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Flood Insurance Oregon
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Does my homeowner’s insurance cover flooding?
Do I need flood insurance in Oregon?
What are my flood insurance options in Oregon?
Oregon NFIP flood insurance
Oregon private flood insurance market
How much does flood insurance cost in Oregon?
How to save money on Flood Insurance in Oregon’s VE flood zone
Five things you need to know about flood insurance in Portland, OR.
Oregon Flood Insurance calculator
Cost of flood insurance in Oregon? (click on your city to find the average)
Albany, OR | Benton County, OR | Corvallis OR | Gold Beach, OR | Clackamas County, OR |
Lake Oswego, OR | Portland, OR | Tualatin & West Linn, OR | Cannon Beach, OR | Clatsop County, OR |
Seaside & Warrenton, OR | Columbia County, OR | Scappoose & Vernonia, OR | Coos Bay, OR | Prineville, OR |
Curry County, OR | Brookings OR | Bend, OR | Deschutes County, OR | Roseburg, OR |
Central Point, OR | Jackson County, OR | Medford, OR | Grants Pass OR | Josephine County, OR |
Eugene, OR | Florence, OR | Junction City, OR | Lane County, OR | Lincoln City, OR |
Newport & Waldport, OR | Yachats, OR | Linn County, OR | Keizer, OR | Marion, OR |
Salem, OR | Multnomah County, OR | Tillamook County OR | Manzanita & Tillamook, OR | Beaverton, OR |
Tigard, OR | Washington County, OR | Sheridan, OR | Rockaway Beach, OR | Gearhart, OR |
Does my homeowner’s insurance cover flooding?
A typical Oregon homeowners policy is written through Farmers, State Farm, Allstate, and Progressive, for instance, excluding flooding as something that will be covered under their homeowner’s policy.
In most cases, the only way to get flood coverage is by purchasing a stand-alone flood insurance policy.
However, you should ask your homeowners agent if you can provide an endorsement to your homeowner’s policy to cover flooding.
Don’t be too surprised if the answer is NO.
Do Need flood insurance in Oregon?
Having flood insurance coverage in Oregon is important because your beloved state has seen a fair share of flooding.
Most Homeowners who own property in Oregon had thought of flood insurance at some point, maybe before buying a home, or during the loan closing process, however many of us only think about it when a big storm is looming or we have heard on the news that there is flooding forecasted and are home may be at risk.
This is too late.
Suppose your home or business is in a flood zone that is considered a low to moderate flood-risk area. You still are at risk of flooding.
You may decide to forgo purchasing flood insurance coverage.
You may have even been told by a real estate agent and some insurance agents that you don’t need it. Please, 50 years of facts our government has around flooding in the United State.
Statistically, 20 percent of all flooding events across our nation come from low-risk areas.
And our last few major storms, we saw flooding in these low-risk areas.
90 percent of all those who had flood water in
We often hear that people believe that the government will help them, and this is true.
Some people believe that the government will help them after a flood, and this may be true (kind of), considering that there are a few things that must align for you to get government assistance after a natural disaster.
1) the president of the united states must declare the flooding event as a state of emergency. If this doesn’t happen, then there won’t be Federal assistance.
2) the average amount of assistance a homeowner gets after a flood when they do not have flood coverage is $5,000, the average cost of damage to one’s property after a flood is $45,000+, and that $5K you get from the government? It comes in the form of a loan. You will need to pay it back. Are you willing to gamble your financial future by forgoing flood insurance coverage?
Flood insurance rate map Oregon
One more note on these low-risk flood zone maps. Many of them are over 40 years old.
Oregon, in particular, has many maps that are 40+ years old. If the area has been developed, there is likely more concrete creating a barrier for land that might have absorbed the massive downpour.
Since 1975 Oregon’s population has grown from 2.33 Mill to 4.12, which is more than double as many people that need homes. All this to say that if your home has been built during this time, there is a good chance that your property could be at risk for flooding, and you may not even be aware.
