.
Layering your discounts can save you money, which is important since Chubb’s insurance is more expensive than the national average.
The average cost of homeowners insurance with Chubb is $2,055 per year which works out to $171 per month.
Premiums may be significantly higher if you choose to purchase additional liability coverage.
How is Chubb Rated?
Chubb is a company with a lot of financial strength and stability, which is reflected in its ratings.
- A.M. Best: A++
- Moody’s: Aa3
- Standard & Poor’s: AA
- NAIC: .29 (better than most competitors)
Let’s review the pros and cons of Chubb homeowners insurance.
| Pros | Cons |
|---|---|
| Offers higher liability coverage than most other companies. | Only offers coverage for high-value homes and has only one type of homeowners policy. |
| Will pay to rebuild your home even if the cost exceeds your policy limit. | Quotes are not available online and may only be obtained through an agent. |
| Includes special coverage with its policy, including replacement coverage, water backup coverage, and identity theft protection. | |
| Add-ons include private flood insurance and earthquake coverage. | |
| Offers a generous array of discounts to help policyholders save. |
The Cincinnati: Best for Wildfire Protection
The Cincinnati Insurance Group may not be as well known as some of the other companies on our list, but it offers the best wildfire protection, something that is certainly a concern for most homeowners in Oregon.
There are four tiers of policies available, as follows.
- Executive Homeowners coverage is available for any size home at any value.
- Executive Capstone™ coverage is for homes valued at more than $1 million.
- Executive Classic™ coverage is another option for high-value homes.
- Condominium Coverage is available for condos and townhomes.
The Executive Capstone™ policy includes coverage to protect Oregon homeowners from damage caused by wildfires, which have ravaged the state in recent years.
How is The Cincinnati Insurance Rated?
The Cincinnati receives excellent ratings in line with those of better-known companies.
- AM Best: A+
- Moody’s: A1
- Standard & Poor’s: A+
- BBB: A+
Let’s review the pros and cons of choosing The Cincinnati as your homeowners insurance company.
| Pros | Cons |
|---|---|
| Premiums are below the national average. | Offers only three endorsements (earthquake, ID theft, and damage from golf carts) |
| The Cincinnati offers coverage for high-value homes worth more than $1 million. | Phone support is on Eastern time and available only from 8am-5pm on weekdays and 8am-noon on Saturdays, not ideal for Oregon. |
| Dwelling coverage defaults to 70%, higher than the 50% average for other companies. | Online support could be more robust. |
| Wildfire coverage is available with some policies. |
How We Selected Homeowners Insurance Companies for Oregon
We review insurance companies as thoroughly as possible, and we want you to know the criteria we used to choose the companies that we recommend to Oregonians.
Costs and Discounts
Cost is a concern for most homeowners, so we chose companies that offered competitive rates with discounts for homeowners to save on their insurance premium.
Financial Strength
Financial ratings from companies such as A.M. Best and Moody’s played a role, with only highly-rated companies making it to our list.
Available Coverage
We focused first on basic coverage and second on unique coverage options such as wildfire protection and coverage for special circumstances.
Customer Service
Filing a claim should be easy and stress-free, so we reviewed each company’s customer service availability and ratings.
Technology
Technology can make getting a quote or filing a claim easy, so we prioritized companies that embrace technology.
What Are the Factors That Impact the Cost of Homeowners Insurance?
There are multiple factors that impact the price of homeowners insurance.
- Deductible. Choosing a high deductible is less expensive than choosing a low one.
- Coverage limits. The value of your home and the limits of the coverage you buy to protect it will impact the cost of your policy.
- Location. The location of your home will impact your cost.
- Additional coverage/endorsements. Most companies offer standard coverage but if you choose to buy additional coverage, your price will increase.
- Age of your home. Older homes often cost more to insure.
- Proximity to water. If your home is near the ocean or another body of water, you may pay more for insurance.
- Presence of a pool/fireplace. Pools and fireplaces increase an insurer’s liability, so you should expect an increase in your premium if you have either.
Make sure that the policies you compare have the same coverage to make the best decision about homeowners insurance.
How Much Homeowners Insurance Do You Need?
Before you purchase homeowners insurance, you should know how much coverage to buy relative to the value of your home.
Use this guideline to determine what your policy should cover.
- Dwelling coverage protects your home as well as attached structures, and you should have sufficient coverage to rebuild your home from the ground up.
- Other structures coverage protects things like sheds and fences, and should have a limit that’s 10% of your dwelling coverage.
- Personal property coverage protects your belongings if they’re damaged or stolen, and most people need between 50% and 70% of their dwelling coverage.
- Liability coverage shields your personal liability if a person or their property is injured in your home or its grounds, and you’ll need $100,000-$500,000 of coverage to be safe.
- Medical payments coverage will protect you if someone is injured on your property by paying some of their medical expenses; most coverage is limited to between $1,000 and $5,000.
- Additional living expenses coverage protects you if your home should become uninhabitable, and you’ll need about 20% of your dwelling coverage.
In total, that means that most homeowners need coverage equivalent to two times the replacement value of their home, not including personal liability and medical coverage for guests.
What Is and Isn’t Covered by Homeowners Insurance
Not everything is covered by homeowners insurance, although it is important to note that many of the gaps can be resolved by adding riders and endorsements to your policy.
Here are the things that are covered by a typical homeowners insurance policy.
- The structures on your property are covered, including your home and any other buildings such as detached garages, sheds, and any other outbuildings that may be there.
- Your personal belongings are covered if they are damaged, whether they are in your home or not.
- Property damage caused by events that are covered in your policy is covered. An example would be if a windstorm tossed debris that broke your windows or felled a tree that landed on your roof.
- Your personal liability is covered in the event a visitor to your home is either injured or sustains damage to their personal property.
- Guest medical coverage will usually pay a limited amount of the medical bills associated with an injury to someone who doesn’t live with you.
Things that aren’t covered include the following.
- Neglect.
- Pest damage or infestation.
- Flood damage
- Earthquake damage.
- Power failure.
- Government action.
- Nuclear hazard.
The final two items do not have any remedy but they are also highly unlikely to be an issue; they’re there as exclusions to protect the insurance company but there’s no need to worry about them.
The other items can largely be addressed with the purchase of additional coverage in the form of endorsements, or, in the case of flood insurance, by buying insurance from the Federal Emergency Management Agency (FEMA).
Conclusion
At PropertyNest, we recommend that every homeowner in Oregon buy enough homeowners insurance to cover rebuilding their home in the event of a total loss.
Keep in mind that your location and other factors may impact the cost of homeowners insurance.
Oregon homeowners who live in an area at high risk for wildfires should consider that when shopping for homeowners insurance and purchase additional coverage as needed.
We suggest obtaining quotes from a minimum of three homeowners insurance companies to compare prices and coverage before you buy a policy.
