Table of Contents
- How much is renters insurance in Oregon?
- Average cost of renters insurance in Oregon
- The cheapest renters insurance in Oregon depends on where you live
- The best renters insurance in Oregon: Farmers
- Other Oregon renters insurance providers you should consider
- What else do you need to know about renters insurance in Oregon?
- How we gathered our data on Oregon renters insurance prices
How much is renters insurance in Oregon?
The average price of renters insurance in Oregon is $16.26 per month, which is lower than the national average of about $20 per month. The cost is roughly in the range of $14–$17 per month across all of Oregon’s major cities. The lowest prices are offered by Lemonade in Hillsboro and Tigard ($6.33 per month), and the highest price is offered by Progressive in Springfield ($29.27 per month).
Insurance companies consider several factors when calculating your renters insurance premium, including whether your home is:
- Near a coast, where you’re more susceptible to damage from hurricanes and tropical storms.
- In a hazardous area, where you’re prone to natural disasters such as wildfires, heavy storms, or tornadoes.
- In a city with a high crime rate, where you’re more likely to need renters insurance coverage for theft or vandalism.
In most states, your credit score also affects your premiums, but this is not the case in Oregon, where you can get renters insurance with no credit check. This is because state law prevents insurance companies from running your credit when you apply for renters insurance.
Average cost of renters insurance in Oregon
In the following tables, we’ll break down the cost of renters insurance by insurance company and by city in Oregon.
Average cost of renters insurance in Oregon by city
The table below lists the average cost of renters insurance per month and per year in Oregon’s major cities.
|City||Average price (monthly)||Average price (yearly)|
Average cost of renters insurance in Oregon by insurance company
The following table lists the average prices offered by the top renters insurance companies in Oregon and how they compare to the statewide average.
|Insurer||Price||Difference from average|
The cheapest renters insurance in Oregon depends on where you live
Which company offers the cheapest renters insurance ultimately comes down to which city you live in. Lemonade offers the cheapest average price for renters insurance in Oregon ($10.78 per month), but State Farm is the cheapest option in the majority of cities (8 out of 15).
Why Lemonade and State Farm are both the cheapest
Lemonade’s prices are much more variable than those of other companies, ranging from around $6–$14 per month, whereas all of State Farms’ prices are in the range of $9–$12 per month. You can get big savings with Lemonade in Portland, Hillsboro, Beaverton, Tigard, and Lake Oswego, but you’ll pay more if you live in any other city.
Cities where State Farm is the cheapest
It’s also worth noting that Farmers, who offer the third cheapest renters insurance ($12.97 per month on average), is also cheaper than Lemonade in Eugene, Bend, Springfield, Corvallis, and Aloha. They also happen to be the cheapest option overall if you live in Medford.
Should you get Lemonade or State Farm renters insurance in Oregon?
Lemonade is a relatively new company with a unique business model that offers some benefits. However, they might not be the best option if you’re looking for more conventional services.
State Farm is generally a solid choice, but they also have some drawbacks. You should consider each company’s pros and cons before making a decision.
Benefits of Lemonade renters insurance in Oregon
- Automated digital services: This is an advantage for people who are comfortable managing their accounts online and on mobile apps. Lemonade’s digital approach allows you to get your renters insurance policy, adjust your coverage, and file claims within minutes without speaking to an agent.
- They give some of your money to charity: Lemonade is a benefit corporation, and their mission is to “transform insurance from a necessary evil into a social good.” They achieve this by giving a portion of your premiums to a charity of your choice.
Disadvantages of Lemonade renters insurance in Oregon
- Lack of customer support: The company’s automated services are convenient only until you run into a problem or need to file a complicated claim. When this happens, you’ll probably find yourself frustrated by how hard it is to get a service representative on the phone. The lack of employees is a downside to their business model: in order to offer you low prices, they can’t afford to have the large customer support base that you’ll get with other insurers.
- Less coverage: You won’t be able to add an earthquake rider to your renters insurance policy with Lemonade if you live in Oregon, which is a drawback because Oregon has high levels of seismic activity. Lemonade also doesn’t cover utility outages, such as power, heat, or water loss.
Benefits of State Farm renters insurance in Oregon
- Customizable personal property coverage: A big advantage of State Farm’s renters insurance is the freedom you have to choose the amount of personal property coverage on your policy. You can buy any amount of coverage between $2,000 and $1,000,000, which is a broader range than most other insurers offer.
- Optional earthquake coverage: Renters insurance policies typically don’t cover damage from earthquakes, meaning that you have to purchase separate earthquake insurance. However, State Farm gives you the option to add an earthquake endorsement to your renters insurance.