Flooding is the #1 natural disaster in the United States, and Oregon has seen its fair share of devastating floods.
Because of all these factors, it is difficult for property owners to know their true risk of flooding.
FEMA admits that their flood maps only give an idea of part of the risk. Our recent storms are facts that it can rain anywhere within Oregon’s borders, and you should consider getting flood coverage so you are not uninsured when you need it most.
Fema flood zone maps often take years to go into effect after the terrain was studied; this gives the impression that the area is “more up to date” than it is.
The average cost for flood insurance in Oregon in these Low-risk areas is $450 – $800 per year.
So worth it to have coverage and not need it than not to have coverage and wish you had it.
If your lender doesn’t require flood insurance for your Oregon property, it DOES NOT mean you are safe from flooding.
FEMA’s National Flood Insurance Program (NFIP), and all federally backed lenders rely on these maps to assess risk, set premiums and determine who is required to purchase flood insurance.
Bad information about an area’s flood risk can leave property owners under or uninsured.
Lenders should demand updated maps.
What are my flood insurance options in Oregon?
Oregon NFIP flood insurance
There are many options available in Oregon regarding flood insurance, but they fall into two main categories.
The NFIP / FEMA policy
1_The National Flood Insurance Program (NFIP), also known as FEMA, is the Government option for flood insurance and has enjoyed a 50-monopoly on the flood insurance market.
Not private flood insurance but NFIP Resellers
If you have Nationwide flood insurance, State Farm Flood Insurance, Progressive Flood Insurance, or any of the logos below, you are buying the NFIP flood policy that is just being resold through a government program.
These companies are private companies, but their flood insurance is not. Here is a list of the 70 companies that resell the NFIP policy.
Oregon’s private flood insurance market
There are alternatives to the NFIP or government insurance, called the Private flood insurance market, most notably Lloyd’s of London Flood insurance. However, there are other options available in Oregon.
We shop all the options for your property in your Oregon region to ensure you get the best premium. Click here if you are ready to have us do the work for you.
Our shopping will include the NFIP because sometimes we find that you can get a much better premium on the National Flood Insurance Program with government subsidies.
Lloyd’s of London flood Insurance Market in Oregon
Oregon is fortunate to have many Lloyd’s of London flood insurance options. Although many of these Lloyd’s flood insurance companies will have you assume that theirs is the only option – nothing could be further from the truth.
Lloyd’s of London has a rich history attributed to having invented the first modern insurance model.
Unlike most of its competition, Lloyd’s of London is not a company but rather a corporate body, this structure works quite well obviously since it has been around for over 330 years.
Lloyd’s operates under multiple financial backers pooling their capital to spread the risk. So if you have Lloyd’s policy, then you have the backing of One-hundred and Twenty Billion on your side ($120,000,000,000+)
I have two blog post that takes a deep dive into Lloyds of London and what they mean to Oregon’s flood insurance market if you are interested links are below.
Lloyd’s of London Flood Insurance
FEMA vs Private Flood Insurance
Lloyd’s also ensures the world for flooding, meaning they cover flooding events in India, Australia, and much of Europe, Africa, China, and on and on.
You see, the “game” of insurance is to spread your risk all over the work to diversify. This allows Lloyd’s of London Flood insurance to predict the losses with reasonable accuracy by the law of averages since Lloyds is one of the few global insurers that can easily do this.
I joke here that Lloyd’s is banking on God’s promise that he won’t flood the entire world again, …..so they won’t have to pay out the whole world’s flood claim.
How much does flood insurance cost in Oregon
Many factors go into getting the Cost of flood insurance for Oregon if your home is located in a low-to-moderate risk.
Oregon’s low-to Moderate Risk rate and cost.
This is usually identified as an X-flood zone then we would suggest the government Preferred Risk Policy (PRP) which is a subsidized policy and has set flood insurance coverage limits (see the grid below)
The average cost for flood insurance in Oregon with the maximum set limits in these Low-risk flood zone areas is $405 – $700 per year.
