Don’t Get Soaked: The Benefits of Flood Insurance Policy Coverage

flood insurance policy

The Impact of Flooding and Flood Insurance Policy Coverage

In Ashland, the dawn of the 1997 new year came with the surge of resolutions, hopes for the coming year… and an unexpected flood

These 100-year-flood levels impacted the community as a whole– from businesses, schools, community centers, local residents, and all that stood between. 

Not only did water come rushing through downtown and residential areas, beyond and into neighboring towns, but the cost in damages, an estimated $4.5 million, came flooding the community as well. 

It’s unsurprising, then, the rise in a need for a flood insurance policy that felt right and fitting to each person looking to protect and cover what was important to them.

But this isn’t a distant memory or a one-time event that happens with a promise to never return.

With record snowpack building over the winter throughout California, Utah, and the Midwest, the tension built around the inevitable– the melt off

The Mississippi River crested, flooding cities in 4 states, including Wisconsin, Iowa, Illinois, and Minnesota

When you hear the words “record snowpack”, you are probably thinking of the unbelievable pictures of roads cut through walls of snow towering over the cars driving through. To put that awe striking picture into perspective though, Mammoth Mountain alone received 702 inches of snow.

Ecologist Eric Meyer refers to this as “feet of water” sitting in that snowpack. 

From December of 2022 to March of this year, that melt has led to flooding that resulted in an estimated $3.5 million.

With so much being considered, “What can I do? is often asked. 

The answer is simple: start with a Flood Insurance Policy

What Exactly is a Flood Insurance Policy? 

A flood insurance policy is a specialized insurance policy that covers damage to your property caused by flooding. 

In the state of Oregon, the National Flood Insurance Program (NFIP) provides flood insurance coverage. As a federal program, policies are sold through participating insurance companies. The NFIP aims to reduce the impact of flooding on individuals and communities by providing affordable flood insurance options.

Its important to get a flood insurance policy since most all flood damage is not covered by home insurance policies. 

How does a Flood Insurance Policy Work?

Like many insurance policies, your flood insurance policy will protect your valuables, structures, and property up to a specific limit. Its important to become acquainted with what is covered in your policy and to what limit. 

Once your flood insurance policy is purchased, there will be a waiting period of 30 days, and, again, just like other insurance policies, this is a good reminder to buy the coverage you need before its too late. 

There are a few elements that are considered in determining your flood insurance policy rate. 

These include: 

  • – Flood risk: which flood zone your protected property sits in
  • – Type of Coverage: what is being protected in your flood insurance policy (buildings, contents, etc)
  • – Deductible 
  • – Design and Age of Structure
  • – Internal Location of Protected Property inside building

Once the policy is activated, flood insurance policy claims processes generally operate in the same manner as other insurance policies. In the event damage is taken on due to flooding, the claims process can be initiated. An adjuster will come to evaluate the damage and associated amount to be received for repairs and replacements. 

Your Flood Insurance Policy in Oregon 

Anyone can – and should– buy a flood insurance policy in the state of Oregon. 

Living in high-risk or moderate to  low risk areas does not limit the availability of flood insurance, but can alter the average cost associated with your flood risk. 

If you are renting for another individual who should have a flood insurance policy in place, you too can acquire one in order to protect your valuables and goods. 

flood insurance policy

What Can You Do to Protect Your Home from a Flood?

It’s always better to be prepared when it comes to natural disasters like flooding. Living in Oregon means you are familiar with the steps to take in preparation and protection for when wildfire season rolls around. 

Here are a few steps you can take to protect yourself and your property in the wake of flood risks.

Stay informed: Keep an eye on weather forecasts and flood warnings issued by local authorities. This will give you a heads-up and allow you to take necessary precautions in advance.

Create an emergency plan: Develop a plan with your family members or roommates that includes evacuation routes, a meeting point, and a communication strategy. Make sure everyone knows what to do in case of a flood.

Secure your property: If you live in a flood-prone area, consider installing flood barriers or other preventive measures to minimize potential damage. Elevating important appliances, like your furnace or electrical panel, can also help protect them.

Purchase flood insurance: Homeowners insurance typically doesn’t cover flood damage, so it’s a good idea to invest in a separate flood insurance policy. This will help you recover financially in case your property is damaged due to flooding.

Flood waters know no property lines. It can happen anywhere. There are always steps to take and information available to help you brace for the wave. Just remember, insurance isn’t something to buy after the fact. 

For any and all questions, we are here to help you feel safe and protected. You can access information regarding our Flood Insurance Policy Coverage or reach out directly to us. 

541.482.0831 Ashland

541.857.0679 Medford