Flood Insurance in Oregon
And why some properties need it more than others
Written by
Candace Jenkins is a licensed insurance advisor with over a decade of experience. She is also a writer and loves to write on all things insurance. Candace writes for TrustedChoice.com on a continuous basis and is here with the facts about all your insurance inquiries.
Reviewed by
Jeff Green has held a variety of sales and management roles at life insurance companies, Wall street firms, and distribution organizations over his 40-year career. He was previously Finra 7,24,66 registered and held life insurance licenses in multiple states. He is a graduate of Stony Brook University.
If you own a property in Oregon, the proper flood protection can make all the difference. With over 4.2 million residents in the state alone, you'll want proper coverage for every loss. Homeowners insurance won't come standard with flood coverage, but that doesn't mean it's not necessary.
Fortunately, an independent insurance agent will have access to several carriers so that you get placed with an insurance company that suits your needs. They'll have FEMA-approved options that are affordable. Connect with a local expert for tailored quotes today.
What Is Flood Insurance?
When you own a home or other property, floods are always a risk. You'll want multiple policies when insuring your home and buildings for proper protection. To ensure you're receiving the right coverage, take a look at how flood insurance can help in Oregon:
- Flood insurance: This type of property insurance covers a structure for losses due to a flood. A flood can be caused by snow melting, storm surges, heavy rainfall, storm drainage system failures, and even levee dam system failures.
What Does Flood Insurance Cover in Oregon?
In Oregon, your homeowners insurance policy does not come standard with flood insurance. In order to have coverage for a flood, you'll need to take out a separate flood policy. Take a peek at what an Oregon flood policy will cover:
- Electrical and plumbing systems
- Furnaces and water heaters
- Appliances
- Flooring
- Detached garages
- Personal belongings
A flood can occur on any property without notice and wreak havoc. This makes it important to be equipped with enough protection for flooding so that you're not caught off guard.
What Does Flood Insurance Not Cover in Oregon?
Your Oregon property insurance comes with a list of exclusions, just like any other policy. Your flood insurance will have specific coverage offerings as well. First, understanding the definition of a flood is essential:
- What is considered a flood: A flood is an excess of water on land that is usually dry. This typically is classified as affecting two or more acres of land or two or more properties.
Losses that are generally excluded from your flood policy:
- Water/sewer backup
- A burst pipe
- A waterline malfunction
- A roof leak
How Much Does Flood Insurance Cost in Oregon?
Every flood insurance policy will have varying premiums that are unique to each property and owner. Carriers look at your specific risk factors when calculating your costs. Here are several criteria points that flood insurance companies look at when rating your policy below:
- The location of your property
- The flood zone of your property
- Whether the property is residential or commercial
- Your insurance score
- Your loss history
- Prior coverage history
Flood insurance is not always required, depending on your zoning. FEMA regulates and determines your property's flood zone, and an independent insurance agent can help you uncover if you're in a high-risk area or not.
What Are the Best Carriers for Flood Insurance in Oregon?
If you're looking for the best carriers on flood insurance, there are a few options. Since not all insurance companies write coverage for floods, you'll want to be sure you're getting quotes from a trusted source. Check out a few options below in Oregon:
These carriers are commonly chosen because of their availability to quote flood insurance and superior claims handling. When you need flood protection, it's best to check with a local adviser.
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How an Independent Insurance Agent Can Help in Oregon
Oregon flood insurance is important for any property owner and should be reviewed with a trained adviser. All buildings are at risk for flooding, no matter what flood zone it's in. Fortunately, a licensed professional can help you review FEMA-approved policies for free.
An independent insurance agent will do the quoting for you at no cost, saving you time and premium dollars. Since they have a network of dozens of carriers, you'll have options that suit your needs. Connect with a local expert to get started today.
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