Homeowner Insurance

All this water—Am I covered for that in Oregon?

Fall, winter, spring—in Oregon, that means water. Are you covered? Generally speaking, it depends on the type and amount of coverage you have. Car insurance, renters insurance, condo insurance, homeowner’s insurance, and flood insurance all offer different amounts and types 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 even if you have an accident 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 renters insurance policy is one of the least appreciated coverages provided by an insurance policy. In most circumstances, water damage claims under a renters insurance policy result from someone else’s (aka neighbor) activities. Think fire two floors up and water hoses pouring into their apartment—water draining down into yours. Make sure you read your policy as there are usually limits to how much will be paid. Most renters 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 cover things like rain/ice/snow. But again, water damage is typically limited 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, or whatever the source is covered only by flood insurance. Most homeowners pay about $650 a year for their insurance; condo insurance is about half because it only covers the home from the studs in the wall inward.

Oregon flood insurance. This is the coverage that no one ever thinks they really need until they find themselves in a flood situation. Even a tree falling because the ground is too saturated and hitting your house is covered by flood insurance, not your home insurance policy. The tree fell because there was too much water in the ground—flood-related. Flood insurance does not mean your roof is leaking. Again, think ground up. Did the problem start from water rising? If so, not homeowners insurance, but flood insurance. Most flood insurance runs around $300 per year, but depending on where you live, it could be as high as $2,500. An insurance agent qualified to sell flood insurance can give you a quote.

Water is almost always a disaster; it just depends on how much there is and what coverage you have. You may not think you need it for your car, but your house—even a rental—really? When the potential damage is so linked to everyone around you? Please get something in place. Call us at 503-489-3143.

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