- Other additional coverage options: You also have the option to add extra liability coverage, business property coverage, protection from cybercrime and identity theft, and coverage for jewelry and computers.
Disadvantages of State Farm renters insurance in Oregon
- Limited discounts: Many companies try to get new customers by giving discounts that their competitors don’t offer. However, State Farm only provides a bundling discount and a discount for installing home safety alert systems (smoke detectors, fire or burglar alarms, home monitoring systems, etc.), which are both common discounts that you can get elsewhere, including with Lemonade and Farmers.
The best renters insurance in Oregon: Farmers
Our pick for the best renters insurance in Oregon is Farmers, which is a long-standing company that offers excellent coverage. In addition to being the third-cheapest insurance company, their policies have several advantages that you can’t get elsewhere.
Advantages of Farmers renters insurance in Oregon:
- Useful add-ons and separate policies: You can get an additional coverage that protects you from identity theft, which is a big deal considering that renters insurance doesn’t usually cover cybercrime. You can also add floaters to get extended coverage for jewelry or other expensive items on your renters insurance policy. In addition to these options, Farmers offers flood, earthquake, and umbrella insurance.
- You can get a $100 deductible: Your renters insurance deductible is the amount that you have to pay out of pocket when filing a claim before your insurance coverage kicks in. The most common deductible amount is $500, and $100 is much lower than what most companies offer.
- Discount for nonsmokers: You can save on your renters insurance with Farmers if you don’t smoke in your home, which is something you won’t find with most other companies. All you have to do is show that you live in a household that has been smoke-free for two consecutive years.
- Buy and manage your policy online or through an agent: Like Lemonade, Farmers lets you buy your renters insurance policy and file claims online and with their app. Unlike Lemonade, however, you also have access to service representatives if you’d rather go the traditional route.
Disadvantages of of Farmers renters insurance in Oregon:
- Actual cost value is the default coverage: Some companies (like Lemonade, State Farm, and Allstate) automatically offer renters insurance coverage at replacement cost value, meaning they’ll refund you the amount that your items would cost if they were new at the time you file a claim. This is something you’ll have to pay extra for with Farmers; instead, their default renters insurance has actual cash value coverage, which almost always translates to lower payouts because it accounts for an item’s loss of value over time
Where to get more information
If you’re still not sure where to get the top renters insurance in OR, then check out our reviews of state’s major insurers. We’ve rated these companies in different categories and provided key information that you need to know before signing up:
Other Oregon renters insurance providers you should consider
Renters insurance policies offer fairly standard coverage, regardless of the company. However, a certain provider might still offer discounts and coverage options that are particularly suited to your circumstances. This often means opportunities to get discounts on your renters insurance. In this section, we’ll show you the best options if you
- Are a veteran or member of the military
- Are a dog owner
- Own a business
- Are a college student or first-time renter
- Have auto insurance
Best Oregon renters insurance for military service members and veterans: USAA
USAA offers excellent protection for tenants — they even provide renters insurance coverage for floods and earthquakes, something you won’t find in any other standard policy. However, you’re only eligible for their insurance if you’re a veteran, military serviceperson, or family member of a USAA member.
Their policies are more exclusive than most, but they’re well worth getting if you’re eligible. They also have a strong reputation for their customer service and claims payout process.
Best Oregon renters insurance for dog owners: State Farm and USAA
If you own a dog, then most companies will want to know their breed before they give you a policy. If your dog is on the company’s list of excluded breeds, then you’ll have to look elsewhere.
State Farm and USAA are the only two major renters insurance companies that won’t ask about your dog’s breed. Instead, they’ll make their decision based on whether your dog has a history of causing personal injury or property damage.
Insurers care about your dog’s breed and background because pet liability insurance comes with renters insurance as an extension of your personal liability coverage. Accordingly, your renters insurance will cover dog bites and any damage your dog causes to someone else’s property.
Best Oregon renters insurance for business owners: State Farm
State Farm offers optional business property coverage and incidental business liability coverage that you can add to your renters insurance policy. If you own a business, then this means you’ll be covered if any of your business equipment is damaged or you’re taken to court in a professional liability lawsuit. This coverage also protects you if a covered peril forces you to stop your business operations.
In addition to these optional add-ons, State Farm includes some coverage for business property in their standard policies (albeit to a limited extent, since they subject it to a $1,500).
Best Oregon renters insurance for college students and first-time renters: Lemonade
If you’re moving into your first apartment, then you might be new to renters insurance. If you’re looking for a quick and easy way to get yourself set up with a standard policy, then Lemonade is a good option.
