Renters insurance only costs a few dollars per month, but it can offer crucial financial protection if you ever experience a loss. We collected dozens of renters insurance quotes across Oregon to find the best options in the state.
Compare cheap renters insurance options in Oregon
The cheapest price we found for renters insurance in Oregon is just $12 per month. However, we don't recommend buying a policy based on price alone — customer service and coverage options are just as important.
Best renters insurance for most people: State Farm
- Low prices
- Well-rated customer service
- Not as many coverage options as Travelers
With great rates and customer service, plus a good selection of coverage options, State Farm is the best renters insurance company for most people in Oregon. Its average price was just $12 per month, making it the least expensive option we found in the state.
State Farm's customer service is also well-regarded. It received a Complaint Index of 0.38, meaning it received just 38% as many complaints as a typical insurer. This suggests customers tend to be happy with the service they receive. And State Farm also received a rating of 850 in J.D. Power's U.S. Home Insurance Study - Renters Insurance — that's the best ranking of any company we looked at in Oregon.
Coverage options from State Farm are good, but not industry-leading. Of note, State Farm does offer earthquake coverage, which may appeal to renters near the Cascadia fault. It also offers valuable-items coverage and extended liability, but renters who want a lot of extra coverages may want to consider Travelers, our pick for best coverage options.
Best coverage options: Travelers
- Great coverage options
- Only available in annual installments
- No earthquake protection
For renters with particular coverage needs, we recommend Travelers insurance. It offered the best range of coverage options available to Oregon renters, so it's most likely to have the protections you need — with one important exception.
Travelers optional coverages include water backup, extended liability and equipment breakdown, all of which were fairly rare among the insurers we looked at.
Unfortunately, Travelers is missing one optional coverage that may be important to Oregon renters, especially those near the Cascadia fault line: earthquake insurance. Damage to your property from earthquakes isn't covered by renters insurance. If you are concerned about the costs of earthquake damage, consider our main pick, State Farm.
The other big drawback of choosing Travelers is that you have to buy the policy in annual installments; most renters insurance companies allow you to pay on a monthly basis. While the total amount you'll pay over the course of a year is about average (the total works out to $15 per month), you'll have to pay the entire $180 bill upfront. If you want to cancel your policy midyear, you can get a refund, but doing so is more of a headache than just stopping payment.
Best for students and young renters: Farmers
- The lowest coverage limits of any insurer we considered
- Affordable rates
- Good (not great) customer service
- Few optional coverages
We recommend Farmers for students and young renters who don't have a lot of property. Besides being among the more affordable companies we looked at in Oregon, it also had the lowest coverage limits, meaning people without a lot of property could pay even less.
Farmers sells renters insurance with policy limits as small as $4,000 — for reference, our top pick, State Farm, only goes as low as $10,000. While you should always buy enough renters insurance to pay to replace all your personal property, renters without much stuff may not need any more coverage than that. And a lower policy limit results in a lower premium, saving you money.
The average price we found at Farmers was $12 per month, which is just $1 more than State Farm. And that's for $30,000 worth of coverage; renters who reduce their limits will pay even less than that.
We found that Farmers has good, though not impeccable, customer service. It received a Complaint Index of 0.37 from the NAIC, meaning it received just 37% of the complaints of a typical insurer of its size. However, its J.D. Power rating wasn't as high as our top pick, with a score of 808.
Renters insurance at Farmers also lacks a lot of optional coverages. It offers identity theft and replacement cost coverage, but no extra protection for valuables or water backup.
How we chose the best renters insurance companies in Oregon
When evaluating the best renters insurance companies in Oregon, we considered three main criteria: affordability, coverage options and customer service.
- Affordability: Are the insurer's prices competitive with other companies?
- Coverage options: Does the insurer offer a wide range of useful coverage options?
- Customer service: Are customers generally happy with the service they receive from the insurer?
