Oregon Condo Insurance

Find the Best Condo Insurance Rates & Companies in Oregon

Condo living offers many conveniences for Oregon residents. If you own a condominium in Oregon, you'll need to make sure it's protected by the proper condo insurance. This coverage can provide critical reimbursement for damage to or theft of your personal property as well as third-party lawsuits.

Luckily, an Oregon independent insurance agent can help you find all the condo insurance you need. They'll make sure you get matched to a policy with the ideal amount of coverage for your belongings. First, though, here's a closer look at Oregon condominium insurance requirements, coverage options, average rates, and more.

Best Condo Insurance Companies in Oregon

There's no shortage of condo insurance companies in Oregon. However, you want to know right where to find the best condo insurance coverage near you. Here are a few of our top recommendations for the best condo insurance companies in Oregon to get you started.

1. Stillwater: This carrier sells condo insurance and many other types of personal and business insurance. Stillwater has great ratings from AM Best and the Better Business Bureau (BBB), sells coverage in all states, and offers 24/7 claims reporting.
2. Nationwide: This carrier sells condo insurance and many other types of personal and business insurance. Nationwide has outstanding official ratings from AM Best and the BBB, great customer service, and offers 24/7 claims reporting.
3. Travelers: This carrier sells condo insurance and many other types of personal and business insurance. Travelers is a longstanding insurer, has excellent ratings from AM Best and the BBB, and offers a long list of discounts.

An independent insurance agent in Oregon can help you compare quotes from each of these top-rated carriers and others that offer coverage in your state.

What's the Difference Between HO3 and HO6 Insurance?

Condo insurance is really a special form of homeowners insurance, known as HO6 insurance. Condo insurance or HO6 policies provide coverage for your personal belongings or contents, your liability, and additional living expenses. 

HO6 policies don't include protection for your condo's structure or dwelling, but HO3 policies do offer this coverage for the home. Condo insurance doesn't include dwelling coverage because it's often provided by the homeowners association's master policy.

Is Condo Insurance Required in Oregon?

The state of Oregon doesn't require condo insurance by law. However, most mortgage lenders and condo associations still require condo owners to get coverage. Having condo insurance can be beneficial in most cases because it provides critical reimbursement for potentially hefty costs, such as those stemming from lawsuits or fire damage.

What Does Condo Insurance Cover in Oregon?

Oregon condo insurance is designed to protect you in three main ways. Condo insurance often includes the following:

• Contents coverage: This can reimburse you for incidents of theft, destruction, or damage to your personal belongings, including furniture, clothing, silverware, electronics, etc.
• Liability coverage: This can reimburse you for lawsuit costs, like attorney and court expenses, if a third party sues you over a claim of bodily injury or personal property damage.
• Loss of use coverage: This can reimburse you for temporary living expenses like takeout meals, hotel rooms, laundry services, etc. if your unit is uninhabitable after a covered loss like a fire.

The following perils are usually covered by Oregon condo insurance:

• Burst pipes
• Explosions
• Wind, lightning, and hail
• Fire and smoke
• Theft and vandalism

The coverage in your policy may vary, so be sure to review its specific terms before you try to file a claim.

What's Not Covered by Oregon Condo Insurance?

Condo insurance also comes with various exclusions, just like any other type of coverage. In Oregon, the following expenses and disasters typically aren't covered by condo insurance:

• Routine maintenance
• Malicious or intentional acts against third parties
• Insect damage and infestation
• Flood damage
• Sewer backup damage

Since Oregon is a coastal state, you may want to buy a flood insurance policy to protect your personal property. Also, you can usually add sewer backup endorsements to condo insurance to protect your belongings against damage caused by these disasters.

How Much Does Condo Insurance Cost in Oregon?

The average cost of condo insurance in Oregon is $420 per year, which is a bit less expensive than the current national average rate of $455 per year. But you can expect the cost of your personal condo insurance policy to vary based on these factors and more:

• The exact location of your condo
• Your deductible amount
• Your claims history
• The type and amount of coverage you need
• Any discounts you've added

Any Oregon condo insurance discounts you qualify for can also help reduce the cost of your premiums, so be sure to ask your agent about your savings options.

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