Oregon landlord insurance quotes are essential in order to maintain a profitable rental property business. If you don't watch the cost of your insurance each year you are likely paying more than you need to. Many companies raise rates each year to make up for losses experienced in the past. Your best method to continue paying an affordable rate is comparing policies each year. Get up to 5 landlord insurance quotes from top companies today using our free online application.
Multiple Rental Properties
If you own multiple rental properties in Oregon try to combine the insurance policies with one company. This will make it easier to file a claim and get questions answered about your policy. Many landlords will get the cheapest policy which will usually lead to having two or more insurance companies to deal with. Make it easier on yourself by combining policies even if it is a little more expensive for one property over another company.
Cost of Landlord Insurance in Oregon
The cost to insure your rental property in OR is dependent upon numerous rating factors that home insurance companies use to determine the proper premium. When you own a condo or townhouse the cost of landlord insurance is very minimal because usually you split that cost with the homeowners association which insurers the exterior of your unit. If you insure a single family home or rental complex then your insurance costs are going to be much higher due to the replacement cost of the building is solely your responsibility.
Here are a few of the most common rating factors that insurance companies use to determine your landlord insurance premium:
- Credit rating - This is your personal credit rating which is similar to a FICO score but can be based on other specific criteria such as payment history and bankruptcy.
- Location - The zip code or city that your rental unit is located in has a dramatic effect on your insurance premiums as companies who have big losses in those areas will increase rates to get profitable.
- Building type - This can include condo, single family, and townhouse including the materials used to construct the property.
- Claim history - If you have one or more claims in the past 3 years as a homeowner most insurance companies will surcharge your premium. Some companies may not even accept your business if you have more than two.
- Discounts - If you have more business with an insurance carrier they are more likely to offer discounts to keep all of your business with them.
Coverage You Can Minimize on Landlord Insurance Policy
The one coverage item you could reduce on your landlord policy to help save you money is contents coverage. This is designed to cover the personal property of the landlord not the tenant so make sure you have enough if you leave contents there. Items such as furniture would be included in contents so if you furnish the unit be sure to include the replacement value of these items.
How to Get The Cheapest Landlord Insurance in OR
Each insurance company is different in the way they determine your rate and how much the average policy will cost but here are ways to ensure the lowest cost premium based on the factors above.
- Good Credit - The better your credit the lower the cost of your insurance. Many states are now allowing credit as a rating criteria so get used to it being used. Try to keep your past payment history spotless and a FICO score above 720 is considered excellent.
- Improve the Location - There is not much you can do about the location once you have purchased the rental property but be sure to keep the home well-kept and surrounding trees cut back to minimize potential hazards. The better your property appears the lower the cost to insure it will be.
- Building type - Condo and townhouse owners will likely have a home owners association which will cover the exterior of the home so you are only responsible for the interior. This can save you hundreds of dollars each year. If the unit includes custom building and expensive materials expect to pay more because the cost to replace those items is greater.
- No Claim history - Try not to make a claim if it is a small value of $2000 or less. Most companies look at multiple claims as a sign that you are prone to making claims in the future. If you are deciding whether to make a claim or not contact your insurance agent and ask them personally. Don't call the claim department and ask them because they are likely to document the call and file it for future use.
- More Discounts - Ask about multiple policy discounts and the combination of auto and home insurance. Sometimes combining your personal auto insurance with this policy can save you 20-30% off each policy.
Oregon's 5 largest cities by population
City - Population
Portland 583,776
Eugene 156,185
Salem 154,637
Gresham 105,594
Hillsboro 91,611
*Data from 2010 Census Population by the Department of Economic and Community Development.
Common Landlord Insurance Claims in Oregon
Wind
(Most claims cost over $2,700 to repair wind damage)
Fire
(Most claims cost over $25,000 to repair damages from fire)
Water
(Most claims cost over $5,200 to repair damage from water)
Liability
(Most claims cost over $10,000 to recoup liability damages)
Damage to Property of Others
(Most claims cost over $7,900 to repair damages)
NOTICE: The amounts listed above are for illustrative purposes only and should not be used to decide what coverage limits you need for your landlord policy. Speak with your insurance agent to determine the proper coverage limits.
