As Oregon transitions from winter to spring, now is the time to assess your flood insurance coverage, according to the Oregon Division of Financial Regulation (DFR).
Recent heavy rains and the anticipated snow melt serve as a reminder that parts of the state are susceptible to flooding. DFR administrators are urging both homeowners and businesses to safeguard their properties with comprehensive flood insurance.
Most standard homeowners, renters, and business insurance policies do not cover flood damage, according to the DFR. “Flood insurance offers property owners peace of mind, protecting them from the financial hardship often associated with natural disasters,” the DFR stated in a press release. “Floods can cause significant damage to homes and businesses, including structural issues, loss of personal possessions, and potential displacement. With flood insurance, owners can concentrate on recovery and rebuilding without added financial stress.”
Flood insurance is available through private insurers and also the National Flood Insurance Program (NFIP), managed by the Federal Emergency Management Agency (FEMA). Policies can be customized to fit individual needs, offering options for building coverage, contents coverage, and replacement cost coverage. Typically, flood insurance policies have a 30-day waiting period after purchase, so it’s important to secure coverage before flooding is a concern, the release stated.
“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 Oregon’s Insurance Commissioner and Department of Consumer and Business Services Director, Andrew Stolfi. “In Oregon, flood insurance is a separate policy that provides coverage for damages caused by flooding, making it important for homeowners and businesses to evaluate whether to have this coverage to protect their investments.”
The DFR advises property owners to treat flood insurance as a vital part of their disaster preparedness plan and to talk to their insurance provider.
“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 about flood insurance and other natural disaster preparedness, visit the DFR’s website.
