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Last Updated February 28, 2022
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Portland, OR Homeowners Insurance
Portland, Oregon, is the second-most populous city in the Pacific Northwest. This city has a metropolitan population of 2.4 million residents. Portland is situated at the foot of Mount Hood, at the Willamette and Columbia Rivers’ confluence. Back in its earliest days, the city was well-known for its fish and lumber market and the Oregon Trail’s end. And during the turn of the 20th century, the city gained a reputation as one of the most dangerous port cities globally. That’s because it became an organized crime and racketeering hub.
These days, Portland is known most for its hipster and environmentally friendly culture. It was the first city to come up with a carbon dioxide emissions reduction plan. Since the city is so cutting-edge, it’s no wonder that its economy is as well. Technology rules Portland ’s economy. Its nickname is the Silicon Forest because of its many startups and software companies. And Intel is the city’s largest employer.
Over the last several years, Portland has had a large influx of tech workers and well-off transplants. They move from cities like Los Angeles, San Francisco, and Seattle. With the influx of new residents come higher housing expenses and a higher crime rate. Many new residents are not prepared for potential natural disasters like wildfires, either. Because of this, it’s in every Portland homeowner’s best interest to have the proper protection from the unknown. The problem is solved with Portland homeowners insurance.
Home insurance in Portland doesn’t have to be hard to come by. Use Insurify, and you could see savings right away by comparing the best rates. Try us now!
Cheapest Home Insurance Companies in Portland
For homeowners in Portland, it's important that you evaluate all of your potential insurance options to ensure you are finding the best rate. Comparing the right insurance companies will allow you to get the best possible insurance rate for your home.
To simplify comparing companies, Insurify has analyzed rates from top insurance providers in Portland. The following are the best insurance rates from carriers that offer homeowners insurance in Portland.
How to Find Cheap Home Insurance in Portland
The current Portland, Oregon, real estate market is competitive. Some homes get multiple offers, and homes sell in anywhere from 4 to 10 days. Have you recently moved to Portland? Not only is the move a huge commitment, but so is the homebuying process.
Buying a home may be one of the largest financial investments of your lifetime. With the investment, inevitably, comes risk. However, there are steps homeowners can take to minimize risk and protect their investment.
The first step to protecting your property is homeowners insurance in Portland. Though not required by law, home insurance provides financial liability and personal liability after a covered loss. That means you get protection for your property and personal belongings from natural disasters and vandalism. Different coverage options are available for various property types, locations, and other factors. There’s even additional coverage for expensive items like jewelry and electronics for when something goes awry.
Keep reading for a full guide on Portland home insurance.
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Cheapest Home Insurance in Portland by Company
Homeowners insurance rates aren’t always designed with savings in mind. That’s where Insurify comes in. Our free home insurance comparison tool allows you to find the best policy for the best rate fast. And your information stays private and protected.
As of 2021, the average home insurance premium in the Portland area costs $1,218 annually, and the median home value is $497,589.
Unfortunately, for Portland residents, housing expenses aren’t for the faint of heart. Housing expenses in the area are 79 percent higher than the national average. Saving money on your homeowners insurance policy is of high importance, as you should save where you can. But insurers price differently everywhere and depending on the company. A home insurance policy at Allstate may be one price, but you won’t see the same price as you would with American Family or State Farm. The best way to get the price you’re looking for is to compare the best home insurance companies in Portland. Use Insurify’s comparison tool to search and compare, then get a quote. It’s that simple and easy. Give it a shot now!
Check out the average cost of homeowners insurance in Portland, OR, below.
|Average Home Cost in Portland||Average Annual Insurance Premium in Portland|
Average Annual Home Insurance Premium in Portland by Company
Average prices for standard homeowners insurance for a 7-15 year old home, $200,000 in coverage
Cheapest ZIP Codes in Portland for Home Insurance
Pricing is dependent on where you live in the Portland area. You won’t have the same price as someone in downtown Portland as you would in, say, Beaverton.
Like property costs, home insurance varies in price from city to city. Pricing is determined by ZIP code–specific variables, such as the volume of claims filed nearby, crime rates, and property costs, and risk variables, such as natural disaster frequency. Even your specific neighborhood may determine if you pay more or less on your annual premiums.
Rates in Portland can be relatively high or low compared to the national average; it all depends on which area you live in.
Home Insurance Coverage Types in Portland
There are several types of home insurance. Specific terms of insurance policies may vary by city, but in general, the standard policy types are as follows:
The simplest and least comprehensive type of homeowners insurance
Provides coverage for a handful of potential problems, including
- Dwelling coverage for damages from some natural disasters (storms, fires, wind, lightning, volcanic eruption),
- damage from vehicles,
- or civil commotion.
Broad form homeowners insurance policies include all basic form coverage, plus protection from:
- falling objects,
- damage from the weight of ice, snow, or sleet,
- freezing of household systems including HVAC and pipes,
- sudden and accidental damage to pipes and other household systems from artificially generated electrical current,
- accidental discharge or overflow of water or steam,
- sudden and accidental damage.
HO-2 policies typically cover both dwelling protection and personal property.
In some cases, broad form coverage may also include liability coverage. However, it still only covers the specific damages listed in the policy.
The most common form of homeowners insurance is known as a “special form” policy.
