Portland is known for vibrant neighborhoods, beautiful natural scenery, and a diverse climate. As charming as the city is, living there has its risks. Your house in Portland is susceptible to damage because of weather conditions, natural disasters, and criminal activity. So, Portland, Oregon homeowners are encouraged to get homeowners insurance. And we’re here to help.
Trailstone Insurance Group is an independent agency that works with multiple insurance companies – not just one- to bring you the best homeowners insurance policy at an affordable price.
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Get a QuoteStandard Homeowners Insurance Policy Coverage
- Dwelling Coverage: This is the coverage that protects your home as a structure, like walls and roof. If the house is damaged by a covered peril, dwelling coverage pays for the repair or rebuilding of the house. You can also get additional coverage for other structures to cover attached buildings, like a shed, garage, or fence.
- Personal Property Coverage: As for the contents of your home, they are covered by personal property coverage. Anything from clothes, furniture, sports equipment, and electronics is protected in case of a covered peril.
- Personal Liability Coverage: In insurance, liability coverage protects against claims that result from injuries and damage to other people or property, carried out by you or a family member. There are two types of home insurance liability coverage: Bodily injury and Property damage.
- Additional Living Expenses: If your house is considered too damaged to live in, this coverage pays for the expenses of temporary accommodation, groceries, and transportation up to a set limit.
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Homeowners Insurance Optional Coverage in Portland, OR
Many of the risks you could face as a Portland homeowner aren’t covered by the standard Oregon homeowners insurance policy. If you live in a home at risk, you might consider getting additional homeowners insurance coverage. Here are some of the recommended additional coverage options for Portland residents.
- Flood Insurance: Portland is prone to floods because of its proximity to rivers and its rainy weather. However, flood insurance isn’t part of the standard insurance policy. You can purchase flood insurance separately.
- Earthquake Insurance: Portland is located near the Cascadia Subduction Zone, making it vulnerable to earthquakes. That being said, earthquake coverage isn’t part of the standard policy. Portland homeowners can purchase it as a homeowners insurance add-on. It helps you pay for repairs to the home structure, the content of the home, and additional expenses if the house is inhabitable.
- Personal property endorsements: If you have expensive items that exceed the limit of standard coverage, this coverage is recommended. It protects selected valuable items, like high art, jewelry, or collectibles.
- Replacement cost coverage: This coverage goes beyond the standard dwelling coverage to pay for the full replacement cost of a home, even if it exceeds the policy limit. It helps when construction costs get higher because of inflation and other factors that increase the cost of rebuilding a house after a disaster.
- Mold and fungus coverage: This coverage is commonly purchased in Portland, as the area is prone to mold and fungus because of high humidity. Mold and fungus coverage can help cover the cost of removing mold, repairing damage caused by mold, and preventing future mold growth.
- Wildfires coverage: Wildfires aren’t as common in Portland as in other areas. Still, there’s a risk during dry seasons because of forests nearby. So, Portland homeowners might consider adding wildfire coverage to their homeowners insurance policies.
- Identity theft: This coverage helps cover the costs associated with restoring a homeowner’s identity, such as legal fees, lost wages, and other expenses.
How Much is Homeowners Insurance in Portland, Oregon?
The average cost of home insurance in Portland is about $1,373 annually. This is higher than the Oregon state average of $850 but is lower than the national average of $2,103. However, these rates can significantly vary based on factors such as the home’s location, home’s age, and coverage limits.
What Influences the Cost of Home Insurance in Portland?
- Location: Different ZIP codes have different premium rates, depending on the crime and fire rate in the area. If the area has a high crime rate, it’s more prone to theft and vandalism, leading to more claims. On the other hand, a safer neighborhood is less risky for homeowners insurance companies.
- Coverage amount: The coverage amount also affects the annual premium rate. The higher the dwelling coverage, the higher the premium gets. A 4-bedroom is more expensive to insure than a 2-bedroom. Moreover, if you opt for a comprehensive insurance policy that extends beyond standard protection, you pay more for the additional protection.
- Home’s value: Another factor that affects homeowners insurance rates is the value of the house. An expensive house is costly to repair and replace, making it more costly to protect.
- Home’s age: Old homes are generally more prone to damage, making them riskier to insure. Not to mention that an old home has outdated systems, in most cases. An old heating or electricity system is more likely to cause a hazard, like fire. That’s why old homes have higher homeowners insurance costs.
- Credit score: Credit score affects your home insurance significantly. Homeowners with excellent or good credit scores may get a lower insurance rate, compared to those with an average or poor credit score.
- Claims history: Your claims history is a factor that increases or decreases your home insurance premium rate. Homeowners who have previous claims may get a higher premium than those with no previous claims.
- Deductible: Paying a higher deductible lowers your insurance premium by default, and vice versa.
Why Trailstone Insurance Group as Your First Choice for Home Insurance in Portland
- Get the treatment you deserve with excellent customer service.
- We work for you, not the insurance company.
- We’re endorsed by Dave Ramsey, meaning we are held to a high standard of excellence.
- We work with financially strong A-rated insurance carriers.
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Homeowners Insurance in Portland, Oregon FAQs
Here are some tips to lower your insurance premium:
- Compare quotes from different companies when shopping for home insurance.
- Bundle home and auto insurance under the same home insurance company.
- Keep a good credit score.
- Increase your deductible if you can afford to pay the cost out-of-pocket.
- Upgrade your house’s outdated systems.
- Install security upgrades.
Generally, standard homeowners insurance policies cover sudden and accidental water damage, but they do not cover gradual damage or water damage resulting from lack of maintenance. Floods, sewer backup, and damage resulting from earth movement aren’t included in a standard policy and require add-ons, like Flood insurance, water backup coverage, and earthquake insurance.
Risks that homeowners face include:
- Natural disasters, like earthquakes and floods.
- Extreme weather conditions, like winter storms, ice, hail, and wind damage.
- Property crime.
No, homeowners insurance isn’t legally obligatory, but it’s recommended to protect homeowners against the many risks of damage and loss in the city of Portland. Moreover, mortgage lenders or banks can require homeowners to have home insurance to be able to take a mortgage.