Get Salem, OR Home Insurance Rates!
Affordable homeowners insurance quotes near you within the city of Salem, OR has never been easier with our comparitive rating system. We strive to help you save time and money by offering the most competitive rates for your home in Salem. Let us help you shop up to 12 of the best rate quotes for homeowners insurance, plus we can help you review which coverage option is best. Our Oregon home insurance agents are ready to help you discover better rates with companies you trust. Get your Salem home insurance rate quotes online today or Call 855-976-2656.
Popular Salem Home Insurance Questions:
What is the total Salem popluation?
The city limit population in Salem, OR is around 154,637.
How many homes are in this location?
The total homes in the city of Salem is 13,323 housing units.
What is the average Salem income per family?
The average income in the Salem area is around $60,687.
How much do the homes in Salem cost?
The average value of a home in Salem is estimated to be around $248,222.
What do Salem homeowners pay on average for homeowners coverage?
Home insurance cost around $735 per year on average in the Salem area, this average is based on a $200K real estate value with a standard HO-3 policy. We help you compare rates and coverage options so you can review the best rate and policy for your home.
What is a standard homeowners insurance policy in Salem cover?
A standard home insurance polciy in Salem, OR is commonly known as an HO-3 policy that covers damage from all perils except those that are not covered or excluded from your coverage, exclusions are clearly documented within your policy. For example, earthquake or flood insurance coverage is not part of a standard HO-3 policy. There are other types of policies that cover condos, landlord (rentals), tenant (renters) and historical home policies known as HO-8 policy.
From our most common questions above, you have read that a Salem homeowners insurance policy can sound complicated, but the process of getting the right coverage does not have to be. We are here to help you shop the best homeowners insurance rates and answer any questions you have about which home insurance policy is best for you. Click to review Salem, OR home insurance quotes today!
Compare Homeowners Insurance Rates in Salem, OR!
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Average Rates Nearby Salem
Are you looking for homeowners insurance in a city near Salem? Review coverage options and average rates in your area by clicking your city below. We can help you shop home insurance rates!
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Home Insurance Rates by Zipcode in Salem, OR
Easily review average rates and get multiple homeowners insurance quotes by clicking your zip code below located in Salem.
Salem, OR Home Insurance Average Premiums
For the city of Salem, homeowners insurance rates may vary on deductible, coverage amount and property details. Below is a list of the averages based on the cost of an annual home insurance premium.
Coverage Amount: | Annual Premium |
---|---|
1800 sq. ft. or below (discounts applied) | $340 /yr. |
Average Coverage: | $590 /yr. |
2600 sq. ft. or higher (all discounts applied) | $890 /yr. |
What is the average home insurance cost for a home in Salem, OR?
- • The average homeowners insurance premium paid annually for a home in Salem is around $590 per year.
What does it cost on average per month for home insurance in Salem, OR?
- • Homeowners in Salem pay an average cost per month around $49.00 for insurance coverage.
Salem, OR - 2023 Housing Information
Month | Current Home Value (2023) | Last Year Home Value (2022) |
---|---|---|
January | $417,253 | $402,913 |
February | $416,911 | $407,684 |
March | $418,118 | $413,399 |
April | $420,092 | $419,310 |
Homeowners insurance will help cover the cost to repair or replace your Salem home if it is damaged or destroyed by a covered peril, up to your coverage limits. A homeowners policy is made up of a few different coverages. Here are the most common coverages:
- Dwelling: This coverage will pay to repair or replace the structure of your home if it is damaged or destroyed. Review and Calculate Replacement Cost Coverage in Salem
- Liability: This coverage will help cover medical and legal bills if someone is injured in your home, slipping on an icy sidewalk for example. It also offers protection if you damage another person’s property, your child hitting a baseball through a neighbor’s window for example.
- Contents: This covers the cost to replace your personal possessions that are destroyed by a covered peril. Furniture, electronics, clothing and household goods are excellent examples. Contents coverage is often capped at 50% to 70% of your dwelling coverage.
- Other Structures: This coverage protects other structures on your property such as detached garages, outbuildings, barns, and sheds.
- Loss of use: This covers everyday costs that you incur if you cannot live in your home while it is being repaired due to a claim. It will pay hotel and restaurant bills and even the cost of dry cleaning.
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Saving Money Tips on Salem Home Insurance
A great way to save money on Salem homeowners insurance is to make sure you are getting all the discounts you are qualified to receive. Here are just a few of the most common discount’s insurers offer:
- Bundling: If you purchase your home and auto (or any other insurance coverage) from the same insurer, you should get a bundling discount. Expect to save 20%-25%.
- Secure your home: Adding a monitored security system, water leak sensors, deadbolts, and smoke detectors should result in a discount.
- Impact resistant roof: If you are replacing your roof, consider impact resistant roofing materials which help prevent hail and impact damage as well as resulting in a significant discount.
- Stay claim free: If you have been claim free for a number of years (five is a common requirement) your insurer should offer a claim free discount.