Affordability: Finding cheap renters insurance in Oregon
Renters insurance tends to be fairly affordable, but we still found a significant range of prices statewide. The average price of renters insurance in Oregon is $15 per month. However, there's a $10 per month difference between the cheapest option, State Farm, and the most expensive, Liberty Mutual. That adds up to a savings of $120 per year if you switch.
See below for our full breakdown of the cheapest renters insurance companies in Oregon.
|Insurer||Average monthly cost||% difference vs. average|
Our selected levels of coverage were:
- Personal property coverage: $30,000
- Liability coverage: $100,000
- Medical payments coverage: $1,000
- Deductible: $500
- Loss of use: $0
Coverage options: Comparing renters insurance policies and benefits
Every renter has different coverage needs, so when we evaluate renters insurance companies, we look for a breadth of coverages that fit the majority of people's needs. Here are some key coverage options available from Oregon renters insurance companies:
- Earthquake coverage: Pays for damage to property from earthquakes, which is not covered under standard renters insurance. Available at Liberty Mutual, State Farm and Travelers.
- Replacement cost coverage: Pays for the full cost to replace a damaged or stolen item, without factoring in depreciation. Available at Farmers, Liberty Mutual and Travelers.
- Valuable-items coverage: Boosts coverage to include the full cost of certain expensive items, like jewelry or high-end electronics. Available at Liberty Mutual, State Farm and Travelers.
- Equipment breakdown: Pays to repair things like washing machines and air conditioners if they stop working due to malfunction, which is not usually covered by renters insurance. Available at Travelers.
All the renters insurance companies also provide all the following basic coverages. If an insurer you're considering doesn't offer all of the following, consider another insurer instead.
- Personal property coverage: Pays to repair or replace your personal property including furniture, clothing and appliances if they are stolen or damaged or destroyed by a covered peril.
- Additional living expenses: Pays for additional living costs (like a hotel room) if your home is uninhabitable due to a covered peril.
- Liability coverage: Pays for damages to others for which you're responsible, such as if your dog bites someone.
- Medical payments coverage: Pays for medical expenses others incur at your home, without considering who is at fault. Pays out before liability coverage.
Customer service: Evaluating insurer quality in service and claims
Great customer service can make or break a renters insurance company, especially while buying coverage or making a claim. Helpful, attentive service will make the process of buying coverage straightforward and making a claim stress-free.
To evaluate the customer service of renters insurance companies in Oregon, we looked at three key factors: The NAIC Complaint Index, J.D. Power's U.S. Home Insurance Study - Renters Insurance and A.M. Best's Financial Strength Rating.
|Insurer||NAIC Complaint Index||J.D. Power rating||A.M. Best FSR|
- NAIC Complaint Index: This score compares the number of complaints an insurance company has received through the National Association of Insurance Commissioners with other companies of its size. A lower score indicates fewer complaints, and the nationwide median is 1.00.
- J.D. Power ratings: This score is based on a national survey regarding customer satisfaction with renters insurance companies. The scores are out of 1,000, and the national average is 835.
- A.M. Best FSR: This letter grade describes an insurance company's overall financial health. Grades range from A++ to D, and a higher grade indicates an increased ability to pay out claims, even in times of high demand (such as after a natural disaster) or during an economic downturn.
Oregon renters insurance: Costs by city
Renters insurance costs vary by city, because where you live can affect how likely you are to make a claim. Below, see typical rates for major cities in Oregon, along with how those prices compare to the state average of $15 per month.
|City||Average||% difference from state average|
Renters insurance rates vary by state, too. To see how much the price of coverage varies by state, see our national survey of the average cost of renters insurance.
We collected renters insurance quotes in 25 major cities in Oregon, from five of the top insurers in the state: Allstate, Farmers, Liberty Mutual, State Farm and Travelers. Our sample renter is a 30-year-old man who lives alone and has not made any recent renters insurance claims. He's protected himself with $30,000 of personal property coverage with a $500 deductible, plus $500,000 of liability protection.