As Oregonians watch the winter thaw give way to spring rains, concerns grow about potential flooding—a problem the state knows all too well. The Oregon Division of Financial Regulation is taking this seasonal shift to heart, urging Oregon residents and business owners to seriously consider purchasing flood insurance. Given the clear and present risk, the time to ensure that your property is protected might just be now, before the snow melt swells into a flood.
Standard homeowners, renters, and business policies typically do not include flood damage, a coverage gap that can be devastating when waters rise. To bridge this gap, Oregon's insurance commissioner Andrew Stolfi emphasized the need for separate flood insurance policies that are "important for homeowners and businesses to evaluate whether to have this coverage to protect their investments." Flood insurance can help property owners quickly recover after a flood, alleviating the financial strain and helping them to focus more effectively on rebuilding their lives and premises.
Options for flood insurance can be found through private insurers as well as the National Flood Insurance Program (NFIP), managed by FEMA. These policies can include building coverage, contents coverage, and replacement cost coverage, tailored to the customer's specific needs. It's important to note, there is a typical 30-day waiting period for new policies. To be adequately prepared, insurance should be in place well ahead of potential flooding events.
"Don't wait until it’s too late to protect your property from flooding, or any kind of disaster," Stolfi stated in an announcement. This sage advice highlights the critical nature of being proactive rather than reactive when it comes to flood insurance.