Are you shopping for the best rate near or wihin the Salem area? Check out what homeowners are paying on average for Oregon homeowners insurance.
Elevation Review for Coastal Wind or Flooding Risk
Elevation | Details | Homeowners Tips |
---|---|---|
296 ft. | This is the average home elevation in Salem, OR | Did you know that the elevation in which your home resides is crucial to a home insurance policy because it determines the risk factor related to your home being in a flood zone. It is important to understand that your home is not covered for floods under a standard homeowners policy. You will need to speak with a local Oregon flood insurance agent about a flood insurance policy, please give us a call now at 888-620-1954. |
To get online quotes on your home and compare rates on home insurance premiums in Salem, enter your zip code above and easily complete our online quoting application. Remember, it's important to speak with us about additional home insurance discounts so you can get the best rate for your home in Marion County.
Oregon Homeowners Insurance News & Information
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According to a new study from Clever Real Estate, a St. Louis-based real estate company, monthly rent costs are actually cheaper than a monthly mortgage payment in 48 of the 50 most populous cities in the United States. Their analysis looked at mortgage principals, interest, taxes as well as homeowners insurance and they found that […]
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Review How Many Homeowners Are Not Insured Per State Posted on Thursday 29th August, 2024
One of the major costs of owning a home is protecting it with homeowners insurance. This will ensure your home is repaired or rebuilt if it is damage or destroyed by a covered peril. It also helps protect you against lawsuits, theft and even vandalism. If you have a mortgage on your home, your lender […]
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Are homeowners insurance companies increasing deductibles? Posted on Thursday 22nd August, 2024
This year many homeowner insurance companies have been raising their homeowner percentage deductible from 1% to 2% which could be a massive increase for policyholders who have to make a claim on their policy. It has led to many homeowners shopping their coverage as their out-of-pocket costs skyrocket. As the cost of claims increases, particularly […]
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Homeowners in Texas are Seeing Home Insurance Rates Increase Posted on Wednesday 7th August, 2024
Homeowners in Texas are feeling the squeeze as homeowner insurance rates continue to climb. In a recent NBC 5 Investigates article, they looked at just how dramatic recent rate increases have been across Texas. Melinda Clifton has seen destructive weather cause hail damage to her roof three times in the last twenty years according to […]
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What happens to my mortgage if my homeowners policy gets cancelled? Posted on Thursday 18th July, 2024
As more and more insurance companies stop writing policies in certain markets or cancel existing policyholders they find too big of a risk, homeowners are finding their policies cancelled or non renewed. While a cancelled policy is a shock, it doesn’t mean you need to panic. Following is a brief overview of what to do […]
Salem, OR Dwelling Coverage Estimate
It is important to calculate your dwelling coverage for your home in Salem so you know what type of homeowners insurance coverage you need to cover your replacement cost. It is recommended to have enough dwelling coverage to rebuild your home if it was destroyed by a covered peril.
Please remember that replacement cost coverage does not include the cost of the land, only the price to rebuild your home, which is why we like to help customers by answering a few questions that you may have.
What is the average replacement cost coverage in Salem, OR?
- The average square footage in Salem is around 1,123 Sq. Ft. which would cost you around $248,222 to replace the home if you base the home on the price to build per square foot of $221.
Minimum Replacement Cost Total: $248,222
Location: Salem, Oregon (Marion County)
Average Building Cost Per Square Foot in Salem: $221 (low end)
Average Square Footage in Salem: 1,123 Sq. Ft.
Home Improvement Status | Price per Sq. Ft. | Dwelling Coverage |
---|---|---|
None or Very Minor Improvements | $221 | $248,222 |
Some Additional Upgrades | $276 | $310,278 |
Major Home Updates or Advancements | $332 | $372,333 |
The dwelling coverage is calculated by the average cost per square foot ($221) in Salem, Oregon times your heated square footage. Which would equal the cost to rebuild your home minus the cost of the property or land. Some homes will have a higher replacement cost due to home improvements like updated kitchens and bathrooms. Other upgrades may include: granite countertops, hardwood floors and stainless steel appliances. The national square foot average to build a brand new home is around 2500 square feet. So if you are looking to build, and your square footage of your new home is 2500, you are looking at a dwelling coverage premium of around $690,625 (Media price to build of $276 x 2500 sq. ft.) to cover the cost to rebuild your new home.
What is the difference between actual cash value and replacement cost value?
Homeowners insurance is available in both actual cash value (ACV) and replacement cost value (RCV). Knowing the difference is important:
Actual cash value: When valuing your personal possessions, an actual cash value policy will take depreciation into account. This means that your 10-year-old TV will be basically worthless according to your insurance company. While an ACV policy tends to be cheaper, if you have to make a claim you may be disappointed in your claim payout.
Replacement cost value: A RCV policy will replace your possessions with brand new items of similar quality regardless of how old they were at the time they were destroyed. While RCV policies are slightly more expensive, they are well worth the cost if you have to make a claim.