Best & Cheapest Homeowners Insurance in Salem, OR June, 2024

Nationwide provides the most affordable homeowners insurance to homeowners in Salem, with an average annual quote of $673.

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Updated: 05 May 2024
Written by
Bob Phillips
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After conducting a thorough review of homeowners insurance providers in Salem, OR, Nationwide stands out as the most budget-friendly option, with average annual rates of $673. However, the best insurer for you may vary depending on your individual circumstances and needs.

For example, if your credit score is lower, Travelers offers the most economical choice with an average annual premium of $1,428. On the other hand, if your home is older, State Farm provides competitive rates at $1,140 per year, along with comprehensive coverage.

For owners of newly constructed homes, Nationwide offers the most cost-effective solution at $438 per year. And for those with a history of claims, Nationwide provides an affordable option at $1,465 annually.

If you have valuable personal property that needs protection, Travelers is your best bet, offering extensive coverage at a reasonable $730 per year.

At Insuranceopedia, our detailed analysis aims to help you find the perfect fit for your homeowners insurance needs. By comparing customer ratings, analyzing personal experiences, and providing comparison charts, we give you all the information you need to make an informed decision.

How much is homeowners insurance in Salem, OR?

Nationwide provides the most affordable homeowners insurance rate in Salem at $673 annually.

As shown below, rates in Salem are cheaper than the national average and also lower than the average rate in the state of Oregon.

Area Average Monthly Rate
National $1,820
Oregon $850
Salem $844

It’s important to recognize that insurance rates aren’t the same for everyone. They can vary significantly depending on various factors.

Cheapest Homeowners Insurance in Salem, OR 2024

Cheapest Homeowners Insurance in Salem, 2024

Our Methodology

To determine the cheapest home insurance rates in Salem, we reviewed findings from multiple home insurance review sites, including those that analyzed rates from public filings obtained by Quadrant Information Services. We've averaged those rates for this review, but it's important to note that each company's rates change regularly and can vary based on your specific situation. Additionally, the overall rating includes my subjective opinion based on fifteen years of experience as a licensed insurance agent and over three decades of purchasing home insurance.

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Quotes Analyzed

15+

Years Of Industry Experience

24

Brands Reviewed

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Research Hours

Cheapest homeowners insurance in Salem, OR

Nationwide stands out as the most budget-friendly option for homeowners insurance in Salem, OR, with an average annual rate of $673.

Company Annual Premium
Nationwide $673
MetLife $731
Allstate $840
USAA $937
State Farm $1,055

Your policy’s cost is influenced by several factors, such as your location, the value of your home, and your claims history. Nationwide provides a balanced combination of affordability and comprehensive coverage.

Cheapest Homeowners Insurance If You Have Poor Credit

For those with poor credit scores, Travelers offers the most affordable solution, with an average annual rate of $1,428.

Insurance Company Average Annual Premium
Travelers $1,428
Allstate $1,830
State Farm $2,310
USAA $3,044
Farmers $4,296

Your credit score plays a significant role in determining your insurance rates since insurers use it to assess risk. Travelers recognizes the importance of fair coverage for everyone, regardless of their financial history.

Cheapest Homeowners Insurance In Salem If You Have an Older Home

State Farm provides the most affordable rates for those with older homes, averaging $1,140 per year.

Insurance Company Average Annual Premium
State Farm $1,140
Erie $1,376
Nationwide $1,562
Allstate $1,830
Farmers $2,130

Older homes often present unique risks and maintenance issues that can increase insurance costs. State Farm offers competitive rates and comprehensive coverage specifically tailored to address the needs of older homes.

Cheapest Homeowners Insurance for Newly Constructed Homes

If you own a newly constructed home, Nationwide offers the most cost-effective solution, with an average annual rate of $438.

Insurance Company Average Annual Premium
Nationwide $438
USAA $629
State Farm $780
Allstate $823
Country Financial $1,151

Newly constructed homes often require different coverage compared to older homes, and Nationwide excels in providing affordable policies tailored to these specific needs.

 

Cheapest Home Insurance In Salem for a History of Claims

For homeowners with a history of claims, Nationwide offers an affordable solution, with an average annual rate of $1,465.