While HO-1 and HO-2 policies are “named peril” policies (meaning they only cover dangers that are specifically listed in the policy), HO-3 policies are “open peril” policies meaning they’ll cover all dangers except those specifically excluded in the policy documents.
HO-4 policies, also known as renters insurance, are for people who lease rather than own their homes.
Tenant’s form policies typically cover all the same dangers as HO-2 policies.
These policies include personal property coverage and liability coverage but don’t cover the physical structure of the house.
Some HO-4 policies may also include loss of use coverage for the tenants.
Comprehensive form policies are usually the broadest and provide the highest level of coverage; not surprisingly, they also tend to be the most expensive type of homeowners insurance policy.
The biggest difference between HO-3 and HO-5 policies is that most HO-3 policies are “actual cash value” policies, whereas typically HO-5 policies are “replacement cost value” policies.
An actual cash value policy will only reimburse you for the actual value of a damaged or destroyed item, while a replacement cost value policy will reimburse you for however much it would cost to completely replace or repair the damaged or destroyed item (up to the coverage limits on the policy).
HO-5 policies also provide personal property coverage against a wider range of dangers than the typical HO-3 policy. Many HO-5 policies also have extra coverage for high-value personal property, such as jewelry and artwork.
Not surprisingly, condo form insurance is for condominium owners. HO-6 policies generally protect against the same types of dangers as HO-3 policies.
They provide dwelling protection coverage with a twist: HO-6 policies cover the walls, floors, and ceiling of the condo unit but not the rest of the building.
These policies also include personal property and liability coverage and may include loss of use coverage.
If you own a mobile home or manufactured home, you likely have an HO-7 policy.
Mobile home form policies are typically identical to HO-3 policies, except they’re designed specifically for mobile and manufactured homes.
Like HO-3 policies, they provide dwelling protection coverage, other structures coverage, personal property coverage, liability coverage, and possibly loss of use coverage as well.
HO-7 policies generally only protect the home when it’s stationary; if you plan to move your mobile or manufactured home, you’ll need to get a special policy to cover it while it’s in transit.
Older homes have generally been built to less stringent code standards than recently built homes, and so insurers have designed a specialized type of homeowners insurance policy for them.
HO-8 policies often only cover the basic perils listed in HO-1 policies and generally apply to homes that are registered landmarks or otherwise deemed historic homes.
Owners of registered landmarks are typically forbidden from making the updates to HVAC, electrical, and other parts of the home that would enable them to qualify for a standard HO-3 policy, so an HO-8 policy is often the only option for them.
For more detailed Oregon city level guides, check out these below.
Natural Disasters and Portland Homeowners Insurance
Portland, Oregon, is located in a warm-summer Mediterranean climate that brings cool, cloudy winters and warm, dry summers. You’ll find Portland to be overcast, damp, and with changing weather conditions through all four seasons. Portland is in the path of turbulent westerly air flows. The Pacific Northwest is known for being overcast and damp. But Portland has more sunshine hours and less rain and snowfall than other cities in the region. It’s important to note, though, that flood insurance may be appropriate in certain areas. Water damage is not covered on a standard home insurance policy, so ask your local insurance agent for more information.
Because the summers are warm and dry, wildfires are a natural hazard in the summer and fall months. Your homeowners insurance policy will likely cover fire and additional living expenses if you have to relocate. But it’s important to know your coverage limits so you’re not spending more out of pocket if you reach your limits. An insurance agent will go over coverage limits and help you find the right ones if you ask.
You might also experience other natural disasters like earthquakes. Earthquake insurance is not included in the standard home insurance policy. You can purchase additional insurance like earthquake insurance along with flood insurance through your insurance agent.
How to Get Home Insurance Quotes for Your Portland Home
With living expenses being so high in Portland, Oregon, it’s more important to save where you can. You can start by combining insurance products like home and auto insurance under one insurance provider. This is known as bundling home and auto, and insurance providers love when you do this, so they usually give a discount or deal.
Next, be in the know of other factors that contribute to home insurance rates. Your demographics, like if you’re married, single, or divorced, affect your rate. If your home is made of brick, you can typically pay less in rates than for a house made of wood. And is your home older? Older homes and structurally unsafe homes can often lead to higher insurance premiums.
When you’re ready, you can get a home insurance quote for free. All you need to do is go to our home insurance comparison tool, enter your info, and submit it. In only a few minutes, you’ll have quotes based on what you need from your home insurance policy in Portland.
How to Find the Cheapest Home Insurance in Portland
Portland, Oregon, once a place for pioneers in the old west, is now a place for pioneers in a technology-driven world. Residents enjoy its natural landscape and all four seasons in this lovely city. What’s not so enjoyable is the high living expenses. But there’s a way to save, so you don’t have to worry about your budget.
Use Insurify to compare home insurance premiums for your property in Portland .
Frequently Asked Questions
The standard home insurance policy does not include identity theft coverage. However, you can purchase an identity theft endorsement from most insurance companies. Ask your insurance agent for identity theft protection.
Yes, most Portland home insurance policies cover wildfires. You must make sure that you have enough coverage if you experience a fire, though. Take a look at your policy or ask your insurance agent for more information on coverage limits.
You can look up the best-rated insurance companies by looking at J.D. Power’s list of insurers rewarded in customer excellence on its website.
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