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For homeowners in Astoria who need homeowner’s insurance but are unsure about whether to get flood insurance, help is here. Our team of agents at Linda Dugan Insurance is experienced in addressing any questions and concerns homeowners may have about the coverage their home needs. This includes explaining the benefits of flood insurance, even if your home is not located in a flood zone.
Flood Insurance Requirements in Oregon
Oregon has straightforward requirements regarding flood insurance. If your home is in a Special Flood Hazard Area (SFHA) and you have a federally backed mortgage, you are required to have flood insurance. Mortgage lenders include credit unions, commercial banks, and other financial institutions. Homeowners can check the FEMA flood map to determine if their home is in a high-risk area.
If your home is not in a designated flood zone, purchasing flood insurance is optional unless your mortgage lender requires it.
Benefits of Having Flood Insurance in Oregon
Flooding can occur anytime and anywhere, even in areas that are not officially designated as flood zones. Unpredictable events, such as severe weather, can lead to flooding, affecting homes in non-flood zone areas. With flood insurance coverage, you can be prepared for these unexpected situations.
Standard homeowner’s insurance policies typically do not cover flood damage. This means that if your home is damaged due to flooding, you would be responsible for all repair and replacement costs. The financial burden of such damage can be overwhelming. Flood insurance helps you avoid these out-of-pocket expenses and protects your investment.
Additionally, homes in low-risk areas may qualify for lower premiums, making flood insurance a cost-effective way to safeguard your property.
Contact Us
For more information about flood insurance and why having it can offer reassurance, give us a call at Linda Dugan Insurance in Astoria, OR. Our team is here to help you make informed decisions about protecting your home.
