Insurance News

Oregon home insurance costs among lowest in nation

Posted on: February 10, 2010

Oregon homeowner insurance is among the least costly in the nation, averaging $496 a year, according to a nationwide survey.

That compares to an average $822 nationwide and is lower than all states except Idaho and Wisconsin.

The 2007 data, the most recent available, was released recently by the National Association of Insurance Commissioners.

?Oregon?s competitive insurance market helps keep premiums low, as does the lack of hurricanes and tornadoes in the state,? Teresa Miller, administrator of the Oregon Department of Consumer and Business Services? Insurance Division, said in a statement.

Flooding, earthquakes, and wildfire are more common concerns in the West.

?Homeowner policies typically don?t cover floods or earthquakes but coverage can be purchased separately for both,? Miller said.

Renters? insurance is also lower in Oregon compared to other states. The average annual cost in Oregon was $161 in 2007, compared to $182 nationally, according to the report. That amounts to less than $14 monthly for a policy that protects against everything from fire to theft.

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