On their website, they use simple language and explain industry terms to help people who are looking for their first renters insurance policy but don’t really know where to start. Although you won’t have all the coverage options you can get with other companies, they’ll give you the protection you need if you’re just starting out and you’re mainly concerned about coverage for things like theft and fire.
Best Oregon renters insurance if you already have auto insurance: your current insurer
If you live in Oregon and drive a car, then you probably have auto insurance (seeing as it’s required by state law). Most insurers will offer you a discount on your renters insurance if you have another policy with them (sometimes up to 10%), so it’s worth checking whether your auto insurer also offers renters insurance. That 10% could make a big difference when you’re comparing quotes.
What else do you need to know about renters insurance in Oregon?
Oregon doesn’t differ much from other states in terms of renters insurance coverage. However, there are some peculiarities in terms of the laws regarding renters insurance in Oregon. There are also certain types of hazards that the state is susceptible to that you should consider when you’re buying renters insurance.
All renters insurance policies cover wildfires and volcano eruptions
Oregon has hundreds of volcanoes, even one in the Portland area. Although many are dormant, the 2018 Update to the U.S. Geological Survey National Volcanic Threat Assessment revealed that Oregon was home to 4 of 18 volcanoes identified as posing a “very high threat” of eruption in the United States (Mount Hood, the Three Sisters, Newberry Volcano, and Crater Lake).
Thankfully, renters insurance covers damage from volcanoes, so a policy with sufficient coverage should protect your personal belongings and the cost of staying somewhere else if you’re forced to evacuate your home because one of these volcanoes has erupted.
Your renters insurance will also cover fires, whether they’re fires accidentally started from inside your home or wildfires. Wildfires are burning more and more land each year, making them a rising threat that you shouldn’t ignore when deciding how much personal property coverage to get.
You can get landslide and flood insurance
Landslides are one of the most common and serious disasters that affect homes in the Pacific Northwest, and many people don’t know that they’re not covered by basic renters and homeowners insurance. If you live on a slope or on the site of a previous landslide, then you should make sure to get landslide insurance, which is known in the industry as a difference in conditions policy. Your renters insurance provider might not sell one, but you can ask them where to get one of these policies.
As we’ve already mentioned, renters insurance also doesn’t cover floods, which are another common disaster in Oregon. According to a report on Oregon’s natural disasters by the Department of Land Conservation and Development, 400 flood insurance claims amounting to $6,780,211 were filed in Oregon under the National Flood Insurance Program (NFIP) from 2013 to 2017. That amounts to an average of around $17,000 in damages for each claim.
Getting flood insurance is important if you live in Oregon, where floods occur pretty much every year. Many people don’t get flood insurance because they think they won’t end up being one of those 400 people, but the amount you’d have to pay for damages isn’t worth the risk.
Is a credit check required for renters insurance in Oregon?
No, Oregon is one of the few states where you can get renters insurance with no credit check. In most other states, insurance companies will check your credit and charge you more if your credit score is low (this is because statistics show that people with bad credit are more likely to file a claim). However, this practice is illegal in Oregon.
Can landlords require renters insurance in Oregon?
Unlike any other state, Oregon has a special law that makes it illegal for your landlord to require you to have more than $100,000 of liability insurance (you can find more information in the full list of Oregon’s laws on property rights and transactions). Moreover, if you earn less than half of your city’s average income or if you live in publicly subsidized housing, then your landlord can’t require you to have renters insurance at all. State law also specifies that landlords are required to have their own insurance.
In almost every other state (Oklahoma is the only other exception), landlords can require their tenants to have renters insurance. However, renters insurance is not legally required in any state.
How we gathered our data on Oregon renters insurance prices
We obtained our renters insurance quotes from 9 major providers based on the following assumptions:
- Insured party: 30-year old male, employed, unmarried, with no pets
- Personal property coverage: $30,000
- Personal liability coverage: $100,000
- Guest medical coverage: $1,000
- Loss-of-use coverage: Insurer’s default (usually based on the amount of personal property coverage)
- Deductible: $500
The price will differ a little if you have a different demographic background or coverage needs. However, this difference shouldn’t have a huge impact on the overall cost.
It’s worth noting that our quotes don’t account for down payments or installation fees. Fortunately, we can offer you a few helpful tips for getting renters insurance with no down payment.
The price of renters insurance in Oregon: complete data set
|City||Allstate||Geico||Progressive||State Farm||Liberty Mutual||Nationwide||Lemonade||Homesite||Farmers|
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