Insurance Company Average Annual Premium
Nationwide $1,465
Farmers $1,654
Allstate $1,836
Erie $2,115
Chubb $2,407

A history of claims can signal risk to insurers, potentially resulting in higher premiums. However, Nationwide believes in giving second chances and provides reasonable rates for those with past claims.

Cheapest Home Insurance Rates for Lots of Personal Property

If you own a lot of personal property, Travelers offers the most affordable rates, with an average annual rate of $730.

Insurance Company Average Annual Premium
Travelers $730
Allstate $840
USAA $956
State Farm $1,073
Country Financial $1,617

Having more personal property increases your coverage needs, potentially leading to higher premiums. However, Travelers provides extensive coverage at reasonable rates, ensuring all your belongings are adequately protected.

Best Homeowners Insurance Companies in Salem, OR

Selecting the right homeowners insurance isn’t just a necessity; it’s a strategic decision. With a rich history, Salem homes are as unique as its residents. Therefore, finding an insurance provider that offers comprehensive coverage at competitive rates becomes crucial.

To simplify your decision-making process, we’ve compiled a list of the top homeowners insurance companies in Salem, OR. These companies have been evaluated based on factors such as annual premiums, coverage options, customer satisfaction ratings, and overall reliability. Take a look at our comparison chart below to find the perfect fit for your home insurance needs.

Company Annual Premium
Nationwide $673
MetLife $731
Allstate $840
USAA $937
State Farm $1,055
American Family $740
Travelers $921
Country Financial $1,510

Average Home Insurance Rates by Zip Codes

Homeowners insurance rates in Salem, OR can vary significantly depending on the zip code. Below are tables displaying rates for different zip codes in Salem, along with the cheapest and most expensive zip codes in the area for annual home insurance premiums.

ZIP Code Average Insurance Premium (Annual)
97302 $815
97303 $892
97305 $778
97306 $757
97317 $863
97392 $790

Cheapest Zip Codes

ZIP Code Average Insurance Premium (Annual)
97306 $757
97305 $778
97301 $748

Most Expensive Zip Codes

ZIP Code Average Insurance Premium (Annual)
97303 $892
97317 $863
97304 $832

Average Home Insurance Rates in Salem, OR by Deductible Amount

The deductible amount you choose for a homeowners insurance policy can significantly impact the premium rates in Salem, OR. Here’s how the average home insurance rates fluctuate with insurers for different deductible amounts:

Deductible Average annual cost
$500 $1,020
$1,000 $669
$1,500 $635
$2,000 $577
$5,000 $498

Average Home Insurance Rates in Salem, OR By Coverage Amount

A crucial factor that affects your premium is the dwelling coverage amount. This represents the maximum amount your insurance company will pay to rebuild or repair your home if it’s damaged or destroyed.

Let’s examine a comparison chart that outlines the average annual homeowners insurance premiums for different dwelling coverage amounts.

Dwelling Coverage Amount Average Annual Premium
$100,000 $491
$200,000 $682
$300,000 $814
$400,000 $1,021
$500,000 $1,240

Average Home Insurance Rates in Salem, OR by Company

Below is a comparison table displaying annual premiums from some of the top providers in Salem:

Company Annual Premium
Nationwide $673
MetLife $731
Allstate $840
USAA $937
State Farm $1,055
American Family $740
Travelers $921
Country Financial $1,510
 

How Much is Homeowners Insurance for Other Cities in Oregon?

Below is a detailed comparison chart showcasing the cheapest companies and their annual premiums across various cities in Oregon:

City Annual Premium
Portland $1,386
Phoenix $1,120
Otis $1,064
White City $1,401

Getting Online Homeowners Insurance Quotes in Oregon

With informative websites like Insuranceopedia, finding the best coverage for your unique needs is just a few clicks away. By offering quick online quotes from a variety of top-rated insurers, Insuranceopedia helps you compare rates at a glance.

Simply input your details, and let us do the hard work. We’ll present you with a range of options tailored to your requirements. This way, you can confidently choose a policy that offers the highest value, balancing cost with comprehensive coverage.

FAQs

Who has the cheapest home insurance in Salem, OR?

The cheapest home insurance in Salem, Oregon, is provided by Nationwide, with an annual premium of $673.

What is the average cost of home insurance in Salem, OR?

The average cost of homeowners insurance in Salem, Oregon, is approximately $844 per year.

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