Everything you need to know about flood insurance in Oregon
With flood risk increasing every year in Oregon, it is important to make sure you have the flood coverage you need.
Written by Lynell Spencer
Reviewed by Melanie Reiff
There are 251 communities in the state of
Oregon
that the National Flood Insurance Program (NFIP) has deemed as “flood-prone”. These areas are distributed across all 36 counties in the state—so if you own a home in Oregon, you should look into flood insurance. Oregon—also known as the Beaver State—owes much of its natural beauty to the more than 100,000 miles of rivers and streams, 363 miles of coastline, and 1400 named lakes that exist within its borders. With all of that water, it is no wonder that Oregonians need to consider adding flood insurance to their homeowners policies.
But before you hand over your hard-earned dollars, how do you figure out if flood insurance is something that you really need?
Jerry
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What is flood insurance?
Flooding and earthquakes are the two most commonly occurring natural disasters in the United States. Unfortunately, many homeowners do not realize that neither of those events is covered by standard home insurance until it is too late.
Flood insurance policies protect your home and personal property from damage caused by flooding or mudflow. Flood insurance can be purchased through some private insurers or through the National Flood Insurance Plan (NFIP), which backs insurance provided by more than
50 insurance brokers
nationally. What does flood insurance cover?
There are a few different types of flood insurance policies, with options for homeowners, renters, and business owners. In most cases, you will have the option of choosing building coverage, contents coverage, or both.
The coverage limits for residential customers are $250,000 for building coverage and $100,000 for contents coverage. Your provider may also set a deductible limit on your policy. Increasing your deductible (the amount you pay before insurance kicks in) will lower your monthly insurance cost, but the maximum allowed in most cases is $10,000.
Type of coverage | Coverage includes | Coverage Excludes |
|---|---|---|
Building/Structure Coverage | Plumbing and electrical
Water heaters and furnaces
Large appliances (like dishwashers or refrigerators)
Permanently installed furniture or fixtures (built-ins)
Permanently installed carpets
Window blinds
Foundational walls, staircases, and anchorages
Detached garages
Fuel tanks, solar panels, and well water tanks/pumps | Decks and patios
Swimming pools
Fences and landscaping |
Contents Coverage | Clothing
Furniture
Electronics
Curtains
Washing machine and dryer
Portable air conditioners
Carpets not included in building coverage
Valuables such as artwork up to $2,500 | Valuable papers
Currency
Anything stored in a basement |
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MORE: Does home insurance cover flooded basements?
Do you need flood insurance in Oregon?
In Oregon, you are not legally required to purchase flood insurance if you have a conventional mortgage. However, if you use a federal government-backed loan (like FHA or VA loans) to buy, build, or renovate on a
Special Flood Hazard Area (SFHA),
you will be required to maintain flood insurance for the life of the loan. If your house is in an area that is at high risk for flooding, lenders may require flood insurance as a condition of your loan. But even if it isn’t required, it may be a good idea to get flood coverage in Oregon. Recent studies and improved models have shown that less than half of the properties that are at risk in the state are captured by FEMA’s Special Flood Hazard Area maps.
With the increasing change in weather patterns and the added threat of being in the
Cascadia Subduction Zone
, flood insurance may be the best investment you can make to protect your home. What flood zones require flood insurance in Oregon
In Oregon, flood zones starting with the letters A and V are considered part of a special flood hazard area. If you own a home in these areas, your lender will most likely require flood insurance.
All but two of the cities and towns in Oregon—Adair Village and Sodaville—participate in FEMA’s National Flood Program, so the vast majority of residents have access to NFIP-backed insurance.
Check out FEMA’s
Flood Map Service Center
or Flood Factor®
to see what risk level has been assigned to your property. Key Takeaway: You aren’t legally required to have flood insurance in Oregon, but it is recommended, and often required by your mortgage lender.
How much does flood insurance cost in Oregon?
Insurance costs vary based on your location, the age of your home, and the value of your property—but on average, plan on spending $922 a year (or $77 per month). This is slightly cheaper than the national average of $958.
MORE: How much water damage will total a car?
How to save money on flood and auto insurance in Oregon
One way to save money on your flood insurance is to increase your deductible. Your lender may limit the deductible you can choose, but if you select the maximum, it can save you up to 40% on monthly premiums. Just remember, increasing your deductible means that you are on the hook for more of the cost of covered repairs.
If you choose the maximum deductible, make sure you have access to that much money if the time comes—because your insurer won’t pay your claim until you have paid the deductible.
There are other things you can do to save on insurance—like bundling policies and comparing quotes from multiple providers. If the idea of calling around asking and answering the same questions over and over to find the best deal sounds like a drag, meet
Jerry
! If you’re looking for a new insurance company, Jerry can provide you with competitive quotes in under a minute. Swapping is just as effortless. To save even more money, Jerry can help you bundle your
home and auto policies
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