Homeowners Insurance in Oregon

The right homeowners insurance in Oregon should include coverage for fires, floods, and other perils.
Written by Sara Brody
Reviewed by Melanie Reiff
Updated on May 02, 2022
Homeowners in Oregon need insurance policies that cover potential fire- and storm-related damages. To find the perfect plan, you’ll want to compare quotes from several companies.
Homeowners insurance protects your greatest investment: your home. Before you sign up for a policy, it’s important to review what’s covered (and what’s not) and make sure you aren’t overpaying for the coverage you need.
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is here to break down everything you need to know about homeowners insurance in Oregon.

What is homeowners insurance? 

Homeowners insurance is coverage that protects your home and its contents from a variety of named perils including theft, fire, and wind. Your policy provides financial protection against the partial or total loss of your home, property damage, and personal liability. 
The average cost of homeowners insurance in the United States is $1,387 per year, or $115 per month

Basic components of homeowners insurance

A typical homeowners insurance policy consists of the following coverages:
  • Coverage A (Structure): Pays to repair or replace the house itself. 
  • Coverage B (Additional structures): Pays to repair or replace other structures on the property, such as fences, pools, or sheds. 
  • Coverage C
    (Personal property): Provides financial protection against the loss or destruction of certain items of personal property (think furniture, electronics, jewelry, and the like). 
  • Coverage D (Additional expenses): Also called loss of use. Pays for temporary living expenses (e.g. a hotel, rent, etc.) incurred as a result of losing the use of all or part of your home. 
  • Coverage E
    (Personal liability): Covers the cost of litigation if someone is injured on your property (or by your pet or family member). 
There are two basic policy types: actual cash value (ACV) and replacement cost.
Actual cash value policies cover the current value of your property at the time of the loss (which includes depreciation). 
Replacement cost policies cover the amount it would cost to replace the property with something comparable (independent from actual value). 
Typically, companies ask homeowners to purchase a policy that pays for at least 80% of the replacement cost of items.
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Named perils

As home insurance policies are all different, you should pay attention to the specific named perils outlined in the documents you receive. Only situations listed as named perils will be covered by your insurance. These generally include:
  • Fire
  • Lightning 
  • Wind
  • Hail
  • Hurricanes
  • Damage caused by vehicles
  • Theft
  • Vandalism
  • Riots
  • Falling objects
  • Explosions
When reading your policy, go over the named perils list carefully to make sure you understand what’s covered and what isn’t.

Is homeowners insurance required in Oregon? 

The state of Oregon does not require homeowners to buy insurance, but banks and lenders who issue mortgage loans will typically require applicants to have a policy in place. 
If you take out a mortgage in Oregon, you’ll likely need to purchase some amount of homeowners insurance to satisfy the bank or other lender. 
Even if it’s not required by your state or mortgage lender, homeowners insurance is always a smart financial decision. For about a hundred dollars a month, you’ll get a policy that can pay out potentially hundreds of thousands of dollars in the case of a fire or other emergency.

How to get homeowners insurance

Whether you just bought a house or are shopping for a new homeowners policy, the first step to getting the right policy is to compare quotes from several different companies. 
app makes this process simple.) 
To avoid missing out on savings for the sake of convenience, don’t just take the first referral that comes your way.
One of the best ways to save money on homeowners insurance is to bundle it with other insurance plans, like your
auto insurance
. For that reason, always get a quote from your car insurance carrier as well.
Even if the premium initially listed is higher, you can expect a bundling discount of 5% to 15% or higher. Check out your options and see how much you can save.
For homeowners in Oregon, fires and storm-related damages, including flooding, pose some of the highest risks. While a standard homeowners policy should give you coverage for fire-related damages, you’ll need to get additional coverage to protect against floods. 
Here are three strategies you can implement to protect your home against flood damage: 
  • Water backup coverage can offset the cost of water removal and repairs in case a pipe bursts or becomes backed up.
  • Flood insurance
    protects your home if a flood occurs outside your property and impacts it. Sign up through FEMA’s
    National Flood Insurance Program (FLIP)
    or a referral. 
  • An HO-5 or open perils policy covers all perils except for those identified as exclusions. 
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What affects the price of homeowners insurance in Oregon?

There’s a good chance that your Oregon homeowners policy could cost less than the national average of $1,387 per year. Even so, your individual factors—like marital status and credit score—can cause the price of your policy to increase or decrease compared to others’. 
There are also statewide factors to consider.


Wildfires can render entire neighborhoods unlivable, resulting in major financial losses for insurance companies when they occur. Due to the high risk of wildfires throughout the western United States, your insurance prices may be elevated in Oregon. 
In short, you’ll face higher premiums up front to compensate for the increased risk of insuring your home. 

Crime rates

Particularly in the Portland area, Oregon residents contend with high crime rates. Zip codes with higher crime rates can expect higher premiums, since residents are more likely to file insurance claims for burglaries or vandalization. 

Homeowners insurance discounts in Oregon

Many insurance providers offer discounts to make it easier to afford a policy. Here are some common homeowners insurance discounts:
How to get it
Bundling home and auto insurance
could earn you a steep discount on both policies.
First-time homeowner
Most companies will offer you a discounted policy if it’s your first time purchasing a home.
If you maintain a certain period (typically a few years) without any claims on your policy, you may be eligible for a discounted rate.
Security system
If you’ve got a security system to prevent theft, your insurance company might discount your homeowners insurance rate.
Upgraded fire alarm
Set up your fire alarm to contact the fire department directly—your insurance company may give you a discount for a shorter fire response time.

How to save on home and auto insurance

Whether you’re insuring your first home or just looking for a new lower rate, you can trust
to find you the best deal.
As a licensed insurance broker, Jerry takes the stress out of buying a
homeowners insurance
policy. Shopping for plans can be as simple as sending a text.
Once you provide your basic information, Jerry will compare rates from 50+ top insurance companies and send a variety of competitive quotes straight to your phone. 
You can even shop for car insurance at the same time and explore bundling discounts with Jerry’s help. Jerry will help handle all the paperwork when you’re ready to move forward with an insurance plan.
was wonderful! I used it for my auto and renters policies. I trusted it so much that I signed up my homeowners insurance under Jerry as well. All of the agents are amazingly nice and knowledgeable.” —Mary Y.


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