Insurance
Oregon Homeowners Insurance Calculator: Free Cost Estimator (2024)
Updated: November 21, 2024
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MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
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Rates updated:
Nov 21, 2024
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MoneyGeek compared different insurers to find the most affordable home insurance in Oregon. Based on our research, the cheapest homeowners insurance company in Oregon is Farmers.
Nevertheless, finding the best insurer means taking into account your finances, personal circumstances and preferences. The cheapest option may not always have everything that you need. To help you find an insurer with the best services that is also affordable, MoneyGeek found the best homeowners insurance in Oregon.
How to Estimate the Cost of Your Homeowners Insurance Policy in Oregon
Everyone’s homeowners insurance needs and costs differ. Since factors like dwelling coverage, deductibles and credit scores change for every policy, the cost of homeowners insurance differ as well.
MoneyGeek’s homeowners insurance calculator helps you estimate how much home insurance you need. Fill in the amounts for every factor to see how they affect the cost of your homeowners insurance in Oregon.
Oregon
Location is an important factor in insurance rates. Some places are more expensive than others.
The state you live in determines the risk of natural disasters, fire protection policies, cost of living and other instances that can damage your property. Additionally, your location within Oregon impacts risk factors like theft or vandalism, which also impact your rates.
Dwelling Coverage
If part of your home has been damaged by a covered peril, dwelling coverage takes care of your expenses when you’re repairing the building structure of your home. In Oregon, the average dwelling coverage is $250,000. Covered perils usually include fire, theft, vandalism, lightning and more.
Dwelling coverage only covers structures that are connected to the main building of your home.
Deductible
The amount of your deductible determines how much you will pay out of your pocket in case of a claim.
For example, if the total cost of damages is $1,000 and your deductible is $500, you will have to pay $500 first before your insurance covers the remaining amount.
When choosing your deductible, it’s important to evaluate how much you’re willing to pay out of pocket.
Liability
People can get injured on your property. Their property can also be damaged due to negligence on your part. Liability coverage pays for the cost of these damages, whether it is for legal fees, replacement costs and more.
A higher coverage limit is better, and it doesn’t cost much to increase your coverage amount. A good starting point is an amount that is equivalent to the value of your assets.
Personal Property
Personal property coverage protects your items at home. It covers the value of your personal belongings in case of a covered loss.
It’s safe to start with a coverage amount that is 50% of your dwelling coverage. You can also have a higher limit since it depends on the value of your belongings.
MoneyGeek’s personal property calculator below can give you an idea of how much coverage you need.
Credit Score
Your credit score impacts the cost of homeowners insurance in Oregon. Homeowners insurance companies in this state run a credit check before approving your policy.
Insurers see people with good credit as customers who can keep up with their finances. As a result, they can maintain their homes and make appropriate repairs. Consequently, people with good credit tend to have cheaper premiums than those who have poor credit.
Personal Property Coverage Calculator
When figuring out how much renters insurance you need, experts recommend the standard $100,000 in liability insurance and enough personal property protection to cover your possessions. Use MoneyGeek's calculator to estimate the value of your possessions so you know how much personal property coverage to buy.
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Average Cost of Home Insurance in Oregon
Oregon is the sixth most affordable state to get homeowners insurance. On average, homeowners in Oregon pay $1,096 per year to insure their homes, which is around 55% cheaper than other states. MoneyGeek’s ranking and average cost are based on a policy with $250,000 dwelling coverage.
To help you understand how dwelling coverage influences the cost of your policy, the table below compares the premiums of homeowners insurance in Oregon with varying coverage levels.
Average Annual Premium in Oregon for Homeowners Insurance
| $100,000 | $934 |
| $250,000 | $1,096 |
| $500,000 | $2,626 |
| $750,000 | $3,752 |
| $1,000,000 | $4,685 |
| $2,000,000 | $8,945 |
| $3,000,000 | $13,293 |
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Your dwelling coverage limit generally depends on the cost of rebuilding your home. You want to make sure your coverage limit will cover the cost of rebuilding your home.
The age, size, shape and features of your home determine the rebuilding or replacement cost. Professional home appraisers or your insurance company can help you estimate this cost.
These estimates may not always be accurate or keep up with certain changes as prices increase over time. Extended replacement cost, guaranteed replacement cost and inflation guard coverage can protect your home in the long run.
Frequently Asked Questions About Home Insurance in Oregon
MoneyGeek answered some important questions about homeowners insurance in Oregon that may influence your decision when purchasing your policy.
How much does homeowners insurance cost in Oregon?
The average cost of homeowners insurance in Oregon is $1,096 per year for $250,000 in coverage. It’s one of the most affordable states to purchase homeowners insurance, ranking sixth among the other states. Compared to the national average of $2,417 per year for the same coverage, premiums in Oregon are around 55% cheaper.
How do I know how much dwelling coverage to get?
Your dwelling coverage is determined by the cost of rebuilding your home. Factors like the age, size, shape and features of your home affect the rebuilding or replacement cost. If you want to have an expert’s opinion, you can also hire a professional home appraiser to give you an estimate. In Oregon, the average dwelling coverage amount is $250,000.
Insurance
Methodology
To determine the average cost of homeowners insurance in Oregon, MoneyGeek sourced pricing data from Quadrant Information Services.
MoneyGeek chose a standard home profile to provide the most reliable and relevant data for developing a thorough analysis of homeowners insurance. This standard home profile consists of the following attributes:
- Construction year: 2000
- Construction type: Frame
- Composition roof
- Three-mile radius from the fire department
- Assumed value of other structures on the property: 10% of the dwelling coverage
- Personal property coverage: 40% of the dwelling coverage
- Liability limit: $100,000
- Deductible: $1,000
About Mark Fitzpatrick
Mark Fitzpatrick is a Licensed Property and Casualty Insurance Producer and MoneyGeek's Head of Insurance. He has analyzed the insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. He has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.