Average homeowners insurance cost in Salem, OR

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As per Insure.com’s rate data analysis, the average cost of homeowners insurance in Salem is $1,620 per year (for the coverage level of $300,000 for dwelling, $100,000 for liability protection and $1000 deductible), It’s $962 less than the national average of $2,582.

Homeowners insurance rates differ significantly from one home to another. Home insurance rates in Salem depend on several factors, including:

Size of your home
Age of your home
Amount of coverage you need
Location
Your credit score

Nationwide is the cheapest homeowners insurance company in Salem with an average annual premium of $1,620 per year.

This guide covers everything from available coverage options to companies with the cheapest homeowners insurance rates in Salem. Keep reading to learn about the monthly cost of homeowners insurance in Salem, the cost for different dwelling coverage levels, and discover which companies provide the most affordable home insurance in Salem.

Key takeaways

The average cost of homeowners insurance in Salem is $1,620 per year.
Nationwide is the cheapest homeowners insurance company in Salem with an average annual premium of $952.
If you increase your dwelling coverage from $200,000 to $300,000, you will just have to pay $373 more a year for home insurance.

Average homeowners insurance cost in Salem per month

Residents of Salem pay an average of $135 a month for homeowners insurance, as per Insure.com’s rate analysis. It’s $10 less than the state average of $145 and $80 less than the national average for home insurance across the United States.

The cost of your homeowners insurance policy in Salem may change based on location, property value, and selected coverage options.

Average homeowners insurance cost for a $200,000 house in Salem

In Salem, OR, homeowners pay an average of $1,247 annually for a $200,000 house. The amount you pay for home insurance each year depends on factors such as – natural disasters or events within your locality.

Some regions are more at risk for natural disasters, like floods, hurricanes, or tornadoes, implying higher rebuilding rates in these areas are higher, resulting in higher insurance premiums. It’s essential to note that your insurance policy might not cover damages caused by floods or hurricanes. If you reside in an area prone to flooding, consider buying flood insurance.

Average homeowners insurance cost for a $300,000 house in Salem

Based on a rate analysis conducted by Insure.com, Salem residents pay an average of $1,620 per year to insure a home for coverage limits of $300,000 dwelling, $100,000 liability with a $1,000 deductible. If you plan to increase your dwelling coverage from $200,000 to $300,000, you must pay an additional $373 per year for home insurance.

Buying adequate insurance to cover the entire expense of rebuilding your home is best advisable. However, the amount of dwelling coverage you need may vary depending on your home’s size, amenities, and the cost of living in your area.

Average homeowners insurance cost in Salem by company

Among the carriers analyzed, Nationwide is the most affordable homeowners insurance company in Salem. It’s average annual rate for homeowners in Salem is $952.

American Family, ranks second and State Farm makes it to the third spot with an average annual home insurance rate of $1,316.

Research on the company is essential before selecting a homeowners insurance policy. Insure.com has thoroughly examined all insurance companies operating in Salem and compiled a list of the most affordable home insurance companies.

Below are details of Salem home insurance companies and their average annual premiums.

Home Insurance Company	Annual rate
Nationwide	$952
American Family	$1,268
State Farm	$1,316
Allstate	$1,320
Farmers	$1,935
Country Financial	$2,727
USAA*	$1,512

Methodology

Insure.com, with the help of Quadrant Information Services, gathered data for homeowners insurance rates in Salem for $300,000 dwelling coverage and $100,000 liability coverage with a $1,000 deductible. The data presented are those with a good credit tier alignment.