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9900 SW Greenburg Road, Suite 245 A, Portland, OR 97223

503-245-3345
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Flood Insurance

Flood Insurance

TW Morgan Insurance Services is partnered with FloodSmart.Gov and other Private Flood insurance companies to protect your home or business.

A row of houses in a neighborhood.

Just a few inches of water from a flood can cause tens of thousands of dollars in damage. From 2008 to 2012, the average residential flood claim amounted to more than $30,000. Flood insurance is the best way to protect yourself from devastating financial loss.

Flood insurance is available to homeowners, renters, condo owners/renters, and commercial owners/renters. Costs vary depending on how much insurance is purchased, what it covers and the property's flood risk.

All policy forms provide coverage for buildings and contents. However, you might want to discuss insuring personal property with our flood agent, since contents coverage is optional. Typically, there's a 30-day waiting period from date of purchase before your policy goes into effect. The exception to the 30 day wait is if you purchase a new home and the lender requires flood insurance, if purchase at the time of escrow, the 30 day waiting period is waived. That means now is the best time to buy flood insurance.

Here are some thing to consider about Flood Insurance. To learn more about Flood insurance, visit www.FloodSmart.Gov

A relative of mine, who lives in Longmont, Colorado, was recently a victim of a major flood. She lives in an area that is in a 500 year flood zone. This would typically be a very low risk zone, and most folks in that area may not have considered purchasing flood insurance. These photos are from the September 2013 summer flood. They received 8 inches of rain in a 24 hour period.

A pile of garbage in a parking lot. A road with a road sign and a road block. A person standing next to a flooded street.

Moderate-To-Low Risk

Flooded room with standing water and furniture partially submerged.

Most homeowners in a moderate-to-low risk area are eligible for coverage at a preferred rate. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price. In fact, building and contents coverage starts at just $129 per year. If you don't qualify for a Preferred Risk Policy, a standard rated policy is still available. Even though flood insurance isn't federally required, more than 20% of all NFIP flood claims occur in moderate-to-low risk areas.


High Risk Areas

Aerial view of a flooded neighborhood with homes surrounded by water.

If you live in a high-risk area, a standard rated policy is the only option for you. It offers separate building and contents coverage.

The Dwelling Form provides insurance for buildings with one to four units, including single-family condominium units and townhouses. The General Property Form provides insurance for other residential and commercial buildings. Both forms provide flood insurance on contents, if you have purchased this optional coverage.

Flood insurance premiums are calculated based on factors such as:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • The location of its contents
  • Its flood risk (i.e. its flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of building and contents coverage

If your home is in a high-risk flood area and you have obtained a mortgage through a federally regulated or insured lender, you are required to purchase a flood insurance policy.

A row of houses with white trim.

Condo Owner/Renter

If you rent or own your condominium unit, it is a good idea to purchase both building (if you own the unit) and contents coverage. If you are a tenant, contents-only coverage is available. The policy premium is based on several factors, including the flood risk of the building that you occupy.

Moderate-To-Low Risk

Most condo owners or renters in moderate-to-low risk areas are eligible for coverage at a preferred rate. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price. In fact, residential premiums start as low as $55 per year for contents-only coverage.

If you don't qualify for a Preferred Risk Policy, a standard-rated policy is still available. Even though flood insurance isn't federally required, anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding. When it's available, disaster assistance is typically a loan you must repay with interest.

High-Risk

If you live in a high-risk area, a standard-rated policy is the only option for you. It offers separate building and contents coverage.

The Residential Condominium Building Association Policy (RCBAP)

This form of the Standard Flood Insurance Policy insures residential condominium associations and thus the building in which your unit is located.

Flood insurance premiums are calculated based on factors such as:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • Number of units
  • The location of its contents
  • Its flood risk (i.e. its flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of building and contents coverage

If you own your unit and it is located in a high-risk flood area, you will be required to purchase flood insurance if your lender is federally regulated or insured.

A house with a sign in front of it

Renter

If you are a tenant, it is wise to insure your contents. The policy premium is based on several factors, including the flood risk of the building that you occupy.

Moderate-To-Low Risk

Most renters in moderate-to-low risk areas are eligible for coverage at a preferred rate. Preferred Risk Policy premiums are the lowest premiums available through the NFIP, offering building and contents coverage for one low price. In fact, residential premiums start as low as $55 per year for contents-only coverage. ** As of Jan. 1, 2013

If you don't qualify for a Preferred Risk Policy, a standard-rated policy is still available. Even though flood insurance isn't federally required, anyone can be financially vulnerable to floods. People outside of high-risk areas file over 20% of NFIP claims and receive one-third of disaster assistance for flooding. When it's available, disaster assistance is typically a loan you must repay with interest.

