Oregon oozes beauty—Crater Lake, Mount Hood, the Columbia River, Deschutes Beer. The list could go on for days. But enjoying the sun, snow, water and hops takes money. So why not save on the fixed expense of homeowner's insurance. That's why you're here, right? Let us show you how to shop for Oregon house insurance rates, and how to save some potentially big money. Whether your thing is fishing Wallowa Lake, skiing Mt. Bachelor or just tippling a Dead Guy Ale in Portland, we'll give you the tools necessary to enjoy more of the activities you love. Hold on because here we go….

Oregon House Insurance Basics
Today's most popular choice for a homeowner's policy is called an HO-3. Its basic components look like this:

  • Coverage A- Dwelling
    This will pay to rebuild/repair your home in the event of a peril such as fire, tornado, etc. If you have a mortgage, your lien holder will probably want at least 80% of the home's value insured.
  • Coverage B- Other Structures
    This covers unattached property like sheds and garages and is typically 10% of your home's coverage amount.
  • Coverage C- Contents
    This repairs or replaces your personal belongings and coverage is usually 50% of your home's amount of coverage.
  • Coverage D- Additional Living Expenses
    This pays for alternate living arrangements should your home become unlivable because of a peril covered in Coverage A. It's usually about 20% of the home's coverage amount.
  • Coverage E- Comprehensive Personal Liability
    This protects you in the event someone is injured on your property. It typically covers law suits and damages and usually starts at $100,000 per accident.
  • Coverage F- Medical Expense
    Pays for medical expenses per person, per accident when someone is injured on your premises.

Additional Things You Should Know
According to the National Association of Insurance Commissioners' 2007 report, the average yearly Oregon house insurance rate was $496.

The amount of coverage for your home should not be based on the market value or the tax assessed value and should not include your land and foundation. It's the amount to rebuild using today's construction costs usually expressed as a cost per square foot.

The difference between "actual cash value" (ACV) and "replacement cost".

ACV takes depreciation (age, wear, tear) into consideration when calculating for a loss. For example, your home is struck by lightning and destroys your Sony laptop that you paid $1,500 for three years ago. Its depreciated ACV value may now be $600. Replacement cost—usually purchased at a slightly higher premium—replaces, repairs, or rebuilds using the same or similar materials without considering depreciation.

Flood insurance is not included in a standard policy. Rates—averaging about $300 a year—are based on risk and amount of coverage. Check floodsmart.gov to find your property's risk.

Your Oregon Homeowner's Rights
In 2005, Oregon's Legislature approved a homeowner's bill of rights. You should be aware of these as you shop for Oregon house insurance.

  1. Insurance companies can only go back five years on a consumer's claims history.
  2. A past "inquiry" regarding a claim cannot be treated as a claim by insurance companies.
  3. Insurers cannot cancel policies mid-term unless certain violations occurred.
  4. Prohibits insurers from cancelling a policy if a claim is made within first five years.
  5. Requires 30 notice for renewal or nonrenewal.
  6. Insurers cannot use claims made under past ownership to cancel or not renew a policy when cause of claim was mitigated.

What Affects Your Rates?

  • Type of construction-brick is less expensive to insure than frame homes
  • Age of House- newer homes are less expensive to insure. Their wiring, plumbing and construction are more up-to-date.
  • Local Fire Protection- Distance to fire hydrants and the quality of local fire departments help determine rates.
  • Amount of coverage-the more coverage the higher the premium.
  • Deductible- the lower the deductible, the higher the premium.

Lowering Your Oregon House Insurance Rates
There are two primary ways to save on your Oregon house insurance rates. The first is to ask an agent about any discounts you may be eligible for—discounts that could save you up to 50%. Here are a few:

  • Protective devices like dead-bolt locks, smoke detectors, fire extinguishers, automatic sprinklers, burglar/fire alarms, and new plumbing/wiring.
  • New house discounts. The newer the house the lower the risk.
  • Multi-line (house, auto, life)
  • Senior (55+)
  • Non-smoker
  • Paying in advance vs. making monthly or bi-monthly payments.
  • Payroll deducted payments.
  • Military

Finally, the biggest way to save on your rates is to comparison shop. So why not find the best rates with LocalInsurance. LocalInsurance searches agents from your area and gives you the opportunity to select the rate and policy that best fits your needs. It's free, easy and can be done in less than 30 minutes. This will leave you with more money and more time to enjoy all of Oregon's beauty.

If you are interested in learning more about Oregon home insurance, there are a number of resources that are offered by the state. Oregon has a Department of Insurance which can help ensure that you have the appropriate coverage for your home and provide you with useful information when selecting a homeowners insurance policy.