Insurance companies calculate home insurance costs based on the value of your property and the chances that something bad might happen to it. The more likely it is that a damaging event can happen to your house and property, the more expensive your home insurance policy will be.
We call these potential risks “exposures.” Let’s take a look at how risky Oregon is compared to the rest of the country.
The burglary rate in Oregon is lower than the national average, and this helps to keep rates affordable in this state. Of course, some areas of the state have higher crime rates than others, and anyone can be the victim of a property crime, so it is important to protect your home and valuables.
- Average number of burglaries per 1,000 homes in OR: 4.12
- Average number of burglaries per 1,000 homes in the US: 3.76
In many cases, installing a burglar alarm in your home can earn you a discount on your home insurance premiums. Learn more about this and other potential discounts by talking with a local independent insurance agent.
Severe weather, including major storms and heavy winds, can damage residential properties. Be sure that your home insurance provides all the coverage you need before disaster strikes.
- Number of federally declared disasters since 1953: 73
- Most common cause of disasters in the state: Wildfires, floods, and severe storms
- Average number of tornados per year in the state: 2.8
- Amount paid in home insurance claims in 2016: $361,213,000
Oregon residents have a relatively low risk of facing property damage due to severe weather. This is one of the reasons that rates for coverage are so affordable in this state.
The estimated cost to rebuild your home will play a large role in how much your home insurance costs. In Oregon, the average home value is much higher than the national average.
- Average home value in OR: $319,200
- Average home value in the US: $188,900
While home prices in Oregon are much higher than average, the houses in this state are on par with the size of the average American home. The size of your house plays a large role in how much your insurance costs since larger homes typically need more in the way of contents coverage.