Salem, Oregon- As Oregon transitions from winter to spring, state officials are encouraging homeowners and businesses to evaluate their insurance coverage and consider adding flood insurance. The Oregon Division of Financial Regulation (DFR) warns that recent heavy rains and anticipated snowmelt highlight the state’s vulnerability to flooding.
“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.”
Most standard homeowners, renters, and business insurance policies do not include flood damage coverage. Flood insurance, available through private insurers and the National Flood Insurance Program (NFIP) managed by the Federal Emergency Management Agency (FEMA), can help mitigate the financial impact of flood-related destruction. Coverage options vary and may include building coverage, contents coverage, and replacement cost coverage.
A standard flood insurance policy typically includes a 30-day waiting period before coverage takes effect, making early planning essential. DFR advises property owners to assess their flood risk and discuss their options with an 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.”
DFR encourages residents to incorporate flood insurance into their disaster preparedness plans. More information on flood insurance and natural disaster preparedness is available on the DFR website.
Source: DFR
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