Getting a Condo Insurance Quote in Oregon
Many residents in Oregon choose condos when searching for their new home, but finding the right condo insurance can be difficult. So we have developed a list of important things to remember when negotiating your condo insurance deal to make sure that you get the best policy for you for the right price. Many factors affect the estimated price of your yearly condo insurance in Oregon, so we've made it our goal to help make the condo insurance purchasing process as uncomplicated as possible.
Oregon Condo Insurance Statistics at a Glance
There are many things that can affect the purchasing price of condo insurance, and taking into account rising property values, Oregon condo insurance policies can be expensive. Oklahoma is ranked as the 44th most expensive state in the country for condo insurance. Residents spend an average of $66 a month or $793.00 annually on their insurance premiums. Although Oregonians are spending more on condo insurance than residents of other states, analysis shows that rates are getting cheaper as the years go by. Overall most cities in Oregon have similar average monthly rates, but Tualatin, OR is one of the cheapest cities for condo insurance with premiums starting at $516.50 annually or $43.04 a month. On the other hand, Ontario, OR sees the highest condo insurance rates in the state at $716.00 annually or $59.67 per month. Different insurance companies have significant differences in rates making this financial disparity even more difficult to navigate, so it's important to shop around if you're searching for condo insurance in Oregon.
$256
Average Annual Cost of Condo Insurance in Oregon
The average cost of condo insurance in Oregon on an annual basis is $256.
$21
Average Monthly Cost of Condo Insurance in Oregon
The cost of condo insurance in Oregon is roughly $21 per month.
32%
Percentage of Income on Ownership for Condos in Oregon
Residents of Oregon spend an average of 32% of their income on condo ownership.
25 years
Median Age of a Property Which Requires Oregon Condo Insurance
The average age of a property requiring condo insurance in Oregon is roughly 25 years.
What Affects the Costs of Your Condo Insurance in Oregon
There are a number of factors that can cause the price of condo insurance policies in Oregon to change. Insurance companies take many factors into account when calculating your individual risk and coverage requirements so they can personalize your condo insurance coverage quote. But many external factors can influence the price of your condo insurance in Oregon e.g. the location of your condo, the age of your condo, and the quality of the building itself. There are benefits to this as agents can see if you're entitled to discounts because of these factors. But you still have some control and you can influence the final pricing of your condo insurance by monitoring your credit history, claims history with other insurance providers, your driving record, monitoring the price of personal belongings that will be held on the premises, the details of tenants, and if you own or rent the condo. To get the best insurance quote possible, we highly recommend that you have as much of this information prepared as possible before pursuing a condo insurance quote for your Oregon property.
Average Cost of Condo Insurance in Oregon by City
A HO6 insurance policy is the most common type of condo insurance in the state of Oregon. Whether you're living in Portland or Salem and enjoying city life or own a condo in a smaller city like Independence, it is highly likely you will need a H06 insurance for your condo. To give you an idea of how much it will cost to insure your condo, we've compiled a list of projected condo insurance quotes. The following rates are based on all of the insurance costs for your respective town or city in Oregon, therefore depending on where your condo is located in your neighborhood, your final cost could differ dramatically from the figures quoted below.
| City in Oregon | Average Monthly Costs for Condo Insurance | Average Annual Costs for Condo Insurance |
|---|---|---|
| Portland, OR | $47 | $561 |
| Salem, OR | $48 | $573 |
| Eugene, OR | $46 | $556 |
| Gresham, OR | $47 | $567 |
| Hillsboro, OR | $44 | $526 |
| Beaverton, OR | $45 | $542 |
| Bend, OR | $48 | $578 |
| Medford, OR | $49 | $587 |
| Springfield, OR | $48 | $577 |
| Corvallis, OR | $46 | $549 |
Choosing the Best Condo Insurance Company in Oregon for Your Needs
Spending the time looking for a condo insurance company that meets your needs is worth the effort as it will provide you peace of mind in the long run. You're insuring your property, yourself, and your valuables, so spending some extra time looking for the most extensive insurance coverage plan on the market is time well spent. Don't short change your Oregon condo and its contents by settling for the most affordable option on the market, shop around, and compare what different insurers can offer you. Don’t let yourself be forced into signing an insurance package that you are not 100% satisfied with, a dependable company will work with you to make sure that you are happy with your agreement. Look for condo insurance providers that reward their long-term customers with discounts for their loyalty or provide package insurance reductions. Finally, be sure your provider is accredited. Look at the Oregon Department of Insurance website to find out their licensing status, fiscal stability, and complaint history.