Flood Insurance in Oregon’s High-risk flood insurance rate map
If for the property is in a higher-risk flood zone usually identified with a Flood zone AE. Your lender will require you to have flood insurance.
If for the property is in a higher-risk flood zone usually identified with a Flood zone AE. Your lender will require you to have flood insurance.The cost of flood insurance in Oregon depends on many factors unique to the structure.
We will try to give you an idea of the most common homes we see in Oregon with subgrade crawlspaces.
We will look at the cost of flood insurance for the NFIP maximum of $250,000 for the (building only) with NO CONTENTS and our recommended deductible of $5,000.
We will rate all these examples on the NFIP and on a few of our Lloyds options.
Cost of Flood Insurance in Oregon in high-risk flood zone AE
Our example is in Madras, but the premiums will be the same if in Portland, Central Point, Grants Pass, Eugene, Lincoln City, Salem, Beaverton, Sheridan, Keizer, and many other Oregon flood zones.
In our example, the Base Flood Elevation (BFE is 2249) and is a home that is built before 1974
Flood insurance companies in Oregon
NFIP option in Oregon Flood Zone AE
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
NFIP Annual premium in High-Risk flood zone is $2,496
This option is what we see if the property has had a flood loss before, and either doesn’t have an Elevation Certificate applied or the Elevation certificate shows that the lowest floor is 4 feet under the BFE for the area. You can use 10% of your coverage to cover other structures on your property.
Private flood insurance – Lloyd’s of London Flood Insurance (option 1)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyd’s of London (option 1) Annual premium in High-Risk flood zone is $895.92
This option is great, and we are very happy when we can get this option. They can be a bit choosy about what risk they will accept and will not take anything that has had a flood loss. They do offer coverage for basements. And about $2,000 for loss of use. $2,000 for other structures can’t increase this coverage. They do not require an Elevation Certificate to rate.
Oregon Private flood insurance – Lloyd’s of London Flood Insurance (option 2)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Lloyd’s of London (option 2) Annual premium in High-Risk flood zone is $950.75
This option is great, and we are very happy when we can get this option for our clients. They seem to be writing almost all risks. However, they do not write any property that is in a designated floodway or has a depth of -4 under the BFE in our example; with our BFE being 2249, if the lowest floor is 2246, then they will not accept this risk, they will not take anything that has had a flood loss. They do offer limited coverage for basements. Do not require an Elevation Certificate to rate. And as a percentage of coverage for loss of use. If you want coverage for other structures, that will need to be added.
Private Flood insurance option (option 3)
Coverage of $250,000 building coverage (no Contents coverage) and $5,000 deductible
Private flood insurance (option 3) Not Lloyds,
The annual premium in a High-Risk flood zone is $2230.15
This option will take properties that have had one flood loss before as long as it has been more than five years and the payout was under $100,000 on the claim. Their coverage matches the NFIP. Will write practically all risks, don’t need an elevation certificate to rate, and are a bit lower in premium than the NFIP.
Private Flood Insurance – Not Lloyd’s and admitted carriers (option 4)
This option must be written on the Replacement Cost Value (RCV) of the building; otherwise, a co-insurance penalty kicks in. So $250,000 might be a bit low in Oregon, but to keep this going, let’s just use that for this option
Coverage of $250,000 (RCV) building coverage, 20% Contents coverage standard, 10% other structures and 10% loss of use and $5,000 deductible
The annual premium in a High-Risk flood zone is $850.00 (great price)
This options rating system is all over the board sometimes; we get a crazy great price other times, and the premium is way higher than the NFIP will consider taking a property that has had one flood loss before as long as it has been more than ten years. The payout was under $150,000 on the claim. Their coverage must be at Replacement cost, which is a bit different from some of our other Lloyd’s flood options. We usually reserve this one if the property doesn’t fit the above options. We can adjust coverages to control premiums. As mentioned before, this underwriter’s rates are all over the board it is worth shopping through to ensure we are getting you the best premium we can. They don’t need an elevation certificate to rate.
