At an average cost of $502 per year, home insurance in Oregon is among the least costly in the nation, according to a nationwide survey. For example, the average homeowner’s premium was $1,257 in Louisiana and $603 in neighboring Washington. The average premium nationwide was $804, and Oregon ranked 48th lowest out of the 50 states and the District of Columbia.
“Oregon is a competitive market for homeowner insurers and that helps keep premiums low,” said Teresa Miller, acting administrator of the Oregon Insurance Division.
The 2006 data, the most recent available, was provided by the National Association of Insurance Commissioners (NAIC). The costs to insure a home reflect everything from property values to risks of such disasters as tornadoes, hurricanes, freezing rain and terrorist attacks. The report noted that Oregon home insurance costs increased slightly from an average $491 in 2005.
Renters’ insurance averaged $162 a year in Oregon compared to $189 nationally, according to the report. That amounts to less than $14 monthly for a policy that protects against everything from fire to theft.
The numbers reported in the survey are averages; premiums for individual homeowners and renters may be higher or lower.
“Even though average premiums in Oregon are low, homeowners still may be able to save money by shopping around for insurance,” Miller said. “Premiums can vary widely from company to company.”
Source: Oregon Department of Business and Consumer Services Insurance Division
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