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Personal Insurance

What is Flood Insurance?

By January 4, 2022April 18th, 2024No Comments

Personal Insurance News

By the Insurance Experts

Flood insurance in Oregon is becoming more and more prevalent, with our changing weather patterns, with the impacts of Lan Nina it is more important than ever to consider flood insurance.

Even mortgage companies are starting to require flood insurance as standard practice for new home loans and refinancing your existing mortgage.

Flood Insurance

What is Flood Insurance?

Flood insurance is the specific insurance coverage against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands, floodplains, and floodways that are susceptible to flooding.

More About Flood Insurance

Nationwide, only 20% of American homes at risk for floods are actually covered by flood insurance. Most private insurers do not insure against the peril of flood due to the prevalence of adverse selection, which is the purchase of insurance by persons most affected by the specific peril of flood.

Flooding is defined by the National Flood Insurance Program as a general and temporary condition of partial or complete inundation of two or more acres of normally dry land area or two or more properties (at least one of which is your property) from overflow of inland waters, unusual and rapid accumulation or runoff of surface waters from any source, and mudflows

This can be brought on by landslides, a hurricane, earthquakes, or other natural disasters that influence flooding, but while a homeowner may, for example, have earthquake coverage, that coverage may not cover floods as a result of earthquakes.

At Vantage Point Risk Partners we have partnered with the nation’s leading Flood Insurance Agency – The Flood Insurance Guru to help our clients. By partnering with Chris’s team we are able to provide the right flood insurance policy at the best price for our clients.

What does this mean for you?

We work with different insurance companies that can provide flood insurance to our customers, and while this is an easy option for us it is often more costly for our clients. We have quoted some clients rates as high as $3000 for a policy, where when we had The Flood Insurance Guru team evaluate it we were able to reduce that cost to as low as $650.

Why is this? simply put – they are experts at understanding the risk rating program that FEMA’s Risk Rating 2.0 outlines and they are able to truly understand our client’s needs and risks.

We work directly with their team to provide coverage for our clients, so you get the quote and policy through us, we service it and we help you understand it.

We pride ourselves in finding the best insurance in Oregon for you, at the best rate with the best coverage, and not just the first time but every time your insurance renews. We will shop your insurance through multiple companies to find you the best option.