Rain, wind, and snow can cause havoc to your home and property; make sure you have the correct insurance coverage

As rain and snow begin to fall more, now is a good time to talk to your insurance company or agent about flood insurance and landslide coverage, which are also called difference-in-conditions policies. Parts of Oregon are flood prone, and we have already seen landslides on the Oregon Coast in December, which destroyed three homes and damaged two others. The Oregon Division of Financial Regulation (DFR) urges homeowners, businesses, and tenants to consider protecting their property and contents with comprehensive flood and landslide insurance. Most homeowners, renters, manufactured home, condominium, and business policies do not cover these perils.

Flood and landslide insurance provides peace of mind to property owners and renters, and protects them from the financial devastation that often accompanies natural disasters. Floods and landslides can cause extensive damage to homes and businesses, including structural damage and loss of personal property. With this additional coverage, property owners and tenants can focus on recovering and rebuilding, reducing their financial burden.

You can buy flood insurance through the National Flood Insurance Program (NFIP), which is managed by the Federal Emergency Management Agency (FEMA). There are also some private insurers that offer it as well. Flood insurance policies can be tailored to meet the specific needs of each customer, providing options for building coverage, contents coverage, and replacement cost coverage. When purchased, a typical flood insurance policy has a 30-day waiting period, so it should be purchased before flooding concerns.

“Typical homeowners insurance doesn’t cover damages from floods or landslides, and many people may not know that their home is not covered for these types of perils,” said TK Keen, Oregon’s insurance commissioner. “In Oregon, flood insurance is a separate policy that provides coverage for damages caused by flooding, and it is important for homeowners, businesses, and renters to evaluate whether to have this coverage to protect their property. Landslide insurance is a different policy that homeowners, businesses, and renters may also need to seek based upon the specific location of the property.”

DFR encourages property owners and renters to consider flood and landslide insurance as a crucial part of their disaster preparedness plan and to talk to their insurance company or agent.

“Don’t wait until it’s too late to protect your property from flooding or any kind of disaster,” Keen said. “With the right policy and coverage, you can have peace of mind knowing you are prepared.”

Depending on where you live, your mortgage company may or may not require flood insurance. If they don’t require it, you can still apply for coverage. Not all insurance companies offer difference-in-conditions policies. If your current insurance company or agent does not write this coverage, ask an agent for recommendations. Always make sure you are working with a licensed insurance agent, which can be confirmed by searching here.

For more information on flood insurance and other natural disaster preparedness, check out DFR’s website.

Contact information
Jason Horton, public information officer
503-798-6376
jason.a.horton@dcbs.oregon.gov