Let’s learn from experience
Don’t let this happen to you: As the waters rose last September, so did the number of homeowners with water damage and no flood insurance protection. The rain was relentless and overwhelming as it forced evacuations, closed schools and wreaked havoc among thousands of homeowners. When it was over, many counties were declared major disaster areas and many people were left wondering if they would ever recover from the flood losses. Unfortunately, many may not fully recover. Why? Because basic home policies generally don’t cover flooding.
Most mortgage lenders require you to have flood insurance if you live in a flood plain, but typically, one-quarter or more of flood-damage claims are for homes where flood insurance is optional. Bottom line: If you own property you should consider Oregon flood insurance. Here are a few reasons why:
If just three inches of water gets into your home, replacing drywall, baseboards, carpet, furniture and making necessary repairs can cost an estimated $7,800, according to the National Flood Insurance Program.
Eighteen inches of water will require repairs to the electrical, heating and cooling systems, as well as replacement of doors, appliances and cabinetry. Total costs could top $25,000. The average flood claim is more than $33,000.
Oregon Flood insurance generally covers homeowners, business owners and renters for these types of losses typically not covered by homeowners policies. More information on the National Flood Insurance Program, including an interactive guide to assess your flood risk, is available online. Learn the facts, they can help you make sure your home and property are covered because if it rains it could flood. Read the rest of this Oregon home insurance article »