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Written by: Shelly Campbell

Category: Homeowner

Hits: 1425

All this water! Am I covered for it in Oregon?

Fall, winter, and spring in Oregon mean water. Lots of water. Are you covered? Generally speaking, it depends on the type and amount of coverage you have. Car, renter, condo, homeowner, and flood insurance each offer different amounts and kinds of water coverage.

Suppose you have “Full Coverage” on your Oregon auto insurance. In that case, you have coverage for loss due to flood (comprehensive) or if you run off the road and end up in a creek (collision). If you have “Liability Only,” then you would have no water damage coverage unless you are involved in an accident that is someone else’s fault. The insurance cost depends on many factors; call a local agent for a quote.

Water damage under an Oregon renter insurance policy is one of the policy’s least appreciated coverages. In most circumstances, a water damage claim under renter insurance results from someone else’s (e.g., neighbor) activities. Think fire two floors up and fire hoses gushing water into their apartment and draining down into yours. Please read your policy, as insurance companies limit how much they will pay on water damage claims. Most renter insurance policies run about $175 a year.

In Oregon, home/condo insurance coverage works much like renters insurance. Both policies cover sewer backups (toilet overflow) and things like rain/ice/snow (roof leak or collapse.) Again, companies limit water damage under most policies. You will always have a deductible. Most importantly, it does not cover water coming from the ground up. Overflow from rivers, creeks, lakes, or other sources is covered only by flood insurance. Most homeowners pay about $1250 a year for their insurance in Oregon; condo insurance is about half because it only covers the home from the studs in the wall inward. It covers things like fire, theft, windstorm, and hail, but not flood.

Oregon flood insurance is the coverage that no one ever thinks they need until they find themselves in a flood situation. Even a tree falling because the ground is too saturated and hitting your house would be covered by flood insurance, not your home insurance policy. The tree fell because of too much groundwater, making it flood-related. Flood insurance does not mean your roof is leaking. Again, think ground up. Did the loss start from the water rising? If so, homeowners insurance doesn’t, but flood insurance will. Most flood insurance starts around $1200 per year if your home is in a flood zone, but depending on where you live, it could be as high as $10,000 or more. An insurance agent qualified to sell flood insurance can give you a quote.

Too much water is almost always a disaster; it depends on how much there is, its origin, and your coverage. Water damage coverage also depends on what you are insuring, such as a car, commercial vehicle, house, or commercial structure. Please call us at 503-489-3143 if you think your property might be in a flood zone and want to know how best to insure it.