SALEM — As the state transitions from winter to spring, now is a good time to talk to your insurance company or agent about flood insurance coverage. Recent heavy rains and the anticipated snow melt are reminders that parts of Oregon are flood-prone, and the Oregon Division of Financial Regulation urges homeowners and businesses to consider protecting their properties with comprehensive flood insurance. It is worth noting that most homeowners, renters, and business policies do not cover flood damage.
Flood insurance provides peace of mind to property owners that they are protected from the financial devastation that often accompanies natural disasters. Floods can cause extensive damage to homes and businesses, including structural damage, loss of personal property, and even displacement from the home. With flood insurance, property owners can focus on recovering and rebuilding without the added stress of financial burden.
You can buy flood insurance through some private insurers as well as the National Flood Insurance Program (NFIP), which is managed by the Federal Emergency Management Agency (FEMA). Flood insurance policies can be tailored to meet the specific needs of each customer, providing options for building coverage, contents coverage, and replacement cost coverage. When purchased, a typical flood insurance policy has a 30-day waiting period, so it should be purchased before flooding concerns.
“Typical homeowners insurance doesn’t cover damages from floods, and many people may not know that their home isn’t covered in the event of a flood,” said Andrew Stolfi, Oregon’s insurance commissioner and director of the Department of Consumer and Business Services. “In Oregon, flood insurance is a separate policy that provides coverage for damages caused by flooding, and it is important for homeowners and businesses to evaluate whether to have this coverage to protect their investments.”
DFR encourages property owners to consider flood insurance as a crucial part of their disaster preparedness plan and to talk to their insurance company or agent.
“Don’t wait until it’s too late to protect your property from flooding, or any kind of disaster,” Stolfi said. “With a flood insurance policy, you can have peace of mind knowing you are prepared.”
For more information on flood insurance and other natural disaster preparedness, check out DFR’s website.
