Oregon Home Insurance

Buying a home is one of the biggest investments a person will make in their lifetime. By spending such a large amount of money, any homeowner would naturally want to protect their investment. That’s where homeowners insurance comes into play; these policies not only cover certain damages, but also provide peace of mind for those who worry about unforeseen catastrophes. Plus, renters can also benefit from good insurance. Whatever side you fall on, these statistics will help you weigh Oregon’s homeowners insurance rates against the rest of the country.

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Stats in Your State

While the housing market recently took a significant hit in Oregon, affordable homeowners and renters insurance rates throughout the state helped to soften the blow. To learn more about home ownership in Oregon, check out the graphs and data below.

Homeowner Insurance Premiums

Oregonians, whether they own a home or rent, are paying lower insurance premiums than the rest of the country. This pattern somewhat mirrors the national market, but the price of insurance premiums in Oregon are much lower. In 2008, homeowners were paying $352 below the nationwide average.

Renter Insurance Premiums

Renters in Oregon can expect to pay less than tenants in other parts of the country. Prices reached a peak in 2004 and have since dropped to an annual rate of $153 in 2008.

Existing Home Sales

Home sales in Oregon followed a familiar bell curve during the real estate bubble. More than 100,000 homes were sold in 2005; following a steep subsequent decline, the market leveled off to roughly 55,000 homes sold in both 2009 and 2010.

Flood Insurance in Region

Very few flood insurance claims were made in Oregon between October 2011 and September 2012 — just 76 in the whole state. Total payments amounted to $1,299,000.

Homes Built

The two largest decades for home-building in Oregon were the 1970s and 1990s; in contrast, a relatively small number of homes have been built since 2005. Whether you’re in the market for a new home or an older residence, be sure to have a thorough home inspection completed before buying.

Rules in Your State

Whether you own or rent a home in Oregon, understanding the finer points of your policy and the state rules governing it can ensure the proper amount of coverage when disaster strikes. Brush up on Oregon's insurance rules to get a grasp on all the essential information.

Homeowner Bill of Rights Legislation

In 2005, Oregon approved a concise Homeowner Bill of Rights to protect residents from unfair treatment. Some policies include:

  • Limiting the period in which insurance companies can “look back” on consumers’ claims history to five years.
  • Prohibiting inquiries by policyholders being treated as claims.
  • Prohibiting insurers from canceling or not renewing policies for the first claim in a five-year period.
  • Insurers must provide provide notice at least 30 days before renewal or nonrenewal.

Buying Homeowner’s Insurance

Oregon law does not require residents to buy homeowners insurance, but most lenders will require coverage if your house is mortgaged.

Representatives & Resources in Your State

The following list of representatives and resources will come in handy whether you are looking for a new policy, curious about your current plan, or simply wondering about the different rules and regulations that apply to Oregon residents.

Oregon Insurance Division
350 Winter St NE #440
Salem, OR 97301-3883
Phone: (503) 947-7980
Fax: (503) 378-4351
Toll-free: (888) 877-4894
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Storm Coverage
Find out what’s usually covered under homeowners insurance and what to check for when buying a new policy.

Top Ten Homeowner’s Myths
Debunking commonly held misconceptions about homeowners coverage.

Wildfires
An average of 500 wildfires burn every year in Oregon. Find out what you can do to protect your home before a fire.