Updated April 13, 2022
Reading time: 4 minutes
Oregon consistently ranks as a top state people are moving to, and there’s a good reason for that. Filled with one of the most diverse landscapes in the U.S., the Beaver State is an outdoor lover’s paradise, with mountains, deserts, river valleys, and the Pacific Ocean among its beautiful vistas. The mild climate, highly bike-friendly cities, plentiful tech jobs, and seriously delicious coffee make Oregon a great state to call home.
Because of the high cost of living in Oregon, many newcomers are choosing to rent rather than buy, especially in cities like Portland. Smart Oregon renters will invest in a renters insurance policy, especially when some landlords require proof of insurance before they’ll lease a house or apartment.
What is renters insurance? It’s a lot like homeowners insurance, but it’s designed for people renting a property. It’s part of being a responsible tenant. The landlord’s rental policy only covers the building, so you need a renters insurance policy to cover your personal property in case a fire, accident, or theft strikes. You’ll have the peace of mind of knowing you won’t have to replace your belongings out of pocket.
Renters insurance covers three basic areas of coverage.
Liability coverage protects you in case someone gets hurt at your home and may also cover certain kinds of property damage. The personal liability part of your policy usually also covers legal fees and medical expenses for people who are injured on your property. Liability protection is important because legal fees and medical expenses can be extremely high.
Loss of use pays for additional living expenses that you have to pay for when your home or apartment is temporarily uninhabitable due to a covered loss. It helps reduce the costs of living somewhere else while your home is being repaired or replaced.
Personal property coverage pays to replace your belongings if they are damaged by covered losses like fire, smoke, wind, theft, vandalism, or certain natural disasters.
The type and amount of coverage you choose, as well as the limits you choose for personal property and liability insurance, will have a big impact on your renters insurance premium.
All providers charge a deductible —the amount you pay out of pocket to have your claim processed. If your plan has a high deductible, you’ll get a quote for a lower premium. If you want a lower deductible, your renters insurance quote will be higher because the insurance carrier knows they’ll have to pay more for a claim.
High-value properties have higher insurance premiums because the insurer will have to pay more to repair or replace them.
A high-dollar home costs more to insure than a bare-bones apartment because the insurance claims on the home will be higher if disaster strikes. Premiums are priced accordingly.
A good credit score can help you get better deals on all kinds of things, from loans and credit cards to discounts on renters insurance. Insurers feel people with low credit scores are more likely to file claims, so they usually charge them higher premiums.
Pets may make your renters insurance cost more money, especially if you have a dog that could bite someone.
Not all Oregon renters pay the same renters insurance rates. Pricing can be affected by many city-specific variables, from your ZIP code to the number of claims filed nearby. Neighborhoods that insurers view as low-risk have lower premiums, while places with risks like bad weather or high crime rates will pay more.
Finding affordable renters insurance isn’t impossible, even in a state with a high cost of living like Oregon. Here are a few ways you can lower the cost of your premiums.
Getting multiple quotes is the best way to save money. Different insurers will offer different quotes for insuring the same home or apartment.
Bringing a car with you to Oregon? Many insurers will give you a discount for bundling home and auto insurance together.
Putting in safety devices lowers your risk of severe damage, making your property more attractive to insure. Think about installing a burglar alarm and smoke alarms.
Many insurers have other deals you can take advantage of. One popular one is a discount for setting up automatic payments. Other deals your insurer may offer include:
Claims-free discounts for not reporting claims
Paying your premiums for the entire year in full
The cheapest company for one person may not be the cheapest for another because cost varies according to many factors, such as your specific risk profile. However, these three carriers tend to fall on the cheaper end of the spectrum.
State Farm ’s average premium in Oregon is just $12 a month, according to ValuePenguin. Its customer service is highly regarded, and it ranked highest out of any Oregon company in J.D. Power’s U.S. Home Insurance Study – Renters Insurance.
It has a few coverage options, including earthquake coverage, which is a plus if you live near the Cascadia Fault.
Travelers insurance is a good buy if you have certain coverage needs. It offers optional coverage for water backup, extended liability, and equipment breakdown. Not all insurers offer these, so if you need them, Travelers may be a safe bet. However, it doesn’t offer earthquake insurance, which may be a drawback for you if you live near the Cascadia fault line.
Travelers also requires you to buy the policy in annual installments rather than offering the option of monthly payments.
Farmers Insurance is a great pick for students and young renters who don’t own a lot of property. It’s affordable, at an average price of $12 per month, and its renters insurance comes with policy limits as low as $4,000—perfect for people who aren’t bringing much stuff with them. Lower policy limits also mean lower premiums.
Farmers doesn’t offer much in the way of optional coverage. You can get identity theft and replacement cost coverage from them, but they don’t offer any extra protection for high-value items or water backup.
|Coverage Type||What It (Usually!) Covers||What’s (Usually!) Not Covered|
|Liability||May cover medical payments or property bills if you accidentally damage someone else’s property or a guest hurts themselves in your residence||Any liability costs that exceed your coverage limit, damage to your personal property, additional living expenses|
|Personal Property||The cost to repair or replace your personal belongings should they be damaged or stolen||Damage to personal property over your coverage limit, liability damages, or additional living expenses|
|Additional Living Expenses||Additional coverage that pays for hotel bills or other living expenses if your current residence is damaged or otherwise not inhabitable||The cost of repairing damage to your rented residence (your landlord’s insurance policy may cover that)|
The average cost of renters insurance in Oregon is $165 a year, $20 less than the national average, according to The Zebra.
Safeco is a highly popular renters insurance company in Oregon and tends to offer cheaper rates. The largest insurance companies in the state are State Farm, Farmers, Liberty Mutual, USAA, and Allstate.
Most insurers offer bundling discounts of some kind, along with other deals. If you’re not sure whether a company offers that, ask an insurance agent or check out the company’s website.
Try Insurify, an easy way to get quotes from many top insurers. It takes just a few minutes of research.
Looking for the cheapest insurance in Oregon? It all starts with comparing quotes from insurers. Get the quotes you need to make a decision by shopping with Insurify, which lets you compare policies with just a few clicks.
Tanveen Vohra is an editorial manager at Insurify specializing in writing about property and casualty insurance. Through her work, Tanveen helps consumers better understand the components of their insurance policies so they can make smarter purchase decisions.
Tanveen's work has been cited by CNBC , Fox Business, Business Insider, Fortune, and Market Watch, among others.Learn More