Flood Insurance

What You Need To Know About Flood Insurance In Oregon

Whether you reside in a high-risk flood area or not, homeowners should seriously consider obtaining flood insurance. Flood damage, even in areas deemed low-risk, can lead to substantial damage to your home, often surpassing its actual value. Unfortunately, many homeowners lack a comprehensive understanding of flood insurance, leading to various misconceptions:

One common misconception is the belief that if you don’t live in a designated flood zone, you don’t need flood insurance. Flood insurance is available nationwide for a reason – flooding can occur even in low-risk areas. The damage inflicted by a single flood event can be significant. The silver lining for those in low-risk regions is that flood insurance premiums are generally more affordable compared to those living in flood-prone areas.
Another misconception is that homeowners insurance is sufficient to cover flood-related damage. Homeowners insurance policies explicitly exclude damage resulting from flooding. Additionally, if you live in a high-risk flood area and have a mortgage, your mortgage provider will likely mandate the purchase of a flood insurance policy.
Lastly, some may believe that flood insurance can only be acquired directly from the Federal Emergency Management Agency (FEMA). While FEMA administers the National Flood Insurance Program (NFIP), consumers can only purchase NFIP policies through participating insurance agents. Neither FEMA nor NFIP sell flood insurance policies directly to consumers. Furthermore, some insurance companies offer private flood insurance policies that may have lower rates than NFIP policies.

Flood insurance policies also come with limitations, typically excluding property outside of the insured structure. This exclusion may encompass decks, landscaping, fences, hot tubs, and swimming pools. Prospective policyholders should consult their insurance agent for specific details when purchasing coverage.

For those considering flood insurance, seeking quotes from a licensed, independent insurance agent is important. As an independent insurance agent, we can access multiple insurance providers to help homeowners find the most suitable coverage at competitive prices. Our licensed staff is ready to assist in obtaining quotes for flood insurance, helping homeowners make informed decisions to protect their properties from the potential devastation caused by floods.