The Top Rated Condo Insurance Companies in Oregon Based off Consumer Ratings
State Farm has held the position of top insurance provider for the United States for over 50 years. In Oregon, a study conducted by JD Power revealed that State Farm scored an average of 4 out of 5 for their coverage options, billing and payment services, customer support services, and claims which is higher than average when compared to other providers. In Oregon, State Farm also obtained a NAIC complaint ratio of 0.18. Like most condo insurance companies in Oregon, they offer premium discounts on renovated condos and dwellings that have been made to better withstand any natural disasters which might happen in The Beaver State. When analyzing the statistics alone USSA gets the greatest JD Power rating in the state at 5 while MetLife gets the lowest at 2. The insurance provider with the lowest complaint ratio is COUNTRY at 0.12 while Oregon Mutual received the highest ratio at 0.67.
| Oregon Condo Insurer | JD Power Rating | NAIC Rating |
|---|---|---|
| State Farm Ratings for Condo Insurance in Oregon | 4/5 | 0.18 |
| Farmers Ratings for Condo Insurance in Oregon | 3/5 | 0.37 |
| USAA Ratings for Condo Insurance in Oregon | 5/5 | 0.31 |
| Allstate Ratings for Condo Insurance in Oregon | 3/5 | 0.29 |
| COUNTRY Ratings for Condo Insurance in Oregon | 3/5 | 0.12 |
| American Family Ratings for Condo Insurance in Oregon | 3/5 | 0.65 |
| Travelers Ratings for Condo Insurance in Oregon | 2/5 | 0.62 |
| Mutual of Enumclaw Ratings for Condo Insurance in Oregon | N/A | 0 |
| MetLife Ratings for Condo Insurance in Oregon | 2/5 | 0.2 |
| Oregon Mutual Ratings for Condo Insurance in Oregon | N/A | 0.67 |
Oregon Condo Insurance Requirements
Under the Condominium Act, a condo unit owner in Oregon is allowed to purchase insurance for his or her own benefit but is not required to do so by law. The Act states, that if at a time of loss the unit owner has an insurance policy that covers exactly the same danger as the coverage of the association, then the institutions' policy will provide the insurance that is key and will take precedence. Oregon law requires condominium associations to obtain insurance for the condominium construction as a whole. However, condo unit owners should still consider purchasing insurance policies to cover their liability, their possessions, and any developments they install, or for coverage for any loss or event not covered by the coverage of the association.
What's Covered with Your Condo Insurance in Oregon
When searching for your next condo insurance policy, you will notice that the majority of condo insurance companies in Oregon will provide standard coverage which can include construction property policy, private property policy, loss of use coverage, and liability policy. Building property policy coverts you for any damage to the interior of your condo (floors, walls, tiles) and also protect you against the loss of permanent fixtures resulting from a covered event, such as a fire. Personal property policy protects your personal belongings, like furniture, electronics, and clothing, from a covered event. With liability policy, if you're held accountable for physical injury or property damage liability policy offers financial protection for you. Normally a condo insurance plan in Oregon insures you for $100,000. With loss of coverage: If your condo becomes uninhabitable and you need to stay outside of your residence due to a covered event and are now paying more than you would to live on your condo then this will cover you for the increased living expenses.
| Average Costs of Condo Insurance in Oregon by County | Average monthly condo insurance cost | Average annual homeowners insurance cost |
|---|---|---|
| Multnomah County, OR | $48.00 | $576.33 |
| Washington County, OR | $44.14 | $531.57 |
| Marion County, OR | $47.75 | $571.50 |
| Lane County, OR | $48.00 | $577.33 |
| Clackamas County, OR | $47.22 | $566.11 |
| Deschutes County, OR | $48.00 | $578.00 |
| Jackson County, OR | $49.00 | $590.67 |
| Linn County, OR | $47.50 | $573.00 |
| Benton County, OR | $46.00 | $549.00 |
| Yamhill County, OR | $47.00 | $567.00 |
How to Get Oregon Condo Insurance Discounts
All insurance providers in Oregon have their own reduction or loyalty program. Take advantage of these schemes when you are shopping for your insurance and ask about any discounts that may be available to your family or you. You will find that there are often many discounts offered specifically for Oregon condo insurance policies including discounts for new customers, multi-policy and bundled discounts, loyalty discounts, and paid-in-full discounts.
| Condo Insurance Deductible | Average Oregon Condo Insurance Costs Based off Deductible |
|---|---|
| $500 | $63 |
| $1,000 | $58 |
| $1,500 | $55 |
| $2,000 | $52 |
| $5,000 | $45 |
Getting the Best Oregon Condo Insurance Rates
Shopping around for estimates for your next condo insurance policy is critical if you want to find the best policy for you at the right price. Give us a call so we can help you find the best deal for you. Ask a friend to refer you to their condo insurance provider; you may receive a referral reduction which will be financially beneficial for both parties. The higher your deductible, the lower the price of your insurance. However, you have to make sure that your deductible is not too high as in the case of a loss you are responsible for the costs. You should contact as many insurers as possible and discuss discounts for their insurance policies, any insurance packages they can provide, and ask if they offer discounts to client bundle insurance policies with 25 so you can get the best deal. For example, talk to your car insurance provider and ask them if they can decrease your premium if you buy condo insurance from them. Providers often reduce the insurance premiums of their loyal customers as an incentive to stay with this company. Some of these discounts can save you an average of 10% on your yearly premiums.