How Much Is Flood Insurance in Oregon? Average Flood Insurance Cost and Coverage

Flood insurance isn’t included in standard homeowners and renters insurance. You need to get a separate policy to be financially protected from flood damage. Premiums are usually determined by a mix of location and individual property risks, including your home’s structure and elevation.

Since Oregon has multiple flood-prone areas, it’s best to check a local flood map to see if your house is within one. It’s also advisable to get flood insurance for an added layer of protection. According to the Federal Emergency Management Agency (FEMA), even an inch of water can cost you up to $25,000 in flood damage.

TABLE OF CONTENTS

• Cost of Flood Insurance in Oregon
• Flood Insurance Companies in Oregon
• Flood Insurance Coverage
• Flood Insurance Cost Factors in Oregon
• Do You Need Flood Insurance?
• Oregon Flood Insurance FAQs

On average, the cost of flood insurance in Oregon is $970 per year. However, rates can vary based on flood-prone areas and individual property risks. Policyholders within moderate- or high-risk flood zones tend to have higher insurance costs.

Compared to the national average for flood insurance, the average cost in Oregon is $203 more expensive. This is likely because there are more flood-prone areas in the state.

Based on MoneyGeek’s study, Deschutes County has the cheapest premiums at $645 per year, while Coos County has the most expensive at $1,829 per year. Check the table below for each Oregon county’s average flood insurance rates.

You can get flood insurance from the NFIP, but you can also purchase a policy from a private insurer. Private insurance companies have a base policy (similar to an NFIP policy) and an excess policy (supplemental coverage for a base policy). They are a good option for households outside an NFIP community or those not sufficiently covered by NFIP coverage.

The NFIP has partner companies in Oregon that provide coverage against flood damage. In the table below, MoneyGeek enumerates NFIP-participating insurance providers and their respective contact numbers.

Buying flood insurance is often easy because there are no special requirements. You just need to call the NFIP hotline (877-336-2627) or your home insurance agent to get started.

It’s worth noting, however, that you’ll have to wait 30 days for an NFIP policy to take effect, so it’s best to get coverage as soon as possible. On the other hand, private insurance companies in Oregon can have a 10-day waiting period. Call your insurance agent to confirm.

It’s important to remember that even one inch of water in your home can cost you $25,000 in flood damage. Flood insurance can cover the cost of repairing or replacing your building structure and personal properties.

Flood insurance covers damages to personal belongings and building structures. This means swimming pools, decks, patios, landscaping, cash, paperwork and basement items are excluded. Likewise, it won’t offer coverage for vehicle flooding.

Standard flood insurance has building coverage, which covers the damages to your home structure, including:

• Foundation walls
• Electrical systems
• Plumbing systems
• Furnaces, central heating and air conditioning
• Built-in appliances
• Permanent carpets
• Built-in furniture

Note that the building coverage limit for an NFIP policy is $250,000.

Contents coverage is also included in basic flood insurance policies, protecting items such as:

• Clothing
• Furniture
• Electronic equipment
• Washers and dryers
• Artwork

With a policy from the NFIP, you can purchase up to $100,000 in contents coverage.

Flood insurance rates were previously determined based on your location on the flood map. FEMA’s website has a digital map you can use to check the flood risk of U.S. counties in every state.

According to FEMA’s Oregon data, Sherman County has had the fewest number of flooding events (two) since 1996. Meanwhile, Coos County has experienced the most at 54. On average, flood insurance costs $895 per year in Sherman County and $1,829 per year in Coos County.

In October 2021, FEMA introduced Risk Rating 2.0. Unlike the older pricing method, this new system calculates flood insurance rates based on individual property risks, such as foundation type, dwelling structure, elevation, replacement and repair costs, flood frequency and distance to bodies of water.

Since it doesn’t solely rely on a flood map, Risk Rating 2.0 is expected to provide fairer and more accurate premiums. That said, your location still plays a significant role in your flood insurance costs. Learn more about the flood insurance factors in the list below.

Every property can be vulnerable to flooding. Thus, it’s wise to purchase flood insurance, even if you live in a low-risk flood zone. Meanwhile, those with mortgages in high-risk or moderate-risk flood zones are required to purchase a policy.

Flood insurance isn’t included in homeowners or renters insurance. You can get coverage from the NFIP or a private company. Flood insurance providers will pay claims even without a presidential disaster declaration. They also offer more compensation than federal assistance. By contrast, federal disaster grants are limited to $5,000 per household.

Ultimately, flood insurance can assure you that your most important investment is financially protected against flood damage.

Below, MoneyGeek answered some frequently asked questions to help you get flood insurance in Oregon.