High-Risk

If you live in a high-risk area, a standard-rated policy is the only option for you. It offers separate building and contents coverage.

Flood insurance premiums are calculated based on factors such as:

  • Year of building construction
  • Building occupancy
  • Number of floors
  • The location of its contents
  • Its flood risk (i.e. its flood zone)
  • The location of the lowest floor in relation to the elevation requirement on the flood map (in newer buildings only)
  • The deductible you choose and the amount of coverage

A white couch with pillows on it

What's Covered

Flood insurance policies cover physical damage to your property and possessions. You can use the following list as a general guide to what is and isn't covered or simply refer to the Summary of Coverage (PDF 108K) to help you better understand your policy and coverage.

Building Property

  • The insured building and its foundation
  • Electrical and plumbing systems
  • Central air conditioning equipment, furnaces and water heaters
  • Refrigerators, cooking stoves and built-in appliances such as dishwashers
  • Permanently installed carpeting over unfinished flooring
  • Permanently installed paneling, wallboard, bookcases and cabinets
  • Window blinds
  • Detached garages (up to 10 percent of building property coverage); detached buildings (other than garages) require a separate building property policy
  • Debris removal

Personal Contents Property

  • Personal belongings, such as clothing, furniture and electronic equipment
  • Curtains
  • Portable and window air conditioners
  • Portable microwave ovens and portable dishwashers
  • Carpets that are not included in building coverage
  • Clothing washers and dryers
  • Food freezers and the food in them
  • Certain valuable items such as original artwork and furs (up to $2,500)

What's Not Covered

  • Damage caused by moisture, mildew or mold that could have been avoided by the property owner

  • Currency, precious metals and valuable papers such as stock certificates

  • Property and belongings outside of an insured building such as trees, plants, wells, septic systems, walks, decks, patios, fences, seawalls, hot tubs and swimming pools

  • Living expenses such as temporary housing

  • Financial losses caused by business interruption or loss of use of insured property

  • Most self-propelled vehicles such as cars, including their parts (see Section IV.5 in your policy)

  • Flood Insurance For Basements And Areas Below The Lowest Elevated Floor
  • Coverage is limited in basements regardless of zone or date of construction. It's also limited in areas below the lowest elevated floor, depending on the flood zone and date of construction. These areas include:
  • Basements
  • Crawl spaces under an elevated building
  • Enclosed areas beneath buildings elevated on full-story foundation walls that are sometimes referred to as "walkout basements"
  • Enclosed areas under other types of elevated buildings

What is flood insurance, and why do we recommend it as part of insurance services in Portland, OR?

Flood insurance covers damage caused by rising surface water, heavy rain, and overflow that standard home policies typically exclude. We recommend it because homes and businesses across the region can face unexpected water events, even outside mapped flood areas. By including flood coverage within insurance services in Portland, OR, we help protect your property, finances, and long-term stability from costly repairs and recovery gaps.

How do we help clients choose the right flood insurance coverage?

We begin by evaluating your property location, structure, and risk exposure, then explain coverage options in clear terms. As experienced insurance agents in Portland, OR, we guide you through policy limits, deductibles, and building versus contents coverage. Our approach aligns flood protection with your broader goals, whether you also hold policies such as auto insurance in Portland, OR, or commercial coverage within your overall risk strategy.

Is flood insurance required for properties in insurance services in Portland, OR?

Flood insurance may be required if your property is in a designated high-risk flood zone and you have a federally backed mortgage. However, many clients outside these zones still choose coverage for peace of mind. Within insurance services in Portland, OR, we explain when it is required, when it is optional, and why voluntary coverage can still offer valuable financial protection.

What does flood insurance typically cover, and what is excluded?

Flood insurance usually covers structural damage, electrical systems, and major appliances, along with certain personal belongings. Items like temporary housing or landscaping are often excluded. As dedicated insurance agents in Portland, OR, we clarify these details and help coordinate flood policies with other coverage such as auto insurance in Portland, OR, so your protection remains consistent and avoids costly overlaps or gaps.

How can we bundle flood insurance with other policies for better value?

We often combine flood insurance with home, business, and auto coverage to simplify management and reduce overall costs. Coordinating policies allows us to tailor protection while maintaining efficiency and affordability. Our team focuses on long-term value through insurance services in Portland, OR, ensuring flood coverage integrates smoothly into your total insurance plan.

Contact TW Morgan Insurance Services today to discuss flood insurance options and secure reliable protection for your property with a team you can trust.