Best & Cheapest Homeowners Insurance in Salem, OR May, 2024
Nationwide provides the most affordable homeowners insurance to homeowners in Salem, with an average annual quote of $673.
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
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.
Quotes Analyzed
Years Of Industry Experience
Brands Reviewed
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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