Oregon Landlord Insurance
Get a complete analysis of Oregon landlord insurance costs, coverages & companies.
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Christine Lacagnina has written thousands of insurance-based articles for TrustedChoice.com by authoring consumable, understandable content.
Find the Best Landlord Insurance Rates & Companies in Oregon
If you own an Oregon rental property or several, you need to ensure you're equipped with the proper insurance. Since you're taking on more risk than a standard homeowner, your coverage requirements are different. Fortunately, you won't have to obtain protection on your own.
An Oregon independent insurance agent can help you get set up with the right landlord insurance. They'll consider your unique rental properties and find the appropriate amount of coverage at a great rate. Until then, here's a closer look at Oregon landlord insurance requirements, costs, coverage options, and more.
Best Landlord Insurance Companies in Oregon
In Oregon, you have many options to choose from when you're looking for landlord insurance. It can be helpful to have an idea of which carriers are known for providing the best coverage around, though. That's why we've included a few of our top picks for the best landlord insurance companies in Oregon.
- Progressive: This carrier sells landlord insurance and many other types of personal and business insurance. Progressive has excellent financial strength and offers many discounts and 24/7/365 customer service.
- REinsure Pro: This carrier sells landlord insurance and many other types of property insurance. REInsure Pro has an outstanding rating from the Better Business Bureau (BBB) and is known for its fast claim responses.
- Stillwater: This carrier sells landlord insurance and many other types of personal and business insurance. Stillwater has superior ratings from AM Best and the BBB and offers nationwide coverage and 24/7 claims reporting services.
An Oregon independent insurance agent can help you compare landlord insurance quotes from all of these outstanding carriers and others that provide coverage in your area.
What Is Landlord Insurance?
Oregon landlord insurance helps protect against unintentional losses to your rental properties. Common hazards include fire, theft, severe weather, and vandalism. Many of the coverages are similar to those included in homeowners insurance.
For example, landlord insurance also includes liability coverage, which can reimburse you for lawsuit expenses if you get sued by a tenant or another third party. However, landlords face increased risks compared to homeowners, and their coverage must take this into account.
How Is Landlord Insurance Different from Home Insurance?
Some key components of business insurance are also present in landlord insurance, which sets it apart from a standard home insurance policy. Landlords must have loss of income coverage in case their rental properties become temporarily uninhabitable due to a covered peril like fire damage or vandalism. During these periods, loss of income coverage can reimburse landlords for the rental income they normally would have collected.
Is Landlord Insurance Required in Oregon?
Oregon state law doesn't mandate that landlords have insurance. However, many landlords require their tenants to have renters insurance to protect their personal property. Further, many landlords still decide to get landlord insurance to protect themselves against losses due to lawsuits, property damage, and other common threats that come with the job.
What Landlord Insurance in Oregon Can Cover
Oregon landlord insurance is customizable, which means you can build your policy in the way that makes the most sense for your unique rental properties. Many carriers offer the following choices in coverage:
- Liability insurance: Covers tenant or other third-party lawsuit expenses related to claims of bodily injury or personal property damage.
- Premises medical protection coverage: Covers medical expenses if a tenant gets injured in a covered event while living at your rental property.
- Dwelling coverage: Covers repairs to your rental property's dwelling and attached structures in case fire, smoke, vandalism, windstorms, hail, or tenants cause damage or destruction.
- Optional coverage: A few additional options for landlords to consider include rent guarantee insurance, natural disaster insurance, vandalism coverage, burglary coverage, rental property under construction coverage, building code coverage, employer liability insurance, and landlord contents insurance.
- Loss of income coverage: Covers lost rental income and provides a continuation of coverage for other expenses if a rental property becomes temporarily uninhabitable due to a covered loss, such as hail damage, vandalism, or a fire.
- Other structures coverage: Covers losses related to the damage or destruction of detached structures against the same perils as dwelling coverage.
An Oregon independent insurance agent can recommend the types of coverage that would benefit you the most to include in your landlord insurance policy.
What Landlord Insurance in Oregon Will Not Cover
As with all other types of coverage, landlord insurance comes with certain exclusions that you need to be aware of. In Oregon, landlord insurance typically doesn't cover any of the following:
- Routine maintenance costs due to normal wear and tear
- Water or sewer backup damage or destruction
- Intentional or malicious acts to third parties
- Loss, theft, damage, or destruction of your personal property
- Flood or earthquake damage or destruction
- Damage to or loss of tenants' personal property
You might be able to purchase extra endorsements to get coverage for incidents of flood damage, sewer backups, and more. Just keep in mind that your policy may not include these protections by default.
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Average Cost of Landlord Insurance in Oregon
Currently, Oregon has the most affordable rates for landlord insurance in the U.S. Oregon landlord insurance costs an average of only $883 per year.
These highly affordable rates make getting coverage much more accessible for many landlords in the state. However, it's helpful to keep in mind that each individual policy's costs can vary based on these factors:
- The precise location of your rental units
- The age, size, value, and condition of your rental units
- The number of rental units you own
- Your personal claims history
- Any potential risk features present at your rental units, such as swimming pools
Ask your independent insurance agent about any Oregon landlord insurance discounts you may be eligible to earn. These can help reduce your policy's costs even further.
Popular Questions About Oregon Landlord Insurance
Oregon state law doesn't mandate having landlord insurance. Many landlords still decide to get coverage to protect themselves against losses due to lawsuits, property damage, and other threats, though.
Tenant damage to your rental property's structure is covered by Oregon landlord insurance. Tenant damage to your personal property or their own isn't covered, however.
Landlord insurance rates in Oregon are actually the cheapest in the nation. This year, the average cost of landlord insurance in Oregon is only $883 annually or $73.58 monthly.
According to our research, Progressive is currently the best landlord insurance company in Oregon. Progressive offers excellent customer service and rates, coverage options, discounts, and more.
Landlords aren't required to cover their renters' property. Additionally, landlord insurance doesn't provide coverage for tenants' personal items.
In Oregon, eviction costs typically aren't covered by landlord insurance. However, endorsements or separate policies are often available to provide coverage for eviction expenses.
Oregon independent insurance agents can help you find the landlord insurance you need from a top-rated local carrier. Independent insurance agents work hard to find quality coverage at the most affordable rate. They'll shop and compare landlord insurance quotes from several carriers for you.
And down the road, they can help you file landlord insurance claims or update your coverage as needed. Your agent can help you find landlord insurance in Portland or wherever you reside.
https://www.simplyinsurance.com/landlord-insurance-rates-by-state/