Floods are some of the most extreme weapons Mother Nature controls. From ice melts to levee breaks and flash floods, water has the potential to do serious damage. Oregon has a history marked with flood devastation. Flood insurance has been invaluable for many of those having to recover and repair after a flood. But those without flood insurance have had to pay for the devastation out of pocket. In a time of such need, having to pay for repairs yourself can be more disastrous than the flood itself, which is why flood insurance can be invaluable. Read the information below to find out what you need to know before searching for flood insurance quotes and coverage.
Whether you're a homeowner, business owner or renter, flood insurance is a wise investment. If you live in a flood zone, flood insurance may be a requirement of your lender or landlord.
Before the danger of a flood is imminent, be sure to familiarize and prepare yourself and your family with some precautions. Here are a few tips to get your started:
Flood insurance began the 1960s after flood-damaged communities rallied together to ask the government for help. In 1968, Congress created the National Flood Insurance Program.
The Federal Emergency Management Agency oversees the NFIP, and insurance companies offer the actual insurance policies.
Flood insurance is a type of policy that offers two types of protection: property coverage and personal belongings coverage. The property coverage portion of the policy covers the home's structure. Typically, this coverage is available in amounts up to $250,000. Be advised, however, that this coverage will usually exclude basements and attics. Personal belongings coverage covers personal items, such as clothing, furniture and electronics, and unattached appliances. Personal belongings coverage is available in amounts up to $100,000.
Flood insurance rate quotes vary based on a variety of factors. However, below is a list of some average policy prices for a $35,000 structural and $10,000 contents coverage policy:
Before getting accurate quotes from insurers, however, you'll need to answer a few questions. Be prepared to answer the following:
Potential insurers will consider these factors before giving you quotes to ensure you're getting the best coverage for your individual situation.
Purchasing flood insurance is important for residents in Oregon. Having a professional agent by your side who is familiar with the area and its risks can be helpful in getting you get the best coverage at the right price. A Trusted Choice® agent is always available to help you find coverage, suggest policy modifications and even help you file a claim.
Contact a neighborhood Trusted Choice agent for information, quotes and coverage.