Finding Affordable Rural Property Home Insurance: 9 Things to Consider

rural property home insurance

The Oregon Health & Science University, or OHSU, defines rural as “any geographic areas in Oregon ten or more miles from the centroid of a population center of 40,000 people or more.” Frontier is even further defined as “any county with six or fewer people per square mile.” Colloquially speaking, these two are commonly combined as the general designation spoken of “rural” areas. 

Nationally, the US Census simply defines the rural areas as those not included in urban areas.

Looking across Oregon, there are a number of both the dense urban areas, and the open spaces around rural properties and homes. Regardless of where your home sits, though, protecting the life held inside is most important. For those in our rural areas, finding the right affordable rural property home insurance is just as important as finding coverage in our cities.

If you live in any of the 341 zip codes registered as “rural” or “frontier” of Oregon’s 476 total, what you might think is just normal life, is actually a bit different from the urban areas around you. 

With that in mind, there are some unique elements to the associated coverage needed to keep in mind. Oftentimes, there are additional outbuildings, or unique, high value pieces of equipment needing extended coverage. Depending on the use of the property, pursuing Farm and Ranch Insurance can be beneficial as well. This affords protection and coverage to crops and livestock, amongst others.  

**To brush up on the risks faced by those using their rural properties as farms or ranches, and the priority of finding the right coverage, check out our blog entry on Understanding the Importance of Farm and Ranch Insurance: Protecting Your Farm and Livelihood.

Whether life can feel as though it is the same in just a different context, or vastly contrasted from urban areas, the need for proper protection found in rural property home insurance coverage is still the same. 

So then, where do you start? What do you need to consider when looking at that rural property home insurance?

Understand Your Needs & Options for Rural Property Home Insurance 

Determining the specific coverage you require for your home and belongings is a clear step one in the process of finding the right rural property home insurance. By understanding your needs, you can avoid overpaying for coverage you don’t need or be underinsured in case of a claim. 

Additionally, consider different deductible amounts and how they can affect your premiums.

How do I do that?

Begin by taking stock of what is on the property that may need the kind of protection that could support you when replacements or repairs are needed. 

Think of your main dwelling, of course, but also other outbuildings. Make sure to update your coverage at the time of additional buildings added to your rural property. Remember, if it is added to your rural property, it should be added to your rural property home insurance policy.

There is then the consideration of personal property. This can include the common items covered in all home insurance policies– jewelry, electronics, furniture, appliances, etc– but also extends to equipment needed to keep your rural property operating. If this also includes crops, livestock, and other elements associated with the rural property operating as a farm or ranch, consider the addition of Farm and Ranch Insurance.

Finally, there is the protection of finances. Personal finances can be threatened in situations of personal liability incidents. Applying the right protection to your rural property can help cover all parties in a situation in which someone is injured and must seek medical care. 

Life flows a little differently on a rural property– slipping on an icy sidewalk is far from the only safety concern to become aware of. When put in place, personal liability coverage can help support those involved in incidents on the rural property.

rural property home insurance

Maintain a Good Credit Score to Positively Affect Your Rural Property Home Insurance 

You begin to understand the depth of coverage needed. Now you begin to look at acquiring the right, affordable rural property home insurance. There are steps you can take that will work in your favor as you search for that affordable and fitting policy. 

Insurers often consider credit scores when determining insurance premiums. Maintaining a good credit score can potentially help lower your rural property home insurance costs overall.

There are a number of ways you can raise your credit score. These include paying bills on time, reducing outstanding debts, and monitoring your credit report.

Keeping an eye on your personal credit score goes beyond how it plays into your rural property home insurance policy, though. There is an immense benefit in being connected to your flow of capital. In prioritizing the improvement of your credit score, you are watching where money is going, making sure it’s getting to the right places, and even being tucked away for when a greater sum is needed. In being connected, you can identify where you can invest, and where you are more sensitive if a big expense does come up in the future. Having rural property home insurance can help mitigate the financial devastation associated with greater incidents and claims. 

Shop Around and Compare Quotes for Rural Property Home Insurance

One of the most effective ways to find cost-effective rural property home insurance is to obtain quotes from multiple insurance providers. Different insurers may offer varying rates and coverage options, so it’s important to compare and evaluate the options available. 

In Oregon alone, the average cost of home insurance is $869 annually. This is a good starting point when looking at the added coverage specific to rural property home insurance.

Bundle Insurance Policies to Save on Your Rural Property Home Insurance

Many insurance companies provide discounts if you purchase multiple policies from them, such as combining home and auto insurance. Bundling policies with one insurer may lead to cost savings. In fact, companies offering bundling services average a 5% to 25% discount on the policies.

These bundled discounts are seen most in the home insurance policies since your home’s value often outweighs other property covered.

rural property home insurance Increase Deductibles to Improve Your Rural Property Home Insurance Premiums

Raising your deductible—the amount you pay out-of-pocket before insurance coverage kicks in—can lower your insurance premium payments. However, it’s essential to ensure that you can comfortably afford the deductible amount in case of a claim.

For example, in increasing the deductible on a $350,000 policy from $500 to $1,000, the average 7% savings shows up as $115. When the deductible is increased from $500 to $2,000, it becomes a 16% savings of $269.

Enhance Home Security to Support Your Rural Property Home Insurance Coverage

Though your rural property home insurance can help connect the dots following a claim, there are still actions that can be taken to help avoid the need of certain claims altogether. Installing security systems, smoke detectors, fire alarms, and deadbolt locks can make your home safer and reduce the risk of potential damages or losses. Insurance providers may offer discounts for homes with security features, which can help lower premiums as well.

Consider this: with home security systems being made so readily available these days, the average monthly cost of monitoring averages just $25 to $50. Keeping in mind the potential cost of a claim following an incident that could have been prevented with the right security systems, this monthly cost is an investment in peace of mind.

Maintain a Claims-Free Record on Your Rural Property Home Insurance Policy

Now that you have your rural property home insurance, with sufficient coverage across the entire property, with the added security steps, keeping your record claims free is absolutely doable. 

Building a claims-free history can help you secure better rates over time. By avoiding frequent claims, you demonstrate to insurers that you present a lower risk, potentially resulting in more affordable premiums. 

**If you want to learn more, check out our blog entry on the impact of frequent, small claims.

Consider Community Initiatives to Aid in Rural Property Home Insurance

Research local and state programs that aim to provide affordable home insurance options or assistance for homeowners in need. Government organizations, non-profits, or community associations might offer resources or guidance regarding insurance affordability.

Oftentimes, the rural communities maintain and operate the open spaces our urban areas and small towns are nestled in. These communities provide for us as they operate as farms and ranches, and present strong community ties across the land. It is no surprise then that there are initiatives that give back to those in our surrounding rural areas.

rural property home insurance

Seek Professional Advice in Finding the Right Rural Property Home Insurance for You

Consulting an insurance agent or broker who specializes in rural property home insurance is immensely beneficial. They can provide personalized recommendations, explain available discounts, and assist you in finding the most cost-effective coverage for your specific needs.

Ashland Insurance is no stranger to the world of rural living. The greater Southern Oregon area is deemed rural, with a small urban area along its southern border. The closest communities we serve live in rural and frontier areas, with rural and frontier specific needs to meet. Speaking to those agents and brokers who understand those needs helps you in finding the right rural property home insurance to cover all the nuances of your living. 

With so many details to consider, there is a policy that fits you and your rural property. Give us a call and we can help you find it.

541.482.0831 Ashland

541.857.0679 Medford

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